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Thursday, 30 April 2020
Bitcoin Price: How Will Halving, Coronavirus Affect BTC?
Gold Prices Drift Lower As Covid Treatment Hopes Lift Market Mood
Australia Export Prices Rise 2.7% On Quarter In Q1
Export prices in Australia were up 2.7 percent on quarter and 2.3 percent on year, the Australian Bureau of Statistics said on Thursday.
Main contributors to the rise were: Gold, non-monetary (excluding gold ores and concentrates) (+11.4 percent); Metalliferous ores and metal scrap (+2.3 percent); Gas, natural and manufactured (+4.3 percent); and Meat and meat preparations (+4.0 percent).
Offsetting falls occurred in: Petroleum, petroleum products and related materials (-7.8 percent); and Non-ferrous metals (-2.8 percent).
Import prices fell 1.0 percent on quarter but gained 0.9 percent on year.
Main contributors to the fall were: Petroleum, petroleum products and related materials (-11.1 percent); Inorganic chemical (-11.8 percent); and Road vehicles (including air-cushion vehicles) (-0.6 percent).
Offsetting rises occurred in: Gold, non-monetary (excluding gold ores and concentrates) (+11.2 percent); and Telecommunications and sound recording and reproducing apparatus and equipment (+1.6 percent).
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156016/
Australia Private Sector Credit Climbs 1.1% In March
Private sector credit in Australia was up 1.1 percent on month in March, the Reserve Bank of Australia said on Thursday - accelerating from 0.4 percent in February.
On a yearly basis, credit jumped 3.6 percent - slowing from 3.9 percent in the previous month.
Housing credit was up 3.0 percent on month and 3.1 percent on year, while personal credit fell 1.4 percent on month and 6.5 percent on year and business credit advanced 2.9 percent on month and 6.3 percent on year.
Broad money was up 2.7 percent on month and 6.3 percent on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156015/
*Australia Import Prices -1.0% On Quarter In Q1; Export Prices +2.7%
Australia Import Prices -1.0% On Quarter In Q1; Export Prices +2.7%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156014/
*Australia Private Sector Credit +1.1% On Month, +3.6% On Year In March
Australia Private Sector Credit +1.1% On Month, +3.6% On Year In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156013/
China Manufacturing PMI Falls To 50.8 In April
The manufacturing sector in China continued to expand in April, although at a slower pace, the latest survey from the National Bureau of Statistics said on Thursday with a manufacturing PMI score of 50.8.
That was shy of expectations for a score of 51.0 and was down from 52.0 in March. The index remains above the boom-or-bust line of 50 that separates expansion from contraction.
The bureau also said its non-manufacturing index came in with a score of 53.2 in April, roughly in line with expectations and up from 52.3 in the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156012/
*China Manufacturing PMI 50.8 In April, Non-Manufacturing PMI 53.2
China Manufacturing PMI 50.8 In April, Non-Manufacturing PMI 53.2
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156011/
Japan Industrial Output Drops 3.7% In March
Industrial production in Japan fell a seasonally adjusted 3.7 percent on month in March, the Ministry of Economy, Trade and Industry said on Thursday.
That beat expectations for a drop of 5.2 percent following the 0.3 percent fall in February.
On a yearly basis, industrial production was down 5.2 percent - again beating forecasts for a decline of 6.1 percent following the 5.7 percent gain in the previous month.
Upon the release of the data, the METI downgraded its assessment of industrial production to say that it is declining.
Shipments were down 5.0 percent on month and 5.7 percent on year, while inventories gained 1.9 percent on month and 2.9 percent on year. The inventory ration jumped 8.5 percent on month and 12.8 percent on year.
According to the METI's forecast for industrial production, output is expected to rise 1.4 percent on month in April and then fall 1.4 percent in May.
Also on Thursday, the METI said that retail sales in Japan were down 4.6 percent on year in March. That barely beat expectations for a decline of 4.7 percent following the downwardly revised 1.6 percent increase in February (originally 1.7 percent).
Sales from large retails plummeted an annual 10.1 percent, missing forecasts for a decline of 8.0 percent following the 0.2 percent increase in the previous month.
On a monthly basis, retail sales skidded 4.5 percent - in line with expectations following the upwardly revised 0.6 percent increase a month earlier (originally 0.2 percent).
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156010/
AUD/USD Rate Eyes March High as FOMC Sticks to Dovish Forward Guidance
Japan Retail Sales Fall 4.6% On Year In March
Retail sales in Japan were down 4.6 percent on year in March, the Ministry of Economy, Trade and Industry said on Thursday.
That barely beat expectations for a decline of 4.7 percent following the downwardly revised 1.6 percent increase in February (originally 1.7 percent).
Sales from large retails plummeted an annual 10.1 percent, missing forecasts for a decline of 8.0 percent following the 0.2 percent increase in the previous month.
On a monthly basis, retail sales skidded 4.5 percent - in line with expectations following the upwardly revised 0.6 percent increase a month earlier (originally 0.2 percent).
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156009/
Japan Industrial Production Sinks 3.7% In March
Industrial output in Japan was down a seasonally adjusted 3.7 percent on month in March, the Ministry of Economy, Trade and Industry said on Thursday.
That beat expectations for a drop of 5.2 percent following the 0.3 percent fall in February.
On a yearly basis, industrial production was down 5.2 percent - again beating forecasts for a decline of 6.1 percent following the 5.7 percent gain in the previous month.
Upon the release of the data, the METI downgraded its assessment of industrial production to say that it is declining.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156008/
*Japan Retail Sales -4.6% On Year In March
Japan Retail Sales -4.6% On Year In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156007/
*Japan Industrial Production -3.7% On Month, -5.2% On Year In March
Japan Industrial Production -3.7% On Month, -5.2% On Year In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156006/
Japanese Yen May Rise as CLO Market Faces Wave of Credit Downgrades
Japan Industrial Production Data Due On Thursday
Japan will on Thursday see preliminary March numbers for industrial production, highlighting a busy day for Asia-Pacific economic activity. Output is expected to fall 5.2 percent on month and 8.0 percent on year after falling 0.3 percent on month and rising 5.7 percent on year in February.
Japan also will see March figures for retail sales, consumer confidence and housing starts. In February, retail sales were up 0.2 percent on month and 1.7 percent on year, while housing starts were down 12.3 percent on year and the consumer confidence index had a score of 30.9.
China will see April results for its manufacturing and non-manufacturing indexes. In March, the manufacturing index was at 52.0 and the non-manufacturing index was at 52.3.
Australia will provide March numbers for private sector credit and Q1 info for import and export prices. In February, credit was up 0.4 percent on month and 2.8 percent on year. In Q4, import prices were up 0.7 percent on quarter and export prices fell 5.2 percent.
Thailand will release March figures for imports, exports and trade balance. In February, imports were worth $14.89 billion and exports were at $20.29 billion for a trade surplus of $5.40 billion.
Malaysia will see March figures for producer prices; in February, producer prices were down 1.3 percent on month and up 0.9 percent on year.
Finally, the markets in South Korea and Hong Kong are closed on Thursday in honor of the birth of Buddha. They both re-open Monday after Friday's Labor Day holiday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156005/
Dollar Loses Ground Again
The U.S. dollar extended its recent weakness on Wednesday, as risk sentiment improved after Gilead Sciences claimed that the results of its study showed improvement in patients taking its remdesivir to treat the coronavirus infection.
The National Institute of Allergy and Infectious Diseases has said that a study of Gilead's remdesivir drug met its primary endpoint, lifting expectations for a potential coronavirus treatment.
Though the dollar came off lower levels post mid morning and stayed not far down from the flat line for nearly a couple of hours, the Federal Reserve's policy statement weighed on the currency and pushed it down to lower levels.
The U.S. Federal Reserve today held its interest rate target between 0% and 0.25%.
The Fed said it would continue with its aggressive policy stance until it is comfortable that the economy is back on its feet.
The Federal Open Market Committee said in its post-meeting statement that the ongoing public health crisis "will weigh heavily on economic activity, employment, and inflation in the near term," and pose considerable risks to the economic outlook over the medium term.
"The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals," the statement reads.
Noting bleak conditions across multiple sectors of the economy, the Fed said, "The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world," the post-meeting statement said.
The dollar index was last seen at 99.52, down 0.34% from previous close. The index rose to 99.89 in early trades this morning.
