*South Korea Business Confidence Index 84.0 In March Vs. 91.0 In February - BoK

South Korea Business Confidence Index 84.0 In March Vs. 91.0 In February - BoK

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source http://www.mt5.com/forex_news/quickview/2191849/

AUD/USD Unfazed on Downbeat Chinese PMI Data. Will the PBOC Respond?

The Australian Dollar was largely unfazed against the US Dollar after China reported a slowdown in its services and manufacturing sectors in March, according to PMI data. That may pressure the PBOC... Via DailyFX - Market News https://ift.tt/Rhpbuwy

Dollar Extends Weakness Against Major Rivals

The U.S. dollar turned in another weak performance against its peers on Wednesday, extending its slide from the previous session, as riskier currencies attracted traders' attention despite somewhat fading hopes about a cease-fire in Ukraine.

Data from the Labor Department showed a bigger than expected increase in addition of jobs in the private sector in the U.S., raising prospects for aggressive policy tightening by the Federal Reserve. However, the greenback still failed to move out of the negative zone today.

A report released by payroll processor ADP showed private sector employment in the U.S. jumped by 455,000 jobs in March after surging by an upwardly revised 486,000 jobs in February.

Economists had expected private sector employment to climb by 450,000 jobs compared to the addition of 475,000 jobs originally reported for the previous month.

Data released by the Commerce Department showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2021.

The Commerce Department said real gross domestic product increased by 6.9% in the fourth quarter, reflecting a modest downward revision from the previously estimated 7% spike. Economists had expected GDP growth to be unrevised.

The slightly slower than previously estimated GDP growth primarily reflected downward revisions to consumer spending and exports that were partly offset by an upward revision to private inventory investment.

The dollar index, which drifted down to 97.69, recovered to 97.82, but still remains nearly 0.6% down from the previous close.

Against the Euro, the dollar is trading at $1.1160, weakening from $1.1088.

The dollar is trading at $1.3133 against Pound Sterling, easing from the previous close of $1.3095.

Against the Japanese currency, the dollar is weak, fetching 121.84 yen, compared to 122.89 yen on Tuesday.

Against the Aussie, the dollar is at 0.7511, down slightly from 0.7509.

The Swiss franc is at 0.9232 a dollar, firming from CHF0.9310.

The Loonie is trading at C$1.2483 a dollar, strengthening from C$1.2503, riding on firm crude oil prices.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191848/

Crude Oil Prices Sink as White House Weighs Plan to Release a Million Barrels Daily

WTI crude oil prices are sinking after reports crossed the wires that the White House is weighing a plan to release one million barrels of the commodity daily to help alleviate inflation. Via DailyFX - Market News https://ift.tt/Rhpbuwy

Oil Futures Settle Higher On Inventory Data, Fading Peace Talks Hopes

Crude oil prices climbed higher on Wednesday after data showed a drop in inventories, and amid skepticism over progress in Russia-Ukraine peace talks following Russia continuing to attack some areas in Ukraine despite its promise to scale down military operations.

Ukrainian authorities said that attacks continued overnight around Chernihiv and Kyiv, despite Russia's pledge to scale back some military operations.

U.S President Joe Biden asked whether the Russian announcement was a sign of progress in the talks or an attempt by Moscow to buy time to continue its assault.

Data showing a bigger than expected drop in U.S. crude stockpiles last week contributed as well to the jump in oil prices.

West Texas Intermediate Crude oil futures for May ended higher by $3.58 or about 3.4% at $107.82 a barrel.

Brent crude futures were up $3.01 or 2.79% at $110.72 a barrel a little while ago.

Oil futures had posted losses in the previous two sessions amid signs of progress in Russia-Ukraine peace talks, on concerns about a possible drop in energy demand due to fresh lockdowns in Shanghai.

Data released by U.S. Energy Information Administration (EIA) this morning showed U.S. crude stockpiles fell by a bigger-than-expected 3.4 million barrels last week, cutting inventories to 410 million barrels, the lowest levels since September 2018. Crude stockpiles were expected to drop by about 1 million barrels last week.

Gasoline stocks were up by 785,000 barrels last week, as against expectations for a 1.7 million-barrel drop, while distillate stockpiles increased by 1.4 million barrels.

Investors also noted a report that said OPEC's Joint Technical Committee has revised its estimates for first-quarter oil supply and demand. In the Committee's estimation, the supply surplus has shrunk to 600,000 bpd, versus its previous estimate of 1 million bpd.

OPEC's Joint Technical Committee had a meeting on Wednesday to review oil market developments ahead of the OPEC and non-OPEC Ministerial Meeting, scheduled to take place tomorrow.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191847/

Gold Futures Snap 3-day Losing Streak As Dollar Drifts Lower

Gold futures snapped a three-session losing streak and moved higher on Wednesday, as the commodity attracted safe-haven buying amid skepticism over Russia's promise to scale down military operations in Ukraine.

According to reports, Russia attacked certain areas in Ukraine that were part of Moscow's pledge. Doubts about Russia's pledge rendered the mood in stock markets a bit bearish and prompted investors to look for safer assets such as gold.

The dollar's weakness contributed significantly to gold's sharp uptick. The dollar index dropped to 97.69, before recovering some lost ground.

Gold futures for June ended higher by $21.00 or about 1.1% at $1,939.00 an ounce.

Silver futures for May ended up by $0.377 at $25.113 an ounce, while Copper futures for May settled at $4.7505 per pound, up $0.0195 from the previous close.

Moscow pledged to cut military operations around Kyiv and Chernihiv in an effort to de-escalate war.

Ukraine reacted with skepticism to the promise while the United States warned the threat isn't over.

U.S President Joe Biden asked whether the Russian announcement was a sign of progress in the talks or an attempt by Moscow to buy time to continue its assault.

Moscow's lead negotiator, Vladimir Medinsky, said that there is still "a long way to go" to reach a mutual agreement with Ukraine.

A report released by payroll processor ADP showed private sector employment in the U.S. jumped by 455,000 jobs in March after surging by an upwardly revised 486,000 jobs in February.

Economists had expected private sector employment to climb by 450,000 jobs compared to the addition of 475,000 jobs originally reported for the previous month.

Data released by the Commerce Department showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2021.

The Commerce Department said real gross domestic product increased by 6.9% in the fourth quarter, reflecting a modest downward revision from the previously estimated 7% spike. Economists had expected GDP growth to be unrevised.

The slightly slower than previously estimated GDP growth primarily reflected downward revisions to consumer spending and exports that were partly offset by an upward revision to private inventory investment.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191846/

USD/JPY Pullback May Continue as Traders Eye Chinese PMI Data Amid Risk-Off Move

The Japanese Yen strengthened for a second day as Wall Street traders shifted out of equities as oil prices rose on a large US inventory draw. China PMI data is in focus and may influence market se... Via DailyFX - Market News https://ift.tt/V5UqaLO

*New Zealand Building Permits +10.5% On Month, +25.0% On Year In February

New Zealand Building Permits +10.5% On Month, +25.0% On Year In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191772/

Australian Dollar Holds Gains Amid Budget, Ukraine War. Will RBA Push AUD/USD Higher?

The Australian Dollar has maintained a 2-month rally against a backdrop of Ukraine war uncertainty, a pre-election budget and possible RBA action. Via DailyFX - Market News https://ift.tt/V5UqaLO

Dollar Drifts Lower As Safe-haven Demand Drops Amid Progress In Ukraine Peace Talks

The U.S. dollar shed ground against most of its major rivals on Tuesday as reports about progress in Russia-Ukraine cease-fire talks dimmed the demand for the safe-haven currency.

According to a Reuters report, Russia's deputy defense minister has said that Russia has decided to drastically cut its military activity focused on Kyiv and Chernihiv. Ukrainian negotiators proposed adopting neutral status in exchange for security guarantees.

On the economic front, a report from the Labor Department showed the number of job openings in the United States was 11.266 million in February of 2022, little changed from an upwardly revised 11.283 million in January.

The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 19.1 percent in January of 2022, the most since September, following a revised 18.9 percent growth in the previous month

A report released by the Conference Board showed an unexpected improvement in U.S. consumer confidence in the month of March.

The report showed the Conference Board's consumer confidence index rose to 107.2 in March from a revised 105.7 in February. Economists had expected the index to dip to 107.0 in March from the 110.5 originally reported for the previous month.

The dollar index dropped to a low of 98.04, and despite recovering to 98.42, still remained almost 0.7% down from the previous close.

Against the Euro, the dollar is trading at $1.1089, down nearly 1% from Monday's close of $1.0988.

The dollar is trading at $1.3095 against Pound Sterling, down marginally from $1.3092.

Against the Japanese currency, the dollar is weak, fetching 122.89 yen a unit, compared with 123.91 yen on Monday.

Against the Aussie, the dollar has weakened to 0.7508 from 0.7489.

The Swiss franc has firmed to 0.9309 against the dollar from 0.9344. The Loonie is marginally up against the dollar at C$1.2504.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191771/

USD/JPY Rate Outlook Susceptible to RSI Sell Signal

A move below 70 in the Relative Strength Index (RSI) is likely to be accompanied by a near-term correction in USD/JPY as the oscillator offers a textbook sell signal. Via DailyFX - Market News https://ift.tt/V5UqaLO

Oil Futures Settle Lower Ahead Of Inventory Data

Crude oil prices dropped on Tuesday amid easing worries about global crude supply after reports said Russia and Ukraine made some encouraging progress in their face-to-face peace talks in Turkey.

According to the top Russian negotiator, the talks were "constructive."

According to a Reuters report, Russia's deputy defense minister has said that Russia has decided to drastically cut its military activity focused on Kyiv and Chernihiv.

