Forex signals news and analysis, fundamental stock market breakdown including geopolitical analysis and in depth discussion. Up to date live news feed from around the world, stock market specific.
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Sunday, 30 April 2023
Markets Week Ahead: Fed, ECB, RBA, S&P 500, Gold, US Dollar
US Dollar’s Direction Hinges on Fed’s Policy Outlook, US Labor Market Data
Crude Oil Weekly Forecast: OPEC+ Production Gains Wiped Out Ahead of Pivotal Week for Oil Prices
Saturday, 29 April 2023
British Pound Week Ahead: GBP/USD and EUR/GBP Will Dance to Different Music
Gold Price Forecast: XAU/USD Range Holds Ahead of Huge Event Risk
EUR/USD Preps for Data Heavy Week with ECB & Fed in Focus
Dollar Rises Against Some Major Rivals On Rate Hike Bets
The U.S. dollar remained fairly steady and scored gains against some of its major counterparts on Friday amid bets the Federal Reserve will raise interest rate next week.
The Commerce Department released a report showing the annual rate of consumer price growth slowed to 4.2% in March from a revised 5.1% in February.
Economists had expected the rate of growth to slow to 4.6% from the 5% originally reported for the previous month.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slipped to 4.6% in March from a revised 4.7% in February.
Economists had expected the rate of growth to slow to 4.5% from the 4.6% originally reported for the previous month.
Despite the slowdown, FHN Financial Chief Economist Chris Low noted, "Prices are still rising faster than the Fed is comfortable with."
"The FOMC will hike another quarter-point next Wednesday, and may indicate further hikes remain a possibility," Low said.
Ahead of the meeting, CME Group's FedWatch Tool is indicating an 85.7% chance the Fed will raise rates by another 25 basis points.
The dollar index, which climbed to 102.17 dropped to around 101.50 subsequently, but recovered to 101.67 later, gaining about 0.16%.
Against the Euro, the dollar firmed to 1.1018 after weakening to 1.1047. Against Pound Sterling, the dollar weakened to 1.2566.
The dollar strengthened against the Japanese currency, fetching 136.31 yen a unit.
The dollar firmed to 0.6615 against the Aussie, and settled at CHF 0.8944 against Swiss franc. Against the Loonie, the dollar eased to C$1.3548 as crude oil prices rose sharply.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211233/
Treasuries Regain Ground Following Inflation Data
After moving notably lower over the two previous sessions, treasuries showed a strong move back to the upside during trading on Friday.
Bond prices surged early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 7.6 basis points to 3.452 percent.
The rebound by treasuries came after the Commerce Department released a report that included readings on consumer price inflation that are said to be preferred by the Fed.
The report said the annual rate of consumer price growth slowed to 4.2 percent in March from a revised 5.1 percent in February.
Economists had expected the rate of growth to slow to 4.6 percent from the 5.0 percent originally reported for the previous month.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slipped to 4.6 percent in March from a revised 4.7 percent in February.
Economists had expected the rate of growth to slow to 4.5 percent from the 4.6 percent originally reported for the previous month.
Despite the slowdown, FHN Financial Chief Economist Chris Low noted, "Prices are still rising faster than the Fed is comfortable with."
"The FOMC will hike another quarter-point next Wednesday, and may indicate further hikes remain a possibility," Low said.
Next week's trading is likely to driven by reaction to the Fed's monetary policy announcement on Wednesday.
Ahead of the meeting, CME Group's FedWatch Tool is indicating an 85.7 percent chance the Fed will raise rates by another 25 basis points.
The monthly jobs report is also likely to attract attention along with reports on manufacturing and service sector activity.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211231/
Friday, 28 April 2023
Japan Industrial Output Climbs 0.8% In March
Industrial output in Japan rose 0.8 percent on month in March, the Ministry of Economy, Trade and Industry said on Friday.
That topped forecasts for an increase of 0.5 percent following the 4,6 percent spike in February.
