Forex signals news and analysis, fundamental stock market breakdown including geopolitical analysis and in depth discussion. Up to date live news feed from around the world, stock market specific.
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Friday, 31 July 2020
EU Stoxx 50 Index Poised To Extend Declines Ahead of Eurozone GDP Data
*Australia Private Sector Credit -0.2% On Month, +2.9% On Year In June
Australia Private Sector Credit -0.2% On Month, +2.9% On Year In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161257/
*Australia PPI -1.2% On Quarter, -0.4% On Year In Q2
Australia PPI -1.2% On Quarter, -0.4% On Year In Q2
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161256/
Japan Industrial Production Gains 2.7% In June
Industrial output in Japan was up a seasonally adjusted 2.7 percent on month in June, the Ministry of Economy, Trade and Industry said on Friday.
That beat forecasts for a gain of 1.2 percent following the 8.9 percent decline in May.
On a yearly basis, industrial production sank 17.7 percent - again beating forecasts for a fall of 20 percent following the 26.3 percent contraction in the previous month.
Industries that contributed to the monthly increase included motor vehicle, production machinery and plastic products - offset by weakness from chemicals, paper and other manufacturing.
Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it has bottomed out and shows signs of picking up movement.
Shipments were up 5.2 percent on month and down 16.3 percent on year, while inventories fell 2.4 percent on month and 3.4 percent on year. The inventory ratio sank 7.0 percent on month but surged 22.7 percent on year.
According to the METI's Survey of Production Forecast, output is expected to rise 11.3 percent on month in June and 3.4 percent in August.
Also on Friday, the Ministry of Internal Affairs and Communications said that Japan's unemployment rate came in at a seasonally adjusted 2.8 percent in June. That beat forecasts for 3.1 percent and was down from 2.9 percent in May.
The job-to-applicant ration fell to 1.11, missing expectations for 1.16 and down from 1.2 in the previous month.
The number of employed persons in June was 66.70 million, a decrease of 770,000 from the previous year. The number of unemployed persons in June was 1.95 million, an increase of 330,000 from the previous year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161255/
South Korea Industrial Output Climbs 7.2% In June
Industrial production in South Korea was up a seasonally adjusted 7.2 percent on month in June, Statistics Korea said on Friday.
That blew away expectations for an increase of 2.1 percent following the 6.7 percent decline in May.
On a yearly basis, industrial production eased 0.5 percent - but that also handily beat forecasts for a fall of 4.9 percent following the 9.6 percent drop in the previous month.
The Index of all industry production in June increased 4.2 percent on month and 0.7 percent on year.
The Manufacturing Production Index in June increased 7.4 percent from the previous month but decreased 0.4 percent from the same period of the previous year.
The Manufacturing Shipment Index in June increased 8.4 percent on month but fell 2.4 percent on year. The Manufacturing Inventory Index slipped 1.4 percent on month but increased 2.0 percent on year. The Production Capacity Index rose 0.1 percent om month and 1.5 percent on year.
The Index of Capacity Utilization Rate in June increased 7.8 percent on month but shed 4.0 percent on year. The Manufacturing Average Capacity Utilization Rate in June marked 68.3 percent, up 4.9 percentage points from the previous month. The Index of Services increased 2.2 percent on month but eased 0.1 percent on year.
The Retail Sales Index in June increased 2.4 percent on month and 6.3 percent on year. The Equipment Investment Index gained 5.4 percent on month and 13.9 percent om year.
The Domestic Machinery Shipment Index in June increased 7.8 percent on year, while the value of Domestic Machinery Orders Received spiked 19.0 percent on year.
The value of Construction Completed at constant prices rose 0.4 percent on month but fell 2.7 percent on year. The value of Construction Orders Received at current prices surged 60.2 percent on year.
The Composite Coincident Index in June added 0.5 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, added 0.2 points from the previous month.
The Composite Leading Index in June increased by 0.6 percent from the previous month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, increased by 0.4 points from the previous month.
Also on Friday, Statistics Korea said that retail sales were up a seasonally adjusted 3.4 percent on month in June - roughly in line with expectations and down from the 4.6 percent growth in May.
On a yearly basis, retail sales climbed 6.3 percent, which exceeded forecasts for 5 percent and was up from 1.7 percent in the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161254/
China Manufacturing PMI Improves To 51.1
The manufacturing sector in China continued to expand in July, the National Bureau of Statistics said on Friday with a manufacturing PMI score of 51.1.
That's up from 50.9 and it beat expectations for a score of 50.7.
It also moves further above the boom-or-bust line of 50 that separates expansion contraction.
The bureau also noted that its non-manufacturing PMI came in with a score of 54.2 - matching forecasts and down from 54.4 in the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161253/
*China Manufacturing PMI 51.1 In July; Non-Manufacturing PMI 54.2
China Manufacturing PMI 51.1 In July; Non-Manufacturing PMI 54.2
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161252/
Japan Industrial Output Rises 2.7% In June
Industrial production in Japan was up a seasonally adjusted 2.7 percent on month in June, the Ministry of Economy, Trade and Industry said on Friday.
That beat forecasts for a gain of 1.2 percent following the 8.9 percent decline in May.
On a yearly basis, industrial production sank 17.7 percent - again beating forecasts for a fall of 20 percent following the 26.3 percent contraction in the previous month.
Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it has bottomed out and shows signs of picking up movement.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161251/
Japan Jobless Rate Sinks To 2.8% In June
The unemployment rate in Japan came in at a seasonally adjusted 2.8 percent in June, the Ministry of Internal Affairs and Communications said on Friday.
That beat forecasts for 3.1 percent and was down from 2.9 percent in May.
The job-to-applicant ration fell to 1.11, missing expectations for 1.16 and down from 1.2 in the previous month.
The number of employed persons in June was 66.70 million, a decrease of 770,000 from the previous year.
The number of unemployed persons in June was 1.95 million, an increase of 330,000 from the previous year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161250/
South Korea Retail Sales Advance 3.4% In June
Retail sales in South Korea were up a seasonally adjusted 3.4 percent on month in June, Statistics Korea said on Friday.
That was roughly in line with expectations and down from the 4.6 percent growth in May.
On a yearly basis, retail sales climbed 6.3 percent, which exceeded forecasts for 5 percent and was up from 1.7 percent in the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161249/
South Korea Industrial Production Jumps 7.2% In June
Industrial output in South Korea was up a seasonally adjusted 7.2 percent on month in June, Statistics Korea said on Friday.
That blew away expectations for an increase of 2.1 percent following the 6.7 percent decline in May.
On a yearly basis, industrial production eased 0.5 percent - but that also handily beat forecasts for a fall of 4.9 percent following the 9.6 percent drop in the previous month.
The Manufacturing Production Index in June increased 7.4 percent from the previous month but decreased 0.4 percent from the same period of the previous year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161248/
*Japan Industrial Production +2.7% On Month, -17.7 On Year In June
Japan Industrial Production +2.7% On Month, -17.7 On Year In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161247/
*Japan Unemployment Rate 2.8% In June
Japan Unemployment Rate 2.8% In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161246/
*South Korea Retail Sales +3.4% On Year In June
South Korea Retail Sales +3.4% On Year In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161245/
*South Korea Manufacturing Production +7.4% On Month, -0.4% On Year
South Korea Manufacturing Production +7.4% On Month, -0.4% On Year
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161244/
*South Korea Industrial Production +7.2% On Month-0.5% On Year In June
South Korea Industrial Production +7.2% On Month-0.5% On Year In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161243/
China Manufacturing PMI Data Due On Friday
China will on Friday see July results for its manufacturing PMI, highlighting a busy days for Asia-Pacific economic activity.
The index is expected to show a score of 50.7, down from 50.9 in June. The non-manufacturing PMI came in at 54.4 in the previous month.
South Korea will release June figures for construction output, industrial production, manufacturing production and retail sales.
In May, construction output was down 5.8 percent on year, industrial production sank 6.7 percent on month and 9.6 percent on year, manufacturing production dropped 9.8 percent and retail sales added 4.6 percent on month and 1.7 percent on year.
Taiwan will see advance Q2 figures for gross domestic product, with forecasts suggesting an increase of 0.55 percent - slowing from 1.59 percent in the three months prior.
Japan will provide June numbers for unemployment, industrial production, housing starts and construction orders, as well as July results for consumer confidence.
The jobless rate is expected to rise to 3.1 percent, up from 2.9 percent in May. The jobs-to-applicant ratio is called at 1.16, down from 1.2 in May. Industrial production in May was down 8.9 percent on month and 26.3 percent on year in May, while housing starts fell 12.3 percent on year and construction orders dipped 6.1 percent. The consumer confidence index had a score of 28.4 in June.