Ukraine proposed adopting neutral status in exchange for security guarantees at the talks, meaning it would not join military alliances or host military bases, Ukrainian negotiators said.

West Texas Intermediate crude futures for May ended down by $1.72 or about 1.6% at $104.24 a barrel.

Brent crude futures settled at $110.23 a barrel on Tuesday, giving up $2.25 or about 2%.

Investors looked ahead to weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191770/

Bitcoin Eyes 50,000 in Asia-Pacific Trading as Key Moving Average Interrupts Rally

The Bitcoin rally stalled at the 200-day Simple Moving Average despite a risk-on Wall Street trading session. A light economic data docket may see prevailing sentiment trends carry over into APAC t... Via DailyFX - Market News https://ift.tt/V5UqaLO

Gold Futures Settle Lower For 3rd Straight Day

Gold futures extended recent losses and closed at near 3-week low on Tuesday, as the commodity's safe-haven appeal dimmed after global equities moved higher amid signs of progress in Russia-Ukraine peace talks.

Gold prices dropped despite a weak dollar. The dollar index, which drifted down to 98.04, recovered some lost ground subsequently, but still remains notably lower at 98.50, about 0.6% down from the previous close.

Gold futures for April ended down by $27.60 or about 1.4% at $1,912.20 an ounce, losing ground for the third consecutive session.

Gold futures for June, the most active contract, settled lower by $26.70 or 1.4% at $1,918.00 an ounce.

Silver futures for May ended lower by $0.460 at $24.736 an ounce, while Copper futures for May settled at $4.7310 per pound, gaining $0.0055.

In U.S. economic news, a report released by the Conference Board showed an unexpected improvement in U.S. consumer confidence in the month of March.

The report showed the Conference Board's consumer confidence index rose to 107.2 in March from a revised 105.7 in February. Economists had expected the index to dip to 107.0 in March from the 110.5 originally reported for the previous month.

The unexpected uptick by the headline index came as the present situation index jumped to 153.0 in March from 143.0 in February.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191769/

Japan Unemployment Data Due On Tuesday

Japan will on Tuesday release February figures for unemployment, highlighting a light day for Asia-Pacific economic activity. The jobless rate is expected to hold steady at 2.8 percent, while the jobs-to-applicant ratio is also expected to be unchanged at 1.20.

Australia will provide preliminary February numbers for retail sales; in January, sales were up 1.8 percent on month.

Singapore will see February data for import, export and producers prices. In January, import prices were up 15.7 percent on year, while export prices rose an annual 21.0 percent and producer prices spiked 22.7 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191718/

Japanese Yen Melts as the BoJ’s Yield Curve Control Program is Under Threat. Can USD/JPY Momentum Last?

The Japanese Yen has weakened dramatically as the Bank of Japan is forced to re-iterate support for their bond buying. How low can Yen go? Via DailyFX - Market News https://ift.tt/iqe40xN

Dollar Rises Against Peers As Bond Yields Surge Higher On Rate Hike Bets

The U.S. dollar scored solid gains against some of its peers on Monday as Treasury yields rose amid expectations of aggressive rate hikes and policy tightening by the Federal Reserve.

The dollar index, which surged to 99.37, pared some gains subsequently and is hovering around 99.15, still up nearly 0.4% from the previous close.

The 10-year US Treasury yield climbed above 2.5%, its highest level in nearly 3 years, as rising inflation risks fueled expectations of aggressive policy tightening.

Against the Euro, the dollar, the dollar is trading at $1.0988, down slightly from the previous close of $1.0982.

The dollar is trading at $1.3094 against Pound Sterling, firming from $1.3181.

Against the Yen, the dollar climbed to a six-year high in the Asian session, fetching 125.04 yen a unit. However, it pared some gains as the day progressed and was fetching 123.90 yen a little while ago, compared with 122.05 yen on Friday.

The yen slid after the Bank of Japan intervened in the forex market to contain a spike in government bond yields above its target band. The BOJ offered to purchase 10-year bonds in unlimited amounts to defend the yield target of 0.25%.

The intervention came after the yield on the 10-year bonds moved up toward the implicit 0.25% upper limit that was set around its 0% target.

Against the Aussie, the dollar is trading 0.7493, up from the previous close of 0.7515.

The Swiss franc is trading at 0.9347 against the dollar, easing from 0.9307. Meanwhile, the Loonie weakened to C$1.2528, weighed down by weak crude oil prices.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191717/

USD/CAD Rate Reverses Ahead of January Low to Defend 2022 Opening Range

USD/CAD appears to be defending the opening range for 2022 as the exchange rate reverses ahead of the January low (1.2450). Via DailyFX - Market News https://ift.tt/iqe40xN

Oil Futures Settle Sharply Lower As Shanghai Lockdown Fuels Demand Concerns

Crude oil prices fell on Monday amid concerns about outlook for energy demand from the world's largest oil importer after Shanghai announced fresh lockdowns to curb the spread of Covid-19 infections in the country.

Reports saying Yemen's Houthi rebels have announced a three-day unilateral cease-fire with the Saudi-led coalition contributed as well to the drop in crude oil prices.

West Texas Intermediate Crude oil futures for May ended down by $7.94 or about 7% at $105.96 a barrel, off the day's low of $104.50.

Brent crude futures were down $9.57 or 8.1% at $107.80 a barrel a little while ago.

China has begun its most extensive lockdown in two years with millions of people in the nation's financial hub confined to their homes.

Shanghai said on Sunday it would lock down the city in two stages to carry out Covid-19 testing over nine days.

Investors also closely followed the developments on the Russia-Ukraine war front. Russia and Ukraine are set to begin talks in Turkey on Tuesday after the former said it may scale down its war and aims to concentrate on eastern Ukraine.

Ukraine President Zelenskyy also said he wants to make a deal with Moscow over Donbas and he is willing to discuss adopting a neutral status too.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191716/

Stronger Dollar, Rising Bond Yields Push Gold Futures To Weak Close

The dollar's rise against most of its major peers and a spike in U.S. bond yields amid rising prospects of aggressive monetary tightening by the Federal Reserve weighed on gold prices on Monday, and pushed the most active gold futures contract to a weak close for a second straight session.

Reports saying Russia and Ukraine are set to resume peace talks in Turkey on Tuesday weighed as well on the safe-haven metal.

The dollar index, which rose to 99.37 in early New York session, gave up some gains subsequently and is hovering around 99.05, up nearly 0.3% from the previous close.

The 10-year US Treasury yield today rose above 2.5%, its highest level since May 2019 as rising inflation risks contributed to expectations of more aggressive Fed tightening.

Gold futures for April ended down by $14.40 or about 0.7% at $1,939.80 an ounce, coming off a low of $1,924.50.

Silver futures for May ended lower by $0.419 at $25.196 an ounce, while Copper futures for May settled at $4.7255 per pound, gaining $0.0270.

Russia and Ukraine are set to restart face-to-face peace negotiations after the former signaled that it may scale down its war and aims to concentrate on eastern Ukraine.

Ukraine President Zelenskyy also said he wants to make a deal with Moscow over Donbas and he is willing to discuss adopting a neutral status too.

The Donbas region has been partly controlled by Russian-backed separatists since 2014.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191715/

NZD/USD Falls as China Lockdowns Take Toll on APAC Region Ahead of Aussie Retail Sales

The New Zealand Dollar fell versus the US Dollar overnight as Covid lockdowns in China dampened sentiment in the APAC region. Traders are watching Australian retail sales due out this morning. Via DailyFX - Market News https://ift.tt/iqe40xN

Forex Trading: What is Forex? FX Trading Explained

Forex trading is short for foreign exchange, often called 'FX' and focuses on the exchange of one currency for another. Via DailyFX - Market News https://ift.tt/2YolnOA

USDJPY Soars to A Fresh Six-Year High on Renewed BoJ Bond Buying

The Bank of Japan (BoJ) today offered to buy unlimited amounts of certain Japanese Government Bonds (JGBs) and the move sent the Yen tumbling further against a host of other currencies. Via DailyFX - Market News https://ift.tt/2YolnOA

Sentiment Indicators: Using IG Client Sentiment

IGCS is derived from actual data driven by live traders. Learn how to use IGCS as a technical indicator to compliment a multitude of approaches. Via DailyFX - Market News https://ift.tt/2YolnOA

A Guide to Trading Psychology

The psychology of trading is often overlooked but is a key part of a professional trader’s skillset. Via DailyFX - Market News https://ift.tt/2YolnOA

NFP and Forex: What is NFP and How to Trade It?

Non-farm payroll figures are highly anticipated by forex traders. Find out how they affect trading. Via DailyFX - Market News https://ift.tt/2YolnOA

Hong Kong Trade Data Due On Monday

Hong Kong will on Monday release February figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.

In January, imports were up 9.6 percent on year and exports jumped an annual 18.4 percent, resulting in a HKD6.6 billion trade surplus.

Taiwan will see March results for its consumer confidence index; in February, the index score was 73.19.

The Philippines also will provide Q1 results for its consumer confidence index; the reading in the three months prior was -24.0.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191687/

AUD/USD Traders Kick Off the Week as New China Lockdowns Weigh Against Economic Data

AUD/USD is slightly lower to start the trading week as traders assess Chinese economic data amid a new round of lockdowns as the high-profile US jobs report approaches. Via DailyFX - Market News https://ift.tt/2YolnOA

Weekly Fundamental Crude Oil Price Forecast: Supply Concerns Remain Intact

As the Russian invasion of Ukraine presses into its second month, there are no signs that energy supply chain concerns are going to abate. Via DailyFX - Market News https://ift.tt/U5j0gMk

Weekly Fundamental US Dollar Forecast: Rate Hike Odds Buoy the Buck

US Treasury yields continue to rise in accordance with rapidly escalating Fed rate hike odds, underpinning US Dollar strength.