Against the Euro, the dollar weakened to $1.0871, giving up nearly 0.5% from Tuesday's close, amid news about reopening of several nations in Europe as rate of new coronavirus cases and deaths slowed.
The Pound Sterling firmed up to $1.2462 from overnight $1.2426, rising nearly 0.3%.
The yen rose as well against the dollar, gaining more than 0.2% to 106.65 a dollar. It had settled at 106.87 a dollar on Tuesday.
The dollar was lower by about 0.8% against the loonie at C$1.3888 as crude oil prices rebounded strongly, gaining more than 30% at one stage.
Against the Aussie, the dollar was sharply down at $0.6552, and against Swiss franc, it was down slightly with a unit fetching CHF 0.9745.
U.S. economic activity saw a substantial contraction in the first quarter of 2020, according to a report released by the Commerce Department today.
The report said U.S. real gross domestic product decreased at an annual rate of 4.8% in the first quarter following the 2.1% jump in the fourth quarter of 2019.
The decrease in real GDP in the first quarter reflected negative contributions from consumer spending, non-residential fixed investment, exports, and private inventory investment.
A report released by National Association of Realtors on Wednesday showed a bigger than expected nosedive in U.S. pending home sales in the month of March.
NAR said its pending home sales index plunged by 20.8% to 88.2 in March after jumping by 2.3% to 111.4 in February. Economists had expected the index to tumbled by 10.0.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156004/
Australian Dollar Slide Halts As China PMI Holds Above 50 But Misses Forecast
Oil Futures Settle Sharply Higher
Crude oil prices rose sharply on Wednesday, rebounding from losses in the previous two sessions.
Data from the Energy Information Information showing a smaller-than-expected increase in crude stockpiles in the week ended April 22, and some positive news about treatment of the COVID-19 pushed up crude oil prices.
Positive reaction to news about several places in Europe and some U.S. states reopening businesses after a prolonged shutdown contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for June ended up $2.72, or about 22%, at $15.06 a barrel, after rising to a high of $16.78 at one point.
Brent Crude futures moved up $2.08, or about 10.2%, to $22.54 a barrel.
According to the data released by the Energy Information Administration (EIA) this morning, crude stockpiles rose by about 9 million barrels in the U.S. in the week ended April 24, lower than an expected rise of about 11.7 million barrels.
According to the data, crude production in the U.S. fell by 100,000 barrels per day last week.
A report released by the American Petroleum Institute late Tuesday said crude inventories in the U.S. climbed up 10 million barrels last week.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156003/
Fed Holds Rate, Speaks About Medium Term Risks To Economic Outlook
The U.S. Federal Reserve today held its interest rate target between 0 percent and 0.25 percent.
The Fed said it would continue with its aggressive policy stance until it is comfortable that the economy is back on its feet.
The Federal Open Market Committee said in its post-meeting statement that the ongoing public health crisis "will weigh heavily on economic activity, employment, and inflation in the near term," and pose considerable risks to the economic outlook over the medium term.
"The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals," the statement reads.
Noting bleak conditions across multiple sectors of the economy, the Fed said, "The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world," the post-meeting statement said.
"The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices are holding down consumer price inflation," the statement continued. "The disruptions to economic activity here and abroad have significantly affected financial conditions and have impaired the flow of credit to U.S. households and businesses."
In his post-meet press conference, Fed Chair Jerome Powell said "Medium term risks means over next year or so, primarily length of time to control virus. The risks also involve potential damage to economy, workers, if levels of unemployment remain high for an extended time."
"Damage could also be done if small businesses are harmed by unnecessary insolvencies," he said.
Powell also said that global dimension also poses risks that could weigh on US performance over time and said economic activity will start to pick up as reopening begins but will take some time to get back to more normal levels of unemployment.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2156002/
USD/CAD Rate on Track to Snap Monthly Range Following FOMC Meeting
US Dollar Chart Setups Post-FOMC: DXY Index, EUR/USD & AUD/USD
Wall Street, Gold Prices Rise as US Dollar Sinks Despite 2008-Low GDP
Wednesday, 29 April 2020
USD/CAD Price Nears Support Ahead of FOMC Meeting, US Q1 GDP
British Pound (GBP) Latest: Wave of Optimism Boosts GBP/USD, FTSE 100
US Dollar May Rise on FOMC, Virus-Shaken US GDP Data
Australia Inflation Rises 0.3% In Q1
Overall consumer prices in Australia were up 0.3 percent on quarter in the first quarter of 2020, the Australian Bureau of Statistics said on Wednesday. That exceeded expectations for an increase of 0.2 percent and was down from 0.7 percent in the three months prior.
On a yearly basis, inflation climbed 2.2 percent - again topping forecasts for 2.0 percent and up from 1.8 percent in Q4.
The Reserve Bank of Australia's trimmed mean was up 0.5 percent on quarter and 1.8 percent on year following the 0.4 percent quarterly increase and the 1.6 percent yearly gain in the previous three months.
The RBA's weighted median was up 0.5 percent on quarter and 1.7 percent on year after adding 0.4 percent on quarter and 1.3 percent on year in the fourth quarter.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155932/
*RBA Trimmed Mean +0.5% On Quarter, +1.8% On Year In Q1
RBA Trimmed Mean +0.5% On Quarter, +1.8% On Year In Q1
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155930/
*RBA Weighted Median +0.5% On Quarter, +1.7% On Year In Q1
RBA Weighted Median +0.5% On Quarter, +1.7% On Year In Q1
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155931/
*Australia CPI +0.3% On Quarter, +2.2% On Year In Q1
Australia CPI +0.3% On Quarter, +2.2% On Year In Q1
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155929/
Crude Oil Prices Rise With Risk Appetite As Markets Hope for Dovish Fed
South Korea Industrial Output Gains 4.6% In March
Industrial output in South Korea was up a seasonally adjusted 4.6 percent on month in March, Statistics Korea said on Wednesday - following the 3.8 percent decline in February.
On a yearly basis, industrial output jumped 7.1 percent after spiking 11.3 percent in the previous month.
The Index of all industry production in March sank 0.3 percent on month and gained 0.6 percent on year.
The Manufacturing Production Index added 4.6 percent on month and 7.6 percent on year, while the Manufacturing Shipment Index rose 6.4 percent on month and 3.5 percent on year. The Manufacturing Inventory Index fell 0.6 percent on month but gained 5.7 percent on year.
The Production Capacity Index rose 0.2 percent on month and 1.3 percent on year. The Index of Capacity Utilization Rate climbed 4.8 percent on month and 4.8 percent on year.
The Manufacturing Average Capacity Utilization Rate in March marked 74.1 percent, up 3.4 percentage points from the previous month. The Index of Services in March fell 4.4 percent from the previous month and 5.0 percent from the same period of the previous year.
The Retail Sales Index in March fell 1.0 percent on month and 8.0 percent on year. The Equipment Investment Index jumped 7.9 percent on month and 9.8 percent on year.
The Domestic Machinery Shipment Index in March increased 2.4 percent on year, while the value of Domestic Machinery Orders Received spiked an annual 12.2 percent.
The value of Construction Completed at constant prices increased 2.6 percent on month and 1.5 percent on year. The value of Construction Orders Received at current prices plummeted an annual 28.4 percent.
The Composite Coincident Index in March fell 1.1 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, lost 1.2 points on month.
The Composite Leading Index in March eased 0.4 percent. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, dropped 0.6 points from the previous month.
For the first quarter of 2020, industrial production fell 0.1 percent on quarter and was up 4.9 percent on year after rising 1.1 percent on quarter and falling 2.4 percent on year in the three months prior.
South Korea's retail sales were down 1.0 percent on month and 8.0 percent on year in March, Statistics Korea also reported on Wednesday. That followed the 6.0 percent monthly decline and the 2.3 percent yearly drop in February.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155928/
Gold Price Outlook Hinges on Federal Reserve Interest Rate Decision
New Zealand March Trade Surplus NZ$672 Million
New Zealand had a merchandise trade surplus of NZ$672 million in March, Statistics New Zealand said on Wednesday - up from NZ$594 million in February.
Exports were up 3.8 percent on year or NZ$215 million to NZ$5.81 billion, up sharply from NZ$4.92 billion in the previous month.
