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Saturday, 29 February 2020
Gold Price Holds Near Yearly High Amid Growing Bets for Fed Rate Cut
Gold Price Holds Near Yearly High Amid Growing Bets for Fed Rate Cut
US Dollar Outlook Bullish as COVID-19 Spurs Haven Demand
Australian Dollar Eyes RBA and GDP But Coronavirus to Dominate
Australian Dollar Eyes RBA and GDP But Coronavirus to Dominate
Dollar Loses Ground After Powell Hints At Monetary Easing
After briefly emerging into positive territory Friday morning after recent losses, the U.S. dollar retreated after the Federal Reserve Chair Jerome Powell said the bank will use their tools and act as appropriate to support the economy.
Powell said today that the coronavirus "poses evolving risks to economic activity."
"The fundamentals of the U.S. economy remain strong," Powell said in a statement released this afternoon. "However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy."
The dollar index dropped to 97.96 in late afternoon trades and was last seen at 98.03, down nearly 0.5% from previous close.
Against the Euro, the dollar weakened to $1.1033, from Thursday's close of $1.1002. At its lowest in the session, the dollar was $1.1054, down more than 0.5%.
Against Pound Sterling, the dollar gained about 0.5%, as it strengthened to $1.2824.
The Japanese Yen strengthened to 107.99 a dollar, a long way up from 109.59 yen on Thursday.
The Aussie lost nearly 1% against the dollar at 0.6509. Against the loonie, the dollar was up at 1.3415, while against Swiss franc, it shed about 0.2% at 0.9657.
A report from the Commerce Department showed personal income climbed by 0.6% in January after inching up by a downwardly revised 0.1% in December. Economists had expected personal income to rise by 0.3% compared to the 0.2% uptick originally reported for the previous month.
Disposable personal income, or personal income less personal current taxes, also increased by 0.6% in January after edging up by 0.1% in December.
Meanwhile, the Commerce Department said personal spending rose by 0.2% in January after climbing by an upwardly revised 0.4% in December. Personal spending had been expected to rise by 0.3%, matching the increase originally reported for the previous month
Consumer sentiment in the U.S. improved by slightly more than initially estimated in the month of February, revised data from the University of Michigan revealed.
The consumer sentiment index for February was upwardly revised to 101.0 from the preliminary reading of 100.9. Economists had expected the index to be unrevised.
With the unexpected upward revision, the consumer sentiment index for February is a little further above the final January reading of 99.8.
Chicago-area business activity saw only a slight contraction in the month of February, according to a report released by MNI Indicators on Friday.
MNI Indicators said its Chicago business barometer jumped to 49.0 in February from 42.9 in January, although a reading below 50 still indicates a contraction in regional business activity. Economists had expected the index to rise to 45.9.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152603/
Friday, 28 February 2020
DAX Outlook Grim as Stock Selloff Deepens on Coronavirus Fears
Crude Oil Prices Down as Coronavirus Spread Bites Growth Prospects
Australia Private Sector Credit Gains 0.3% In January
Private sector credit in Australia was up 0.3 percent on month in January, the Reserve Bank of Australia said on Friday - exceeding forecasts for 0.2 percent, which would have been unchanged from the previous month.
On a yearly basis, private sector credit was up 2.5 percent - again topping expectations for 2.4 percent, which would have been unchanged from the December reading.
Housing credit was up 0.3 percent on month and 3.1 percent on year, while personal credit lost 0.6 percent on month and 5.0 percent on year and business credit gained 0.5 percent on month and 2.8 percent on year.
Broad money was up 0.4 percent on month and 4.2 percent on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152456/
*Australia Private Sector Credit +0.3% On Month, +2.5% On Year In January
Australia Private Sector Credit +0.3% On Month, +2.5% On Year In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152455/
Japanese Yen May Rise if COVID-19 Triggers a Credit Crisis
Japan Industrial Output Advances 0.8% In January
Industrial production in Japan climbed a seasonally adjusted 0.8 percent on month in January, the Ministry of Economy, Trade and Industry said in Friday's preliminary reading.
That beat forecasts for an increase of 0.2 percent following the 1.2 percent gain in December.
On an annual basis, industrial production sank 2.5 percent - but that also exceeded expectations for a decline of 3.1 percent, which would have been unchanged from the previous month.
Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it fluctuates indecisively but has weakened.
Shipments were up 0.2 percent on month and down 3.7 percent on year, while inventories rose 1.5 percent on month and 3.8 percent on year. The inventory ratio sank 1.5 percent on month but spiked 9.6 percent on year.
According to the METI's forecast for industrial production, output is expected to climbed 5.3 percent on month in February but then sink 6.9 percent in March.
Also on Friday: . The jobless rate in Japan came in at a seasonally adjusted 2.4 percent in January, the Ministry of Internal Affairs and Communications said. That exceeded expectations for 2.2 percent, which would have been unchanged from the previous month.
The job-to-applicant ratio was 1.49, well shy of expectations for 1.57 - which again would have been steady from a month earlier.
The number of employed persons in January was 66.87 million, an increase of 590,000 on year. The number of unemployed persons in January was 1.59 million, a decrease of 70,000 on year.
. Overall consumer prices in the Tokyo region were up just 0.4 percent on year in February, the Ministry of Internal Affairs and Communications said. That was shy of expectations for a gain of 0.5 percent and down from 0.6 percent in January.
Core CPI, which excludes volatile food prices, gained an annual 0.5 percent. That missed expectations for 0.6 percent and slipped from 0.7 percent in the previous month.
On a monthly basis, overall Tokyo inflation eased 0.1 percent and core CPI fell 0.2 percent.
. The total value of retail sales in Japan was up a seasonally adjusted 0.6 percent on month in January, the Ministry of Economy, Trade and Industry said. That exceeded expectations for a decline of 0.1 percent following the 0.2 percent gain in December.
On a yearly basis, retail sales fell 0.4 percent - but that also exceeded forecasts for a drop of 1.3 percent following the 2.6 percent slide in the previous month.
Large retailer sales were down 1.4 percent on year in January, beating forecasts for a drop of 1.6 percent following the 3.0 percent decline a month earlier.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152454/
South Korea Industrial Output Slides 1.3% In January
Industrial production in South Korea dropped a seasonally adjusted 1.3 percent on month in January, Statistics Korea said on Friday - following the 3.7 percent jump in December.
On a yearly basis, industrial production dropped 2.4 percent following the 6.2 percent spike in the previous month.
The index of all industry production was up 0.1 percent on month in January and down 0.5 percent on year.
The Manufacturing Production Index in January shed 1.2 percent on month and 2.2 percent on year, while the Manufacturing Shipment Index dropped 3.5 percent on month and 6.4 percent on year. The Manufacturing Inventory Index climbed 4.1 percent on month and 3.6 percent on year.
The Production Capacity Index in January fell 0.7 percent on month but increased 0.8 percent on year. The Index of Capacity Utilization Rate gained 0.8 percent on month but dropped 4.8 percent on year. The Manufacturing Average Capacity Utilization Rate in January marked 75.8 percent, up 0.6 percentage points from the previous month.
The Index of Services in January added 0.4 on month and 0.7 percent on year. The Retail Sales Index in January sank 3.1 percent on month but climbed 1.8 percent on year. The Equipment Investment Index tumbled 6.6 percent on month and 3.8 percent on year.
The Domestic Machinery Shipment Index in January lost 5.1 percent on year. The value of Domestic Machinery Orders Received in January surged 24.0 percent from the same period of the previous year.
In January, the value of Construction Completed at constant prices advanced 3.3 percent on month but fell 4.8 percent on year. The value of Construction Orders Received at current prices shed 6.4 percent on year. The Composite Coincident Index in January increased by 0.4 percent from the previous month.
The Cyclical Component of Composite Coincident Index, which reflects current economic situations, added 0.3 points on month. While the Composite Leading Index gained 0.4 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, increased by 0.1 points from the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152453/
Japan Industrial Production Jumps 0.8% In January
Industrial output in Japan was up a seasonally adjusted 0.8 percent on month in January, the Ministry of Economy, Trade and Industry said in Friday's preliminary reading.