Weekly Fundamental US Dollar Forecast: Rate Hike Odds Buoy the Buck

US Treasury yields continue to rise in accordance with rapidly escalating Fed rate hike odds, underpinning US Dollar strength. Via DailyFX - Market News https://ift.tt/U5j0gMk

Nasdaq 100, Dow Jones, S&P 500 Forecast: 2-Week Win Streak at Risk as PCE, NFPs Near

The Nasdaq 100 saw its best 2-week rise since the early 2000s dot com bust, the S&P 500 and Dow Jones followed. The road ahead remains tough with US PCE and non-farm payrolls data in focus.

Nasdaq 100, Dow Jones, S&P 500 Forecast: 2-Week Win Streak at Risk as PCE, NFPs Near

The Nasdaq 100 saw its best 2-week rise since the early 2000s dot com bust, the S&P 500 and Dow Jones followed. The road ahead remains tough with US PCE and non-farm payrolls data in focus. Via DailyFX - Market News https://ift.tt/U5j0gMk

Euro Fundamental Forecast: EUR/USD Clinging on to 1.1000, Inflation Data Nears

The latest look at German and Euro Zone inflation data next week may be a make or break for the single currency as it struggles to hold its own against the US dollar.

Euro Fundamental Forecast: EUR/USD Clinging on to 1.1000, Inflation Data Nears

The latest look at German and Euro Zone inflation data next week may be a make or break for the single currency as it struggles to hold its own against the US dollar. Via DailyFX - Market News https://ift.tt/U5j0gMk

Gold Price Eyes Yearly High with US PCE Price Index on Tap

Data prints coming out of the US may fuel the recent advance in the price of gold as the Fed’s preferred gauge for inflation is expected to increase for the sixth consecutive month.

Gold Price Eyes Yearly High with US PCE Price Index on Tap

Data prints coming out of the US may fuel the recent advance in the price of gold as the Fed’s preferred gauge for inflation is expected to increase for the sixth consecutive month. Via DailyFX - Market News https://ift.tt/U5j0gMk

Dollar Stays Subdued Against Major Rivals

The U.S. dollar is exhibiting a mixed trend against its major counterparts Friday evening, with traders closely monitoring the developments on the geopolitical front and digesting the latest batch of economic data from across the globe.

After a weak spell that lasted till noon, the dollar index is moving along the flat line all through this afternoon.

The dollar index is at 98.82, up marginally from the previous close of 98.79.

The dollar briefly firmed against most of its peers as U.S. treasury yields rose amid growing expectations that the Federal Reserve will tighten monetary policy aggressively to curb high inflation.

In the European Union summit in Brussels, the U.S. and the bloc reached a deal to boost supplies of liquified natural gas to Europe by the end of the year.

Investors are pricing in half-point rate hikes in both May and June following hawkish comments from Fed Chair Jerome Powell earlier this week.

Chicago Fed President Charles Evans said Thursday he's "comfortable" with raising rates in quarter-point increments, while being "open" to a 50 basis-point move if needed. Evans expects six more 25 basis point increases in the central bank's policy interest rate by the end of the year and three more next year, putting the Fed funds rate in a range of 2.75- 3 percent by the end of 2023.

In economic news today, the National Association of Realtors said its pending home sales index tumbled by 4.1% to 104.9 in February after plunging by 5.8% to a revised 109.4 in January. Economists had expected the index to rebound by 1%.

Meanwhile, revised data released by the University of Michigan showed consumer sentiment in the U.S. fell by more than initially estimated in the month of March. The report showed the consumer sentiment index for March was downwardly revised to 59.4 from the preliminary reading of 59.7. Economists had expected the index to be unrevised.

With the unexpected downward revision, the consumer sentiment was at its lowest level since hitting 55.8 in August of 2011.

The dollar is firm against the Euro at $1.0985, gaining from $1.0997.

Against Pound Sterling, the dollar is up marginally at $1.3185, after having dropped to $1.3225 earlier in the day.

The dollar is trading at 122.18 yen, compared with the closing value of 122.37 yen on Thursday.

Against the Aussie, the dollar is at 0.7520, down slightly from 0.7514.

The Swiss franc is at 0.9309 a dollar, down marginally from 0.9302. Meanwhile, the Loonie is trading at 1.2474 a U.S. dollar, firming from 1.2528.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191686/

Australian Dollar Fundamental Forecast: AUD/USD Eyes Economic Data as RBA Hike Bets Increase

AUD/USD is eying economic data prints this week after the currency rallied amid higher commodity prices and a rebound in market sentiment. Will data impress enough to boost already rising RBA rate ...

Australian Dollar Fundamental Forecast: AUD/USD Eyes Economic Data as RBA Hike Bets Increase

AUD/USD is eying economic data prints this week after the currency rallied amid higher commodity prices and a rebound in market sentiment. Will data impress enough to boost already rising RBA rate ... Via DailyFX - Market News https://ift.tt/vynOaNf

Oil Futures Rebound After News About Strike On Storage Depot In Jeddah

After struggling for support earlier in the session, crude oil prices rallied Friday afternoon, lifted by news about a missile strike at an oil storage depot in Saudi Arabian city Jeddah.

The attack was reportedly launched by Yemeni Houthi rebels. A spokesman for the outfit is reported to have said that the group would announce more details on a wide operation in Saudi Arabia later in the day.

West Texas Intermediate Crude oil futures for May ended higher by $1.56 or about 1.4% at $113.90 a barrel, off the session's low of $108.62 a barrel. WTI futures gained nearly 12% in the week.

Brent crude futures were up $1.07 or 0.9% at $120.10 a barrel a little while ago.

Videos posted in the media revealed the location of the storage that was attacked was near the North Jeddah Bulk Plant. Meanwhile, a Reuters source said a Saudi Aramco facility had been hit.

Oil prices dropped earlier in the day amid easing concerns about supply following the partial resumption of exports from Kazakhstan's CPC terminal.

An announcement from US President Joe Biden and the European Commission's President Ursula von der Leyen about a US-EU deal to replace Russian natural gas imports by US LNG weighed as well on oil prices early on in the session.

Markets also reacted to Canada's announcement on Thursday that it will boost oil exports by about 5% to help address supply shortages faced by allies shunning Russian energy after Moscow's invasion of Ukraine.

A report from Baker Hughes said the number of active U.S. rigs drilling for oil rose by seven to 531 this week, after falling by 3 in the previous week. The total active U.S. rig count, which includes those drilling for natural gas, also climbed by seven at 670, according to Baker Hughes.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191685/

Treasuries Move Sharply Lower Amid Concerns About More Aggressive Fed

Treasuries showed a substantial move to the downside during trading on Friday, extending the downward trend seen over the past couple weeks.

Bond prices fell sharply in morning trading and remained firmly negative throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 15.1 basis points to 2.492 percent.

With another significant increase on the day, the ten-year yield ended the session as its highest closing level since May 2019.

The continued weakness among treasuries came as recent economic data and comments from Federal Reserve officials have raised concerns the central bank may raise interest rates more aggressively than previously expected.

Chicago Fed President Charles Evans said Thursday he's "comfortable" with raising rates in quarter-point increments, while being "open" to a 50 basis point move if needed.

Evans expects six more 25 basis point increases in the central bank's policy interest rate by the end of the year and three more next year, putting the Fed funds rate in a range of 2.75-3 percent by the end of 2023.

CME Group's FedWatch Tool is currently indicating a 72.7 percent chance the Fed will raise interest rates by 50 basis points in May and a 27.3 percent chance of a 25 basis point rate hike.

On the U.S. economic front, the National Association of Realtors released a report showing pending home sales unexpectedly saw further downside in the month of February.

NAR said its pending home sales index tumbled by 4.1 percent to 104.9 in February after plunging by 5.8 percent to a revised 109.4 in January. The continued decrease came as a surprise to economists, who had expected the index to rebound by 1.0 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.

Meanwhile, revised data released by the University of Michigan showed consumer sentiment in the U.S. fell by more than initially estimated in the month of March.

The report showed the consumer sentiment index for March was downwardly revised to 59.4 from the preliminary reading of 59.7. Economists had expected the index to be unrevised.

With the unexpected downward revision, the consumer sentiment was at its lowest level since hitting 55.8 in August of 2011.

The Labor Department's closely watched monthly jobs report is likely to be in the spotlight next week, while traders are also likely to keep an eye on a report on personal income and spending.

Bond trading may also be impacted by reaction to the results of the Treasury Department's auctions of two-year, five-year and seven-year notes.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191684/

Tokyo Inflation Data Due On Friday

Japan will on Friday release March figures for consumer prices in the Tokyo region, highlighting a modest day for Asia-Pacific economic activity. In February, overall inflation was up 1.0 percent on year and core CPI rose an annual 0.5 percent.

Singapore will release February numbers for industrial production, with forecasts suggesting a decline of 0.9 percent on month and an increase of 6.3 percent on year. That follows the 10.7 percent monthly drop and the 2.0 percent yearly gain in January.

Taiwan will see March results for its consumer confidence index; in February, the index score was 73.19.

China will provide final Q4 figures for current account; in the three months prior, the current account surplus was $73.6 billion.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191624/

U.S. Dollar Fluctuates But Maintains Positive Bias

The value of the U.S. dollar has fluctuated over the course of the trading on Thursday but has largely maintained a positive bias.

Currently, the U.S. dollar index is trading 98.78, up 0.16 points or 2 percent after reaching a high of 98.96.

The greenback is trading at 122.31 yen versus the 121.15 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0998 compared to yesterday's $1.1004.

The choppy trading on the day came as traders kept an eye on any developments out of Europe, where President Joe Biden is meeting with U.S. allies in Brussels.