For exports, fruit led the rises in total exports values, up NZ$115 million (54 percent). Other rises included milk powder, butter and cheese, up NZ$106 million (7.6 percent), and meat and edible offal, up NZ$102 million (11 percent). Forestry products led the falls, down NZ$185 million (35 percent). Crude oil fell NZ$22 million (40 percent).
Imports jumped an annual 7.7 percent or NZ$369 million to NZ$5.14 billion, up from NZ$4.33 billion a month earlier.
For imports, petroleum and products led the rises in total imports values, up NZ$389 million (74 percent). Mechanical, machinery and equipment rose NZ$70 million (11 percent). Electrical machinery and equipment led the falls, down NZ$31 million or 7.7 percent. Other falls included aircraft and parts, down NZ$31 million (52 percent), and textiles and textiles articles, down NZ$21 million (11 percent).
For the first quarter of 2020, exports were up 2.9 percent on quarter (NZ$442 million) to NZ$15.7 billion, following a 3.3 percent rise in the three months prior.
Imports fell 3.0 percent (NZ$478 million) to NZ$15.7 billion, following a 0.8 percent fall in the previous three months.
The quarterly trade balance was a deficit of NZ$12 million.
On a yearly basis, exports rose NZ$2.2 billion (3.8 percent) to NZ$60.6 billion and imports eased 0.1 percent (NZ$60 million) to NZ$64.1 billion for a trade deficit of NZ$3.5 billion.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155927/
South Korea Industrial Production Jumps 4.6% In March
Industrial production in South Korea was up a seasonally adjusted 4.6 percent on month in March, Statistics Korea said on Wednesday - following the 3.8 percent decline in February.
On a yearly basis, industrial output jumped 7.1 percent after spiking 11.3 percent in the previous month.
The Index of all industry production in March sank 0.3 percent on month and gained 0.6 percent on year.
For the first quarter of 2020, industrial production fell 0.1 percent on quarter and was up 4.9 percent on year after rising 1.1 percent on quarter and falling 2.4 percent on year in the three months prior.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155926/
Dow Jones, FTSE 100, DAX 30 Outlook: Retail Investors Selling Again?
*South Korea Industrial Production +4.6% On Month, +7.1% On Year In March
South Korea Industrial Production +4.6% On Month, +7.1% On Year In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155925/
New Zealand Has NZ$672 Million Trade Surplus In March
New Zealand posted a merchandise trade surplus of NZ$672 million in March, Statistics New Zealand said on Wednesday - up from NZ$594 million in February.
Exports were up 3.8 percent on year or NZ$215 million to NZ$5.81 billion, up sharply from NZ$4.92 billion in the previous month.
Imports jumped an annual 7.7 percent or NZ$369 million to NZ$5.14 billion, up from NZ$4.33 billion a month earlier.
For the first quarter of 2020, exports were up 2.9 percent on quarter (NZ$442 million) to NZ$15.7 billion, following a 3.3 percent rise in the three months prior.
Imports fell 3.0 percent (NZ$478 million) to NZ$15.7 billion, following a 0.8 percent fall in the previous three months.
The quarterly trade balance was a deficit of NZ$12 million.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155924/
*New Zealand Imports +7.7% On Year In March, Exports +3.8%
New Zealand Imports +7.7% On Year In March, Exports +3.8%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155923/
*New Zealand Trade Surplus NZ$672 Million In March
New Zealand Trade Surplus NZ$672 Million In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155922/
Australia Inflation Data Due On Wednesday
Australia will on Wednesday see Q1 numbers for consumer prices, setting the pace for a modest day in Asia-Pacific economic activity.
Inflation is expected to add 0.2 percent on quarter and 2.0 percent on year after gaining 0.7 percent on quarter and 1.8 percent on year in the previous three months.
The Reserve Bank of Australia's trimmed mean is called steady at 0.4 percent on quarter and 1.6 percent on year, while the weighted mean is called unchanged at 0.4 percent on quarter but up 1.5 percent on year from 1.3 percent in the three months prior.
Singapore will see March figures for producer prices; in February, prices were up 0.2 percent on month and down 1.5 percent on year.
New Zealand will provide March numbers for imports, exports and trade balance. In February, imports were worth NZ$4.33 billion and exports were at NZ$4.92 billion for a trade surplus of NZ$594 million.
South Korea will release March figures for industrial production and retail sales. In February, industrial production was down 3.8 percent on month and up 11.4 percent on year, while retail sales were down 6.0 percent on month and 2.3 percent on year.
Finally, the markets in Japan are closed on Wednesday for Showa Day and will re-open on Thursday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155921/
Dollar Exhibits Weakness Against Peers Ahead Of Fed Policy Statement
The U.S. dollar continued to exhibit weakness against its peers, mostly moving in a tight range ahead of the Federal Reserve's monetary policy statement, due tomorrow.
Traders were also looking ahead to the European Central Bank's policy move on Thursday, in addition to reacting to news about the coronavirus pandemic and re-opening of businesses in several virus hot spots in Europe and some select states in the U.S.
A report from the Conference Board showing a sharp deterioration in U.S. consumer sentiment in the month of April also impacted the dollar's movements.
The dollar index slipped to a low of 99.45 early on in the session, but recovered gradually to 99.99 by late afternoon, cutting down its loss to just around 0.05%.
Against the Euro, the dollar weakened to $1.0875 from $1.0829 late Monday.
Against pound sterling, the dollar dropped to $1.2474 after having traded at $1.2431 a sterling on Monday.
The Japanese Yen strengthened to 106.64 a dollar, firming up from previous close of 107.25 yen a dollar.
The Aussie was firmer at 0.6502 a dollar, rising from 0.6465 overnight.
The dollar was weak against the loonie as well with a unit fetching C$1.3960, compared to C$1.4034 on Monday.
The Swiss franc firmed up to 0.9725 a dollar, from previous close of 0.9752 a dollar.
A number of states such as George, South Carolina and Colorado have already stated reopening, while other states like New York have announced plans to begin reopening in the coming weeks.
President Donald Trump's administration has also unveiled a plan to ramp up testing, which experts have said is the most important step toward reopening the economy.
The Conference Board's report showed consumer confidence deteriorated significantly in the month of April. The report said its consumer confidence index plunged to 86.9 in April after tumbling to a downwardly revised 118.8 in March. Economists had expected the index to plummet to 90.0 from the 120.0 originally reported for the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155920/
Australian Dollar Ticks Up As Inflation Rises, Virus likely Blunts Impact
Treasuries Move Notably Higher Ahead Of Fed Announcement
Treasuries moved notably higher over the course of the trading day on Tuesday, largely offsetting the pullback seen in the previous session.
Bond prices moved steadily higher as the day progressed before giving back some ground going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.6 basis points to 0.610 percent.
The strength among treasuries came as traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday.
The Fed is widely expected to leave interest rates unchanged at near-zero levels, although the central bank could provide additional guidance regarding how long it plans to keep rates at their current levels.
Some economists have also suggested the Fed could take steps toward yield curve control, announcing target asseted purchases as part of an effort to pin down longer-term yields.
Treasuries may also have benefited from the release of a report from the Conference Board showing consumer confidence deteriorated significantly in the month of April.
The Conference Board said its consumer confidence index plunged to 86.9 in April after tumbling to a downwardly revised 118.8 in March. Economists had expected the index to plummet to 90.0 from the 120.0 originally reported for the previous month.
Meanwhile, traders largely shrugged off the results of the Treasury Department's auction of $35 billion worth of seven-year notes, which attracted above average demand.
The seven-year note auction drew a high yield of 0.525 percent and a bid-to-cover ratio of 2.56, while the ten previous seven-year note auctions had an average bid-to-cover ratio of 2.44.
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 Monday, the Treasury revealed its auctions of $42 billion worth of two-year notes and $43 billion worth of five-year notes also attracted stronger than average demand.
The Fed announcement is likely to be in the spotlight on Wednesday, but traders are also likely to keep an eye on the Commerce Department's preliminary report on first quarter GDP.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155919/
Oil Futures Settle Weak Despite Sharp Rebound From Day's Lows
Crude oil prices plunged sharply in early trades Tuesday, and despite regaining most of the lost ground as the session progressed, settled notably lower again.
Concerns about outlook for global energy demand, excess supply in the global market and a lack of storage continued to weigh on the commodity.
Prices rebounded from lower levels following a report that a bomb exploded on an oil tanker in Syria.