That beat forecasts for an increase of 0.2 percent following the 1.2 percent gain in December.
On an annual basis, industrial production sank 2.5 percent - but that also exceeded expectations for a decline of 3.1 percent, which would have been unchanged from the previous month.
Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it fluctuates indecisively but has weakened.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152452/
Japan Retail Sales Climb 0.6% On Month In January
The total value of retail sales in Japan was up a seasonally adjusted 0.6 percent on month in January, the Ministry of Economy, Trade and Industry said on Friday.
That exceeded expectations for a decline of 0.1 percent following the 0.2 percent gain in December.
On a yearly basis, retail sales fell 0.4 percent - but that also exceeded forecasts for a drop of 1.3 percent following the 2.6 percent slide in the previous month.
Large retailer sales were down 1.4 percent on year in January, beating forecasts for a drop of 1.6 percent following the 3.0 percent decline a month earlier.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152451/
*Japan Retail Sales +0.6% On Month, -0.4% On Year In January
Japan Retail Sales +0.6% On Month, -0.4% On Year In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152450/
*Japan Industrial Production +0.8% On Month, -2.5% On Year In January
Japan Industrial Production +0.8% On Month, -2.5% On Year In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152449/
South Korea Industrial Production Sinks 1.3% In January
Industrial output in South Korea was down a seasonally adjusted 1.3 percent on month in January, Statistics Korea said on Friday.
That followed the 3.7 percent jump in December.
On a yearly basis, industrial production dropped 2.4 percent following the 6.2 percent spike in the previous month.
The index of all industry production was up 0.1 percent on month in January and down 0.5 percent on year.
The Manufacturing Production Index in January shed 1.2 percent on month and 2.2 percent on year, while the Manufacturing Shipment Index dropped 3.5 percent on month and 6.4 percent on year. The Manufacturing Inventory Index climbed 4.1 percent on month and 3.6 percent on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152448/
Tokyo Overall Inflation Slows To 0.4% On Year
Overall consumer prices in the Tokyo region were up just 0.4 percent on year in February, the Ministry of Internal Affairs and Communications said on Friday.
That was shy of expectations for a gain of 0.5 percent and down from 0.6 percent in January.
Core CPI, which excludes volatile food prices, gained an annual 0.5 percent. That missed expectations for 0.6 percent and slipped from 0.7 percent in the previous month.
On a monthly basis, overall Tokyo inflation eased 0.1 percent and core CPI fell 0.2 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152447/
Japan January Unemployment Rate Climbs To 2.4%
The jobless rate in Japan came in at a seasonally adjusted 2.4 percent in January, the Ministry of Internal Affairs and Communications said on Friday.
That exceeded expectations for 2.2 percent, which would have been unchanged from the previous month.
The job-to-applicant ratio was 1.49, well shy of expectations for 1.57 - which again would have been steady from a month earlier.
The number of employed persons in January was 66.87 million, an increase of 590,000 on year. The number of unemployed persons in January was 1.59 million, a decrease of 70,000 on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152446/
*Japan Unemployment Rate 2.4% In January
Japan Unemployment Rate 2.4% In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152445/
*Tokyo Overall Inflation +0.4% On Year In February; Core CPI +0.5%
Tokyo Overall Inflation +0.4% On Year In February; Core CPI +0.5%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152444/
*South Korea Industrial Production -1.3% On Month, -2.4% On Year In January
South Korea Industrial Production -1.3% On Month, -2.4% On Year In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152443/
Asian Stock Prices Wilt Again As Coronavirus Routs Wall St.
Japan Data On Tap For Friday
Japan is scheduled to release a raft of data on Friday, setting the pace for a busy day in Asia-Pacific economic activity. On tap are January numbers for unemployment, industrial production, retail sales, construction orders and housing starts, as well as February figures for Tokyo area inflation.
The jobless rate is expected to hold steady at 2.2 percent, while the job-to-applicant ratio is also called unchanged at 1.57. Industrial production is tipped to add 0.2 percent on month and fall 3.1 percent on year after rising 1.2 percent on month and sinking 3.1 percent on year in December.
Retail sales are expected to fall 0.2 percent on month and 1.0 percent on year after adding 0.2 percent on month and losing 2.6 percent on year in the previous month. Construction orders surged 21.4 percent on year in December.
Housing starts are predicted to sink 5.3 percent on year after sliding an annual 7.9 percent in the previous month.
Overall Tokyo inflation is expected to add 0.5 percent on year, slowing from 0.6 percent in January. Core CPI is pegged at 0.6 percent, down from 0.7 percent a month prior.
Australia will see January figures for private sector credit; in December, credit was up 0.2 percent on month and 2.4 percent on year.
Thailand will provide Q4 numbers for its current account; in the previous three months, the balance showed a surplus of $9.13 billion.
South Korea will release January numbers for industrial production and retail sales. In December, industrial production was up 3.5 percent on month and 4.2 percent on year, while retail sales advanced 0.3 percent on month and 4.6 percent on year.
Finally, the markets in Taiwan are closed on Friday for Peace Memorial Day and will re-open on Monday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152442/
Dollar Slips Again Against Peers
The U.S. dollar was weak against most major currencies on Thursday, amid rising speculation the Federal Reserve will cut interest rates sometime in the near futures to help offset the possible impact of the coronavirus outbreak on the economy.
Weak jobless claims and durable goods orders data too weighed on the dollar.
The dollar index dropped to a low of 98.36 around late morning, and after recovering to around 98.65 a little past noon, retreated again and was last seen at 98.44, down nearly 0.6% from previous close.
Data from the Labor Department showed first-time claims for U.S. unemployment benefits climbed by more than expected in the week ended February 22nd, rising to 219,000, an increase of 8,000 from the previous week's revised level of 211,000.
Economists had expected jobless claims to inch up to 212,000 from the 210,000 originally reported for the previous week.
A report from the Commerce Department said durable goods orders edged down by 0.2% in January after spiking by an upwardly revised 2.9% in December. Economists had expected durable goods orders to slump by 1.5% compared to the 2.4% jump that had been reported for the previous month.
Another report from the Commerce Department said real gross domestic product increased by 2.1% in the fourth quarter, unchanged from the estimate provided last month.
Against the Euro, the dollar weakened to $1.1007 from overnight $1.0882, before edging up slightly to $1.0995, still netting a loss of more than 1%.
The Euro gained in strength after data from the European Commission showed eurozone economic confidence strengthened to a nine-month high in February.
Rising for the fourth straight month, the economic sentiment index came in at 103.5 in February, versus a revised 102.6 in January. Economists had forecast the reading to fall to 102.6 from January's initial estimate of 102.8.
Against Pound Sterling, the dollar was up marginally at $1.2886, after initially falling to $1.2946.
The Japanese Yen was stronger by about 0.65% with a dollar fetching 109.70 yen, compared to 110.42 yen Wednesday evening.
The dollar lost notable ground against the Aussie, falling nearly 0.5% to A$0.6576. Against Swiss franc, it shed about 0.8% at 0.9692, while against the loonie, it was up at 1.3387.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152441/
USD/CAD Clears October High Ahead of BoC Meeting as Bull Flag Unfolds
Euro Soars to Next Breakout Point as Dollar Sinks on Fed Easing Bets
Crude Oil Futures Settle Sharply Lower Again
Crude oil prices plunged sharply on Thursday, extending losses to a fifth session, amid concerns about the outlook for energy demand.
The coronavirus has reportedly spread to over 50 countries. The spread of the virus to large economies including South Korea, Japan and Italy has raised concerns that growth in fuel demand will be limited.
Officials are scrambling to contain the outbreak in Italy, which has reported 12 deaths and 400 confirmed cases in Europe's worst outbreak of the virus.
More than 18 cases of the virus have been confirmed in both Germany and France, while two French patients have died from the disease.
Higher crude stockpiles in the U.S. weighed as well on oil prices.
West Texas Intermediate crude oil futures for April ended down $1.64, or about 3.4%, at $47.09 a barrel, the lowest finish since January 2019.
On Wednesday, WTI crude oil futures ended down $1.17, or 2.3%, at $48.73 a barrel. So far, WTI oil futures have shed about 12% in the week.