The Biden administration has imposed additional sanctions against Russia over its invasion of Ukraine, targeting dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution.

With Europe depending heavily on Russian gas for heating and power generation, the European Union is split on whether to sanction Russia's energy sector.

In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell to their lowest level in over 50 years in the week ended March 19th.

The report showed initial jobless claims slid to 187,000, a decrease of 28,000 from the previous week's revised level of 215,000.

Economists had expected jobless claims to edge down to 212,000 from the 214,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims dropped to their lowest level since hitting 182,000 in September 1969.

Meanwhile, a separate report from the Commerce Department showed new orders for U.S. manufactured durable goods tumbled by much more than expected in the month of February amid a sharp pullback in orders for transportation equipment.

The Commerce Department said durable goods orders slumped by 2.2 percent in February after jumping by 1.6 percent in January. Economists had expected durable goods orders to dip by 0.5 percent.

Excluding the steep drop in orders for transportation equipment, durable goods orders fell by 0.6 percent in February after climbing by 0.8 percent in January. The decrease surprised economists, who had expected ex-transportation orders to rise by 0.6 percent.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191623/

The CPI and Forex: How CPI Data Affects Currency Prices

Find out how to use the Consumer Price Index to make informed trading decisions. Via DailyFX - Market News https://ift.tt/0CZBKo4

Crude Oil Pull Back Sharply After Seeing Early Strength

Crude oil prices extended yesterday's spike in early trading but showed a notable move to the downside over the course of the session.

After surging as high as $116.64 a barrel, crude oil for May delivery tumbled $2.59 or 2.3 percent to $112.34 a barrel.

The price of crude oil soared $5.66 or 5.2 percent to $114.93 a barrel on Wednesday amid reports showing an unexpected decrease in weekly U.S. crude inventories.

The pullback by oil prices came after Iran hinted that it may be close to getting a new nuclear deal with the U.S. via negotiations in Europe.

White House national security adviser Jake Sullivan said on Wednesday the United States and its allies have made progress in Iran nuclear talks, but issues remain, and it is unclear if they will be resolved.

The allies are trying to use diplomacy to put Iran's nuclear program "back in a box," Sullivan told reporters aboard Air Force One.

Traders also kept an eye on any developments out of Europe, where President Joe Biden is meeting with U.S. allies in Brussels.

The Biden administration has imposed additional sanctions against Russia over its invasion of Ukraine, targeting dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution.

With Europe depending heavily on Russian gas for heating and power generation, the European Union is split on whether to sanction Russia's energy sector.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191622/

Treasuries Climb Well Off Worst Levels But Still Close Lower

After coming under pressure early in the session, treasuries regained ground over the course of the trading day on Thursday.

Bond prices climbed well off their worst levels of the day but still closed in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2 basis points to 2.341 percent after reaching a high of 2.386 percent.

The early weakness among treasuries came following the rebound seen in the previous session, as traders looked to pick bonds at somewhat reduced levels amid the potential for an aggressive interest rate hike strategy by the Federal Reserve.

Selling pressure waned over the course of the session, however, as treasuries benefited from their appeal as a safe haven amid the ongoing war between Russia and Ukraine.

Traders kept an eye on any developments out of Europe, where President Joe Biden is meeting with U.S. allies in Brussels.

The Biden administration has imposed additional sanctions against Russia over its invasion of Ukraine, targeting dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution.

With Europe depending heavily on Russian gas for heating and power generation, the European Union is split on whether to sanction Russia's energy sector.

In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell to their lowest level in over 50 years in the week ended March 19th.

The report showed initial jobless claims slid to 187,000, a decrease of 28,000 from the previous week's revised level of 215,000.

Economists had expected jobless claims to edge down to 212,000 from the 214,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims dropped to their lowest level since hitting 182,000 in September 1969.

Meanwhile, a separate report from the Commerce Department showed new orders for U.S. manufactured durable goods tumbled by much more than expected in the month of February amid a sharp pullback in orders for transportation equipment.

The Commerce Department said durable goods orders slumped by 2.2 percent in February after jumping by 1.6 percent in January. Economists had expected durable goods orders to dip by 0.5 percent.

Excluding the steep drop in orders for transportation equipment, durable goods orders fell by 0.6 percent in February after climbing by 0.8 percent in January. The decrease surprised economists, who had expected ex-transportation orders to rise by 0.6 percent.

Reports on consumer sentiment and pending home sales may attract attention on Friday, while traders are also likely to keep an eye on comments by several Fed officials

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191621/

Gold Prices Show Another Notable Move To The Upside

Following the advance seen in the previous session, the price of gold showed another notable move to the upside during trading on Thursday.

Gold for April delivery jumped $24.90 or 1.3 percent to $1,962.20 an ounce after climbing $15.80 or 0.8 percent to $1,937.30 an ounce.

The precious metal continued to benefit from its appeal as a safe haven amid the ongoing war between Russia and Ukraine.

Traders kept an eye on any developments out of Europe, where President Joe Biden is meeting with U.S. allies in Brussels.

The Biden administration has imposed additional sanctions against Russia over its invasion of Ukraine, targeting dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution.

With Europe depending heavily on Russian gas for heating and power generation, the European Union is split on whether to sanction Russia's energy sector.

In U.S. economic news, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell to their lowest level in over 50 years in the week ended March 19th.

The report showed initial jobless claims slid to 187,000, a decrease of 28,000 from the previous week's revised level of 215,000.

Economists had expected jobless claims to edge down to 212,000 from the 214,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims dropped to their lowest level since hitting 182,000 in September 1969.

Meanwhile, a separate report from the Commerce Department showed new orders for U.S. manufactured durable goods tumbled by much more than expected in the month of February amid a sharp pullback in orders for transportation equipment.

The Commerce Department said durable goods orders slumped by 2.2 percent in February after jumping by 1.6 percent in January. Economists had expected durable goods orders to dip by 0.5 percent.

Excluding the steep drop in orders for transportation equipment, durable goods orders fell by 0.6 percent in February after climbing by 0.8 percent in January. The decrease surprised economists, who had expected ex-transportation orders to rise by 0.6 percent.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191620/

*Australia Manufacturing PMI 57.3 In March; Services PMI 57.9 - Markit

Australia Manufacturing PMI 57.3 In March; Services PMI 57.9 - Markit

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191556/

*Australia Composite PMI 57.1 In March - Markit

Australia Composite PMI 57.1 In March - Markit

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191557/

Bank Of Japan Minutes On Tap For Thursday

The Bank of Japan will on Thursday release the minutes from its monetary policy meeting on January 17 and 18, highlighting a busy day for Asia-Pacific economic activity.

At the meeting, the BoJ voted 8-1 to maintain its monetary policy stimulus unchanged at -0.1 percent on current accounts that financial institutions maintain at the central bank. It also lifted its inflation forecast for the next fiscal year, citing a rise in commodity prices.

The bank also said it will continue to purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

Japan also will see March results for the manufacturing, services and composite indexes from Jibun Bank; in February, their scores were 45.8, 52.7 and 44.2, respectively.

Australia will see March results for the manufacturing, services and composite indexes from Markit Economics; in February, their scores were 57.0, 57.4 and 56.6, respectively.

The central bank in the Philippines will wrap up its monetary policy meeting and then announce its decision on interest rates; the bank is expected to keep its benchmark lending rate unchanged at 2.00 percent.

Taiwan will release unemployment data for February; in January, the jobless rate was 3.70 percent.

Thailand will provide February data for imports, exports and trade balance. Imports are predicted to rise 19.0 percent on year, slowing from 20.5 percent in January. Exports are called higher by an annual 10.4 percent, up from 8.0 percent in the previous month. The trade deficit is pegged at $1.5 billion following the $2.5 billion shortfall a month earlier.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191555/

Nasdaq 100 Pulls Back as Investors Eye NATO Talks. Nikkei 225 May Retreat

Wall Street stocks pulled back as EU and NATO leaders are gathering to discuss further Russian sanctions, which may derail diplomatic efforts to resolve the Ukraine crisis. Japanese stocks may retr... Via DailyFX - Market News https://ift.tt/o4Ijwhn

Dollar Exhibits Mixed Trend Against Major Counterparts

The U.S. dollar stayed firm against most of its peers on Wednesday as oil prices climbed higher on concerns about supply disruptions, and on reports U.S. President Joe Biden is likely to impose fresh sanctions on Russia.

Biden is scheduled to meet NATO and EU leaders in Brussels on Thursday. According to reports, the new sanctions from the U.S. might include measures targeting Russian members of parliament.

Federal Reserve Chair Jerome Powell recently hinted at tighter monetary policy from the central bank.

"We will take the necessary steps to ensure a return to price stability," Powell said in remarks to the National Association for Business Economics on Monday. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at upcoming meetings, we will do so."

He added, "And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."

Data released by the Commerce Department today showed a continued decrease in new home sales in the month of February. The report showed new home sales slumped by 2% to an annual rate of 772,000 in February after plunging by 8.4% to a revised rate of 788,000 in January.

The continued decline surprised economists, who had expected new home sales to jump by 1.1% to a rate of 810,000 from the 801,000 originally reported for the previous month.

The dollar index climbed to 98.88 before paring some gains. Still, at 98.65, the index is up by about 0.15% from the previous close.

Against the Euro, the dollar is trading at $1.1010, firming from $1.1030.

The dollar is trading at $1.3211 against Pound Sterling, gaining from $1.3262.

Against the Japanese currency, the dollar has shed ground, fetching 121.12 yen a dollar, as against 120.80 yen on Tuesday.

Against the Aussie, the dollar is down nearly 0.5% at 0.7506.