Australia will see June figures for private sector credit and Q2 data for producer prices. In May, credit was down 0.1 percent on month and up 3.2 percent on year. In Q1, producer prices added 0.2 percent on quarter and 1.3 percent on year.
Hong Kong will provide June numbers for retail sales; in May, sales climbed 30.7 percent on month and 6.6 percent on year.
Thailand will provide June data for retail sales, current account and its coincident index. In May, retail sales plummeted 28.1 percent on year, the current account surplus was $0.06 billion and the coincident index score was 120.86.
Finally, the markets in Malaysia, Singapore and Indonesia are closed on Friday in observance of Eid al-Adha and will reopen on Monday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161242/
Dollar Extends Slide Against Peers On Weak Economic Data
The U.S. dollar drifted lower on Thursday, losing ground again other major currencies, hurt by data showing a record drop in U.S. Gross Domestic Product in the second quarter.
A report showing an increase in unemployment claims in the week ended July 25th contributed as well to dollar's decline.
Data from the Commerce Department showed a record contraction in U.S. economic activity in the second quarter. The report said real gross domestic product plummeted at an annual rate of 32.9% in the second quarter following a 5% slump in the first quarter.
Data from the Labor Department showed that first-time claims for U.S. unemployment benefits increased for the second straight week in the week ended July 25th, although claims rose by much less than expected.
The report said initial jobless claims edged up to 1.434 million, an increase of 12,000 from the previous week's revised level of 1,422,000.
Lack of progress in talks between the White House and Congress over a new coronavirus aid package was also weighing on sentiment.
The dollar index slipped to 92.94, losing about 0.55%.
Against the Euro, the dollar weakened to $1.1850, down nearly 0.5% from Wednesday's close. Survey data from European Commission showed that Eurozone economic confidence improved to a four-month high in July as sentiment in industrial and service sectors strengthened amid the relaxation of coronavirus containment measures.
The economic sentiment index climbed to 82.3 in July from 75.8 in the previous month. The score was forecast to rise to 81.0.
The Pound Sterling was up nearly 0.8% with a unit fetching $1.3099, compared with $1.2977 yesterday evening.
The Yen was stronger at 104.72 a dollar, firming up from 104.92 despite a drop in retail sales in Japan. The data from the Ministry of Economy, Trade and Industry said retail sales in Japan were down 1.2% on year in June. That beat forecasts for a decline of 6.5% following the 12.3% drop in May.
Against the Aussie, the dollar was down marginally at 0.7196. The Swiss franc was stronger at 0.9089, up 0.4% from Wednesday, while the loonie weakened to C$1.3421, against the greenback, losing about 0.6%.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161241/
Nasdaq 100 Soars on FAANG Earnings, ASX 200 and Nikkei 225 May Follow
EUR/USD Rate Forecast: Extreme RSI Reading in Focus Going Into August
Treasuries Move To The Upside Following Record Drop In GDP
After ending the previous session nearly unchanged, treasuries showed a notable move to the upside during trading on Thursday.
Bond prices moved higher early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 3.8 basis points to 0.541 percent.
With the decrease on the day, the ten-year yield ended the session at its lowest closing level in well over four months.
The strength among treasuries came following the release of a report from the Commerce Department showing a record contraction in U.S. economic activity in the second quarter.
The report said real gross domestic product plummeted at an annual rate of 32.9 percent in the second quarter following a 5.0 percent slump in the first quarter.
While GDP showed the biggest quarterly drop on record, the plunge was not quite as steep as the 34.1 percent nosedive expected by economists.
Consumer spending led the decrease, cratering by 34.6 percent in the second quarter, as the coronavirus-induced lockdowns in late March and April forced many consumers to stay at home.
The steep drop in second quarter GDP should not have come as much of a surprise to traders, although seeing the actual data still seemed to increase the appeal of safe havens such as bonds.
"We already know that activity rebounded strongly in May and June, setting the stage for a strong rise in GDP in the third quarter," said Andrew Hunter, Senior U.S. Economist at Capital Economics.
He added, "Nevertheless, with the more recent resurgence in virus cases starting to weigh on the economy in July, a continued 'V-shaped' recovery is unlikely."
A separate report from the Labor Department showed initial jobless claims increased for the second straight week in the week ended July 25th, although claims rose by much less than expected.
The report said initial jobless claims edged up to 1.434 million, an increase of 12,000 from the previous week's revised level of 1,422,000.
Economists had expected jobless claims to rise to 1.450 million from the 1.416 million originally reported for the previous week.
Trading activity on Friday may be impacted by reaction to reports on personal income and spending, consumer sentiment and Chicago-area business activity.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161240/
Oil Futures Settle Sharply Lower On Weak Economic Data
Crude oil futures settled lower on Thursday as worries about energy demand outlook resurfaced after data showed a sharp contraction in U.S. GDP and an uptick in unemployment claims, and on continued surge in coronavirus cases across the world.
West Texas Intermediate Crude oil futures for September ended lower by $1.35 or about 3.3% at $39.92 a barrel, settling below the $40 a barrel mark for the first time since early July.
Brent crude futures declined $0.81 to $42.94 a barrel.
In coronavirus updates, the three most populous U.S. states set one-day records for Covid-19 deaths on Wednesday, while Brazil, with the world's second-worst outbreak, set new daily records of confirmed cases and deaths.
In China, Covid-19 cases crossed the 100-mark for a second consecutive day, sparking fears of a second wave of the virus attack in the country. In India, the single-day increase of coronavirus cases crossed the 50,000-mark for the first time, pushing the country's Covid-19 caseload to 15,83,792.
In economic news, data from the Commerce Department showed real gross domestic product plummeted at an annual rate of 32.9% in the second quarter following a 5% slump in the first quarter. Economists had expected a 34.1% nosedive in GDP.
Consumer spending led the decrease, cratering by 34.6% in the second quarter, as the coronavirus-induced lockdowns in late March and April forced many consumers to stay at home.
A report from the Labor Department said initial jobless claims edged up to 1.434 million in the week ended July 25th, an increase of 12,000 from the previous week's revised level of 1,422,000. Economists had expected jobless claims to rise to 1.450 million from the 1.416 million originally reported for the previous week.
Elsewhere, data of Europe showed Europe's biggest economy Germany had shrunk by a record 10.1% in the second quarter, underscoring how fast the economic outlook has deteriorated.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161239/
Gold Futures Snap 9-day Winning Streak, Settle Lower
Gold prices drifted lower on Thursday, snapping a nine-session winning streak as traders looked to take some profits despite persisting worries about the coronavirus pandemic and its impact on global economy.
Gold was also weighed down by a report published by the World Gold Council that said global gold demand declined in the second quarter and first half of this year overall.
Total global gold demand fell 11% year-on-year in the second quarter, at 1,015.7 metric tons, pulling demand for the first half of the year down by 6% to 2,076 metric tons, the report said, and cited the COVID-19 pandemic as the main reason on the gold market in the second quarter.
However, demand for gold as an investment climbed to a record as exchange-traded-fund holdings reached an all-time high by the end of June, the report said.
The pandemic "severely curtailed consumer demand, while providing support for investment," the report said.
The dollar index slid more than 0.4% to 93.04.
Gold futures for August ended down $11.10 or about 0.6% at $1,942.30 an ounce.
December gold futures, the most active gold futures contract, fell $9.90 or 0.5% to settle at $1,966.80 an ounce.
Silver futures for September lost $0.959 or 3.9% as it settled at $23.362 an ounce, while Copper futures for September ended down $0.0050 or 0.2% at $2.9140 per pound.
Rising coronavirus cases around the world as well as weak corporate earnings updates and economic data from Europe capped bullion's downside.
Hong Kong, China, Japan, South Korea and India are seeing uptick in virus cases, bringing warnings over complacency. Australian Prime Minster Scott Morrison has labelled new coronavirus case numbers in Victoria as very concerning and warned the country has "no golden immunity" to the virus.
In U.S. economic news, data from the Commerce Department showed real gross domestic product plummeted at an annual rate of 32.9% in the second quarter following a 5% slump in the first quarter. Economists had expected a 34.1% nosedive in GDP.
Consumer spending led the decrease, cratering by 34.6% in the second quarter, as the coronavirus-induced lockdowns in late March and April forced many consumers to stay at home.