Brent crude futures tumbled 2.34% to $52.18 a barrel. The contract dropped to a low of $50.97 a barrel at one stage.
Data released by the Energy Information Administration (EIA) on Wednesday showed that oil inventories climbed by 452,000 barrels in the week ended February 21, compared with expectations for an increase of 2 million barrels.
OPEC and allies are scheduled to meet in Vienna on March 5-6, to consider deepening production cuts to support prices.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152440/
Thursday, 27 February 2020
*Finland Feb Manufacturing Confidence -3 Vs. -8 In January
Finland Feb Manufacturing Confidence -3 Vs. -8 In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152363/
Finland Consumer Confidence Decline Slows In February
Finland's consumer confidence decreased at a softer pace in February, survey data from Statistics Finland showed on Thursday.
The consumer sentiment index rose to -4.5 in February from -4.6 in January. In December, the score was -4.2.
Among four components of the confidence index, views of their own current economy weakened, while the assessment of near future of Finland's economy remained unchanged and spending money on durable goods improved compared to January
The data was collected from 1,041 persons resident in Finland between February 1 and 18.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152362/
*Finland Feb Consumer Confidence -4.5 Vs. -4.6 In January
Finland Feb Consumer Confidence -4.5 Vs. -4.6 In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152361/
Dutch Business Confidence Rises In February
Dutch business confidence rose in February after falling in the previous month, data from the Central Bureau of Statistics showed on Thursday.
The business sentiment index rose to 3.7 in February from 2.5 in January. The average score for the past twenty years was one.
Producers were more positive about the expected activity and order position. The opinion of finished stocks improved, the agency said.
There are more entrepreneurs who expect that their production to grow in the coming three months. Producers who find their order position large were more in number than those who considered the order portfolio to be small, the agency said.
Producers in the textile, clothing and leather industry were the most optimistic in February, while producers were less negative in the transport equipment industry.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152360/
*Dutch Feb Business Confidence 3.7 Vs. 2.5 In January
Dutch Feb Business Confidence 3.7 Vs. 2.5 In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152359/
British Pound (GBP) Latest: GBP/USD at Risk with Volatility on the Rise
European Economics Preview: Eurozone Economic Confidence Data Due
Economic confidence data from euro area is due on Thursday, headlining a busy day for the European economic news.
At 2.00 am ET, retail sales from Norway and economic confidence from Turkey are due. Economists forecast Norway retail sales to grow 1.1 percent on month in January.
At 3.00 am ET, the National Institute of Economic Research publishes Sweden's economic tendency survey results.
In the meantime, flash inflation from Spain and unemployment from Hungary are due. Spain's inflation is forecast to remain unchanged at 1.1 percent in February.
Half an hour later, Statistics Sweden publishes retail sales, foreign trade and producer prices for January. Economists forecast sales to drop 0.9 percent on month, in contrast to a 0.5 percent rise in December.
At 4.00 am ET, the European Central Bank releases euro area private sector credit data. M3 money supply is forecast to grow 5.3 percent annually in January.
At 5.00 am ET, the European Commission is slated to publish monthly economic and business confidence survey results. The euro area economic confidence index is forecast to fall to 102.6 in February from 102.8 in January. The business climate index is seen at -0.28 versus -0.23 in January.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152358/
Euro May Fall on Eurozone Confidence Data as COVID-19 Spreads
Gold Prices Climb as Coronavirus Worries Deepen, US Data Eyed
Silver Price Chart Hints XAG/USD May Have Topped. What Next?
Australia Private Capital Expenditure Sinks 2.8% In Q4
Private capital expenditure in Australia was down a seasonally adjusted 2.8 percent on quarter in the fourth quarter of 2019, the Australian Bureau of Statistics said on Thursday - coming in at A$28.454 billion.
That missed expectations for an increase of 0.5 percent following the 0.4 percent drop in the three months prior.
The seasonally adjusted estimate for buildings and structures fell by -5.9 percent in the December quarter 2019. This follows a rise of 2.5 percent in the September quarter 2019.
The seasonally adjusted volume estimate for equipment, plant and machinery rose by 0.8 percent in the December quarter 2019. This follows a fall of -3.6 percent in the September quarter 2019.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152357/
*Australia Private Capital Expenditure -2.8% On Quarter In Q4
Australia Private Capital Expenditure -2.8% On Quarter In Q4
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152356/
New Zealand Trade Deficit NZ$340 Million In January
New Zealand posted a merchandise trade deficit of NZ$340 million in January, Statistics New Zealand said on Thursday.
That beat expectations for a shortfall of NZ$549 million following the NZ$547 million surplus in December.
Exports climbed an annual 8.8 percent or NZ$382 million in January to NZ$4.73 billion, exceeding forecasts for NZ$4.44 billion after coming in at NZ$5.54 billion a month earlier.
The leading contributor to the rise was exports of meat and edible offal, up NZ$187 million (31 percent) to NZ$800 million. Milk powder, butter, and cheese rose NZ$115 million (7.7 percent) to NZ$1.6 billion.
Exports to China were up NZ$302 million (31 percent) to NZ$1.3 billion, led by a rise in milk powder, butter, and cheese (up NZ$143 million); beef (up NZ$77 million); and logs, wood, and wood articles (up NZ$32 million).
Exports to the United States were up NZ$69 million (16 percent) to NZ$489 million. The rise was led by casein and caseinates (up NZ$23 million) and beef (up NZ$24 million).
Imports were down 4.0 percent on year or NZ$212 million to NZ$5.07 billion versus expectations for NZ$5.00 billion, which would have been roughly unchanged from the previous month.
This fall was led by vehicles, parts, and accessories, down NZ$116 million (17 percent) to NZ$591 million. Fertilizers also fell NZ$51 million (48 percent) to NZ$57 million.
On an annual basis, goods exports rose NZ$3.0 billion (5.2 percent) to NZ$60.3 billion, marking the first time it has reached NZ$60 billion. Goods imports rose NZ$400 million (0.6 percent) to NZ$64.2 billion. The annual trade balance was a deficit of NZ$3.9 billion.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152355/
AUD/USD Slips to Fresh 2020 Low as RSI Dips Deeper into Oversold Zone
New Zealand Has NZ$340 Million Shortfall In January
New Zealand had a merchandise trade deficit of NZ$340 million in January, Statistics New Zealand said on Thursday.
That beat expectations for a shortfall of NZ$549 million following the NZ$547 million surplus in December.
Exports climbed an annual 8.8 percent in January to NZ$4.73 billion, exceeding forecasts for NZ$4.44 billion after coming in at NZ$5.54 billion a month earlier.
Imports were down 4.0 percent on year to NZ$5.07 billion versus expectations for NZ$5.00 billion, which would have been roughly unchanged from the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152354/
*New Zealand Imports -4.0% On Year In January; Exports +8.8%
New Zealand Imports -4.0% On Year In January; Exports +8.8%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152353/
*New Zealand Has NZ$340 Million Trade Deficit In January
New Zealand Has NZ$340 Million Trade Deficit In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152352/
Dollar Comes Off 2-week Lows, Gains Against Most Major Currencies
The U.S. dollar came off two-week lows and displayed some strength on Wednesday, as rising concerns about the economic impact of the dreaded coronavirus spread weighed on some major currencies.
Data showing a much bigger than expected increase in U.S. new home sales in the month of January supported dollar's uptick.
According to the data released by the Commerce Department today, new home sales spiked by 7.9% to an annual rate of 764,000 in January after jumping by 2.3% to an upwardly revised rate of 708,000 in December.
Economists had expected new home sales to surge up by 2.3% to an annual rate of 710,000 from the 694,000 originally reported for the previous month.
With the much bigger than expected increase, new home sales reached their highest annual rate since hitting 778,000 in July of 2007.
The dollar index, which rose to 99.27 by mid-morning, gave up some gains subsequently, and was last seen at 99.12, up 0.16% from previous close.
Against the Euro, the dollar was flat at $1.0885 a little while ago, after having moved between $1.0855 and $1.0910 earlier in the session.