On a yearly basis, industrial output sank 0.7 percent - roughly in line with expectations after shedding 0.5 percent in the previous month.
Upon the release of the data, the METI upgraded its assessment of industrial production, saying that it is showing signs of increasing at a moderate pace.
Industries that support production included motor vehicles, production machinery and chemicals. These were offset by declines among electronic parts and devices, business-oriented machinery and inorganic chemicals.
Shipments were up 0.4 percent on month and down 0.2 percent on year in March, while inventories added 0.6 percent on month and 3.2 percent on year. The inventory ratio was up 2.1 percent on month and 7.9 percent on year.
According to the METI's forecast of industrial production, output is expected to rise 4.1 percent on month in April and fall 2.0 percent in May.
Also on Friday: . The Ministry of Economy, Trade and Industry said that the total value of retail sales in Japan was up 7.2 percent on year in March- coming in at 14.567 trillion yen. That exceeded expectations for an increase of 5.8 percent following the 7.3 percent gain in February.
On a seasonally adjusted monthly basis, retail sales added 0.6 percent - slowing from 2.1 percent in the previous month.
For the first quarter of 2023, retail sales gained 2.6 percent on quarter and 6.5 percent on year at 39.781 trillion yen. . The Ministry of Internal Affairs and Communications said that the jobless rate in Japan came in at a seasonally adjusted 2.8 percent in March. That was well above forecasts for an increase of 2.5 percent and up from 2.6 percent in February.
The jobs-to-applicant ratio came in at 1.32, missing expectations for 1.34, which would have been unchanged from the previous month.
The participation rate was 62.6 percent, beating forecasts for 62.4 percent and up from 62.1 percent a month earlier. . The Ministry of Internal Affairs and Communications said that overall consumer prices in the Tokyo region of Japan were up 3.5 percent on year in April. That exceeded expectations for an increase of 3.1 percent and was up from 3.3 percent in March.
Core CPI, which excludes the volatile prices of food, also rose an annual 3.5 percent. That topped forecasts for an increase of 3.2 percent, which would have been unchanged from the previous month.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211104/
Japan Unemployment Rate Jumps To 2.8% In March
The jobless rate in Japan came in at a seasonally adjusted 2.8 percent in March, the Ministry of Internal Affairs and Communications said on Friday.
That was well above forecasts for an increase of 2.5 percent and up from 2.6 percent in February.
The jobs-to-applicant ratio came in at 1.32, missing expectations for 1.34, which would have been unchanged from the previous month.
The participation rate was 62.6 percent, beating forecasts for 62.4 percent and up from 62.1 percent a month earlier.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211098/
Japanese Yen Drops as BOJ Keeps Policy Settings Unchanged: Where to for USD/JPY?
*South Korea Retail Sales +0.4% On Month In March
South Korea Retail Sales +0.4% On Month In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211094/
Japan Interest Rate Decision Due On Friday
The Bank of Japan will wrap up its monetary policy meeting on Friday and then announce its decision on interest rates, highlighting a busy day for Asia-Pacific economic activity. The BoJ is expected to keep its benchmark lending rate unchanged at -0.10 percent.
Japan also will release March numbers for unemployment, industrial production, retail sales, construction orders and housing starts, as well as April figures for Tokyo-area consumer prices.
The jobless rate is expected to ease to 2.5 percent from 2.6 percent in February, with the jobs-to-applicant ratio seen steady at 1.34. Industrial output is tipped to add 0.5 percent on month, slowing from 4.6 percent in February.
Retail sales are seen higher by an annual 5.8 percent, down from 7.3 percent in the previous month. Construction orders are expected to climb 10 percent on year, easing from 22.3 percent a month earlier.
Housing starts are expected to drop 4.3 percent on year after slipping 0.3 percent in February. Tokyo inflation is tipped to rise 3.1 percent on year, easing from 3.3 percent - while core CPI is seen unchanged at an annual 3.2 percent.