West Texas Intermediate Crude oil futures for June ended down $0.44, or 3.4%, at $12.34 a barrel, after hitting a low of $10.07 early on in the day. The contract rose to $13.69 a barrel by mid-morning but failed to find support at those levels.
On Monday, WTI futures for June ended nearly 25% down.
Brent crude futures ended higher, gaining $0.47, or about 2.3%, at $20.46 a barrel.
As the virus pandemic continues to ravage global economies, it is highly unlikely that demand for oil will see any significant increase in the near to medium term.
On Monday, the United States Oil Fund LP said it would exit its position in the front-month June crude oil futures contract and may need to hold more cash to satisfy potential margin requirements.
Goldman Sachs warned last week that the market will test global storage capacity in the next 3-4 weeks.
Traders now await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while EIA will release its inventory data Wednesday morning.
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source http://www.mt5.com/forex_news/quickview/2155918/
NZD/USD April Range Intact as New Zealand Eases Nationwide Lockdown
Tuesday, 28 April 2020
*Lithuania Mar Retail Sales -5.7% On Year Vs. +7.0% In February
Lithuania Mar Retail Sales -5.7% On Year Vs. +7.0% In February
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source http://www.mt5.com/forex_news/quickview/2155872/
*Lithuania Mar Retail Sales Down 10.4% On Month
Lithuania Mar Retail Sales Down 10.4% On Month
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source http://www.mt5.com/forex_news/quickview/2155873/
*Norway Mar Retail Sales -0.9% On Month Vs. +2.0% In Feb, Consensus -10%
Norway Mar Retail Sales -0.9% On Month Vs. +2.0% In Feb, Consensus -10%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155870/
*Norway Mar Retail Sales +1.3% On Year Vs. 2.0% In February
Norway Mar Retail Sales +1.3% On Year Vs. 2.0% In February
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source http://www.mt5.com/forex_news/quickview/2155871/
*MAS: Singapore GDP To Shrink -4 To -1% In 2020
MAS: Singapore GDP To Shrink -4 To -1% In 2020
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source http://www.mt5.com/forex_news/quickview/2155869/
Gold Price Slides on Renewed Risk Appetite, Unable to Break Trend Resistance
British Pound (GBP) Latest: Caught Between Oil Woes and Lockdown Hopes
European Economics Preview: French Consumer Confidence Data Due
Consumer confidence survey data from France is due on Tuesday, headlining a light day for the European economic news.
At 2.45 am ET, France's Insee is set to issue monthly consumer confidence survey results. The confidence index is forecast to fall sharply to 83 in April from 103 in March.
At 3.00 am ET, Spain's quarterly unemployment data is due from the statistical office INE. The jobless rate is expected to rise to 15.6 percent in the first quarter from 13.78 percent in the previous quarter.
At 3.30 am ET, Sweden's central bank is set to release its monetary policy report. In the meantime, retail sales and foreign trade figures are due from Statistics Sweden.
Half an hour later, IHS Markit releases Austria's manufacturing Purchasing Managers' survey results for April.
At 6.00 am ET, the Confederation of British Industry releases Distributive Trades survey results. The UK retail sales balance is seen at -40 percent in April versus -3 percent in March.
At 8.00 am ET, Hungary's central bank interest rate decision is due. The bank is expected to hold its key rate at 0.90 percent.
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source http://www.mt5.com/forex_news/quickview/2155868/
US Dollar May Gain From Risk Aversion if Confidence Data Sours Sentiment
Gold Prices Retreat As Hopes For Virus-Lockdown Rollbacks Endure
AUD/USD Preserves Ascending Channel Formation Even as RSI Deviates
South Korea Consumer Confidence Sinks In April
Consumer confidence in South Korea tumbled in April, the Bank of Korea said on Tuesday with a consumer confidence index score of 70.8 - down from 78.4 in March.
Consumer sentiment regarding current living standards was six points lower than in March, at 77, and that concerning the future outlook for living standards was four points down, to 79.
Consumer sentiment related to future household income was four points lower than in March, at 83, and that concerning future household spending was six points lower than in the previous month, at 87.
Consumer sentiment concerning current domestic economic conditions was seven points lower than in March, at 31, and that concerning future domestic economic conditions was three points down, at 59.
The expected inflation rate for the following year was 1.7 percent.
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source http://www.mt5.com/forex_news/quickview/2155867/
*Japan Unemployment Rate 2.5% In March
Japan Unemployment Rate 2.5% In March
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source http://www.mt5.com/forex_news/quickview/2155866/
Copper Prices Could Offer Best Coronavirus-Recovery Steer
USD/SEK, EUR/SEK Ripe for Bullish Breakout Ahead of Riksbank Rate Decision
Japan Jobless Data On Tap For Monday
Japan also will see March figures for unemployment, highlighting a light day for Asia-Pacific economic activity.
The jobless rate is expected to climb to 2.5 percent from 2.4 percent in February, while the job-to-applicant ratio is expected to dip to 1.40 from 1.45.
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source http://www.mt5.com/forex_news/quickview/2155865/
Dollar Loses Ground As Risk Appetite Improves
The U.S. dollar was weak against most of its peers as risk appetite increased globally amid reports several countries are set to relax shutdown restrictions following a drop in new coronavirus infections last week.
Italy and Spain announced plans to ease restrictions on Sunday in a bid to restart their economy.
Italian Prime Minister Giuseppe Conte said that "strategic" businesses could restart as early as next week by taking strict safety measures.
Traders also looked ahead to the upcoming monetary policy statement from the Federal Reserve. The Fed is scheduled to meet on Tuesday and Wednesday this week. It is widely expected that the central bank will announce further stimulus to support the economy.
The European Central Bank meets on Thursday. The Bank of Japan today abandoned the ceiling on its purchases of Japanese government bonds, pledging unlimited bond-buying to keep borrowing costs low.
The dollar index dropped to a low of 99.83 early Monday before regaining some ground. Still, at 10005, the index was down in negative territory late afternoon, trailing its previous close by about 0.32%.
Against the Euro, the dollar was quite weak at $1.0862 early on in the session, but later recovered to $1.0820. It was last seen at $1.0829, against previous close of $1.0823.
Against Pound Sterling, the dollar weakened to $1.2426, going down by about 0.5%. The dollar lost ground against the Yen as well, with a unit fetching 107.08 yen compared with 107.51 yen on Friday.
The dollar weakened to $0.6459 against the Aussie, sliding from $0.6371. The dollar slipped to CHF 0.9750, falling from CHF 0.9730. However, against the Loonie, the dollar dropped to C$1.4069 from C$1.4103.
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source http://www.mt5.com/forex_news/quickview/2155864/
New Zealand Dollar Slips, Ardern's Virus Caution Adds To Risk-Off Tone
US Dollar Outlook vs SGD, IDR, MYR Hinges on Foreign Exchange Reserves
Treasuries Move Notably Lower Amid Optimism About States Reopening
Treasuries showed a notable move to the downside during trading on Monday, more than offsetting the uptick seen last Friday.
Bond prices moved modestly lower early in the session and slid more firmly into negative territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 6 basis points to 0.656 percent.
The weakness among treasuries came after New York Governor Andrew Cuomo announced plans for a phased reopening of his state's economy.
Cuomo suggested the first phase, which involves "low risk" businesses in the manufacturing and construction sectors, could begin shortly after New York's stay-at-home order expires on May 15.
The decision to announce the reopening plans comes as New York has seen as steady decline in coronavirus hospitalization rates, with Cuomo expressing optimism the worst is over.
"The numbers are on the decline. Everything we have done is working," Cuomo said during a press briefing on Sunday, "There's no doubt that we've gone at this point through the worst. And as long as we act prudently going forward, the worst should be over."
The announcement by Cuomo comes as other states, including several led by Republican governors, have already started reopening their economies.
Optimism about additional stimulus ahead of Federal Reserve and European Central Bank meetings later this week also reduced the appeal of safe havens like bonds.
Earlier today, the Bank of Japan expanded its monetary stimulus for the second straight month to support economic and financial activities amid the coronavirus pandemic.
Meanwhile, traders largely shrugged off the results of the Treasury Department's auctions of two-year and five-year notes, which both attracted below average demand.
A report on consumer confidence may attract some attention on Tuesday, although traders are likely to remain focused on news on the coronavirus front.