Germany's economy is set to grow a modest 0.1% in the first quarter of 2020 as the industrial sector is set to remain sluggish and the spread of the coronavirus across the world dampen business sentiment, the DIW think tank said Wednesday.
The DIW economic barometer fell by four points to a level of 89 in February.
French consumer confidence remained unchanged in February, monthly survey results from the statistical office Insee showed on Wednesday.
The consumer sentiment index came in at 104, unchanged from January. The indicator has remained above its long-term average of 100 and economists' forecast of 103.
Agaist Pound Sterling, the dollar was at $1.2907, well off yesterday's close of $1.3003.
The Japanese Yen was down 0.2% against the dollar, with a unit of dollar fetching 110.43 yen, compared to 110.20 yen yesterday.
The Aussie was down more than 0.75% against the dollar, with the Aussie-Dollar pair quoting at 0.6553.
Against the Loonie, the dollar was up nearly 0.3% at 1.3316. The Swiss franc was roughly flat with the dollar at 0.9765.
The number of confirmed new coronavirus cases in South Korea topped 1,100 and outbreaks in Italy and Iran spread to more countries, raising concerns about the impact of the outbreak on global growth.
Mainland China had 406 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said, down from 508 cases a day earlier.
The United States alerted Americans on Tuesday to begin preparing for the "inevitable" spread of the coronavirus disease that is sweeping the world.
There are 53 confirmed cases in the United States, and officials are calling on Congress to urgently pass billions of dollars to fund the response effort.
A World Health Organization expert has warned that countries outside China are "simply not ready" for a pandemic.
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source http://www.mt5.com/forex_news/quickview/2152351/
New Zealand Trade Data On Tap For Thursday
New Zealand is on Thursday scheduled to release January figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
Imports are expected to be worth NZ$5.00 billion, roughly unchanged from the December reading. Exports are pegged at NZ$4.44 billion, down from NZ$5.54 billion in the previous month. The trade balance is tipped to show a deficit of NZ$533 million following the NZ$547 million surplus a month earlier.
New Zealand also will see February results for the business confidence survey and activity outlook from ANZ; in January, their scores were -13.2 and 17.2, respectively.
Australia will provide Q4 numbers for private capital expenditure. Capex is tipped to add 0.5 percent on quarter after slipping 0.2 percent in the three months prior.
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source http://www.mt5.com/forex_news/quickview/2152350/
Swiss Franc, Gold Up As Trump Coronavirus Speech Fails To Reassure
Yen May Rise as Most New Coronavirus Cases Emerge Outside of China
Treasuries Recover From Early Pullback To Close Modestly Higher
After moving to the downside early in the session, treasuries showed a significant turnaround over the course of the trading day on Wednesday.
Bond prices climbed well off their lows of the day and into positive territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by 2 basis points to 1.310 percent after reaching a high of 1.381 percent.
With the downturn seen over the course of the session, the ten-year yield fell for the fifth straight day to another new record closing low.
Profit taking contributed to the initial weakness among treasuries, as some traders looked to cash in the strong upward move seen in recent sessions.
Selling pressure waned shortly after the start of trading, however, as lingering worries about the coronavirus outbreak made traders reluctant to leave the relative safety of bonds.
Treasuries subsequently turned higher as the day progressed amid worries about the economic impact of the outbreak escalating into a pandemic.
Meanwhile, traders largely shrugged off a Commerce Department report showing new home sales jumped to their highest level in over twelve years in the month of January.
The report said new home sales spiked by 7.9 percent to an annual rate of 764,000 in January after jumping by 2.3 percent to an upwardly revised rate of 708,000 in December.
Economists had expected new home sales to surge up by 2.3 percent to an annual rate of 710,000 from the 694,000 originally reported for the previous month.
With the much bigger than expected increase, new home sales reached their highest annual rate since hitting 778,000 in July of 2007.
Traders also did not pay much attention to the release of the results of the Treasury Department's auction of $41 billion worth of five-year notes, which attracted above average demand.
The five-year note auction drew a high yield of 1.150 percent and a bid-to-cover ratio of 2.46, while the ten previous five-year note auctions had an average bid-to-cover ratio of 2.40.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
On Thursday, the Treasury is due to announce the results of this month's auction of $32 billion worth of seven-year notes.
A slew of U.S. economic data is also scheduled to be released on Thursday, including reports on weekly jobless claims, durable goods orders and pending home sales.
However, the data is likely to be overshadowed by any developments on the coronavirus front, with President Donald Trump scheduled to hold a press conference on the situation later this evening.
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source http://www.mt5.com/forex_news/quickview/2152349/
Oil Futures Tumble Again, Settle At Near 13-month Low
Crude oil prices declined sharply on Wednesday, extending losses to a fourth successive session, amid rising concerns about the outlook for energy demand due to the impact of the coronavirus outbreak on the global economy.
Data showing an increase in U.S. crude inventories last week contributed as well to oil's sharp decline today.
West Texas Intermediate crude oil futures for April ended down $1.17, or about 2.3%, at $48.73 a barrel.
Brent Crude futures declined by about $1.70, or 3%, to $53.23 a barrel.
On Tuesday, WTI crude oil futures for April ended down $1.53, or 3%, at $49.90 a barrel, after tumbling nearly 2% a session earlier.
Data released by the Energy Information Administration (EIA) said oil inventories climbed by 452,000 barrels in the week ended February 21, although the rise was much less than an expected increase of 2 million barrels.
Gasoline inventories dropped by 2.7 million barrels last week, more than expected. Distillate stockpiles fell by 2.1 million barrels in the week.
On Tuesday, the American Petroleum Institute (API) on Tuesday reported an increase of 1.3 million barrels of crude oil in the U.S. crude oil inventories for the week ending Feb. 21. API reported an increase of 4.2 million barrels of crude oil inventories for the previous week ending Feb. 14
Meanwhile, the number of confirmed new coronavirus cases in South Korea topped 1,100 and outbreaks in Italy and Iran spread to more countries, raising concerns about the impact of the outbreak on global growth.
The flu-like virus has now spread to several countries in Europe and the Middle East, with Switzerland, Austria and Romania reporting their first infections on Tuesday.
The U.S. Centers for Disease Control and Prevention warned that Americans should begin to prepare for community spread of the coronavirus in the U.S.
Mainland China had 406 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said, down from 508 cases a day earlier.
OPEC and allies are scheduled to meet in Vienna on March 5 and 6 to take a call on deepening production cuts. Saudi Arabia's energy minister said on Tuesday he was confident that OPEC and its partners would respond responsibly to the spread of the coronavirus.
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source http://www.mt5.com/forex_news/quickview/2152348/
Wednesday, 26 February 2020
*Finland Jan Producer Prices -1.6% On Year Vs. -0.8% In December
Finland Jan Producer Prices -1.6% On Year Vs. -0.8% In December
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source http://www.mt5.com/forex_news/quickview/2152313/
*Finland Jan Producer Prices Down 0.7% On Month, Same As In December
Finland Jan Producer Prices Down 0.7% On Month, Same As In December
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source http://www.mt5.com/forex_news/quickview/2152314/
Singapore Industrial Production Grows In January
Singapore industrial production rose unexpectedly in January, data from the Economic Development Board showed on Wednesday.
Industrial production increased 3.4 percent year-on-year in January, reversing a 3.7 percent drop in December. Economists had forecast a 5.3 percent fall.
Excluding biomedical manufacturing, industrial output fell 3.8 percent in January, following a 4.4 percent decline in the previous month.
Among clusters, biomedical manufacturing grew 41.1 percent annually in January and precision engineering rose by 18.1 percent.
Meanwhile, general manufacturing contracted 10.6 percent. Transport engineering decreased 9.3 percent and those of electronics output and chemicals fell 7.2 percent and 5.5 percent, respectively.
On a monthly basis, industrial production increased 18.2 percent in January, following a 6.3 percent rise in the prior month. Output was expected to rise 0.6 percent.
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source http://www.mt5.com/forex_news/quickview/2152312/
British Pound (GBP) Latest: Creeping Higher Ahead of Brexit Talks
*Singapore Jan Industrial Production +18.2% M/M Vs. +6.3% In Dec,consensus +0.6%
Singapore Jan Industrial Production +18.2% M/M Vs. +6.3% In Dec,consensus +0.6%
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source http://www.mt5.com/forex_news/quickview/2152311/
European Economics Preview: France Consumer Confidence Data Due
Consumer confidence survey data from France is due on Wednesday, headlining a light day for the European economic news.