The Swiss franc is firmer at CHF 0.9307 a dollar, gaining from CHF 0.9330, while the Loonie is trading at 1.2563 a gollar, up marginally from 1.2573.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191554/

Oil Futures Close Sharply Higher On Drop In Inventories

Crude oil futures settled at over 2-week high on Wednesday, lifted by data showing a drop in U.S. crude inventories and amid worries about supply disruptions due to the ongoing war in Ukraine.

Concerns about disruptions in crude exports from Kazakhstan's CPC terminal on Russia's Black Sea coast contributed significantly to the uptick in oil prices.

West Texas Intermediate Crude oil futures for May ended higher by $5.66 or about 5.2% at $114.93 a barrel.

Brent crude futures are up $6.22 or 5.39% at $121.72 a barrel a little while ago.

According to reports, crude oil exports from Kazakhstan's CPC terminal stopped fully on Wednesday after damage caused by a major storm and continued bad weather. The pipeline carries around 1.2 million barrels per day of the country's main crude grade, which is nearly 1.2% of global demand.

Meanwhile, U.S. President Joe Biden is very likely to announce more sanctions on Russia when he meets European leaders in Brussels tomorrow.

Data released by U.S. Energy Information Administration (EIA) this morning showed US crude stockpiles fell by 2.51 million barrels in the week ended March 18th, after seeing an increase of 4.35 million barrels in the previous week. The drop was more than 1.7 times the expected decline.

Gasoline inventories were down 2.95 million barrels last week, after having dropped by 3.62 million barrels a week earlier. Meanwhile, distillate stockpiles declined by 2.07 million barrels last week, after seeing an increase of 332,000 barrels in the prior week.

The American Petroleum Institute reported late Tuesday that U.S. crude stocks fell by 4.3 million barrels for the week ended March 18 as against analysts' expectations for an increase.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191553/

Treasuries Show Notable Move Back To The Upside

Treasuries showed a notable move to the upside during trading on Wednesday, regaining ground after moving sharply lower in recent sessions.

Bond prices showed a lack of direction in morning trading but climbed firmly into positive territory in the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.2 basis points to 2.321 percent.

The pullback on the day came after the ten-year yield ended the previous session at its highest closing level since May 2019.

Treasuries benefited from their appeal as a safe haven amid lingering concerns about the ongoing war in Ukraine and a spike by the price of crude oil.

U.S. President Joe Biden is expected to impose further sanctions on Russia during his trip to Europe this week.

Further buying interest was generated after the Treasury Department revealed this month's auction of $16 billion worth of twenty-year bonds attracted well above average demand.

The twenty-year bond auction drew a high yield of 2.651 percent and a bid-to-cover ratio of 2.72, while the ten previous twenty-year bond auctions had an average bid-to-cover ratio of 2.39.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

In U.S. economic news, the Commerce Department released a report unexpectedly showing a continued decrease in new home sales in the month of February.

The report showed new home sales slumped by 2.0 percent to an annual rate of 772,000 in February after plunging by 8.4 percent to a revised rate of 788,000 in January.

The continued decline surprised economists, who had expected new home sales to jump by 1.1 percent to a rate of 810,000 from the 801,000 originally reported for the previous month.

Trading on Thursday may be impacted by reaction to a pair of reports on durable goods orders and weekly jobless claims.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191552/

Crude Oil Price Outlook Hinges on OPEC Meeting

The price of oil may continue to retrace the decline from the yearly high ($130.50) if OPEC sticks to the current production schedule at the next Ministerial Meeting on March 31. Via DailyFX - Market News https://ift.tt/o4Ijwhn

Dow Jones Gains as Treasuries Fall, Alibaba Share Buyback Boosts Hang Seng Index

Wall Street stocks climbed on Tuesday as investors mulled a potential 50bps rate hike at the next FOMC meeting. Alibaba’s share buyback plan boosted investor confidence, sending the HSI to a three-... Via DailyFX - Market News https://ift.tt/9cMIji6

*South Korea Producer Prices +0.4% On Month, +8.4% On Year In February

South Korea Producer Prices +0.4% On Month, +8.4% On Year In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191499/

Dollar Loses Ground Against Peers

The U.S. dollar turned in a somewhat subdued performance against its counterparts on Tuesday as global equities moved higher, triggering some appetite for riskier assets.

The dollar had moved higher on Monday after Federal Reserve Chair Jerome Powell hinted at tighter monetary policy from the central bank.

"We will take the necessary steps to ensure a return to price stability," Powell said in remarks to the National Association for Business Economics on Monday. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at upcoming meetings, we will do so."

He added, "And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."

After Powell's remarks, CME Group's FedWatch Tool is currently indicating a 33.9% chance the Fed will raise rates by 25 basis points in May and a 66.1% chance of a 50 basis point rate hike.

The dollar index, which extended overnight gains and climbed to 98.97 in the Asian session today, retreated subsequently and dropped to 98.32. It is currently hovering around 98.45, down slightly from the previous close.

Against the Euro, the dollar is at $1.1031, easing from $1.1017.

The dollar is trading at $1.3257 against Pound Sterling, weakening from the previous close of $1.3169.

The dollar is gaining against the Japanese currency, fetching 120.82 yen a unit, more than 1.1% up from the previous close of 119.48 yen.

Against the Aussie, the dollar is at 0.7466 down from 0.7401.

The Swiss franc is at 0.9334 a dollar, little changed from the previous close of 0.9338.

Meanwhile, the loonie is gaining marginally at C$ 1.2576 a dollar.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191498/

USD/JPY Eyes 2016 High Amid Speculation for Larger Fed Rate Hike

USD/JPY looks poised to test the 2016 high (121.69) as the exchange rate tracks the rise in US Treasury yields. Via DailyFX - Market News https://ift.tt/9cMIji6

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Victor and Chris touch on the opportunities in trading food supply equities and commodities. Via DailyFX - Market News https://ift.tt/9cMIji6

Treasuries Extend Yesterday's Sell-Off In Reaction To Powell Comments

Following the substantial decrease seen in the previous session, treasuries saw further downside during trading on Tuesday.

Bond prices came under pressure early in the day and remained firmly negative throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 5.8 basis points to 2.373 percent.

The ten-year yield added to the 16.7 basis point spike seen on Monday, once again ending the session at its highest closing level since May 2019.

The extended decline by treasuries came as traders continued to react to comments from Federal Reserve Chair Jerome Powell, who suggested the central bank might raise interest rates more aggressively if inflation remains too high.

"We will take the necessary steps to ensure a return to price stability," Powell said in remarks to the National Association for Business Economics on Monday. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."

He added, "And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."

The comments from Powell came after the Fed raised interest rates by 25 basis points last week and signaled more rate hikes are likely in the coming months.

On the heels of Powell's remarks, CME Group's FedWatch Tool is currently indicating a 38.4 percent chance the Fed will raise rates by 25 basis points in May and a 61.6 percent chance of a 50 basis point rate hike.

Following a couple quiet days of the U.S. economic front, trading on Wednesday may be impacted by reaction to a report on new home sales.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191497/

Oil Futures Settle Lower Amid Uncertainty About EU Ban On Russian Oil

Crude oil futures ended lower on Tuesday, weighed down by reports that European Union foreign ministers are split on the issue of banning Russian oil.

"The question of an oil embargo is not a question of whether we want or don't want (it), but a question of how much we depend on oil," German Foreign Minister Annalena Baerbock told reporters.

Traders chose to book profits amid concerns over demand due to a surge in Covid-19 cases in China.

Oil was also weighed down by a steady dollar after Federal Reserve Chair Jerome Powell hinted at tighter monetary policy to rein in inflation.

West Texas Intermediate Crude oil futures for April settled lower by $0.36 or about 0.3% at $111.76 a barrel on the expiration day.

WTI Crude oil futures for May ended down by $0.70 or about 0.6% at $109.27 a barrel.

Brent crude futures were down $0.16 or 0.15% at $115.46 a barrel a little while ago.

Traders also looked ahead to weekly oil inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

While the API's report is due later today, the EIA is scheduled to release its inventory data Wednesday morning.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191496/

Crude Oil Prices Rally as EU Mulls Russian Ban, Saudi Facility Hit

WTI crude oil prices extended a four-day rally as EU countries consider banning Russian oil imports to punish Moscow for its invasion of Ukraine. An attack on Saudi Arabia’s refinery facilities boo... Via DailyFX - Market News https://ift.tt/Gmt951u

Gold May Lose its Shine as Fed Chair Powell Talks Bigger Rate Hikes Amid Crude Oil Surge

Gold rose overnight as surging oil prices helped bolster inflation expectations. However, the Fed appears increasingly likely to deliver bigger rate hikes in the near term, which may cap gold’s ups... Via DailyFX - Market News https://ift.tt/Gmt951u

Japan Leading Index Data Due On Tuesday

Japan will on Tuesday release final January figures for its leading and coincident indexes, highlighting a light day for Asia-Pacific economic activity.

In December, the leading index had a score of 104.7, while the coincident was at 92.7.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191468/

Why Most Traders Fail and How to Increase Trading Success

Big financial market volatility and growing access for the average person have made active trading very popular, but the influx of new traders has met with mixed success. Via DailyFX - Market News https://ift.tt/Gmt951u

Dollar Rises Against Peers As Powell's Comments Hint At Aggressive Rate Hikes

The U.S. dollar firmed against other major currencies on Monday, reacting to U.S. Federal Reserve Chairman Jerome Powell's comments that suggested the central bank might resort to aggressive monetary tightening this year.

"We will take the necessary steps to ensure a return to price stability," Powell said in remarks to the National Association for Business Economics. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."

He added, "And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."

The comments from Powell come after the Fed raised interest rates by 25 basis points last week and signaled more rate hikes are likely in the coming months.

Meanwhile, on the geopolitical front, Kremlin spokesman Dmitry Peskov said that there had been no significant progress yet in the talks to hold a possible meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy.