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source http://www.mt5.com/forex_news/quickview/2155863/
Crude Oil Futures Tank Nearly 25%
Crude oil prices tanked on Monday amid mounting fears that storage at Cushing, Oklahoma, could reach full capacity soon and that production cuts might not be enough to counter the huge fall in demand amid the coronavirus pandemic.
West Texas Intermediate Crude oil futures for June ended down $4.16, or 24.6%, at $12.78 a barrel. That was the second lowest settlement ever for a front-month contract.
Brent Crude futures shed about 6.75% as it settled at $19.99 a barrel.
WTI futures for June ended up $0.44, or 2.7%, at $16.94 a barrel on Friday. The contract shed about 32% last week. So far this year, WTI futures have lost around 70%.
Earlier this month, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+, pledged to cut output by an unprecedented 9.7 million barrels per day in May and June.
Russia is very likely to reduce its western seaborne exports by half in May.
Amid the rush to cut output, rig counts in the United States are down to the lowest since July 2016, while the total number of oil and gas rigs in Canada has fallen to the lowest since at least 2000, according to Baker Hughes data.
Expressing their outlook on the global oil storage capacity and its implications on oil prices going forward, analysts at Goldman Sachs Group said the swelling glut will test storage capacity limits in as little as three weeks.
Reports that the United States Oil Fund has said that it would sell all of its contracts for June delivery beginning Monday, in favor of longer-term contracts, also weighed on oil prices.
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source http://www.mt5.com/forex_news/quickview/2155862/
USD/CAD Rate Tracks Monthly Range as Federal Reserve Expands MLF
S&P 500 Forecast, at Turning Point? Australian Dollar May be at Risk
Monday, 27 April 2020
Bank Of Japan Boosts Stimulus; Cuts Outlook
The Bank of Japan expanded the monetary stimulus for the second straight meeting as it removed the limit for government bond purchases and downgraded both its GDP and inflation projections due to the spread of coronavirus, or Covid-19.
The policy board of the BoJ, on Monday, unanimously decided to increase the maximum amount of additional purchases of commercial papers and corporate bonds and raised the upper limit of outstanding holdings to about JPY 20 trillion.
The bank will purchase Japanese government bonds without setting an upper limit so that the 10-year JGB yields will remain at around zero percent. The yields may move upward and downward to some extent mainly depending on developments in economic activity and prices.
The BoJ expanded the range of collaterals that are eligible to avail the benefits of special funding operation introduced in March. Private debt including household debts is also eligible under the scheme.
Nonetheless, the board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank.
The BoJ board shortened the duration of the meeting with a view to making the utmost efforts to prevent the spread of the novel coronavirus.
In the quarterly report, the bank said the outlook for economic activity and prices is extremely unclear.
There are high uncertainties regarding the consequences of the spread of Covid-19, the timing of the spread subsiding, and the magnitude of its impact on domestic and global economies.
The central bank downgraded its GDP forecast for the fiscal 2020 to -5 percent to -3 percent from the previous projection of +0.8 percent to +1.1 percent.
Likewise, the inflation outlook for fiscal 2020 was lowered to -0.7 percent to -0.3 percent from +1 percent to +1.1 percent.
The Japanese economy is expected to expand in the range of 2.8 percent to 3.9 percent next fiscal year and 0.8 percent to 1.6 percent in the fiscal 2022.
Inflation is forecast to average zero to 0.7 percent in the fiscal 2021 and 0.4 percent to 1 percent in the fiscal 2022. Accordingly, the bank is unlikely to achieve its 2 percent inflation at least until 2022.
The board did not cut the policy rate even though all members expect a slump in activity, Marcel Thieliant, an economist at Capital Economics, said. "With our forecasts not miles away from the Bank's, the chances of a rate cut are dwindling."
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source http://www.mt5.com/forex_news/quickview/2155837/
Weekly Euro Forecast: April ECB Meeting Comes as EUR/JPY, EUR/USD Rates Pressured
GBP/USD, EUR/GBP, FTSE 100 Outlooks - Weekly UK Webinar
Bank Of Japan Raises Monetary Stimulus
Corrected third para
The Bank of Japan expanded its monetary stimulus for the second straight month to support economic and financial activities amid covid-19.
The policy board, on Monday, unanimously decided to increase the maximum amount of additional purchases of commercial papers and corporate bonds and raised the upper limit of outstanding holdings to about JPY 20 trillion.
The board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank. The bank will purchase Japanese government bonds without setting an upper limit so that the 10-year JGB yields will remain at around zero percent.
The central bank downgraded its GDP forecast for the fiscal 2020 to -5 percent to -3 percent from the previous projection of +0.8 percent to +1.1 percent.
Likewise, the inflation outlook for fiscal 2020 was lowered to -0.7 percent to -0.3 percent from +1 percent to +1.1 percent.
The economy is expected to expand in the range of 2.8 percent to 3.9 percent next fiscal year and inflation to average zero to 0.7 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155836/
*Denmark Mar Retail Sales Fall 2% On Month
Denmark Mar Retail Sales Fall 2% On Month
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source http://www.mt5.com/forex_news/quickview/2155835/
*Denmark Mar Retail Sales Down 3.7% On Year
Denmark Mar Retail Sales Down 3.7% On Year
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source http://www.mt5.com/forex_news/quickview/2155834/
US Dollar Drop Before FOMC Meeting May Not Last
*Finland Apr Industrial Confidence -23 Vs. -6 In March
Finland Apr Industrial Confidence -23 Vs. -6 In March
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source http://www.mt5.com/forex_news/quickview/2155833/
China's Industrial Profits Decline Sharply In March
China's industrial profit declined sharply in March but at a slightly slower pace than seen in the first two months of 2020 amid firms struggling to resume their operation after coronavirus outbreak, data from the National Bureau of Statistics showed Monday.
Industrial profits declined 34.9 year-on-year in March following a 38.3 percent slump in January to February period. Profits totaled CNY 370.6 billion in March.
In the first quarter, industrial profits declined 36.7 percent from the same period last year.
Although profit conditions of industrial enterprises namely electronics, manufacturing, agricultural and food processing improved, situation is still not optimistic, Zhang Weihua, an official at the NBS said.
The continued deep fall in industrial profits shows that China has faced a continued fall in demand for goods from foreign economies due to Covid-19's impact on those economies' job markets and wages growth, Iris Pang, an ING economist said.
The economist expects a combination of fiscal and monetary policy to keep SMEs and jobs stable.
Industrial profits will have to rely more on domestic demand, the economist noted. But conditions are not much better in China.
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source http://www.mt5.com/forex_news/quickview/2155832/
*Finland Apr Consumer Confidence -13.9 Vs. -7.1 In March
Finland Apr Consumer Confidence -13.9 Vs. -7.1 In March
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source http://www.mt5.com/forex_news/quickview/2155831/
Bank Of Japan Raises Monetary Stimulus
The Bank of Japan expanded its monetary stimulus for the second straight month to support economic and financial activities amid covid-19.
The policy board, on Monday, unanimously decided to increase the maximum amount of additional purchases of commercial papers and corporate bonds and raised the upper limit of outstanding holdings to about JPY 20 trillion.
The board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank. Also, the board maintained it yield target for 10-year Japanese government bonds at around zero percent.
The central bank downgraded its GDP forecast for the fiscal 2020 to -5 percent to -3 percent from the previous projection of +0.8 percent to +1.1 percent.
Likewise, the inflation outlook for fiscal 2020 was lowered to -0.7 percent to -0.3 percent from +1 percent to +1.1 percent.