At 1.00 am ET, Statistics Finland releases producer prices for January. Prices had decreased 0.8 percent on year in December.
At 2.00 am ET, Norway's unemployment data is due. The jobless rate is forecast to remain at unchanged at 4 percent in December.
At 2.45 am ET, France's Insee is scheduled to issue consumer confidence survey results. The sentiment index is expected to fall to 103 in February from 104 in January.
At 3.00 am ET, the Hungarian Central Statistical Office releases average gross wages for December. Gross wages had increased 13.9 percent on a yearly basis in November.
At 4.00 am ET, IHS Markit is set to issue Austria's manufacturing Purchasing Managers' survey results for February. In the meantime, Italy's non-EU foreign trade data is due for January.
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source http://www.mt5.com/forex_news/quickview/2152309/
*Singapore Jan Industrial Production +3.4% Y/Y Vs. -3.7% In Dec, Consensus -5.3%
Singapore Jan Industrial Production +3.4% Y/Y Vs. -3.7% In Dec, Consensus -5.3%
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source http://www.mt5.com/forex_news/quickview/2152310/
South Korea Business Survey Falls In February
South Korea's confidence among manufacturers decreased in February, and sentiment among non-manufacturers declined for the second straight month, survey data from Bank of Korea showed on Thursday.
In the manufacturing sector, the business survey index on business conditions decreased to 65 in February from 76 in January. The outlook index fell six points to 69.
In the non-manufacturing sector, the business survey index on business conditions decreased to 64 in February from 73 in the previous month and the outlook fell six point to 68.
The economic sentiment index decreased to 87.2 in February from 95.7 in the prior month.
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source http://www.mt5.com/forex_news/quickview/2152308/
Euro Forecast Gloomy as DAX Breaks Trend-Defining Support
Crude Oil Edges Back Under $50 as Markets Fret Viral Demand HIt
Bullish Gold Price Behavior to Persist as Coronavirus Spreads
Singapore Dollar Cautious Despite Major Industrial Production Bounce
Australia Construction Work Done Slides 3.0% On Quarter In Q4
The total value of construction work done in Australia was down a seasonally adjusted 3.0 percent on quarter in the fourth quarter of 2019, the Australian Bureau of Statistics said on Wednesday - coming in at A$49.773 billion.
That missed forecasts for a decline of 1.0 percent following the 0.4 percent decline in the three months prior.
The seasonally adjusted estimate of total building work done fell 4.1 percent to A$28.937 billion in the December quarter, while the estimate for engineering work done fell 1.5 percent to A$20.835 billion in Q4.
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source http://www.mt5.com/forex_news/quickview/2152307/
*Australia Construction Work Done Falls 3.0% In Q4
Australia Construction Work Done Falls 3.0% In Q4
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source http://www.mt5.com/forex_news/quickview/2152306/
Yen Outlook Bullish, USD/JPY May Fall as S&P 500 Sees Dip Buying
Copper Outlook Bleak as COVID-19 Threatens China Economy
Australia Construction Work Data Due On Wednesday
Australia will on Wednesday release Q4 numbers for construction work done, highlighting a light day for Asia-Pacific economic activity. Construction work is expected to fall 1.0 percent on quarter after losing 0.4 percent in the three months prior.
Japan will provide January figures for supermarket sales; in December, sales were down 3.3 percent on year.
Singapore will see January data for industrial production; in December, industrial production was up 4.1 percent on month and down 0.7 percent on year.
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source http://www.mt5.com/forex_news/quickview/2152305/
Dollar Loses Ground Against Peers
The U.S. dollar exhibited weakness on Tuesday amid speculation the U.S. Federal Reserve might cut interest rates during the course of this year to help offset the impact of the coronavirus outbreak on the economy.
Former Minneapolis Fed President Naryana Kocherlakota called for a rate cut as early as May, according to a Bloomberg Opinion piece.
"I don't think that the FOMC should wait that long to deal with this clear and pressing danger," Kocherlakota wrote. "I would urge an immediate cut of at least 25 basis points and arguably 50 basis points."
Market participants are pricing in a 25 basis-point cut at the Fed's policy-setting meeting in June.
Data released by the Conference Board on Tuesday showed consumer confidence in the U.S. improved slightly in the month of February.
The Conference Board said its consumer confidence index inched up to 130.7 in February from a downwardly revised 130.4 in January. Economists had expected the index to tick up to 132.5 from the 131.6 originally reported for the previous month.
The modest increase by the headline index came as the expectations index surged up to 107.8 in February from 101.4 in January.
On the other hand, the report said the present situation index tumbled to 165.1 in February from 173.9 in the previous month.
The dollar index dropped to 98.88 and was last seen at 98.97, down 0.4% from previous close.
Against the Euro, the dollar was down nearly 0.3% at $1.0886.
The Pound Sterling was gaining about 0.6% at $1.3005.
The dollar was weaker by about 0.5% against the yen with a dollar fetching 110.15 yen, compared to 110.72 yen on Monday.
Against the Aussie, the dollar was up slightly with the AUD-USD pair at 0.6601.
The dollar was down marginally against the Loonie at 1.3287, and down more than 0.3% against Swiss franc, at 0.9759.
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source http://www.mt5.com/forex_news/quickview/2152304/
EUR/USD Rate Rebound Unfolds After Filling Price Gap from 2017
Oil Futures Settle At 2-week Low
Crude oil prices declined sharply on Tuesday, extending recent losses, amid concerns about the outlook for energy demand due to the impact of the coronavirus outbreak on global growth.
West Texas Intermediate Crude oil futures for April ended down $1.53, or about 3%, at $49.90 a barrel, the lowest settlement in about two weeks.
Brent crude futures declined $1.48 to $54.86 a barrel.
On Monday, WTI crude oil futures for April ended down $1.95, or 3.7%, at $51.43 a barrel.
According to reports, the number of new virus cases in China outside Hubei continued to drop.
Countries around the world have stepped up efforts to prevent a pandemic of the flu-like virus, with the U.S. pledging $2.5 billion to fight the disease.
South Korea said it aims to test more than 200,000 members of a church at the center of a surge in coronavirus cases.
On Monday, the World Health Organization insisted it was premature to declare the deadly outbreak of a novel coronavirus a pandemic even though it had the potential to reach that level.
According to a report from Reuters, Saudi Aramco expects the coronavirus impact on oil demand to be short-lived.
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman said that OPEC+ should not be complacent about the coronavirus.
Traders were also looking ahead to the weekly inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). While the API's report is due later today, the EIA is scheduled to come out with its inventory data Wednesday morning.
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source http://www.mt5.com/forex_news/quickview/2152303/
Treasuries Extend Rally, Pushing 10-Year Yield To Record Low
Treasuries moved sharply higher over the course of the trading day on Tuesday, extending the rally seen in the previous session.
Bond prices gave back some ground going into the close but remained firmly in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.7 basis points to 1.330 percent.
With the decrease on the day, the ten-year yield closed lower for the fourth consecutive session, ending the day at a record closing low.
Treasuries continued to benefit from their appeal as a safe haven amid continued concerns about the impact of the coronavirus outbreak that has spread far beyond China to Europe and the Middle East.
Another sell-off on Wall Street also contributed to the strength in the bond market, as traders moved their money out of stocks and into treasuries.
Stocks initially moved to upside but pulled back sharply, as fears about the coronavirus outbreak escalating into a pandemic continued to hang over the markets.
Meanwhile, traders largely shrugged off a report from the Conference Board showing a slight improvement in U.S. consumer confidence in the month of February.
The Conference Board said its consumer confidence index inched up to 130.7 in February from a downwardly revised 130.4 in January. Economists had expected the index to tick up to 132.5 from the 131.6 originally reported for the previous month.
"Consumers' short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term," said Lynn Franco, Director of Economic Indicators at the Conference Board.