Israel's Prime Minister said that even though there had been progress in cease-fire talks between Russia and Ukraine, "very large" gaps remained between the two sides.

Ukrainian President Volodymyr Zelensky said that he is prepared for talks with his Russian counterpart Vladimir Putin, but a failure would mean the beginning of a third World War.

The dollar index climbed to 98.53, gaining about 0.3% from the previous close, after having eased to 98.16 in the Asian session.

Against the Euro, the dollar strengthened to $1.1015 from $1.1051.

The dollar is trading at $1.3157 against Pound Sterling, gaining from $1.3177 a unit of the British currency.

The Yen is weak against the dollar, easing to 119.49 a dollar, from 119.15 on Friday.

Against the Aussie, the dollar is at 0.7396, strengthening from 0.7414.

The Swiss franc is down at 0.9337 a dollar, losing ground from 0.9319. The Loonie is up marginally at C$ 1.2596 a dollar, riding on higher crude oil prices.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191467/

Dow Jones Falls on Surging Treasury Yields, Nikkei 225 May Trade Higher

The Dow Jones Industrial Average pulled back on Monday as investors weighed Powell’s hawkish comments and surge in Treasury yields. Stocks in Japan may lead the rest of APAC higher. Via DailyFX - Market News https://ift.tt/Gmt951u

Oil Futures Gain For 3rd Straight Day Amid Concerns Over Supply Disruptions

Crude oil prices rose sharply on Monday and lifted the most active crude futures contract to a two-week high, amid concerns over the ongoing war in Ukraine and on expectations the EU might impose a ban on Russian oil,

An attack on Saudi oil facilities over the weekend raised concerns about crude supplies and contributed to the surge in prices.

Saudi Arabia announced a "temporary reduction" in oil output at a facility run by energy giant Aramco on Sunday, after Yemen's Houthi rebels launched multiple cross-border attacks.

West Texas Intermediate Crude oil futures for April ended higher by $7.42 or about 7.1% at $112.12 a barrel, gaining for a third straight session, and at the highest closing level since March 8.

Brent crude futures were up $8.29 or about 7.7% at $116.22 a barrel a little while ago.

With little sign of the Russia-Ukraine conflict easing, the prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock, the International Energy Agency (IEA) said in its oil market report for March 2022 released last week.

European Union governments will consider joining the United States in a Russian oil embargo as they gather this week with U.S. President Biden for a series of summits.

The U.S. and the U.K. have already announced plans to ban Russian oil

If "negotiations" with Russian President Vladimir Putin fail then "that would mean that this is a third World War," Ukrainian President Volodymyr Zelenskyy warned as Russian forces broadened their bombardment of the besieged Ukrainian city of Mariupol.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191466/

Treasuries Close Sharply Lower Following Powell Comments

Following the rebound seen in the previous session, treasuries showed a substantial move back to the downside during trading on Monday.

Bond prices came under pressure early in the day and slid more firmly into negative territory as the session progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, spiked 16.7 basis points to 2.315 percent.

The ten-year yield more than offset the pullback seen last Friday, ending the session at its highest closing level since late May 2019.

The sharply lower close by treasuries came following comments from Federal Reserve Chair Jerome Powell, who suggested the central bank might raise interest rates more aggressively if inflation remains too high.

"We will take the necessary steps to ensure a return to price stability," Powell said in remarks to the National Association for Business Economics. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."

He added, "And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."

The comments from Powell come after the Fed raised interest rates by 25 basis points last week and signaled more rate hikes are likely in the coming months.

Traders also kept an eye on the latest developments in Ukraine, with peace talks with Russia failing to make substantial progress on key issues.

Following a quiet day on the U.S. economic front, the economic calendar remains relatively light on Tuesday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2191465/

Gold Futures Settle Slightly Higher

Gold prices edged higher on Monday, recovering from day's lows, as lingering concerns about Russia-Ukraine war contributed a bit to boost the demand for the safe-haven commodity.

A stronger dollar limited gold's gains. The dollar index climbed to 98.47, gaining about 0.25%.

Prices drifted lower earlier in the session after comments from the Federal Reserve Chairman Jerome Powell about inflation suggested the central bank might hike interest rate by more than 25 basis points at least once this year.

Gold futures for April ended higher by $0.20 at $1,929.50 an ounce.

Silver futures for May ended up by $0.226 at $25.313 an ounce, while Copper futures for May settled at $4.7105 per pound, down $0.0290 from the previous close.

"We will take the necessary steps to ensure a return to price stability," Powell said in remarks to the National Association for Business Economics. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so."

He added, "And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."

The comments from Powell come after the Fed raised interest rates by 25 basis points last week and signaled more rate hikes are likely in the coming months.

Atlanta Federal Reserve Bank President Raphael Bostic said on Monday he was open to a more aggressive policy tightening, while pencilling in six rate hikes for 2022.

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source http://www.mt5.com/forex_news/quickview/2191464/

Gold Prices Steady Amid Geopolitical Uncertainties, ETF Inflow Accelerates

Gold prices rebounded mildly after falling 3.4% last week as investors weighed lingering geopolitical risks from the Ukraine war. Gold ETFs saw large net inflows over the past few weeks. Via DailyFX - Market News https://ift.tt/kpbnFoc

Australian Dollar Soars as Risk Appetite Boosts Markets. Will AUD/USD Go Higher?

The Australian Dollar has strengthened on improving risk sentiment and commodity markets recover. Can AUD/USD break new ground? Via DailyFX - Market News https://ift.tt/kpbnFoc

4 Effective Trading Indicators Every Trader Should Know

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New Zealand Has NZ$385 Million Trade Shortfall In February

Japan posted a seasonally adjusted merchandise trade deficit of NZ$385 million in February, Statistics New Zealand said on Monday.

That follows the downwardly revised NZ$1,126 million deficit in January (originally a trade deficit of NZ$1.082 billion).

Exports were worth NZ$5.49 billion last month, up from the downwardly revised NZ$4.8 billion a month earlier (originally NZ$4.86 billion).

Imports were at NZ$5.88 billion, down from the downwardly revised NZ$5.92 billion in the previous month (originally NZ$5.94 billion).

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source http://www.mt5.com/forex_news/quickview/2191435/

*New Zealand Imports NZ$5.88 Billion, Exports NZ$5.49 Billion In February

New Zealand Imports NZ$5.88 Billion, Exports NZ$5.49 Billion In February

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source http://www.mt5.com/forex_news/quickview/2191434/

*New Zealand Trade Deficit NZ$385 Million In February

New Zealand Trade Deficit NZ$385 Million In February

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source http://www.mt5.com/forex_news/quickview/2191433/

New Zealand Trade Data Due On Monday

New Zealand will on Monday release February data for imports, exports and trade balance, headlining a modest day for Asia-Pacific economic activity. In January, imports were worth NZ$5.94 billion and exports were worth NZ$4.86 billion for a trade deficit of NZ$1.082 billion.

New Zealand also will see February figures for credit card spending; in January, card spending was up 5.5 percent on year.

Taiwan will release February figures for export orders, with forecasts suggesting an increase of 12.75 percent - up from 11.7 percent in January.

Hong Kong will provide Q4 numbers for current account and February figures for consumer prices. In the third quarter, the current account surplus was HKD96.7 billion, while inflation was up 0.1 percent on month and 1,2 percent on year in January.

Finally, the markets in Japan are closed on Monday for the Vernal Equinox and will re-open on Tuesday.

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source http://www.mt5.com/forex_news/quickview/2191432/

Nasdaq 100 Rally Sets a Positive Tone for APAC Stocks. The HSI May Rise.

Wall Street equities closed broadly higher on Friday amid a rally in tech shares. The Hang Seng Index may extend higher as Chinese ADRs soared during the US trading session. APAC stocks look set to... Via DailyFX - Market News https://ift.tt/kpbnFoc

Markets Week Ahead: Nasdaq 100, Hang Seng Index, US Dollar, British Pound, Powell, UK CPI

Global market sentiment strongly recovered this past week, with some of the strongest gains seen in the tech-heavy Nasdaq 100 and the Hang Seng Index. Ahead, the US Dollar will be eyeing Chair Jero...

Markets Week Ahead: Nasdaq 100, Hang Seng Index, US Dollar, British Pound, Powell, UK CPI

Global market sentiment strongly recovered this past week, with some of the strongest gains seen in the tech-heavy Nasdaq 100 and the Hang Seng Index. Ahead, the US Dollar will be eyeing Chair Jero... Via DailyFX - Market News https://ift.tt/kpbnFoc

S&P 500 Forecast: Post-Fed Rally Leads to Break of Monthly Opening Range

The improvement in risk appetite may keep the S&P 500 index afloat over the coming days as the Federal Reserve appears to be in no rush to winddown its balance sheet.

S&P 500 Forecast: Post-Fed Rally Leads to Break of Monthly Opening Range

The improvement in risk appetite may keep the S&P 500 index afloat over the coming days as the Federal Reserve appears to be in no rush to winddown its balance sheet. Via DailyFX - Market News https://ift.tt/X4H2klY

Crude Oil Forecast: Headlines Hit Prices but Oil is Structurally Underpinned For Now

Crude oil recovered ground going into the weekend as supply concerns re-emerge and the war goes on. Have markets seen a base for WTI?

Crude Oil Forecast: Headlines Hit Prices but Oil is Structurally Underpinned For Now

Crude oil recovered ground going into the weekend as supply concerns re-emerge and the war goes on. Have markets seen a base for WTI? Via DailyFX - Market News https://ift.tt/X4H2klY

US Dollar Outlook – Dancing to The Fed’s New Soundtrack

The era of cheap money in the US is over after the Fed kickstarted its widely anticipated monetary tightening program by raising interest rates by 25bps this week. And there's a lot more to come.