A report from the Labor Department said initial jobless claims edged up to 1.434 million in the week ended July 25th, an increase of 12,000 from the previous week's revised level of 1,422,000. Economists had expected jobless claims to rise to 1.450 million from the 1.416 million originally reported for the previous week.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161238/
Thursday, 30 July 2020
*New Zealand Jul Business Confidence -31.8 Vs. -34.4 In Jun, Flash -29.8
New Zealand Jul Business Confidence -31.8 Vs. -34.4 In Jun, Flash -29.8
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161149/
*UK Jun Car Production Falls 48.2% On Year: SMMT
UK Jun Car Production Falls 48.2% On Year: SMMT
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161148/
British Pound (GBP) Latest: GBP/USD Struggling to Break Above 1.30
Russell 2000, US Stocks May Rise Despite Dismal Q2 GDP Data
Australia Building Approvals Sink 4.9% In June
The total number of building permits issued in Australia was down a seasonally adjusted 4.9 percent on month in June, the Australian Bureau of Statistics said on Thursday - coming in at 12,213.
That missed expectations for an increase of 1.5 percent following the 15.8 percent contraction in May.
On a yearly basis, consents were down 15.8 percent.
Consents for private sector houses were down 5.7 percent on month and 7.0 percent on year at 8,070 - while consents for private sector dwellings excluding houses sank 5.3 percent on month and 30.5 percent on year at 3,782.
The seasonally adjusted estimate of the value of total building approved rose 7.3 percent in June. The value of non-residential building rose 17.8 percent, while the value of residential building rose 0.1 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161147/
*Australia Export Prices -2.4% On Quarter, Import Prices -1.9% On Quarter In Q2
Australia Export Prices -2.4% On Quarter, Import Prices -1.9% On Quarter In Q2
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161145/
*Australia Building Permits -4.9% On Month In June
Australia Building Permits -4.9% On Month In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161146/
USD/CAD Rates to Watch with US GDP Report on Tap
Japan Retail Sales Slide 1.2% On Year In June
Retail sales in Japan were down 1.2 percent on year in June, the Ministry of Economy, Trade and Industry said on Thursday.
That beat forecasts for a decline of 6.5 percent following the 12.3 percent drop in May.
On a monthly basis, retail sales jumped a seasonally adjusted 13.1 percent after gaining 2.1 percent in the previous month.
The ministry also said that wholesale sales were down 17.3 percent on year - improving from the 24.7 percent tumble a month earlier.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161144/
*Japan Retail Sales -1.2% On Year In June
Japan Retail Sales -1.2% On Year In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161143/
New Zealand Building Permits Rise 0.5% In June
The total number of building permits issued in New Zealand was up a seasonally adjusted 0.5 percent on month in June, Statistics New Zealand said on Thursday - coming in at 3,477.
That follows the upwardly revised 42 percent spike in May (originally 35.6 percent).
Individually, consents were issued for 1,885 stand-alone houses, 1,071 townhouses, flats, and units, 288 retirement village units and 233 apartments.
Consents were up 8.1 percent on year at 37,614.
The annual value of non-residential building work consented was NZ$6.8 billion, down an annual 8.8 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161142/
*New Zealand Building Permits +0.5% Seasonally Adjusted In June
New Zealand Building Permits +0.5% Seasonally Adjusted In June
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161141/
EUR/USD, AUD/USD, GBP/USD Analysis. US Dollar At a Turning Point?
Nikkei 225 Fluctuates With ASX 200 after Fed Sends Dovish Messages
Australia Data Due On Thursday
Australia will on Thursday release June data for building permits and Q2 numbers for import and export prices, highlighting a modest day for Asia-Pacific economic activity.
Building permits are expected to add 1.5 percent on month after tumbling 16.4 percent in May. In Q1, export prices were up 2.7 percent on quarter and import prices fell 1.0 percent.
Japan will provide June numbers for retail sales; in May, sales were up 2.1 percent on month and down 12.3 percent on year.
New Zealand will release June figures for building permits; in May, permits surged 35.6 percent on month.
Singapore will see Q2 results for its business confidence index; in the previous three months, the index score was -56.0.
Hong Kong will release June figures for retail sales; in May, sales plummeted 33.9 percent on year.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161140/
South Korea Business Sentiment Improves In July
Business sentiment in South Korea's manufacturing sector strengthened in July, the latest survey from the Bank of Korea showed on Thursday with an index score of 57.0 - up from 51.0 in June.
The outlook for the following month also rose by 9 points to 60.0.
In the non-manufacturing sector, the BSI on business conditions for July 2020 was 62, up 2 points from the previous month, and that for the outlook for the following month also rose by 1 point to 60.
The Economic Sentiment Index (ESI) - a composite of the BSI and the CSI (Consumer Survey Index) - for July 2020 was 69.5, up 6.4 points from June 2020.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161139/
*South Korea Business Sentiment Survey 57.9 In July - BoK
South Korea Business Sentiment Survey 57.9 In July - BoK
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161138/
Dollar Slips To 2-year Low; Loses Ground Against Its Peers
The U.S. dollar tumbled to a two-year low on Wednesday, after snapping having snapped a losing streak a day earlier, weighed down by rising coronavirus cases across U.S., and the Federal Reserve's comments that interest rates will remain at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.
The Fed said it decided to maintain the target range for the federal funds rate at zero to 0.25%, where it has remained since an emergency rate cut on March 15.
The accompanying statement noted economic activity and employment have picked up somewhat in recent months following sharp declines but remain well below their levels at the beginning of the year.
The central bank partly attributed the recent improvement in overall financial conditions to policy measures to support the economy and the flow of credit to U.S. households and businesses.
The Fed also reiterated that it remains committed to using its full range of tools to support the U.S. economy in this challenging time.
In addition to keeping interest rates at current levels until it is confident the economy has weathered recent events, the Fed said it will also continue to increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace.
The dollar index fell to 93.18 and was last seen at 93.29, down 0.44% from previous close.
Against the Euro, the dollar weakened to $1.1806 before recovering slightly to $1.1793. It had settled at $1.1715 a day earlier.
The Pound Sterling strengthened with a unit of sterling fetching $1.2994, compared with $1.2930 on Tuesday.
The Japanese currency Yen was stronger at 104.94 a dollar, firming up from 105.09.
Against the Aussie, the dollar weakened to 0.7188, giving up more than 0.4%. The Swiss franc was stronger by nearly 0.6% at CHF0.9127 a dollar, gaining from CHF0.9179, while the Loonie was up by about 0.3% at C$1.3338.
A report released by the National Association of Realtors said pending home sales in the U.S. showed a significant increase in the month of June. NAR said its pending home sales index surged up by 16.6% to 116.1 in June after skyrocketing by 44.3% to 99.6 in May. Economists had expected pending home sales to jump by 15%.
In coronavirus news, several U.S. states in the South and West reported their biggest one-day increase in coronavirus deaths Tuesday, fueling a bitter debate over the reopening of schools in the coming weeks.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161137/
Japanese Yen Time Cycle: Implications for AUD/JPY and EUR/JPY Rates
AUD/USD Outlook: 2019 High on Radar as RSI Pushes Into Overbought Zone
Treasuries Close Nearly Unchanged Following Choppy Trading Day
Treasuries showed a lack of direction over the course of the trading session on Wednesday before ending the day nearly flat.
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 0.579 percent.
The ten-year yield showed only a slight drop on the day but still ended the session at its lowest closing level in three months.
The choppy trading on the day came as traders awaited the Federal Reserve's monetary policy decision, although treasuries remained little changed following the announcement.
As was widely expected, the Fed announced that interest rates will remain at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.
The Fed said it decided to maintain the target range for the federal funds rate at 0 to 0.25 percent, where it has remained since an emergency rate cut on March 15.
The accompanying statement noted economic activity and employment have picked up somewhat in recent months following sharp declines but remain well below their levels at the beginning of the year.
The central bank partly attributed the recent improvement in overall financial conditions to policy measures to support the economy and the flow of credit to U.S. households and businesses.
The Fed also reiterated that it remains committed to using its full range of tools to support the U.S. economy in this challenging time.
Some investors may have been disappointed the Fed's statement did not provide specific clues about further stimulus, although it did not impact the bond markets.
Traders also shrugged off a report from the National Association of Realtors showing another significant increase in pending home sales in the month of June.
NAR said its pending home sales index surged up by 16.6 percent to 116.1 in June after skyrocketing by 44.3 percent to 99.6 in May. Economists had expected pending home sales to jump by 15.0 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
With the continued increase in contract activity, pending home sales in June were up by 6.3 percent compared to the same month a year ago.
Trading on Thursday may be impacted by reaction to the weekly jobless claims report as well as a preliminary reading on GDP in the second quarter.
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source http://www.mt5.com/forex_news/quickview/2161136/
Crude Oil Futures Settle Higher After Data Shows Drop In Inventories
Crude oil prices moved higher on Wednesday after official data showed a much larger than expected decline in U.S. crude inventories in the week ended July 24.