Bond traders also paid little attention to the results of the Treasury Department's auction of $40 billion worth of two-year notes, which attracted well below average demand.
The two-year note auction drew a high yield of 1.188 percent and a bid-to-cover ratio of 2.45, while the ten previous two-year note auctions had an average bid-to-cover ratio of 2.59.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Data on new home sales is scheduled to be released on Wednesday but is likely to be overshadowed by the latest developments regarding the coronavirus.
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source http://www.mt5.com/forex_news/quickview/2152302/
British Pound, Euro, Yen Gain as US Dollar Weakens in Tense Session
US Dollar Forecast: DXY Index Drifts Lower on Fed Rate Cut Bets
Tuesday, 25 February 2020
*Canadian Dollar Slides To 5-day Low Of 0.8799 Against Australian Dollar
Canadian Dollar Slides To 5-day Low Of 0.8799 Against Australian Dollar
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source http://www.mt5.com/forex_news/quickview/2152248/
*Finland Jan Jobless Rate 7.2% Vs. 6.8% In Last Year
Finland Jan Jobless Rate 7.2% Vs. 6.8% In Last Year
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source http://www.mt5.com/forex_news/quickview/2152249/
Japan Leading Index Increases In December
Japan's leading index rose in December as initially estimated, final data from the Cabinet Office showed on Tuesday.
The leading index, which measures the future economic activity, rose to 91.6 in December from 90.8 in November. This was in line with initial estimate.
The coincident index that reflects the current economic activity fell to 94.1 in December from 94.7 in the previous month. According to the initial estimate, the index remained unchanged.
The lagging index rose to 105.0 in December from 104.4 in the prior month. The initial estimate was 106.9.
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source http://www.mt5.com/forex_news/quickview/2152247/
British Pound (GBP) Latest: Trading Sideways Ahead of Key Brexit Talks
European Economics Preview: Germany's Revised GDP Data Due
Revised quarterly national accounts data from Germany is due on Tuesday, headlining a light day for the European economic news.
At 1.00 am ET, Statistics Finland is slated to publish monthly unemployment data for January.
At 2.00 am ET, Destatis issues Germany's revised GDP data for the fourth quarter. According to initial estimate, the economy stagnated at the end of 2019 after rising 0.2 percent in the third quarter.
At 2.45 am ET, France's Insee releases manufacturing confidence survey results for February.
At 3.00 am ET, January producer price figures are due from Spain.
At 4.00 am ET, Poland's unemployment data is due. Economists forecast the jobless rate to rise to 5.5 percent in January from 5.2 percent in December.
At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results. The retail sales balance is seen at 4 percent in February versus zero in January.
At 8.00 am ET, Hungary's central bank announces its rate decision. The bank is expected to retain its key rate at 0.90 percent.
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source http://www.mt5.com/forex_news/quickview/2152246/
*Japan Dec Lagging Index 105.0 Vs. 104.4 In November
Japan Dec Lagging Index 105.0 Vs. 104.4 In November
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source http://www.mt5.com/forex_news/quickview/2152245/
*Japan Dec Leading Index 91.6 Vs. 90.8 In November
Japan Dec Leading Index 91.6 Vs. 90.8 In November
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152243/
*Japan Dec Coincident Index 94.1 Vs. 94.7 In November
Japan Dec Coincident Index 94.1 Vs. 94.7 In November
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source http://www.mt5.com/forex_news/quickview/2152244/
South Korea Consumer Confidence Weakens In February
South Korea's consumer confidence weakened in February after rising in the previous month, survey results from Bank of Korea showed on Tuesday.
The consumer confidence index fell to 96.9 in February from 104.2 in January. In December, the index reading was 100.5.
The indicator for consumer sentiment regarding current living standards decreased two point to 91, while that concerning the outlook for living standards declined four point to 93 in January.
Consumer sentiment related to future household income and future spending fell four points to 97 and 106, respectively.
Consumer sentiment concerning current domestic conditions decrease twelve points to 66 and future domestic economic conditions fell eleven points to 76.
The expected inflation rate for the following year was 1.7 percent.
The survey was conducted among 2,500 households between February 10 and 17.
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source http://www.mt5.com/forex_news/quickview/2152242/
Euro Outlook Somber as COVID-19 Threatens EU Corporate Debt
Gold Slips Despite Stocks' Virus Hit As Market Hopes For Wall St Bounce
Crude Oil Price Outlook Hinges on OPEC Meeting
US Dollar, USD/MYR Outlook: Malaysia Eyes Coronavirus, Political Risks
Japan Producer Prices Climb 2.3% On Year In January
Producer prices in Japan were up 2.3 percent on year in January, the Bank of Japan said on Tuesday.
That exceeded expectations for a gain of 2.1 percent, which would have been unchanged from the previous three months.
On a monthly basis, producer prices sank 0.3 percent following the flat reading in December.
Individually, prices were up for transportation, communications, real estate, finance and advertising.
Producer prices for all items excluding international transportation gained 2.3 percent on year and fell 0.2 percent on month.
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source http://www.mt5.com/forex_news/quickview/2152241/
Bitcoin, Ripple, Ethereum Forecast: BTC/USD, ETH/USD, XRP/USD
*Japan Producer Prices +2.3% On Year In January
Japan Producer Prices +2.3% On Year In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2152240/
Australian Dollar, ASX Recouple In Misery As Coronavirus Spreads
Japan Producer Price Data Due On Tuesday
Japan is on Tuesday scheduled to release January numbers for producer prices, highlighting a light day for Asia-Pacific economic activity. Producer prices are forecast to hold steady, higher by 2.1 percent on year.
Japan also will see final December figures for its leading and coincident indexes; their previous readings were 91.6 and 94.7, respectively.
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source http://www.mt5.com/forex_news/quickview/2152239/
Dollar Mostly Subdued Against Rivals
The U.S. dollar retreated after displaying some strength earlier in the session on Monday, amid rising concerns about global growth after the coronavirus spread rapidly outside China.
The dollar recovered after easing into the negative territory, but was still finding it tough to move up any significantly above the flat line.
The dollar index, dropped to a low of 99.11 from around 99.60, and was last seen at 99.28, up slightly from previous close.
Against the Euro, the dollar was down marginally at $1.0856, recovering from $1.0874. Earlier in the day, the dollar was up more than 0.4% at $1.0808.
Germany's business confidence improved in February, reports said citing survey data from the ifo institute. The business climate index rose to 96.1 in February from 96.0 in the previous month. The score was above the forecast of 95.3.
The assessment of current situation weakened from last month, while expectations improved in February.
The current conditions index came in at 98.9 in February versus consensus of 98.6. At the same time, the expectations index rose to 93.4 compared to economists' forecast of 92.1.
Against British Pound Sterling, the dollar strengthened to $1.2928, gaining more than 0.2%.
The Japanese Yen gained on safe-haven appeal, strengthening to 110.72 a dollar, from 111.56 yen a dollar on Friday.
The Aussie was weak against the dollar at 0.6604. Against Swiss franc, the dollar was little changed at 0.9786, while it was stronger by nearly 0.5% at 1.3288 against the loonie, riding on sliding crude oil prices.
According to Chinese officials, the coronavirus has killed 2,592 people in China and infected 77,150 people.
South Korea has raised its coronavirus alert to the "highest level" for the first time in a decade, following a rapid spike in cases over the weekend. Reports say the total number of cases so far in South Korea has risen to 763.
Italy became Europe's epicenter for coronavirus cases over the weekend. Iran has confirmed an uptick in infections.
Meanwhile, the World Health Organization said it is worried about the growing number of cases without any clear link to China.
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source http://www.mt5.com/forex_news/quickview/2152238/
NZD/USD Rate Rebound Vulnerable to New Zealand Trade Balance Deficit
Treasuries Move Sharply Higher Amid Coronavirus Spread
Treasuries moved sharply higher during trading on Monday, extending the strong upward move seen over the two previous sessions.
Bond prices spiked at the start of trading and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 9.4 basis points to 1.377 percent.
With the substantial decrease on the day, the ten-year yield ended the session at its lowest closing level in well over three years.
The rally by treasuries reflected their appeal as a safe haven amid concerns about the spread of the coronavirus following a spike in the number of confirmed cases outside of China.
