Thread: Forex News from InstaForex

Philippines Trade Deficit $743 Million In April



The Philippines saw a merchandise trade deficit of $743 million in April, the National Statistics Office said on Wednesday - following the $146 million shortfall in March.
Imports added an annual 3.0 percent in April to $5.309 billion - down from $5.42 billion in the previous month.
Through the first four months of the year, imports climbed 9.9 percent on year to $19.590 billion.
Export data, which was released two weeks ago, showed an increase of 0.8 percent to $4.506 billion.

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Usd/sgd and Usd/myr Dip Overnight



South Asia pairs set to open lower on Thursday as risk/carry rallies in NY
USD/SGD back below 1.25 in a modest affair after topside rejected in Asia
USD/MYR set to open ard 2.2200 after NDFs trade 6.2235-90 o/n
USD/IDR bucks trend - to open ard 12100 after NDFs trade 12150-12155 overnight
Thai trade data (0400GMT) and Spore mfg output (0500GMT) out today
Month end flows less influence on S Asia pairs than seen on N Asia pairs

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China Industrial Profits Slow In May


Chinese industrial profit rose at a slower rate in May, figures from the National Bureau of Statistics showed Friday. Total industrial profit rose 8.9 percent on year in May. This follows the 9.6 percent increase in April. Industrial profit rose 9.8 percent in the period of January to May, a slower rate of increase than the 10 percent rise in the period of January to April. Year-to-date profit of private enterprises increased most by 12.9 percent in May. This was followed by a 3.4 percent rise in state-owned enterprises and a 0.9 percent uptick in collective enterprises. However, mining year-to-date profits declined 16.4 percent in May.

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New Zealand Business Confidence Tumbles In June - ANZ



Business confidence in New Zealand declined sharply in June, the latest survey from ANZ revealed on Monday - falling from 53.5 in May to 42.8 in June.
Analysts suggest that the Reserve Bank of New Zealand's actions to raise interest rates are primarily responsible for the decline.
The activity outlook for June came in with a score of 45.8, down from 51.0 in the previous month.
"Growth signals remain strong and inflation messages are waning: a good mix for keeping the OCR on the low side and the economy on a roll," said ANZ Chief Economist Cameron Bagrie.


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Japan HSBC/Markit PMI Rebounds In June



Japan manufacturing activity rebounded in June on account of increases in output and new orders, results of a survey by Markit Economics and the Japan Materials Management Association (JMMA) revealed Tuesday. The Markit/JMMA manufacturing purchasing managers' index increased to 51.5 in June, more than the flash estimate of 51.1, from 49.9 in May. This was the first expansion in three months. Manufacturing production and new business increased for the first time since March in June. Meanwhile, new export orders declined, though at a slower pace than in the previous month. Purchasing activity rose for the first time in three months in June. Input costs increased at a stable pace in June while output prices declined, though at a slower rate than in the previous month. Growth in staffing levels was slowest since October 2013. "The implementation of the sales tax in April looks to have had only a temporary effect on Japanese manufacturers." Amy Brownbill, Economist at Markit, said. "Shinzo Abe has been trying to address the employment issue by implementing a number of reforms, which many are calling the"third arrow?. The positive effects, however, of these reforms have not been fully felt."

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Malaysian Ringgit Rises To More Than 3-week High Against U.S. Dollar




The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Wednesday. Against the greenback, the ringgit rose to more than a 3-week high of 3.2028. At yesterday's close, the ringgit was trading at 3.2069 against the greenback. If the ringgit extends its uptrend, it is likely to find resistance around the 3.18 area.

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Japan Service Sector Activity Contracts In June



Japan's service sector activity declined further in June, results of a survey by Markit Economics showed Thursday.
The Markit Japan Services PMI edged down to 49.0 in June from 49.3 in May, signaling contraction for the third consecutive month. The decrease in service sector output was driven by the recent increase in sales tax, the survey showed.
Staffing levels declined for the first time since December 2013 in May. Input costs, which have been on the rise since November 2012, continued to increase and output prices grew for the fifth successive month in May, marking the longest stretch of inflation in survey history for both.
In contrast to the decreasing trend, new orders increased for the first time in three months in May.
Perceptions on business activity for the upcoming year were more positive than in the current year.
The composite output index, a combined measure of manufacturing activity and service sector activity, came in at 50 in May, indicating stagnation. In April, the index posted 49.2.

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Aud Worst Performing Currency Past 48 Hours Despite Favorable External Factors



Investor risk appetite buoyed by "goldilocks" US payroll report Volatility as measured by the VIX & currencies volatilities at rock bottom historically Copper and iron ore are on a recovery path and China growth fears have receded Normally AUD a main beneficiary from carry trade demand in current environment Australia economic concerns and RBA jawboning trumping positive externals for now Close below 0.9354 would result in bearish outside week from significant high

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New Zealand House Prices Rise Faster In June



New Zealand house prices rose at a faster rate in June, data from Quotable Value, or QV, showed Monday. Property prices rose 2.1 percent sequentially in the three months ended June following the 0.7 percent increase in the three months ended May. Current house prices were 15 percent above the previous market peak of late 2007. Meanwhile, house prices rose at a slower rate of 8 percent year-over-year in June after the 8.2 percent growth in May. "The nationwide index is still increasing but the picture around the country is mixed." Andrea Rush, QV National Spokesperson, said. "Residential property values in Auckland and Christchurch are still increasing at a similar rate to what they were in June last year. While values in Wellington and Dunedin are showing a downward trend this month, as are a number of other provincial centres around the country." "Sales volumes and home loan approvals (new and existing) are also down considerably at between 15-20% less than at this time last year." She added.

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U.K. Economy Stabilizes In Q2: BCC



The U.K. economy is still strong and moving in the right direction, the Quarterly Economic Survey from the British Chambers of Commerce showed Tuesday. In manufacturing, balances for domestic sales, profitability confidence and capacity utilization were at their all time highs in the second quarter. At the same time, there were no balances at their all-time highs in services. Meanwhile, exports and investment balances declined in the second quarter, for both manufacturing and services, survey based on responses from 7,000 businesses revealed. Despite these falls, the second quarter export balances and most investment balances are still above their average 2007 pre-recession levels. In the recent economic forecast, BCC predicted that quarterly GDP growth for the second quarter would be 0.8 percent, with full-year growth of 3.1 percent, said David Kern, chief economist at the BCC. However, these results mean that risks of a downgrade have increased. Further, the survey showed that that intentions to raise prices in both manufacturing and services eased and wage pressures weakened in the second quarter.

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