However, gains were just modest for crude oil futures as worries about energy demand outlook persisted due to continued surge in new coronavirus cases across the world.
West Texas Intermediate Crude oil futures for September ended up $0.23 or about 0.6% at $41.27 a barrel.
Brent crude futures moved up $0.45 to $43.67 a barrel.
According to the data released by the Energy Information Administration (EIA) this morning, crude oil inventories in the U.S. declined by as much as 10.6 million barrels last week, after rising by 4.9 million barrels a week earlier.
Late on Tuesday, the American Petroleum Institute released a report that said oil inventories declined 6.83 million barrels last week, almost twice the expected drop.
The EIA report showed gasoline inventories were up 700,000 barrels last week, compared with 1.8 million-barrel draw in the previous week.
Meanwhile, distillate fuels invntory increased by half a million barrels, compared with a 1.1 million barrels increase a week earlier.
In coronavirus news, several U.S. states in the South and West reported their biggest one-day increase in coronavirus deaths Tuesday, fueling a bitter debate over the reopening of schools in the coming weeks.
Mainland China has reported 101 new cases of the novel coronavirus - the highest number in more than three and a half months.
Hong Kong leader Carrie Lam warned that the city was on the brink of a large-scale outbreak and tightened lockdown measures.
Japan topped 1,000 Covid-19 cases for first time as Osaka and Aichi set daily records.
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source http://www.mt5.com/forex_news/quickview/2161135/
Gold Futures Extend Gains To 9th Straight Session
Gold futures settled higher on Wednesday, extending gains to a ninth successive session, thanks to continued safe-haven demand amid the relentless surge in coronavirus cases across the world.
The dollar's retreat contributed as well to gold's uptick. The dollar index, which rebounded on Tuesday after recent losses, slipped to 93.28, losing more than 0.4%.
After settling for the session at fresh record high, gold futures gained further ground after the U.S. Federal Reserve said it plans to keep interest rates near zero until the economy improves.
Gold futures for August gained $8.80 or about 0.5% to settle at $1,953.40 an ounce. The contract
Silver futures for September advanced $0.021 to $24.321 an ounce, while Copper futures for September settled at $2.9190 per pound, gaining $0.0015 for the session.
A report released by the National Association of Realtors said pending home sales in the U.S. showed a significant increase in the month of June. NAR said its pending home sales index surged up by 16.6% to 116.1 in June after skyrocketing by 44.3% to 99.6 in May. Economists had expected pending home sales to jump by 15%.
In a widely expected move, the Federal Reserve announced today that interest rates will remain at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.
The Fed said it decided to maintain the target range for the federal funds rate at zero to 0.25%, where it has remained since an emergency rate cut on March 15.
The accompanying statement noted economic activity and employment have picked up somewhat in recent months following sharp declines but remain well below their levels at the beginning of the year.
The central bank partly attributed the recent improvement in overall financial conditions to policy measures to support the economy and the flow of credit to U.S. households and businesses.
The Fed also reiterated that it remains committed to using its full range of tools to support the U.S. economy in this challenging time. In addition to keeping interest rates at current levels until it is confident the economy has weathered recent events, the Fed said it will also continue to increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace.
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source http://www.mt5.com/forex_news/quickview/2161134/
Wednesday, 29 July 2020
Hang Seng Unmoved as Hong Kong Recession Eases
UK Shop Prices Decline At Slower Pace: BRC
UK shop prices declined at a slower pace in July, data from the British Retail Consortium showed Wednesday.
The shop price index dropped 1.3 percent year-on-year in July, following a 1.6 percent decrease in June.
The decline in shop prices eased in July as non-food prices dropped at a slower pace of 2.9 percent. At the same time, food inflation held steady at 1.5 percent in July.
"Falling prices at tills is good news for shoppers, and will hopefully tempt more people onto our high streets and retail destinations," Helen Dickinson, chief executive at BRC, said.
"Now that all of retail has re-opened for business, keeping prices stable will be important as it's going to be difficult for retailers to second guess the strength of consumer spend with social distancing measures continuing, and consumer confidence still low," Mike Watkins, Head of Retailer and Business Insight, Nielsen, said.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161077/
Fitch Lowers Japan's Rating Outlook
Fitch Ratings downgraded Japan's sovereign rating outlook citing the sharp economic contraction caused by the coronavirus pandemic.
The outlook on 'A' rating was lowered to 'negative' from 'stable'.
The agency observed that a downturn in consumer spending and business investment has been exacerbated by a steep decline in exports associated with weak external demand.
The economy is forecast to contract 5 percent in 2020, before rebounding to 3.2 percent growth in 2021 due partly to the low base effect. However, the economy would not recover to its pre-pandemic level until the fourth quarter of 2021, Fitch said.
"The Negative Outlook indicates that the higher debt ratio and downside risks to the macroeconomic outlook will nevertheless exacerbate the challenge of placing the debt ratio on a downward path over the medium term," the agency added.
According to Fitch, Japan's gross general government debt ratio will rise to around 259 percent of GDP this year, and stabilize just above 260 percent in 2021-22, before turning to a gradual downward path.
The rating agency projected the deficit to narrow to 10.9 percent of GDP in 2021 and 5.3 percent in 2022, as the recovery gradually solidifies and the authorities seek to return to their path of debt reduction.
Last month, S&P Global Ratings had lowered its outlook on Japan's rating to 'stable' from 'positive' citing government spending amid pandemic.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161076/
European Economics Preview: UK Mortgage Approvals Data Due
Mortgage approvals the UK and consumer confidence from France are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, Destatis is slated to issue Germany's import prices for June. Economists forecast prices to fall 5.1 percent on year, slower than the 7 percent decrease seen in May.
At 2.45 am ET, France's statistical office Insee is set to publish consumer sentiment survey results. The confidence index is seen rising to 99 in July from 97 in June. At 3.00 am ET, the Swedish National Institute of Economic Research releases economic tendency survey data.
In the meantime, retail sales from Spain, unemployment from Hungary and foreign trade figures from Turkey are due. Economists forecast Spain retail sales to decline 17.6 percent annually in June, following a 19 percent drop in May.
At 4.00 am ET, producer prices from Italy and manufacturing PMI data from Austria are due.
Half an hour later, Bank of England is scheduled to issue UK mortgage approvals data for June. The number of mortgages approved in June is forecast to advance to 33,900 from 9,273 in May.
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source http://www.mt5.com/forex_news/quickview/2161075/
*UK Jul BRC Shop Prices Fall 1.3% On Year
UK Jul BRC Shop Prices Fall 1.3% On Year
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source http://www.mt5.com/forex_news/quickview/2161074/
*Fitch Downgrades Japan's Rating Outlook To Negative From Stable
Fitch Downgrades Japan's Rating Outlook To Negative From Stable
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source http://www.mt5.com/forex_news/quickview/2161073/
British Pound (GBP) Latest: GBP/USD Taking Aim at 1.30 Level
US Dollar Outlook: Long-Term USD Trends in Focus Ahead of FOMC
Australia Inflation Slips 0.3% On Year In Q2
Consumer prices in Australia were down 0.3 percent on year in the second quarter of 2020, the Australian Bureau of Statistics said on Wednesday.
That beat expectations for a drop of 0.4 percent following the 2.2 percent increase in the previous three months.
On a quarterly basis, consumer prices sank 1.9 percent - again exceeding expectations for a fall of 2.0 percent after adding 0.3 percent in the three months prior.
The Reserve Bank of Australia's trimmed mean was down 0.1 percent on quarter and up 1.2 percent on year, while the weighted mean gained 0.1 percent on quarter and 1.3 percent on year.
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source http://www.mt5.com/forex_news/quickview/2161072/
*Australia CPI -1.9% On Quarter, -0.3% On Year In Q2
Australia CPI -1.9% On Quarter, -0.3% On Year In Q2
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source http://www.mt5.com/forex_news/quickview/2161071/
South Korea Consumer Sentiment Index Improves In July
Consumer sentiment in South Korea strengthened in July, the latest survey from the Bank of Korea showed on Wednesday with a consumer survey score of 84.2 - up from 81.8 in June.
Consumer sentiment regarding current living standards was one point higher than in June, at 85, and that concerning the future outlook for living standards was unchanged, at 87.
Consumer sentiment related to future household income was two points higher than in June, at 90, and that concerning future household spending was two points higher than in the previous month, at 95.
Consumer sentiment concerning current domestic economic conditions was five points higher than in June, at 49, and that concerning future domestic economic conditions was unchanged, at 70.