South Korea announced a total of 231 new coronavirus cases earlier today, leading the government to raise the coronavirus alert to its highest level.
A jump in confirmed coronavirus cases in Italy as well as new cases in Middle East countries like Iraq and Afghanistan also added to concerns about the outbreak escalating into a pandemic.
Coronavirus news is likely to remain in focus on Tuesday, potentially overshadowing reports on home prices and consumer confidence.
The Treasury Department is also due to announce the results of this month's auction of $40 billion worth of two-year notes.
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source http://www.mt5.com/forex_news/quickview/2152237/
Oil Ends Sharply Lower On Virus Jitters
Crude oil prices plunged sharply on Monday amid rising concerns about the outlook for energy demand due to the rapidly spreading coronavirus outside China.
According to reports, the number of new cases of coronavirus infection is rising in South Korea, Iran, Afghanistan and Italy.
A report from Reuters, quoted Saudi Aramco CEO Amin Nasser as saying the coronavirus impact will be "short term". This probably pulled oil prices from the day's lows.
West Texas Intermediate Crude oil futures for April ended down $1.95, or about 3.7%, at $51.43 a barrel, after falling to a low of $50.45 in the session.
Brent Crude futures declined $2.20, or about 3.8%, to $56.30 a barrel.
On Friday, WTI Crude oil futures for April ended down $0.50, or about 0.9%, at $53.38 a barrel.
South Korea has raised its coronavirus alert to the "highest level" for the first time in a decade, following a rapid spike in cases over the weekend. Reports say the total number of cases so far in South Korea has risen to 763.
Italy became Europe's epicenter for coronavirus cases over the weekend. Iran has confirmed an uptick in infections.
Italian bank Intesa Sanpaolo has reportedly decided to close 4 branches in the country as the government imposed strict quarantine restrictions in two northern "hotspot" regions close to Milan and Venice.
Iran has confirmed 43 cases and eight deaths, with most of the infections in the Shi'ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic.
The virus has now killed 2,592 people in China, which has reported 77,150 cases. The rapid spread of the deadly virus in several countries outside China left investors concerned about a hit to demand.
Meanwhile, the World Health Organization said it is worried about the growing number of cases without any clear link to China.
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source http://www.mt5.com/forex_news/quickview/2152236/
Canadian Dollar May Fall as Crude Oil Eyes Downtrend Resumption?
Monday, 24 February 2020
Denmark Retail Sales Increase In January
Denmark's retail sales rose in January after falling in the preceding month, figures from Statistics Denmark showed on Monday.
Retail sales rose 0.5 percent month-on-month in January, after a 0.4 percent fall in December. In November, sales increased 0.2 percent.
Sales of other consumables gained 1.2 percent monthly in January.
Meanwhile, sales of clothing and other goods, and food and other groceries decreased by 0.4 percent and 0.2 percent, respectively.
On an annual basis, retail sales grew 2.7 percent in January, after a 0.5 percent fall in the prior month.
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source http://www.mt5.com/forex_news/quickview/2152197/
*Lithuania Jan Industrial Production Down 4% On Year
Lithuania Jan Industrial Production Down 4% On Year
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*Lithuania Jan Industrial Production Down 0.7% On Month
Lithuania Jan Industrial Production Down 0.7% On Month
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*Turkey Feb Capacity Utilization 76.0% Vs. 75.5% In January
Turkey Feb Capacity Utilization 76.0% Vs. 75.5% In January
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*Turkey Feb Manufacturing Confidence 106.9 Vs. 104.1 In January
Turkey Feb Manufacturing Confidence 106.9 Vs. 104.1 In January
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*Denmark Jan Retail Sales +0.5% On Month Vs. -0.4% In December
Denmark Jan Retail Sales +0.5% On Month Vs. -0.4% In December
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*Denmark Jan Retail Sales +2.7% On Year Vs. -0.5% In December
Denmark Jan Retail Sales +2.7% On Year Vs. -0.5% In December
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Singapore Inflation Steady In January
Singapore's consumer price inflation remained stable in January, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.
The consumer price index rose 0.8 percent year-on-year in January, same as seen in December. Economists had expected a 0.9 percent increase.
The rise in inflation was driven by an increase in private road transport inflation, and accommodation cost.
MAS core inflation, which excludes the costs of accommodation and private road transport, rose to 0.3 percent in January from 0.6 percent in the preceding month.
On a month-on-month basis, consumer prices fell 0.2 percent in January.
The MAS core CPI remained unchanged in January.
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source http://www.mt5.com/forex_news/quickview/2152190/
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*Singapore Jan Core Inflation 0.3% Vs. 0.6% In December
Singapore Jan Core Inflation 0.3% Vs. 0.6% In December
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source http://www.mt5.com/forex_news/quickview/2152189/
*Singapore Jan Inflation 0.8%, Same As In Dec, Consensus 0.9%
Singapore Jan Inflation 0.8%, Same As In Dec, Consensus 0.9%
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source http://www.mt5.com/forex_news/quickview/2152188/
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New Zealand Retail Sales Volume Climbs 0.7% In Q4
The total volume of retail sales in New Zealand gained a seasonally adjusted 0.7 percent on quarter in the fourth quarter of 2019, Statistics New Zealand said on Monday.
That was shy of expectations for an increase of 0.8 percent and down from the upwardly revised 1.7 percent gain in the three months prior (originally 1.6 percent).
The total value of retail sales was up 1.1 percent on quarter or NZ$268 million.
Nine of the 15 industries had higher sales volumes in the December 2019 quarter.
Electrical and electronic goods had the largest increase, up 4.3 percent following a 4.4 percent rise in the September quarter and a strong 5.2 percent rise in June.
The next largest increase was in pharmaceutical and other store-based retailing, up 4.1 percent this quarter after a 2.8 percent rise in the September 2019 quarter.
Department stores had the largest fall, down 3.8 percent this quarter after a 3.8 percent rise in the September 2019 quarter.
Supermarket and grocery stores had the second largest fall, down 1.1 percent this quarter, after a 0.9 percent rise in September.
Pharmaceutical and other store-based retailing had the largest increase in retail sales value this quarter, up 3.7 percent (NZ$56 million) when the effects of price changes are included. This followed a 2.4 percent (NZ$35 million) rise in the September quarter.
The next largest increases came from accommodation, up 4.3 percent (NZ$46 million) after a 0.6 percent (NZ$6.8 million) rise in the September quarter.
Department stores had the largest fall in the December quarter, down 3.0 percent (NZ$41million) after a 2.4 percent (NZ$32 million) rise in September.
Thirteen regions had higher retail sales values in the December 2019 quarter compared with the September 2019 quarter. The Auckland region had the largest rise this quarter, up 1.7 percent (NZ$152 million).
The Waikato region had the second largest increase in retail sales value, up 1.9 percent (NZ$42 million), followed by Otago, up 2.4 percent (NZ$32million).
Hawke's Bay, Tasman, and West Coast regions had decreases in retail sales values, but the movements were under NZ$2 million.
The sales value for the total North Island regions rose 1.3 percent (NZ$247 million) after a rise of 1.4 percent (NZ$260 million) in the September 2019 quarter.
The sales value for the total South Island regions rose 1.0 percent (NZ$56 million) after a rise of 0.9 percent (NZ$55 million) in the September 2019 quarter.
Stock figures were recorded at 31 December 2019. All references to stocks are in actual dollars.
The total value of stock held at 31 December 2019 was NZ$8.4 billion, resulting in an increase of 2.6 percent (NZ$216 million) from stock held at 31 December 2018.
Eleven of the 15 retail industries recorded stock increases in December 2019 compared with 2018.
The largest increases came from hardware, building, and garden supplies, up 5.5 percent (NZ$62 million), and clothing, footwear, and personal accessory retailing, up 5.3 percent (NZ$37 million).
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source http://www.mt5.com/forex_news/quickview/2152187/
New Zealand Retail Sales Volume Gains 0.7% In Q4
The total volume of retail sales in New Zealand was up a seasonally adjusted 0.7 percent on quarter in the fourth quarter of 2019, Statistics New Zealand said on Monday.