US Dollar Outlook – Dancing to The Fed’s New Soundtrack

The era of cheap money in the US is over after the Fed kickstarted its widely anticipated monetary tightening program by raising interest rates by 25bps this week. And there's a lot more to come. Via DailyFX - Market News https://ift.tt/X4H2klY

Dollar Exhibits Mixed Trend Against Major Peers

The U.S. dollar is turning in a mixed performance on Friday with traders weighing the recent monetary policy announcements from the Federal Reserve and the Bank of England.

Traders also digested the most recent economic data and continuing to react to the developments on the geopolitical front.

The dollar index climbed to 98.62 but retreated gradually to 98.21. Still, it remains firmly up above the flat line, gaining about 0.25%.

Against the Euro, the dollar is trading at $1.1051, firming from $1.1094.

The dollar is trading at $1.3180 against Pound Sterling, weakening from $1.3148.

Against the Japanese currency, the dollar is firm, fetching 119.13 yen per unit, compared to 118.60 yen on Thursday.

Against the Aussie, the dollar is at 0.7413, down from 0.7375.

The Swiss franc is firmer at 0.9322 against the dollar, while the Loonie is stronger at 1.2594 a dollar.

In U.S. economic news, a report released by the National Association of Realtors showed existing home sales plunged by 7.2% to an annual rate of 6.02 million in February after surging by 6.6% to a revised rate of 6.49 million in January.

Economists had expected existing home sales to tumble by 6.2% to a rate of 6.10 million from the 6.50 million originally reported for the previous month.

The steeper than expected pullback came after existing home sales reached their highest annual rate in a year in January.

A separate report from the Conference Board showed its U.S. leading economic index rose by slightly more than expected in the month of February. The Conference Board said its leading economic index increased by 0.3 percent in February after falling by a revised 0.5 percent in January.

Economists had expected the leading economic index to edge up by 0.2% compared to the 0.3% drop originally reported for the previous month.

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source http://www.mt5.com/forex_news/quickview/2191431/

Oil Futures Settle Higher For The Day, But Post Weekly Loss

Crude oil futures settled sharply higher on Friday, but still posted a weekly loss due to concerns about outlook for energy demand, and recent data showing a jump in crude inventories in the U.S.

Oil prices moved up today as ceasefire talks between Ukraine and Russia failed to yield a breakthrough.

The White House reportedly warned Beijing that providing military or economic assistance for Russia's invasion of Ukraine will trigger severe consequences from Washington and beyond.

Later, U.S. President Joe Biden spoke to Chinese President Xi Jinping for nearly two hours on Friday morning to discuss the Russian invasion of Ukraine.

It is not known as yet whether Biden has convinced China to turn down Russian requests for military and economic aid.

West Texas Intermediate Crude oil futures for April ended higher by $1.72 or about 1.7% at $104.70 a barrel. WTI crude oil futures shed more than 3% in the week.

Brent crude futures were up $1.08 or 1.01% at $107.72 a little while ago.

Data released by U.S. Energy Information Administration (EIA) earlier this week showed crude oil inventories in the U.S. rose by 4.345 million barrels last week, as against expectations for a draw of 1.375 million barrels.

A downward revision in oil demand forecast by the International Energy Agency (IEA) weighed as well on oil prices. The IEA lowered its forecast for world oil demand for the second to fourth quarters of 2022 by 1.3 million bpd noting rising commodity prices and sanctions on Russia "are expected to appreciably depress global economic growth" and impact inflation.

According to a report from Baker Hughes, U.S. energy firms this week reduced the number of oil rigs even as crude prices continued to trade over $100 a barrel after Russia's invasion of Ukraine stoked global energy supply concerns.

Oil rig count dropped by 3 this week, the second decline in three weeks. Despite the decline in oil rigs, the total rig count remained unchanged because drillers added some natural gas and other rigs this week.

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source http://www.mt5.com/forex_news/quickview/2191430/

Treasuries Sustain Early Move To The Upside

After ending the previous session roughly flat, treasuries showed a notable move to the upside during trading on Friday.

Bond prices moved higher early in the trading day and remained firmly positive throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 4.4 basis points to 2.148 percent.

With the decrease on the day, the ten-year yield gave back ground after inching up to its highest closing level in well over two years on Thursday.

Bargain hunting may have contributed to the rebound by treasuries, with traders picking up bonds at reduced levels following recent weakness.

Traders also kept an eye on the latest developments in the Russia-Ukraine war, as ongoing peace talks have thus far failed to yield a breakthrough.

President Joe Biden spoke with Chinese President Xi Jinping about the conflict this morning, with the White House saying Biden described the implications and consequences if China provides material support to Russia.

In U.S. economic news, the National Association of Realtors released a report showing a sharp pullback in U.S. existing home sales in the month of February.

NAR said existing home sales plunged by 7.2 percent to an annual rate of 6.02 million in February after surging by 6.6 percent to a revised rate of 6.49 million in January.

Economists had expected existing home sales to tumble by 6.2 percent to a rate of 6.10 million from the 6.50 million originally reported for the previous month.

The steeper than expected pullback came after existing home sales reached their highest annual rate in a year in January.

A separate report from the Conference Board showed its U.S. leading economic index rose by slightly more than expected in the month of February.

The Conference Board said its leading economic index increased by 0.3 percent in February after falling by a revised 0.5 percent in January.

Economists had expected the leading economic index to edge up by 0.2 percent compared to the 0.3 percent drop originally reported for the previous month.

Reports on new home sales, durable goods orders, and pending home sales may attract attention next week, while traders are also likely to keep an eye on the latest developments overseas.

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source http://www.mt5.com/forex_news/quickview/2191429/

Australian Dollar Boosted by Strong Jobs Report, China Pledge to Support Economy

The Australian Dollar rebounded sharply last week after Chinese authorities’ pledge to support the economy boosted market sentiment. A robust Australian jobs report also lifted the commodity currency.

Australian Dollar Boosted by Strong Jobs Report, China Pledge to Support Economy

The Australian Dollar rebounded sharply last week after Chinese authorities’ pledge to support the economy boosted market sentiment. A robust Australian jobs report also lifted the commodity currency. Via DailyFX - Market News https://ift.tt/Oeic9bf

Crude Oil Prices on the Rise as Weekend Nears, Here are Key Levels to Watch Next

WTI crude oil prices are on the rise heading into the weekend, will more gains follow? Even though prices cleared a key falling trendline, keep a close eye on retail trader short exposure. Via DailyFX - Market News https://ift.tt/Oeic9bf

Japan Rate Decision Due On Friday

The Bank of Japan will wrap up its monetary policy meeting on Friday and then its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The BoJ is widely expected to keep its benchmark lending rate unchanged at -0.1 percent.

Japan also will see January results for its tertiary industry index and February figures for consumer prices. In December, the tertiary industry index was up 0.4 percent on month. In January, overall inflation was up 0.1 percent on month and 0.5 percent on year, while core CPI rose 0.2 percent on year.

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source http://www.mt5.com/forex_news/quickview/2191387/

Dollar Loses Ground Against Major Rivals

The U.S. dollar drifted lower and touched it lowest level in a week on Thursday with investors weighing the Federal Reserve's latest monetary policy announcement.

The central bank hiked its benchmark interest rate by 25 basis points on Wednesday, but then the market had already factored in such a move, and a section traders of them expected a bigger increase in rates.

In U.S. economic news, data from the Labor Department showed initial jobless claims dipped to 214,000 in the week ended March 12th, a decrease of 15,000 from the previous week's revised level of 229,000.

Economists had expected jobless claims to edge down to 220,000 from the 227,000 originally reported for the previous week.

A report from the Commerce Department showed housing starts rebounded by much more than expected in the month of February, spiking by 6.8% to an annual rate of 1.769 million, after plunging by 5.5% to a revised rate of 1.657 million in January.

Meanwhile, the report showed building permits slumped by 1.9% to an annual rate of 1.859 million in February after rising by 0.5% to a revised rate of 1.895 million in January.

The Fed also released a report showing industrial production in the U.S. increased in line with economist estimates in the month of February.

The dollar index dropped to 97.73 before recovering to 98.00, but still remains well below the unchanged line, losing about 0.63%.

Against the Euro, the dollar has weakened to $1.1096 from $1.1035. Eurozone inflation rose more than initially estimated in February, final data from Eurostat showed on Thursday. Inflation advanced to a fresh record high 5.9% in February from 5.1% in January. The rate was revised up from 5.8%.

The dollar is trading at $1.3151 against Pound Sterling, down slightly from the previous close of $1.3149. The Bank of England today raised its key rate for the third straight meeting as inflation outlook worsened after the Russian invasion of Ukraine. Policymakers led by Governor Andrew Bailey decided to increase the key interest by 25 basis points to 0.75%.

Against the Japanese currency, the dollar is slightly weak, fetching 118.67 yen a unit, as against 118.75 yen on Wednesday.

Against the Aussie, the dollar is trading at 0.7379, weakening from 0.7289.

The Swiss franc has firmed to 0.9373 a dollar, gaining from 0.9408. Switzerland's exports grew for a second straight month and at a faster pace of 8.1% in February, while imports declined, data from the Federal Customs Administration showed on Thursday. Exports were up 2% in January.

Imports decreased 0.9% monthly in February, after a 0.4% increase in the previous month.

The Loonie is gaining about 0.5% against the dollar, having firmed to C$1.2616 from C$1.2679.

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source http://www.mt5.com/forex_news/quickview/2191386/

Nasdaq 100 Rally May Inspire Nikkei 225, APAC Stocks to Trade Higher

Wall Street stocks extended higher as the FOMC meeting and a de-escalation of Russia-Ukraine tensions boosted market confidence. Stocks in Hong Kong may face a technical pullback after surging 16% ... Via DailyFX - Market News https://ift.tt/Oeic9bf

Treasuries Close Roughly Flat After Seeing Early Strength

After moving to the upside early in the session, treasuries gave back ground over the course of the trading day on Thursday.