The expected inflation rate for the following year was 1.7 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161070/
*South Korea Consumer Confidence Index 84.2 In July Vs. 81.8 In June
South Korea Consumer Confidence Index 84.2 In July Vs. 81.8 In June
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source http://www.mt5.com/forex_news/quickview/2161069/
Hang Seng Index Rebounds, Silver Consolidates. Crude Oil May Fall
EUR/USD Rate Eyes September 2018 High as RSI Sits in Overbought Zone
Mexican Peso Outlook at the Mercy of US Economic Trends
Australia Inflation Data Due On Wednesday
Australia will on Wednesday release Q2 numbers for consumer prices, highlighting a busy day for Asia-Pacific economic activity.
Inflation is expected to sink 2.0 percent on quarter and 0.4 percent on year after rising 0.3 percent on quarter and 2.2 percent on year in the three months prior. The Reserve Bank of Australia's trimmed mean is expected to add 0.1 percent on quarter and 1.4 percent on year, while the weighted median is expected to gain 0.1 percent on quarter and 1.2 percent on year.
Taiwan will provide July results for its consumer confidence index; in June, the index score was 68.77.
Singapore will see June figures for import and export prices and producer prices, as well as Q2 numbers for unemployment. In May, export prices were down 10.0 percent on year, while import prices sank 12.7 percent and producer prices tumbled 14.4 percent. The jobless rate in Q1 was 2.4 percent.
Thailand will release June numbers for industrial production; in May, output plummeted 23.9 percent on year.
Hong Kong will provide an advance estimate for Q2 GDP; in the three months prior, GDP sank 5.3 percent on quarter and 8.9 percent on year.
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source http://www.mt5.com/forex_news/quickview/2161068/
AUD/USD Rate Unfazed by Australia CPI with Fed Rate Decision on Tap
Dollar Rebounds After Six Successive Days Of Losses
The U.S. Dollar turned positive after recent successive losses as traders looked ahead to further stimulus from the U.S. government and the Federal Reserve meeting that is likely to retain its accommodative monetary policy.
U.S. Senate Republicans on Monday proposed a $1 trillion coronavirus aid package that slashes unemployment benefits from the current $600 per week to $200, generating swift backlash from Democrats.
The proposal extends the paycheck protection programme, which is scheduled to expire on August 8.
Senate Majority Leader Mitch McConnell urged Democrats to compromise with Republicans on the plan, as unemployment benefits will expire at the end of this week.
According to a report from the Conference Board, consumer confidence in the U.S. deteriorated by more than expected in the month of July, after showing a substantial improvement in the previous month.
The Conference Board said its consumer confidence index slumped to 92.6 in July after jumping to an upwardly revised 98.3 in June. Economists had expected the consumer confidence index to pull back to 95.7 from the 98.1 originally reported for the previous month.
The bigger than expected drop by the headline index came as consumers grew less optimistic about the short-term outlook for the economy, with the expectations index tumbling to 91.5 in July from 106.1 in June.
The dollar index, which rose to 94.01 in the Asian session, gave up gains and slipped to 93.49 later on in the day, but emerged into positive territory again as the day progressed. It was last seen at 93.78, up 0.12% from previous close.
Against the Euro, the dollar firmed up to $1.1700 in the Asian session, and despite paring some gains, was up 0.3% at $1.1718 in late afternoon.
The Pound Sterling was stronger with a unit of Sterling fetching $1.2931, about 0.4% more than Monday's close.
The Japanese currency Yen firmed up to 105.09 a dollar, gaining nearly 0.3%.
Against the Aussie, the dollar drifted down to $0.7158, giving up 0.13%.
The Swiss franc was stronger by more than 0.2% at CHF 0.9179 a dollar, while the Loonie weakened to C$1.3377, losing 0.16%.
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source http://www.mt5.com/forex_news/quickview/2161067/
NZD/USD Technical Analysis Outlook Warns of RSI Divergence
Fed Meeting Preview: Gold, Dow, US Dollar Outlook as FOMC Looms
Treasuries Move To The Upside As Fed Announcement Looms
After moving lower over the course of the previous session, treasuries moved back to the upside during trading on Tuesday.
Bond prices moved higher early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.8 basis points to 0.581 percent.
The early strength among treasuries came as traders kept an eye on developments in Washington after Republicans unveiled their version of a new coronavirus relief bill.
The GOP bill includes a reduction in unemployment benefits, which could lead to an impasse in negotiations with Democrats.
Treasuries also benefited from the release of a report from the Conference Board showing consumer confidence deteriorated by more than expected in the month of July.
The Conference Board said its consumer confidence index slumped to 92.6 in July after jumping to an upwardly revised 98.3 in June.
Economists had expected the consumer confidence index to pull back to 95.7 from the 98.1 originally reported for the previous month.
The bigger than expected drop by the index came as consumers grew less optimistic about the short-term outlook for the economy.
"Large declines were experienced in Michigan, Florida, Texas and California, no doubt a result of the resurgence of COVID-19," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.
She added, "Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending."
Meanwhile, the Treasury Department revealed this month's auction of $44 billion worth of seven-year notes attracted slightly below average demand.
The seven-year note auction drew a high yield of 0.446 percent and a bid-to-cover ratio of 2.45, while the ten previous seven-year note auctions had an average bid-to-cover ratio of 2.51.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
Trading activity may be somewhat subdued on Wednesday as traders wait for the Federal Reserve's monetary policy announcement.
While the Fed is widely expected to leave interest rates unchanged, traders may look to the accompanying statement for clues about future plans to provide additional economic stimulus.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161066/
Oil Futures Settle Notably Lower On Demand Concerns
Crude oil futures settled lower on Tuesday amid concerns about the outlook for near term energy demand due to the surge in coronavirus cases and fears of fresh lockdown measures.
Traders were also looking ahead to the weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). While API's inventory report is due out later today, the EIA is scheduled to come out with its data Wednesday morning.
West Texas Intermediate Crude oil futures for September ended down $0.56 or about 1.4% at $41.04 a barrel.
Brent crude futures slid $0.19 or more than 0.4% to $43.22 a barrel.
Investors also kept a watch on U.S. stimulus talks and the Federal Reserve's policy meeting. The Fed will release its monetary policy statement Wednesday afternoon.
U.S. Senate Republicans on Monday proposed a $1 trillion coronavirus aid package that slashes unemployment benefits from the current $600 per week to $200, generating swift backlash from Democrats.
The proposal extends the paycheck protection program, which is scheduled to expire on August 8.
Senate Majority Leader Mitch McConnell urged Democrats to compromise with Republicans on the plan, as unemployment benefits will expire at the end of this week.
In news about coronavirus, a report from World Health Organization (WHO) says global Covid-19 cases doubled over the past six weeks. WHO Director-General Tedros Adhanom Ghebreyesus said he would resume the Emergency Committee on Thursday to re-evaluate the Covid-19 pandemic.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161065/
Gold Futures Hit Another New Closing High
Gold sparkled again, with prices soaring to another record high on Tuesday on continued safe-haven demand amid surging coronavirus cases and optimism about additional stimulus measures from the U.S. government and the Federal Reserve.
Data showing a decline in U.S. consumer confidence in the month of July contributed as well to gold's uptick.
The dollar index, which fell after a positive spell early on in the session, was up marginally at 93.70 by mid afternoon.
Gold futures for August ended higher by $13.60 or about 0.7% at $1,944.60 an ounce, after hitting a new intra-day high of $1,974.70.
Silver futures for September ended down $0.201 or 0.8% at $24.300 an ounce, well off the session's of $26.275 an ounce. That was also the futures' highest level since April 2013.
Copper futures for September settled at $2.9175 per pound, gaining $0.0200.
According to a report from the Conference Board, consumer confidence in the U.S. deteriorated by more than expected in the month of July, after showing a substantial improvement in the previous month.
The Conference Board said its consumer confidence index slumped to 92.6 in July after jumping to an upwardly revised 98.3 in June. Economists had expected the consumer confidence index to pull back to 95.7 from the 98.1 originally reported for the previous month.