That was shy of expectations for an increase of 0.8 percent and down from the upwardly revised 1.7 percent gain in the three months prior (originally 1.6 percent).
The total value of retail sales was up 1.1 percent on quarter or NZ$268 million.
Nine of the 15 industries had higher sales volumes in the December 2019 quarter.
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source http://www.mt5.com/forex_news/quickview/2152186/
*New Zealand Retail Sales +0.7% On Quarter In Q4
New Zealand Retail Sales +0.7% On Quarter In Q4
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source http://www.mt5.com/forex_news/quickview/2152185/
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New Zealand Retail Sales Data Due On Monday
New Zealand will on Monday release Q4 numbers for retail sales, highlighting a light day for Asia-Pacific economic activity.
Retail sales are expected to add 0.8 percent on quarter after collecting 1.6 percent in the three months prior.
New Zealand also will see January figures for credit card spending; in December, card spending was down 0.9 percent on month and up 3.4 percent on year.
Singapore will provide January data for consumer prices; in December, inflation was up 0.3 percent on month and 0.8 percent on year.
Finally, the markets in Japan are closed on Monday in observance of the emperor's birthday and will re-open on Tuesday.
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source http://www.mt5.com/forex_news/quickview/2152184/
Japanese Yen, XAU/USD Surge as Stocks Plunge on COVID-19 Risks
Sunday, 23 February 2020
US Dollar, Euro, Gold, Dow Forecasts & More for the Week Ahead
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Saturday, 22 February 2020
USD Weekly Price Forecast: The US Dollar's Attraction Remains Strong
USD Weekly Price Forecast: The US Dollar's Attraction Remains Strong
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Dollar Loses Ground Against Other Major Currencies
The U.S. dollar was weak against most major currencies on Friday, reacting data showing weak manufacturing and services sector activity in the month of February.
The pound sterling firmed up on encouraging data on UK manufacturing activity, and a stronger than expected expansion in German manufacturing activity pushed up the euro.
Markets were also reacting to reports that showed increasing number of coronavirus infections in Beijing as well as outside China.
According to Chinese health officials, the death toll in China's novel coronavirus has gone up to 2,236 with 118 more deaths reported, mostly from the hard-hit Hubei province.
South Korea declared a "special management zone" around a southeastern city as health authorities reported 52 new cases of the illness, raising the tally in the country to 156.
Existing home sales in the U.S. pulled back in January after jumping in December, according to a report released by the National Association of Realtors on Friday, with existing home sales continuing a fluctuating pattern of monthly increases and declines.
NAR said existing home sales slumped by 1.3% to an annual rate of 5.46 million in January after surging up by 3.9% to a revised rate of 5.53 million in December. Economists had expected existing home sales to tumble by 1.8%.
Despite the monthly decrease, the report noted existing home sales in January were up by 9.6% compared to the same month a year ago.
The IHS Markit US Composite PMI fell to 49.6 in February 2020 from 53.3 in the previous month, pointing to the first month of contraction in the private sector since October 2013.
The IHS Markit US Manufacturing PMI fell to 50.8 in February of 2020 from 51.5 in January, while Services PMI dropped to 49.4 in the month, from 53.4 a month earlier.
The dollar index, which opened flat at 99.87, declined to 99.23 by mid morning, and has been moving in a tight range since then. It was last seen at 99.34, more than 0.5% down from previous close.
Euro area private sector grew for a third straight month and at the fastest pace in six months in February, mainly led by further expansion of the services sector, though there were signs of demand and production being hurt by the coronavirus outbreak in China.
The flash composite purchasing managers' index, or PMI, climbed to 51.6 from 51.3 in January, preliminary survey data from IHS Markit showed.
The flash services PMI rose to a two-month high of 52.8 from 52.5 in January. The flash manufacturing PMI output index climbed to an eight-month high of 48.4 from 48 in January.
Against the Euro, the dollar weakened to $1.0865 before recovering a bit to $1.0847, still down nearly 0.6% from previous close.
Against Pound Sterling, the dollar slipped to $1.2957, losing about 0.6%, after data showed UK manufacturing grew at the fastest pace in 10 months in February, while the services sector expanded at the slowest pace in two months, leading to stable growth of the private sector survey data showed Friday.
The Japanese Yen was stronger by nearly 0.5%, at 111.56 yen a dollar, compared to 112.10 yen a dollar.
The dollar weakened to 0.9783 against Swiss franc. The Aussie-Dollar pair was at 0.6627, up nearly 0.2% from previous close.
Against the Loonie, the dollar was weak at 1.3324, compared to 1.3259 on Thursday. Data from Statistics Canada showed Retail sales in Canada were unchanged in December 2019, following an upwardly revised 1.1% gain in the previous month.
Retail Sales increased 2.4% in December of 2019 over the same month in the previous year.
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source http://www.mt5.com/forex_news/quickview/2152183/
Treasuries Extend Upward Move Amid Continued Coronavirus Concerns
Treasuries showed a significant move to the upside during trading on Friday, extending the notable advance seen in the previous session.
Bond prices gave back some ground after moving sharply higher in early trading but remained firmly positive. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.4 basis points to 1.471 percent.
The continued strength among treasuries came as traders continued to keep a close eye on the latest coronavirus news, with Chinese officials reporting 1,109 new confirmed cases of the coronavirus, up sharply from 349 cases the previous day.
South Korean health authorities also reported 52 new cases of the fast-spreading disease, raising the national tally to 156, while the number of confirmed cases in Japan increased by 23 to 728.
A number of companies have warned about the impact of the coronavirus, with Coca-Cola (KO) forecasting the outbreak will trim 1 to 2 cents per share off its first quarter earnings.
On the U.S. economic front, the National Association of Realtors released a report showing a pullback in existing home sales in the month of January.
NAR said existing home sales slumped by 1.3 percent to an annual rate of 5.46 million in January after surging up by 3.9 percent to a revised rate of 5.53 million in December. Economists had expected existing home sales to tumble by 1.8 percent.
Despite the monthly decrease, the report noted existing home sales in January were up by 9.6 percent compared to the same month a year ago.
Coronavirus news is likely to remain in the spotlight next week, although traders are also likely to keep an eye on reports on consumer confidence, new home sales, durable goods orders, and personal income and spending.
Bond trading could also be impacted by reaction to the results of the Treasury Department's auctions of two-year, five-year and seven-year notes.
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source http://www.mt5.com/forex_news/quickview/2152182/
Oil Futures Settle Lower On Concerns Over Energy Demand Outlook
Crude oil prices drifted lower on Friday amid concerns about the outlook for energy demand due to the impact of the coronavirus outbreak on the global economy.
Traders also weighed reports suggesting a rift in the crude-production alliance between Saudi Arabia and Russia.
West Texas Intermediate Crude oil futures for April ended down $0.50, or about 0.9%, at $53.38 a barrel.
Despite closing the session on a weak note, WTI crude oil futures recorded a gain of about 2% in the week.
Brent Crude futures declined by about 1.4% to $58.46 a barrel.
On Thursday, WTI crude oil futures for April ended up $0.39, or 0.7%, at $53.88 a barrel, supported by data showing a smaller-than-expected increase in U.S. crude inventories last week.
Reports about resumption of ceasefire talks between forces fighting over Libya's capital helped ease concerns about supply disruptions.
According to a report from Baker Hughes, crude oil rigs in the United States increased to 679 in the week ending February 21 from 678 in the previous week.
The World Health Organization (WHO) said today that there were 76,767 confirmed cases of COVID-19, with the death toll at 2,247. Although the number of new cases in China slowed a bit, a rise in the number of new cases in South Korea has raised concerns.
South Korean health authorities reported 52 new cases of the fast-spreading disease, raising the national tally to 156. Meanwhile, the number of confirmed cases in Japan increased by 23 to 728.
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source http://www.mt5.com/forex_news/quickview/2152181/
Friday, 21 February 2020
*Japan Dec All Industry Activity -1.4% On Year Vs. -2.8% In November
Japan Dec All Industry Activity -1.4% On Year Vs. -2.8% In November
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source http://www.mt5.com/forex_news/quickview/2152121/