The economy is expected to expand in the range of 2.8 percent to 3.9 percent next fiscal year and inflation to average zero to 0.7 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155830/
*BoJ Expects Fiscal 2020 GDP To Fall -5% To -3%
BoJ Expects Fiscal 2020 GDP To Fall -5% To -3%
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source http://www.mt5.com/forex_news/quickview/2155829/
*BoJ Forecasts CPI To Fall -0.7% To -0.3% In Fiscal 2020
BoJ Forecasts CPI To Fall -0.7% To -0.3% In Fiscal 2020
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source http://www.mt5.com/forex_news/quickview/2155828/
*BoJ Keeps Short-term Policy Rate At -0.1%
BoJ Keeps Short-term Policy Rate At -0.1%
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source http://www.mt5.com/forex_news/quickview/2155827/
British Pound (GBP) Latest: GBP/USD and FTSE Rally as PM Mulls Lockdown Modifications
*China Q1 Industrial Profits Down 36.7%
China Q1 Industrial Profits Down 36.7%
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source http://www.mt5.com/forex_news/quickview/2155826/
*China Mar Industrial Profits Fall 34.9% On Year
China Mar Industrial Profits Fall 34.9% On Year
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source http://www.mt5.com/forex_news/quickview/2155825/
Crude Oil Prices Lower As Coronavirus Demand Plunge Fills Storage
Gold Price Fails to Test November 2012 High Ahead of FOMC Meeting
Japanese Yen Up, Nikkei 225 Down After BOJ Expands Policy Support
US Dollar, ASEAN Fundamental Outlook: SGD, IDR, MYR and PHP
Japan Rate Decision On Tap For Monday
The Bank of Japan will warp up its monetary policy meeting on Monday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity.
The central bank is widely expected to keep its benchmark lending rate unchanged at -0.10 percent, although it may introduce other means of stimulus to combat the economic woes brought about by the Covid-19 pandemic.
China will see March figures for industrial profits; in February, profits plummeted 38.3 percent on year.
Hong Kong will release March numbers for imports, exports and trade balance. In February, imports were worth 277.11 billion HKD and exports were at 238.56 billion HKD for a trade deficit of 38.55 billion HKD.
Finally, the markets in New Zealand are closed on Monday for ANZAC Day and will reopen on Tuesday.
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source http://www.mt5.com/forex_news/quickview/2155824/
EUR/USD Rate Outlook Hinges on Euro Area 1Q GDP Report & ECB Meeting
Sunday, 26 April 2020
Australian Dollar May Rise as Week Starts After Dow Jones Rallied
Markets Week Ahead: Australian Dollar, US Dollar, Dow Jones, Gold Prices
S&P 500, DAX 30 and FTSE 100 Forecasts for the Week Ahead
S&P 500, DAX 30 and FTSE 100 Forecasts for the Week Ahead
Euro Forecast: Outlook for EUR/USD Still Bearish
Euro Forecast: Outlook for EUR/USD Still Bearish
Gold Price Outlook Bullish as Liquidity Gushes, Recession Looms
Gold Price Outlook Bullish as Liquidity Gushes, Recession Looms
Saturday, 25 April 2020
US Dollar Outlook Bullish on FOMC as Virus-Induced Recession Risks Swell
US Dollar Outlook Bullish on FOMC as Virus-Induced Recession Risks Swell
Oil Price Fundamental Outlook Mired by Great Lockdown
Oil Price Fundamental Outlook Mired by Great Lockdown
VIX Crumbles as Crude Oil Volatility Ebbs, Complacency Builds
Oil Futures Settle Sharply Higher
Crude oil prices edged higher on Friday, but still ended the week with a big loss due to lingering worries about the outlook for energy demand.
Excess supply in global oil market and fears that energy demand may not pick up any significantly in the near to medium term continued to weigh on the commodity.
After suffering hefty blows in two straight sessions earlier this week, that pushed the futures contract to sub-zero levels for the first ever time in history, crude oil futures regained some ground on Wednesday and Thursday.
Crude prices recovered due to short-covering and hopes about deeper production cuts, and also due to geopolitical tensions between the U.S. and Iran.
Today, West Texas Intermediate Crude oil futures for June ended up $0.44, or 2.7%, at $16.94 a barrell. On Thursday, the contract ended nearly 20% up.
For the week, oil futures lost more than 32%.
According to a report from Baker Hughes, the number of active U.S. rigs drilling for oil dropped by 60 to 378 this week, marking a sixth straigth weekly drop.
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source http://www.mt5.com/forex_news/quickview/2155823/
Gold Settles Lower For The Day, But Gains 2.2% In Week
Gold prices dropped on Friday, after moving higher in recent sessions, as U.S. equities displayed strength despite a batch of weak economic data.
The dollar's highly sluggish movements limited the yellow metal's fall.
The dollar index, which was up more than 100.70 in the Asian session, dropped to 100.25 in mid morning trades and mostly stayed around the flat line thereafter. It was last seen at 100.38, down marginally from previous close.
Gold futures for June ended down $9.80, or about 0.6%, at $1,735.60 an ounce.
Gold futures for June gained about 2.2% in the week, scoring gains in four successive weeks.
Silver futures declined $0.940 or about 0.6% to $15.263 an ounce, while Copper futures settled higher by 1.1% at $2.3370 per pound.
President Donald Trump today signed legislation providing $484 bill to support small businesses, hospitals and covid-19 testing amid the coronavirus pandemic.
The measure includes an additional $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders, $75 billion for hospitals, $25 billion to support testing efforts, and $60 billion for emergency disaster loans and grants.
Data from the Commerce Department showed a 14.7% drop in new durable goods orders in the month of March dragged down stock prices. Orders had increased by a downwardly revised 1.1% in February.
Economists had expected durable goods orders to fall 15% in March. The drop in orders in March was the steepest since August 2014.
Excluding transportation, new orders were down 0.2%, the report from the Commerce Department showed. Excluding defense, new orders fell 15.8%. Meanwhile, core capital goods orders, excluding aircraft and military hardware, edged up 0.1% in the month, the data showed.
Meanwhile, a report from the University of Michigan said its consumer sentiment for the US was revised higher to 71.8 in April of 2020 from a preliminary of 71. The score still remains the lowest since December 2011.
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source http://www.mt5.com/forex_news/quickview/2155822/
Friday, 24 April 2020
*Singapore Mar Industrial Production +21.7% M/M Vs. -22.1% In Feb,consensus-2.0%
Singapore Mar Industrial Production +21.7% M/M Vs. -22.1% In Feb,consensus-2.0%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155763/
*Singapore Mar Industrial Production +16.5% Y/Y Vs. -0.7% In Feb,consensus -6.3%
Singapore Mar Industrial Production +16.5% Y/Y Vs. -0.7% In Feb,consensus -6.3%
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155762/
UK Consumer Confidence Falls As Estimated In April
UK consumer confidence declined sharply amid lockdown in April, as initially estimated, final data from GfK showed Friday.
The consumer confidence index fell to -34 from -9 in March. The score matched the flash estimate published on April 6.
"It is too early to say whether this has now stabilised after weeks of adjustment to the reality of lockdown life, or whether further falls are to come," Joe Staton, client strategy director at GfK said.
"Overall, there is no guarantee yet that the fall in consumer confidence has ended, and we are only five points away from the record -39 low seen in July 2008," Staton added.
The index measuring changes in past personal finances was unchanged from flash estimate, at -4. Meanwhile, the forecast for personal finances over the next 12 months was slightly higher at -14 compared to the initial estimate of -17.
The measure for the general economic situation over the last year dropped four points from flash to -44. At the same time, expectations for the general economic situation over the next 12 months held steady at -56 points.
The major purchase index stayed at -52 in April, as estimated. The savings index increased one point from the flash estimate to five in April.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155761/
*Finland Mar Producer Prices -3.0% On Month -1.1% In February
Finland Mar Producer Prices -3.0% On Month -1.1% In February
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155760/
*Finland Mar Producer Prices -5.6% On Year Vs. -2.8% In February
Finland Mar Producer Prices -5.6% On Year Vs. -2.8% In February
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2155759/
*Japan Feb All Industry Activity -2.1% On Year Vs. -1.8% In January
Japan Feb All Industry Activity -2.1% On Year Vs. -1.8% In January
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source http://www.mt5.com/forex_news/quickview/2155757/
European Economics Preview: UK Retail Sales Data Due
Retail sales from the UK and business sentiment from Germany are due on Friday, headlining a busy day for the European economic news.
At 1.00 am ET, Statistics Finland releases producer price data for March.
At 2.00 am ET, the Office for National Statistics releases UK retail sales data. Economists forecast retail sales to fall 4 percent on month in March, following a 0.3 percent drop in February.
At 3.00 am ET, producer prices data from Spain and industrial production from Austria are due.
Half an hour later, Statistics Sweden publishes March producer prices. Prices had declined 1.2 percent on year in February.
At 4.00 am ET, Germany's ifo business confidence survey results are due. The business sentiment index is expected to fall to 80 in April from 86.1 in March.