The bigger than expected drop by the headline index came as consumers grew less optimistic about the short-term outlook for the economy, with the expectations index tumbling to 91.5 in July from 106.1 in June.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161064/
Tuesday, 28 July 2020
*Lithuania Jun Retail Sales +5.1% On Year Vs. +0.9% In May
Lithuania Jun Retail Sales +5.1% On Year Vs. +0.9% In May
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source http://www.mt5.com/forex_news/quickview/2161024/
*Lithuania Jun Retail Sales Up 5.6% On Month
Lithuania Jun Retail Sales Up 5.6% On Month
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source http://www.mt5.com/forex_news/quickview/2161025/
*Norway Jun Retail Sales +5.7% On Month Vs. +2.8% In May
Norway Jun Retail Sales +5.7% On Month Vs. +2.8% In May
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161022/
*Norway Jun Retail Sales +13.7% On Year Vs. +7.8% In May
Norway Jun Retail Sales +13.7% On Year Vs. +7.8% In May
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source http://www.mt5.com/forex_news/quickview/2161023/
Japan Services PPI Rises At Faster Pace
Japan's services producer prices increased at a faster pace in June, data from the Bank of Japan showed Tuesday.
The services producer price index grew 0.8 percent on a yearly basis, following May's 0.5 percent increase. The inflation rate accelerated for the first time in five months.
Month-on-month, the services PPI climbed 0.2 percent, in contrast to a 0.6 percent drop in May.
Excluding international transportation, services prices logged an annual growth of 0.9 percent versus 0.6 percent increase a month ago. On a monthly basis, prices were up 0.2 percent after falling 0.5 percent in May.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2161021/
European Economics Preview: Spain Unemployment Data Due
Unemployment data from Spain is due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Statistics Norway is slated to issue retail sales for June.
At 3.00 am ET, Spain's INE is scheduled to release unemployment data for the second quarter. Economists forecast the jobless rate to rise to 16.7 percent from 14.41 percent in the first quarter.
Half an hour later, Statistics Sweden is set to publish retail sales for June. Sales had increased 0.5 percent on month in May.
At 6.00 am ET, the UK Distributive Trades Survey data is due from the Confederation of British Industry. The retail sales balance is forecast to rise to -25 percent in July from -37 percent in June.
In the meantime, Ireland's retail sales figures for June are due. Sales had increased 29.5 percent on month in May.
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source http://www.mt5.com/forex_news/quickview/2161020/
Gold Soars to a Record High Before a Sharp Correction Lower Fires a Warning Shot
*Malaysia Jun Imports Down 5.6% On Year, Consensus -10.0%
Malaysia Jun Imports Down 5.6% On Year, Consensus -10.0%
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source http://www.mt5.com/forex_news/quickview/2161019/
*Malaysia Jun Exports Up 8.8% On Year, Consensus -8.0%
Malaysia Jun Exports Up 8.8% On Year, Consensus -8.0%
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source http://www.mt5.com/forex_news/quickview/2161018/
British Pound (GBP) Latest: GBP/USD Set to Consolidate After Recent Gains
Gold Price Surge May Fizzle if the Fed Holds Back Stimulus Boost
*Japan Jun Corporate Service Prices Rise 0.8% Y-o-Y Vs. 0.5% In May
Japan Jun Corporate Service Prices Rise 0.8% Y-o-Y Vs. 0.5% In May
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source http://www.mt5.com/forex_news/quickview/2161017/
S&P 500 Index Dictated By Coronavirus Relief Bill Talks, FOMC Rate Decision
USD/CAD Rate Eyes March Low Ahead of FOMC Rate Decision
New Zealand Dollar Outlook: NZD/JPY, NZD/CAD, NZD/CHF Levels to Watch
Thai Stock Markets Closed On Tuesday
On a very light day on the economic calendar, the markets in Thailand are closed on Tuesday in observance of King Maha Vajiralongkorn's birthday, and will reopen on Wednesday.
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source http://www.mt5.com/forex_news/quickview/2161016/
Dollar's Slide Continues As Markets Look Ahead To More Stimulus Measures
The U.S. dollar tumbled against most of its peers, and hit its lowest in several months against some on Monday, amid rising concerns about spikes in coronavirus cases.
Expectations that the Federal Reserve and the government will announce more stimulus measure weighed as well on the currency.
The Fed is scheduled to announce its monetary policy on Wednesday. The bank is widely expected to reiterate its commitment to hold rates near zero for a long term.
Meanwhile, Mitch McConnell, Senate Majority Leader, has unveiled the Republican coronavirus relief plan, and said the legislation would include relief for jobless Americans and another direct payment to individuals of up $1,200.
Also soothing sentiment, data out of China showed profits at the country's industrial firms rose for a second straight month and at the fastest pace in over a year, adding to signs of economic recovery.
Data released by the Commerce Department said durable goods orders surged up by 7.3% in June after skyrocketing by a downwardly revised 15.1% in May. The continued increase comes following the nosedive seen in March and April.
Economists had expected durable goods orders to soar by 7.2% compared to the 15.7% spike that had been reported for the previous month.
The Dollar Index fell to a low of 93.48 before recovering to 93.70, but was still down nearly 0.8% from previous close.
Against the Euro, the dollar weakened to $1.1782 before recovering some lost ground. Still at $1.1750, it was down more than 0.8%. German business confidence strengthened in July, reports said citing survey data from the ifo institute. The business confidence index rose more-than-expected to 90.5 from revised 86.3 in June. The reading was forecast to rise to 89.3.
The Pound Sterling firmed up to $1.2901 before paring some gains, but was quite strong at $1.2879, gaining about 0.65% from previous close.
The Japanese Yen was stronger at 105.38 a dollar, firming up from Friday's close of 106.10 yen a dollar. Japan's all industry activity declined for the fourth month in a row in May and leading index increased, data showed on Monday. The all industry activity index fell 3.5% month-on-month in May, following a 7.6% decline in April, the Ministry of Economy, Trade and Industry revealed.
Industrial production fell 9% in May, following a 9.8% decrease in the preceding month. On a yearly basis, the all industry activity index fell 17.4% in May, following a 13% decline in the prior month.
Against the Aussie, the dollar was down sharply at $0.7150, more than 0.6% from previous close of $0.7105.
The Swiss Franc was up marginally at 0.9200 a dollar, while the Loonie gained about 0.45%, firming up to C$1.3356 a dollar. A sharp rise in gold prices and modestly higher crude oil prices supported loonie's uptick against the dollar.
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source http://www.mt5.com/forex_news/quickview/2161015/
Bitcoin, Ethereum Outlook Bullish as US Dollar Demand Fades
ASX 200 Attempts 6100 as Mining Stocks Rise, Nikkei 225 Edging Higher
AUD/USD Outlook: RSI Flirts with Overbought Zone Ahead of Australia CPI
Treasuries Move Lower As 5-Year Note Auction Attracts Below Average Demand
After turning in a lackluster performance in morning trading on Monday, treasuries came under pressure over the course of the afternoon.
Bond prices pulled back firmly into negative territory after lingering near the unchanged line earlier in the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2 basis points to 0.609 percent.
The afternoon pullback by treasuries came after the Treasury Department revealed weaker than average demand for its auction of $49 billion worth of five-year notes.
The five-year note auction drew a high yield of 0.288 percent and a bid-to-cover ratio of 2.32, while the ten previous five-year note auctions had an average bid-to-cover ratio of 2.46.
The release of the results of the five-year note auction came after the Treasury showed that its auction of $48 billion worth of two-year notes also attracted below average demand.
Optimism about additional fiscal stimulus may also have reduced the appeal of safe havens like bond after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.
Mnuchin told "Fox News Sunday" the GOP intends to introduce the $1 trillion bill on Monday after delaying the planned rollout last week.
Despite the vast gap in the price tags of the Republican plan and a $3 trillion bill passed by the Democrat-controlled House, Mnuchin said he expects lawmakers can move "very quickly" to address the differences.
"We've moved quickly before and I see no reason why we can't move quickly again," Mnuchin said. "And if there are issues that take longer, we'll deal with those as well."
White House economic advisor Larry Kudlow revealed in a separate interview with CNN's "State Of The Union" that the GOP relief bill includes another $1,200 stimulus payment to Americans.
In economic news, the Commerce Department released report showing durable goods orders continued to move sharply higher in the month of June.
The Commerce Department said durable goods orders surged up by 7.3 percent in June after skyrocketing by a downwardly revised 15.1 percent in May. The continued increase comes following the nosedive seen in March and April.
Economists had expected durable goods orders to soar by 7.2 percent compared to the 15.7 percent spike that had been reported for the previous month.
Excluding another substantial increase in orders for transportation equipment, durable goods orders still jumped by 3.3 percent in June after shooting up by 3.6 percent in May. Ex-transportation orders were expected to surge up by 3.5 percent.
On Tuesday, the Treasury Department is due to announce the results of its auction of $44 billion worth of seven-year notes.
Traders are also likely to keep an eye on a report on consumer confidence in the month of July, although trading activity may be somewhat subdued ahead of the Federal Reserve's monetary policy decision on Wednesday.