Bond prices pulled back well off their early highs, ending the session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 2.192 percent.

With the uptick on the day, the ten-year yield closed higher for the eighth time in nine sessions, once again reaching its highest closing level since late May 2019.

Treasuries initially benefited from bargain hunting following the downward trend seen over the past several sessions.

Buying interest waned over the course of the session, however, with a continued rebound on Wall Street reducing the appeal of bonds.

Traders also continued to digest the Federal Reserve's decision to raise interest rates for the first time since December 2018 on Wednesday.

The Fed raised rates by 25 basis points to 0.25 to 0.5 percent and signaled several more rate hikes are likely over the coming months.

On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended March 12th.

The Labor Department said initial jobless claims dipped to 214,000, a decrease of 15,000 from the previous week's revised level of 229,000.

Economists had expected jobless claims to edge down to 220,000 from the 227,000 originally reported for the previous week.

A separate report from the Commerce Department showed housing starts rebounded by much more than expected in the month of February.

The report showed housing starts spiked by 6.8 percent to an annual rate of 1.769 million in February after plunging by 5.5 percent to a revised rate of 1.657 million in January.

Economists had expected housing starts to jump by 3.2 percent to a rate of 1.690 million from the 1.638 million originally reported for the previous month.

With the much bigger than expected increase, housing starts reached their highest annual rate since hitting 1.802 million in June of 2006.

Meanwhile, the report showed building permits slumped by 1.9 percent to an annual rate of 1.859 million in February after rising by 0.5 percent to a revised rate of 1.895 million in January.

Building permits, an indicator of future housing demand, had been expected to tumble by 2.6 percent to a rate of 1.850 million from the 1.899 million originally reported for the previous month.

The Fed also released a report showing industrial production in the U.S. increased in line with economist estimates in the month of February.

Reports on existing home sales and leading economic indicators may attract attention on Friday, while traders also likely to keep an eye on the latest developments in the Russia-Ukraine conflict.

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source http://www.mt5.com/forex_news/quickview/2191385/

Oil Futures Rebound, Settle Nearly 8.5% Up

Crude oil prices climbed higher on Thursday after a report from the International Energy Agency (IEA) about possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country.

Slightly fading hopes about a ceasefire deal between Russia and Ukraine contributed as well to oil's uptick.

West Texas Intermediate Crude oil futures for April ended higher by $7.94 or about 8.4% at $102.98 a barrel.

Brent crude futures were up $9.46 or 9.7% at $107.44 a barrel a little while ago.

IEA warned that the implications of a potential loss of Russian oil exports to global markets cannot be understated. The agency's report said about 3 million barrels per day of Russian oil and products could be shut in from next month.

The IEA has acknowledged that Russia's invasion of Ukraine has brought energy security back to the forefront of political agendas. Citing the marked impact on inflation and economic growth that a sustained surge in oil and commodity prices could have, IEA has also lowered its expectations for GDP as well as oil demand.

Oil prices had tumbled on Wednesday after data from Energy Information Administration showed U.S. crude inventories dropped by 4.3 million barrels last week as against expectations for a 1.4 million barrel decline.

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source http://www.mt5.com/forex_news/quickview/2191384/

*New Zealand GDP +3.0% On Quarter, +3.1% On Year In Q4

New Zealand GDP +3.0% On Quarter, +3.1% On Year In Q4

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source http://www.mt5.com/forex_news/quickview/2191311/

Australian Dollar Boosted by Robust Jobs Data. Will AUD/USD Test Higher?

The Australian Dollar has continued higher after strong employment numbers showed a healthy jobs market. Where to forAUD/USD? Via DailyFX - Market News https://ift.tt/LVo2mBs

Australia Unemployment Data Due On Thursday

Australia will on Thursday release February figures for unemployment, highlighting a busy day for Asia-Pacific economic activity. The jobless rate is expected to ease to 4.1 percent from 4.2 percent in January, with the addition of 37,000 jobs following the gain of 12,900 a month earlier.

New Zealand will provide Q4 figures for gross domestic product, with forecasts suggesting an increase of 3.2 percent on quarter and 3.3 percent on year. That follows the 3.7 percent quarterly contraction and the 0.3 percent annual drop in the previous three months.

Japan will see January numbers for core machine orders, with forecasts calling for a decline of 2.2 percent on month and an increase of 8.1 percent on year. That follows the 3.6 percent monthly increase and the 5.1 percent annual gain in December.

Singapore will release February data for non-oil domestic exports, with expectations for a decline of 0.3 percent on month and an increase of 15.7 percent on year. That follows the 5.0 percent monthly increase and the 17.6 percent annual gain in January.

The Hong Kong Monetary Authority will wrap up its discussion on monetary policy and then announce its decision on interest rates; the benchmark currently sits at 0.86 percent. Hong Kong will also see February jobless date; in January, the unemployment rate was 3.9 percent.

The central bank in Indonesia will conclude its monetary policy meeting and then announce its decision on interest rates. The bank is expected to maintain the status quo for its benchmark lending rate (3.50 percent), deposit facility rate (2.75 percent) and lending facility rate (4.25 percent).

The de facto central bank in Taiwan will wrap up its monetary policy meeting and announce its decision on interest rates, with forecasts suggesting no move on its benchmark at 1.125 percent.

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source http://www.mt5.com/forex_news/quickview/2191310/

Dollar Climbs Off Lower Levels After Fed Statement, But Retreats Soon

After drifting lower against most of its major counterparts in the Asian and European session, the U.S. dollar gained some strength Wednesday afternoon after the Fed hiked interest rates and signaled a series of hikes this year.

However, the greenback, which rose to 99.08, failed to sustain at higher levels and dropped to 98.32, falling nearly 0.8% from the previous close.

The Fed bank announced its widely expected decision to raise interest rates for the first time since December of 2018. The central bank said it has decided to raise the target range for the federal funds rate by 25 basis points to 0.25 to 0.5%.

The central bank also predicted ongoing rate hikes will be appropriate, with the Fed's latest projections pointing to an interest rate of 1.9% by the end of the year.

Additionally, the Fed said it expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.

In other economic news, data from the Commerce Department showed retail sales in the U.S. rose by 0.3% in February after soaring by an upwardly revised 4.9% in January. Economists had expected retail sales to increase by 0.4% compared to the 3.8% spike originally reported for the previous month.

A report from the Labor Department showed import prices jumped by 1.4% in February after surging by a downwardly revised 1.9% in January. Economists had expected import prices to shoot up by 1.5% compared to the 2% spike originally reported for the previous month.

Against the Euro, the dollar firmed marginally to $1.0949 before turning weak again. It is currently hovering around $1.1040, down sharply from the previous close of $1.0957.

The dollar is trading at $1.3145 against Pound Sterling, weakening from $1.3041.

The dollar fetching 118.64 yen a unit, about 0.3% more than the previous close of 118.30 yen.

Against the Aussie, the dollar is trading at 0.7288, down sharply from 0.7196 Tuesday evening.

The Swiss franc is at 0.9404 a dollar, up marginally from 0.9414. The loonie has firmed to 1.2692 against the dollar, after having dropped to 1.2777 a few minutes after the Fed announced its rate decision.

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source http://www.mt5.com/forex_news/quickview/2191309/

Nasdaq 100 Soars as FOMC Signals Strong Economy. Hang Seng Index Sees “Policy Bottom”

Wall Street stocks extended higher for a second day as the Fed raised interest rate by 25bps and signaled that the US economy is strong enough to withstand tightening. Hong Kong stocks rallied the ... Via DailyFX - Market News https://ift.tt/9rhUE2L

Treasuries Climb Off Worst Levels But Still Close Lower After Rate Hike

Treasuries initially came under pressure in reaction to the Federal Reserve's monetary policy announcement but regained some ground going into the close.

While bond prices climbed well off their worst levels, they still closed lower. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.8 basis points to 2.188 percent after reaching a high of 2.246 percent.

The ten-year yield extended the notable upward move seen over the past several sessions, ending the day at its highest closing level since late May of 2019.

The lower close by treasuries came after the Fed announced its widely expected decision to raise interest rates for the first time since December of 2018 in an effort to combat inflation at 40-year highs.

The Fed said it has decided to raise the target range for the federal funds rate by 25 basis points to 0.25 to 0.5 percent.

The central bank also predicted ongoing rate hikes will be appropriate, with the Fed's latest projections pointing to an interest rate of 1.9 percent by the end of the year.

Additionally, the Fed said it expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.

"With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong," the Fed said.

The decision to raise rates by 25 basis points was nearly unanimous, although St. Louis Fed President James Bullard preferred a 50 basis point increase.

The rate hike came even as the Fed acknowledged Russia's invasion of Ukraine is "causing tremendous human and economic hardship."

The Fed announcement largely overshadowed the day's economic data, including a Commerce Department report showing a modest increase in retail sales in the month of February.

The Commerce Department said retail sales rose by 0.3 percent in February after soaring by an upwardly revised 4.9 percent in January.

Economists had expected retail sales to increase by 0.4 percent compared to the 3.8 percent spike originally reported for the previous month.

Excluding sales by motor vehicle and parts dealers, retail sales edged up by 0.2 percent in February after surging by 4.4 percent in January. Ex-auto sales were expected to advance by 0.9 percent.

While the interest rate hike may continue to impact trading on Thursday, traders are also likely to keep an eye on reports on initial jobless claims, housing starts and industrial production.

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source http://www.mt5.com/forex_news/quickview/2191308/