In the meantime, unemployment data from Poland is due. Economists forecast the jobless rate to rise marginally to 5.6 percent in March from 5.5 percent in February.
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source http://www.mt5.com/forex_news/quickview/2155758/
*Japan Feb All Industry Activity -0.6% On Month Vs. +0.6% In January
Japan Feb All Industry Activity -0.6% On Month Vs. +0.6% In January
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source http://www.mt5.com/forex_news/quickview/2155756/
British Pound (GBP) Latest: GBP/USD Slides Against a Powerful US Dollar
Euro May Fall on German IFO Data After Dismal PMI Cascade
Crude Oil Prices Up Despite Covid-19 Demand Hit. Production Cuts Eyed
Japan Inflation Steady At 0.4% In March
Consumer prices in Japan were up 0.4 percent on year in March, the Ministry of Internal Affairs and Communications said on Friday - in line with expectations and unchanged from the February reading.
Core CPI, which excludes volatile food prices, also was up an annual 0.4 percent. That also matched expectations and was down from the 0.6 percent gain in the previous month.
Individually, prices were up for food, housing, furniture, clothing, medical care, communications and recreation. They were down for fuel and education.
On a monthly basis, overall inflation was flat, while core inflation was down 0.1 percent.
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source http://www.mt5.com/forex_news/quickview/2155755/
*Japan Overall National Inflation +0.4% On Year In March; Core CPI Also +0.4%
Japan Overall National Inflation +0.4% On Year In March; Core CPI Also +0.4%
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source http://www.mt5.com/forex_news/quickview/2155754/
Indian Rupee Gains But US Dollar May Rise as Nifty 50 Eyes Virus Risk
Gold Prices May Stay High as 2008 Crisis Cure Bedevils Covid-19 Policy
Japan Inflation Data Due On Friday
Japan will on Friday release March numbers for consumer prices, highlighting a modest day for Asia-Pacific economic activity.
Overall nationwide inflation is tipped to hold steady at 0.4 percent on year, while core CPI is called higher by an annual 0.4 percent - slowing from 0.6 percent in February.
Japan also will see February figures for its all industry activity index and March numbers for producer prices. The all industry index is expected to fall 0.5 percent on month after climbing 0.8 percent in January. Producer prices are called higher by an annual 1.8 percent, slowing from 2.1 percent in February.
Singapore will see March figures for industrial production; in February, production plummeted 22.3 percent on month and fell 1.1 percent on year.
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source http://www.mt5.com/forex_news/quickview/2155753/
Dollar Mostly Subdued Against Peers
The U.S. dollar recovered after a mid-session setback and traded slightly higher against some of its peers on Thursday, with traders digesting economic data from across the globe and tracking news about the virus pandemic and geopolitical issues.
The dollar index, which dropped to 100.04 around mid morning, recovered gradually and was last seen hovering around 100.50, up 0.12% from previous close.
Against the Euro, the U.S. dollar firmed up to $1.0794 from Wednesday's close of $1.0823. The euro area private sector suffered its steepest falls in business activity and employment due to the measures taken to contain the spread of coronavirus, flash survey data from IHS Markit showed.
The flash IHS Markit composite output index plummeted to an all-time low of 13.5 in April, down from a prior record low of 29.7 in March. This was the largest monthly collapse in output recorded in over two decades of survey data collection.
The services Purchasing Managers' Index plunged to a record low 11.7 from 26.4 in March, while the manufacturing PMI came in at 33.6, down from 44.5 in the previous month.
Against Pound Sterling, the dollar edged down to $1.2340.
The Japanese Yen gained against the dollar, trading at 107.64 a dollar, compared to 107.75 a dollar Wednesday evening.
The Aussie gained against the dollar, rising to $0.6358 from its previous close of $0.6323.
The Swiss franc eased to CHF 0.9739 from CHF 0.9713, while the Loonie firmed up to 1.4124 a dollar, from $1.4161, thanks to another jump in crude oil prices.
In U.S. economic news, more than 4 million people filed first-time claims for U.S. unemployment benefits in the week ended April 18th, according to a report released by the Labor Department on Thursday. That reflects a continued decline from the nearly 7 million people that filed first-time claims in the last week of March.
The Labor Department said initial jobless claims dropped to 4.427 million, a decrease of 810,000 from the previous week's revised level of 5.237 million. Economists had expected jobless claims to slump to 4.200 million from the 5.245 million originally reported for the previous week.
A report released by the Commerce Department showed new home sales plunged by 15.4% to an annual rate of 627,000 in March after tumbling by 4.6% to a revised rate of 741,000 in February. With the steep drop, new home sales pulled back further off the more than twelve-year high of 777,000 set in January.
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source http://www.mt5.com/forex_news/quickview/2155752/
USD/MXN Achieves Bullish Breakout, USD/ZAR Tests New Highs
Oil Settles Nearly 20% Up On Output Cut Hopes, Geopolitical Tensions
Crude oil futures settled sharply higher on Thursday, extending gains from the previous session, as an escalation in tensions in the Middle East, and expectations of output cut by leading producers lifted the commodity.
Investors were also betting on more stimulus from central banks and governments across the globe.
Following Iran's Revolutionary Guard conducting a space launch that could advance its the country's long-range missile program, U.S. President Donald Trump threatened to engage Iranian gunboats that "harassed" U.S. nave vessels in the Strait of Hormuz.
West Texas Intermediate Crude oil futures for June ended up $2.72, or nearly 20%, at $16.50 a barrel.
The contract had tumbled to its close in 21 years on Tuesday.
Brent crude ended up $0.96, or 4.7%, at $21.33 a barrel today.
Major oil producers are reportedly considering output reduction. Saudi Arabia has already said that it is ready to take extra measures with other producers.
U.S. President Donald Trump is set to sign the bill providing a $484 billion package of new pandemic relief funds today. The bill was approved by the Senate earlier this week.
Trump said he will sign the bill and then begin discussions on additional legislation to provide fiscal relief for states and local governments, increase infrastructure spending, provide tax incentives for restaurants and entertainment businesses and cut payroll taxes.
Mexico said it will increase spending on social programs and infrastructure projects by $25.6bn, in a bid to jump-start the coronavirus-hit economy.
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source http://www.mt5.com/forex_news/quickview/2155751/
Treasuries Finish Lackluster Session Nearly Unchanged
Treasuries turned in a lackluster performance throughout the trading day on Thursday before ending the session nearly unchanged.
Bond prices spent the day bouncing back and forth across the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 0.613 percent.
The choppy trading on the day came following the release of the Labor Department's report on initial jobless claims in the week ended April 18th.
The report showed more than 4 million people filed first-time claims for U.S. unemployment benefits last week, although that reflects a continued decline from the nearly 7 million people that filed first-time claims in the last week of March.
The Labor Department said initial jobless claims dropped to 4.427 million, a decrease of 810,000 from the previous week's revised level of 5.237 million.
Economists had expected jobless claims to slump to 4.200 million from the 5.245 million originally reported for the previous week.
Jobless claims remain at a substantially elevated level due to the coronavirus-induced economic shutdown but have slid steadily since reaching a record high of 6.867 million in the week ended March 28th.
A separate report released by the Commerce Department showed a substantial decrease in new home sales in the U.S. in the month of March.
The Commerce Department said new home sales plunged by 15.4 percent to an annual rate of 627,000 in March after tumbling by 4.6 percent to a revised rate of 741,000 in February.
Economists had expected new home sales to nosedive by 15.7 percent to an annual rate of 645,000 in March from the 765,000 originally reported for the previous month.
Trading on Friday may be impacted by reaction to reports on durable goods orders and consumer sentiment, although news on the coronavirus front is likely to remain in the spotlight.
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source http://www.mt5.com/forex_news/quickview/2155750/
Gold Futures Settle Higher For 2nd Straight Day
Gold prices moved higher on Thursday, extending gains from previous session, as lingering worries about the economic impact of the coronavirus prompted investors to seek the safe-haven asset.
Investors were betting on hopes governments and central banks across the world will step up stimulus measures to revive sagging economies.
A sluggish dollar too supported gold's uptick. The dollar index, which dropped to a low of 100.04, later rallied to 100.60 before retreating to around 100.45.
Geopolitical tensions have surfaced again after Iran's Revolutionary Guard conducted a space launch, testing its long-range missile program. Following this, the U.S. President Donald Trump said he has instructed his Navy to "shoot down and destroy" any Iranian gunboats that harras Navy ships.