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source http://www.mt5.com/forex_news/quickview/2161014/
Crude Oil Futures Settle Modestly HigherCrude Oil Futures Settle Modestly Higher
Crude oil prices rebounded after early losses on Monday as the dollar fell to its lowest level in two years.
However, amid continued worries about the spread of coronavirus pandemic and concerns over the outlook for near-term energy demand, oil's gains were not any significantly strong.
West Texas Intermediate Crude oil futures for September ended up $0.31 or about 0.8% at $41.60 a barrel, well off the day's low of $40.48 a barrel.
Brent crude futures edged up $0.07 to close at $43.41 a barrel.
The dollar index plummeted to 93.48, its lowest in nearly two years, before reovering somewhat to 93.66, still down as much as 0.82% from previous close.
Oil prices fell early on in the session today as escalating tensions between the United States an China raised uncertainty about the pace of economic recovery. Reports showing spikes in coronavirus cases across the world weighed as well.
According to reports, global coronavirus cases exceeded 16 million over the weekend with over 644,000 deaths, casting new potential clouds over the demand outlook.
China today reported its highest number of coronavirus cases in three months after fresh clusters hit three separate regions. The U.K. government announced a 14-day quarantine on travelers coming from Spain.
Meanwhile, hurricane Hanna slammed into South Texas on Saturday, making landfall twice as a Category 1 storm. Although it was later downgraded to tropical storm status, heavy rainfall from Hanna has already produced numerous reports of flash flooding across south Texas.
Oil and gas producers and refiners said on Friday that they did not expect the storm to affect operations.
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source http://www.mt5.com/forex_news/quickview/2161013/
Gold Futures Extend Recent Gains, Hit New All-time Closing High
Extending their recent impressive climb, gold futures went on to scale a new all-time high on Monday, as the dollar tumbled to a two-year low, amid rising tensions between the U.S. and China, and on optimism about further stimulus from the Federal Reserve.
The Fed is scheduled to announce its monetary policy this Wednesday.
The dollar index, which tumbled to 93.48 around mid-morning, was last seen at 96.61, down as much as 0.87% from previous close.
Gold futures for August settled with a gain of $33.50 or about 1.8% at $1,931.00 an ounce, the highest close ever. The contract hit a new intraday record of $1,941.90, moving well past the previous high of $1,923.70 an ounce posted on 6 September 2011.
Silver futures for September ended up $1.65 or about 7.2% at $24.501 an ounce, the highest closing in almost seven years.
Copper futures for September settled at $2.8975 per pound, posting a modest 0.2% gain.
In virus news, global coronavirus cases exceeded 16 million over the weekend with over 644,000 deaths. China reported its highest number of cases in three months after fresh clusters hit three separate regions.
The U.K. government announced a 14-day quarantine on travelers coming from Spain. In Spain, more than 900 new cases were reported on Friday.
In geopolitical news, U.S.-China tensions have escalated amid issues ranging from the new coronavirus and telecoms-gear maker Huawei to China's territorial claims in the South China Sea and Hong Kong crackdown.
Many observers are pessimistic about deteriorating U.S.-China relations following the closures of consulates in Houston and Chengdu.
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source http://www.mt5.com/forex_news/quickview/2161012/
Monday, 27 July 2020
*Denmark Jun Retail Sales +1.4% On Month Vs. +9.7% In May
Denmark Jun Retail Sales +1.4% On Month Vs. +9.7% In May
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source http://www.mt5.com/forex_news/quickview/2160976/
US Dollar Selling Dominates, EUR/USD Longs Extend Further - COT Report
*Finland Jul Industrial Confidence -17 Vs. -24 In June
Finland Jul Industrial Confidence -17 Vs. -24 In June
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source http://www.mt5.com/forex_news/quickview/2160975/
*Japan May Lagging Index 93.0 Vs. 97.5 In April
Japan May Lagging Index 93.0 Vs. 97.5 In April
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source http://www.mt5.com/forex_news/quickview/2160974/
*Japan May Coincident Index 73.4 Vs. 80.1 In April
Japan May Coincident Index 73.4 Vs. 80.1 In April
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source http://www.mt5.com/forex_news/quickview/2160973/
*Japan May Leading Index 78.4 Vs. 77.7 In April
Japan May Leading Index 78.4 Vs. 77.7 In April
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source http://www.mt5.com/forex_news/quickview/2160971/
*Finland Jul Consumer Confidence -1.6 Vs. -3.9 In June
Finland Jul Consumer Confidence -1.6 Vs. -3.9 In June
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source http://www.mt5.com/forex_news/quickview/2160972/
China's Industrial Profits Increase At Faster Pace
China's industrial profits increased at a faster pace of June as easing of the coronavirus containment measures boosted manufacturing activity, data from the National Bureau of Statistics showed Monday.
Industrial profits grew 11.5 percent on a yearly basis in June, following a 6 percent rise in May.
Profits of steel 35.3 percent and that of non-ferrous metals grew 24.1 percent in June.
Nonetheless, the statistical office said the sustainability of industrial profits is uncertain, the statistical office.
In the first half of 2020, industrial profits declined 12.8 percent from the same period last year. Iris Pang, an economist at ING said the decline in Covid-19 cases and relaxation of restrictions are positive for domestic demand and for related manufacturing activity. Some recovery from Covid-19 in parts of the rest of the world will also have helped China's manufacturing output and profitability in June, the economist said.
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source http://www.mt5.com/forex_news/quickview/2160970/
*Japan May All Industry Activity Index -17.4% On Year Vs. -13.0% In April
Japan May All Industry Activity Index -17.4% On Year Vs. -13.0% In April
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source http://www.mt5.com/forex_news/quickview/2160969/
*Japan May All Industry Activity -3.5% On Month Vs. -7.6% In April
Japan May All Industry Activity -3.5% On Month Vs. -7.6% In April
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source http://www.mt5.com/forex_news/quickview/2160968/
*Japan Q1 Capital Expenditure Rises Rev 0.1% On Year
Japan Q1 Capital Expenditure Rises Rev 0.1% On Year
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source http://www.mt5.com/forex_news/quickview/2160967/
*China Jun Industrial Profits Rise 11.5% On Year
China Jun Industrial Profits Rise 11.5% On Year
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source http://www.mt5.com/forex_news/quickview/2160966/
European Economics Preview: German Ifo Business Confidence Data Due
Business sentiment survey results from Germany are due on Monday, headlining a light day for the European economic news.
At 1.00 am ET, consumer and industrial confidence survey results are due from Finland.
At 3.30 am ET, Statistics Sweden is scheduled to issue producer prices and household lending reports for June.
At 4.00 am ET, Germany's Ifo business confidence survey data is due. The business sentiment index is expected to rise to 89.3 in July from 86.2 in the previous month.
In the meantime, the European Central Bank is set to issue monetary aggregates data for June. Economists forecast euro area M3 money supply to grow 9.3 percent on year in June, faster than the 8.9 percent rise in May.
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source http://www.mt5.com/forex_news/quickview/2160965/
British Pound (GBP) Latest: GBP/USD Hits a 4-Month High as the US Dollar Slumps Further
IBEX 35, CAC 40 Stock Indexes May Fall as Covid-19 Fears Heat Up
Crude Oil Prices May Rise with Stocks, Gold Hits Record High
Gold Price Trades to Fresh Record High Amid Extreme RSI Reading
EUR/USD Rate Trades to Fresh 2020 High Ahead of Fed Rate Decision
USD, SGD, IDR, MYR, PHP Brace for Tech Earnings, Eyeing Nasdaq 100
Japan Leading Index Data Due On Monday
Japan will on Monday see final May results for its leading and coincident indexes, highlighting a light day for Asia-Pacific economic activity.
The leading index is expected to see a score of 79.3, up from 77.7 previously- while the coincident is tipped to sink to 74.6 from 80.1.
Japan will also provide May figures for its all industry activity index; in April, the index sank 6.4 percent on month.
China will release June figures for industrial profits; in May, profits plummeted 19.3 percent on year.
Hong Kong will see June numbers for imports, exports and trade balance. In May, imports were down 12.3 percent on year, while exports sank 7.4 percent and the trade deficit was HKD13.7 billion.
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source http://www.mt5.com/forex_news/quickview/2160964/
AUD Outlook: AUD/JPY Poised to Fall on Covid-19 Concerns, China Tensions
Dow Tests 26,400 Support as Sentiment Sours, Gold Breaks above $1,900
Canadian Dollar Trading: US Economic Growth Takes Center Stage
Sunday, 26 July 2020
Markets Week Ahead: Gold Prices, Dow Jones, US Dollar, FANG, Recessions
Markets Week Ahead: Gold Prices, Dow Jones, US Dollar, FANG, Recessions
US Dollar Ripe for Reversal: GDP, Fed, Earnings Raise Volatility Risk
US Dollar Ripe for Reversal: GDP, Fed, Earnings Raise Volatility Risk
Crude Oil Outlook: OPEC+ Curbs Supply Cut as GDP Growth Recovers
Crude Oil Outlook: OPEC+ Curbs Supply Cut as GDP Growth Recovers
Saturday, 25 July 2020
British Pound Forecast: GBP/USD May Fall Amid Renewed 'No Deal' Brexit Fears
British Pound Forecast: GBP/USD May Fall Amid Renewed 'No Deal' Brexit Fears
USD/JPY Weekly Outlook - Testing Multi-Month Lows as the US Dollar Slides
USD/JPY Weekly Outlook - Testing Multi-Month Lows as the US Dollar Slides
Nasdaq May Fall as Valuation Stretched Close To "Bubble" Level
Dollar Extends Slide As Geopolitical Tensions Weigh
The U.S. dollar stayed weak for yet another day, as rising tensions between the U.S. and China, worries about coronavirus spread and the continued disagreement between The White House and Senate Republicans with regard to a relief package weighed on the currency on Friday.
Markets were also reacting to a slew of economic data from across the world.
U.S.-China ties have deteriorated further after China ordered the U.S. consulate in the southwestern city of Chengdu to close in response to the closure of the Chinese consulate in Houston earlier this week amid accusations Chinese diplomats aided in economic espionage and the attempted theft of scientific research.
A statement from China's Foreign Ministry claimed the move by the U.S. violated international law and seriously damaged U.S.-China relations and called the closure of the U.S. consulate in Chengdu a "legitimate and necessary response to the unreasonable actions of the United States."
"The current situation between China and the United States is something China does not want to see, and the responsibility rests entirely with the United States," the statement said, urging the U.S. to immediately revoke the "erroneous decision."
The dollar index dropped to a low of 94.33, losing nearly 0.4% from previous close.
Against the Euro, the dollar weakened to $1.1659, giving up 0.52%. The euro area private sector grew at the fastest pace in just over two years in July due to the relaxation of the coronavirus containment measures, flash survey data from IHS Markit showed. The composite output index rose to a 25-month high of 54.8 from 48.5 in June. This was also above economists' forecast of 51.1.
The flash services Purchasing Managers' Index advanced to 55.1 from 48.3 in June. The expected reading was 51.0. The flash manufacturing PMI came in at 51.1 versus 47.4 in June and forecast of 50.0.
The British Pound Sterling was stronger by nearly 0.5% at $1.2800. Final data from market research group GfK showed UK's consumer confidence index came in at -27 in July, unchanged from flash estimate but above from June's score of -30.
UK retail sales logged a double-digit growth in June as non-food and fuel stores continued their recovery from the sharp falls experienced since the start of the coronavirus pandemic. Retail sales volume advanced 13.9% on month, faster than the 12.3% rise in May and bigger than economists' forecast of 8%.
The Yen strengthened to 106.12, firming up by as much as 0.7%. Against the Aussie, the dollar was weaker marginally at 0.7106.
Against Swiss franc, the greenback slipped more than 0.5%, with a unit of dollar fetching CHF $0.9206. The Loonie was little changed at 1.3416 a dollar, after falling to 1.3445 from an early level of 1.3378.
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source http://www.mt5.com/forex_news/quickview/2160963/
Crude Oil Futures Close Modestly Higher
Despite concerns about an escalation in tensions between the U.S. and China, crude oil prices edged higher on Friday, as stronger-than-expected economic data from Europe and the U.S. helped ease worries about energy demand outlook a bit.
West Texas Intermediate crude oil futures for September ended higher by $0.22 or about 0.5% at $41.29 a barrel. Oil futures gained about 1.3% in the week.
Brent crude futures edged up $0.03 to $43.34 a barrel.
U.S. business activity increased to a six-month high in July, snapping five straight months of contractions. The report from IHS Markit said the flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to a reading of 50.0 this month from 47.9 in June. The increase ended five straight monthly contractions.
The survey's flash composite new orders index slipped to a reading of 49.5 this month from 49.9 in June.
Its services sector flash PMI increased to 49.6 from a reading of 47.9 in June as service industry firms reported a faster pace of decline in new orders in July.
Factory activity rebounded this month, with the flash manufacturing PMI increasing to a six-month high of 51.3 from a reading of 49.8 in June. Economists had expected the reading to come in at 51.5 in July.
The euro area private sector grew at the fastest pace in just over two years in July due to the relaxation of the coronavirus containment measures, flash survey data from IHS Markit showed. The composite output index rose to a 25-month high of 54.8 from 48.5 in June. This was also above economists' forecast of 51.1.
The flash services Purchasing Managers' Index advanced to 55.1 from 48.3 in June. The expected reading was 51.0. The flash manufacturing PMI came in at 51.1 versus 47.4 in June and forecast of 50.0.
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source http://www.mt5.com/forex_news/quickview/2160962/
Treasuries Finish Choppy Trading Day Little Changed
After trending higher over the past few sessions, treasuries showed a lack of direction over the course of the trading day on Friday.
Bond prices spent the day bouncing back and forth across the unchanged line before closing nearly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 0.589 percent.
Treasuries initially move to the downside as traders cashed in on recent strength after the ten-year yield ended Thursday's trading at a three-month closing low.
However, traders seemed reluctant to abandon the safe haven of bonds amid concerns about rising tensions between the U.S. and China after Beijing decided to revoke the license for the establishment and operation of the U.S. Consulate General in Chengdu.
The move came just days after the U.S. government ordered China to close its consulate in Houston, Texas, amid accusations Chinese diplomats aided in economic espionage and the attempted theft of scientific research.
A statement from China's Foreign Ministry claimed the move by the U.S. violated international law and seriously damaged U.S.-China relations and called the closure of the U.S. consulate in Chengdu a "legitimate and necessary response to the unreasonable actions of the United States."
"The current situation between China and the United States is something China does not want to see, and the responsibility rests entirely with the United States," the statement said, urging the U.S. to immediately revoke the "erroneous decision."
Worries about the continued spike in coronavirus cases in the U.S. also continued to contribute to the appeal of safe havens such as bonds.
While treasuries bounced back near the unchanged line, buying interest remained subdued following the release of a Commerce Department report showing new home sales in the U.S. continued to spike in the month of June.
The Commerce Department said new home sales soared by 13.8 percent to an annual rate of 776,000 in June after skyrocketing by 19.4 percent to a revised rate of 682,000 in May.
Economists had expected new home sales to jump 3.6 percent to a rate of 700,000 from the 676,000 originally reported for the previous month.
With the much bigger than expected increase, new home sales continued to rebound after falling to the lowest annual rate in well over a year in April and reached their highest level since July of 2007.
The spotlight may shift to the Federal Reserve's monetary policy meeting next week, although the central bank is widely expected to leave interest rates unchanged.
Since rates are already at near-zero levels, traders may look to the Fed's accompanying statement for clues about future plans to provide additional economic stimulus.
Traders are also likely to keep an eye on reports on durable goods orders, consumer confidence, pending home sales and personal income and spending as well as the first reading on second quarter GDP.
The Treasury Department is also due to announce the results of this month's auctions of two-year, five-year and seven-year notes.
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source http://www.mt5.com/forex_news/quickview/2160961/
Gold Futures Post Record Closing High
Gold prices rose on Friday and the front-month futures contract recorded a new closing high, as traders continued to seek the safe-haven asset amid rising worries about U.S.-China tensions and global economic growth.
The dollar's continued weakness further supported gold's uptick. The dollar index slid to 94.36, before edging up slightly to 84.41, but was still down more than 0.3% from previous close.
Gold futures for August ended up $7.50 or about 0.4% at $1,897.50 an ounce, a new all-time closing high. The contract touched a high of $1,904.60 an ounce in the session. The previous record closing high was $1,891.90, touched on 22 August 2011.
Gold futures gained about 4.8% in the week, the best weekly returns in more than three-and-a-half months. Today's gains mark the metal's sixth successive close in positive territory.
Silver futures for September settled at $22.850 an ounce, down $0.138 from previous close, while Copper futures for September ended down $0.0460 at $2.8925 per pound.
Silver futures gained about 15.6% in the week, while Copper futures suffered a modest loss in the week.
Sino-U.S. ties have deteriorated further after China ordered the U.S. consulate in the southwestern city of Chengdu to close in response to the closure of the Chinese consulate in Houston earlier this week.
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source http://www.mt5.com/forex_news/quickview/2160960/