Gold futures for June ended up $7.10, or about 0.4%, at $1,745.40 an ounce, well off the session's high of $1,764.20.
Gold futures had ended higher by about 3% on Wednesday.
Silver futures for May ended up $0.220 at $15.357 an ounce, while Copper futures for May settled at $2.3120 per pound, gaining $0.0220, or about 1%.
U.S. President Donald Trump is set to sign the bill providing a $484 billion package of new pandemic relief funds today.
Trump said he will sign the bill and then plans to begin discussions on additional legislation to provide fiscal relief for states and local governments, increase infrastructure spending, provide tax incentives for restaurants and entertainment businesses and cut payroll taxes.
Mexico said it will increase spending on social programs and infrastructure projects by $25.6bn, in a bid to jump-start the coronavirus-hit economy.
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source http://www.mt5.com/forex_news/quickview/2155749/
USD/CAD Rate Breakout Flops Ahead of April High
Australian Dollar Stalled as Gilead Virus Drug Trial Disappointed
Thursday, 23 April 2020
European Economics Preview: Eurozone Flash PMI Data Due
Flash Purchasing Managers' survey data from euro area and the UK are due on Thursday, headlining a busy day for the European economic news.
At 2.00 am ET, the Office for National Statistics releases UK public sector finance data. The budget balance is forecast to show a deficit of GBP 2 billion in March versus a surplus of GBP 0.4 billion in February.
In the meantime, Germany's GfK consumer confidence data is due. The forward-looking index is forecast to fall to -1.7 in May from +2.7 in April.
At 2.45 am ET, France's Insee publishes business confidence survey results for April.
At 3.15 am ET, IHS Markit is scheduled to issue France's flash PMI survey results. The composite PMI is seen at 25.3 in April versus 28.9 in March.
At 3.30 am ET, Germany's preliminary PMI survey data is due. Economists forecast the composite indicator to drop to 28.8 in April from 35.0 in March.
Half an hour later, IHS Markit releases euro area composite PMI survey results. The composite output index is expected to ease to 25.9 in April from 29.7 in March.
At 4.30 am ET, UK Markit/CIPS PMI survey data is due. Economists forecast the flash composite PMI to fall to 31 in April from 36 in March.
At 6.00 am ET, the Confederation of British Industry is slated to issue Industrial Trends survey data.
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source http://www.mt5.com/forex_news/quickview/2155667/
US Dollar (USD) Uptrend Continues - Beware of Upcoming PMI, Jobs Data
EUR/USD Drops as Eurozone PMI Crash Signals Severe Recession
British Pound (GBP) Latest: GBP/USD Near-Term Outlook Worsens
New Zealand Credit Card Spending Declines In March
New Zealand's credit card spending declined at the fastest rate in March, figures from the Reserve Bank of New Zealand showed on Thursday.
Credit card spending fell 9.1 percent month-on-month in March, following a 0.7 percent decrease in February. Credit card spending fell for the second straight month.
Domestic billing decreased 7.2 percent monthly to NZ$3.35 billion and overseas billings declined 24.9 percent to NZ$338 million.
On a year-on-year basis, overall credit card spending dropped 8.2 percent in March, after a 2.2 percent rise in the previous month.
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source http://www.mt5.com/forex_news/quickview/2155666/
*New Zealand Mar Credit Card Spending -8.2% On Year Vs. +2.2% In February
New Zealand Mar Credit Card Spending -8.2% On Year Vs. +2.2% In February
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source http://www.mt5.com/forex_news/quickview/2155665/
Euro Volatility Likely on EU Leaders Summit, Markit PMI Data
Japan Manufacturing PMI Sinks To 37.8 In April - Jibun
The manufacturing sector in Japan continued to contract in April, and at a faster pace, the latest survey from Jibun Bank revealed on Thursday with a PMI score of 37.8.
That's down from 41.1 in March and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output, new orders, new export orders, employment, backlogs of work and input prices all declined at a faster rate as a result of the Covid-19 pandemic.
The survey also showed that the services index came in with a score of 22.8 and the composite was at 27.8.
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source http://www.mt5.com/forex_news/quickview/2155664/
Gold Prices Slip as Risk Appetite Revives, Oil Prices Head Up Again
Yuan, SGD, IDR, MYR, PHP: China-ASEAN FX Price Trends Since 2008
*Japan Services Index 22.8 In April; Composite 27.8 - Jibun
Japan Services Index 22.8 In April; Composite 27.8 - Jibun
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source http://www.mt5.com/forex_news/quickview/2155663/
*Japan Manufacturing PMI 37.8 In April - Jibun
Japan Manufacturing PMI 37.8 In April - Jibun
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South Korea Q1 GDP Falls 1.4% On Quarter
South Korea's gross domestic product contracted a seasonally adjusted 1.4 percent on quarter in the first quarter of 2020, the Bank of Korea said in Thursday's advance estimate.
That follows the 1.3 percent increase in the previous three months.
Real gross domestic income (GDI) decreased by 0.6 percent on quarter compared to the previous quarter.
On the expenditure side, private consumption fell 6.4 percent on quarter as expenditures on goods (e.g. motor vehicles, clothing) and services (e.g. accommodation and food, recreation and culture) both decreased.
Government consumption rose by 0.9 percent, with increased expenditures on goods, while construction investment expanded 1.3 percent, as civil engineering increased. Facilities investment added 0.2 percent, led by the growth of transportation equipment.
Exports fell 2.0 percent, due to decreases in motor vehicles, machinery and chemical products despite an increase in semiconductors. Imports sank 4.1 percent, owing to decreased imports of crude oil and motor vehicles.
On the production side, agriculture, forestry and fishing rose 0.1 percent, mainly due to an increase in livestock production. Manufacturing fell 1.8 percent, due to decreases in transportation equipment and basic metals despite an increase in semiconductors.
Electricity, gas and water supply rose 5.7 percent, due to an increase in electricity. Construction expanded 0.3 percent, owing to an increase in civil engineering.
Services fell 2.0 percent, mainly in wholesale and retail trade, accommodation and food services, transportation & storage and cultural and other services.
On a yearly basis, GDP climbed 1.3 percent after gained 2.3 percent in the three months prior.
Exports gained 4.9 percent on year, while imports added an annual 0.5 percent. Gross fixed capital formation was up 4.4 percent, while final consumption expenditure sank 1.5 percent.
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source http://www.mt5.com/forex_news/quickview/2155661/
South Korea GDP Sinks 1.4% On Quarter In Q1
South Korea's gross domestic product was down a seasonally adjusted 1.4 percent on quarter in the first quarter of 2020, the Bank of Korea said on Thursday.
That follows the 1.3 percent increase in the previous three months.
On a yearly basis, GDP climbed 1.3 percent after gained 2.3 percent in the three months prior.
Real gross domestic income (GDI) decreased by 0.6 percent on quarter compared to the previous quarter.
On the expenditure side, private consumption fell 6.4 percent on quarter as expenditures on goods (e.g. motor vehicles, clothing) and services (e.g. accommodation & food, recreation & culture) both decreased.
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source http://www.mt5.com/forex_news/quickview/2155660/
*South Korea GDP -1.4% On Quarter, +1.3% On Year In Q1
South Korea GDP -1.4% On Quarter, +1.3% On Year In Q1
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source http://www.mt5.com/forex_news/quickview/2155659/
South Korea GDP Data Due On Thursday
South Korea will on Thursday see an advance estimate for Q1 gross domestic product, setting the pace for a modest day in Asia-Pacific economic activity. In the three months prior, GDP was up 1.3 percent on quarter and 2.3 percent on year.
Japan will see preliminary April results for the manufacturing, services and composite PMIs. In March, the manufacturing index score was 44.8, while services came in at 33.8 and the composite was 36.2.
Japan also will see final February figures for its leading and coincident indexes; their previous scores were 92.1 and 95.8, respectively.
Singapore will see March numbers for consumer prices; in February, inflation was up 0.1 percent on month and 0.6 percent on year.
Hong Kong will provide March data for consumer prices; in February, inflation jumped 2.2 percent on year.
New Zealand will release March figures for credit card spending; in February, spending was down 0.6 percent on month and up 2.5 percent on year.
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source http://www.mt5.com/forex_news/quickview/2155658/