Australia will see March numbers for private sector credit and Q1 data for producer prices. Credit is seen unchanged, higher by 0.3 percent on month. Producer prices are expected to add 0.8 percent on quarter and 5.0 percent on year after rising 0.7 percent on quarter and 5.8 percent on year in the three months prior.
South Korea will provide March data for industrial production and retail sales. Production is tipped to fall 0.8 percent on month and 2.7 percent on year after shedding 3.2 percent on month and 8.1 percent on year in February. Sales are expected to add 0.6 percent on month, moderating from 5.3 percent in the previous month.
Singapore will see March figures for bank lending and unemployment. Lending is expected to be worth SGD800 billion, down from SGD803.8 billion in February. The jobless rate is expected to tick up to 2.2 percent from 2.0 percent a month earlier.
Taiwan will release Q1 data for gross domestic product, with forecasts suggesting a contraction of 1.25 percent following the 0.41 percent decline in the previous three months.
Thailand will provide March numbers for imports, exports, trade balance, current account and industrial production. In February, imports were up 1.8 percent on year and exports fell 4.1 percent for a trade surplus of $1.30 billion. The current account surplus also was $1.30 billion and industrial production fell an annual 2.71 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211093/
Dollar Turns In Mixed Performance Against Major Counterparts
The U.S. dollar turned in a mixed performance against its major counterparts on Thursday with traders digesting the GDP data and a report on U.S. jobless claims.
Data released by the Commerce Department showed real gross domestic product increased by 1.1% in the first quarter after jumping by 2.6% in the fourth quarter of 2022. Economists had expected the pace of GDP growth to slow to 2%.
The Commerce Department said the slowdown in GDP growth primarily reflected a downturn in private inventory investment and a slowdown in non-residential fixed investment.
A separate report from the Labor Department showed first-time claims for U.S. unemployment benefits unexpectedly declined in the week ended April 22nd, dipping to 230,000, a decrease of 16,000 from the previous week's revised level of 246,000.
Economists had expected jobless claims to inch up to 248,000 from the 245,000 originally reported for the previous week.
Traders now await the Fed's preferred inflation gauge on Friday for hints on when the Federal Reserve might consider pausing interest rate rises.
The dollar index, which climbed to 101.80, dropped to 101.49.
Against the Euro, the dollar firmed to 1.1031, gaining marginally, and against Pound Sterling, it is trading at 1.2499, down 0.25% from the previous close.
Against the Japanese currency, the dollar strengthened to 133.99 yen from 133.67 yen.
The dollar is weak at 0.6630 against the Aussie. Against Swiss franc, the dollar firmed to fetch CHF 0.8945 a unit, and eased to C$1.3593 from C$1.3637.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211092/
Thursday, 27 April 2023
*Euro Rises To 8-day High Of 0.9848 Against Swiss Franc
Euro Rises To 8-day High Of 0.9848 Against Swiss Franc
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2211001/
Euro Latest: EUR/USD Stuck in a Holding Pattern Ahead of High Impact Data Releases
Gold Consolidates as US Dollar Takes A Breather Ahead of Key Data. Where to for XAU/USD?
Crude Oil Sinks as Sentiment Waivers in the Face of Supportive Data. Lower WTI?
Dollar Drifts Lower Against Major Rivals
The U.S. dollar turned in a weak performance against its major counterparts on Wednesday as risk sentiment improved somewhat thanks to stronger than expected quarterly earnings from Alphabet and Microsoft.
In economic news, data from the Commerce Department showed a bigger than expected increase in U.S. durable goods orders in the month of March.
The data said durable goods orders increased by 3.2% in March after tumbling by a revised 1.2% in February. Economists had expected durable goods orders to climb by 0.8% compared to the 1% slump that had been reported for the previous month.
The dollar index, which dropped to 101.01, recovered to 101.50 and remained sticky around that level as the session progressed.
Against the Euro, the dollar weakened to 1.1040 from 1.0977, and against Pound Sterling, it dropped nearly 0.5% from 1.2409 to 1.2464.
Against the Japanese currency, the dollar is little changed at 133.67 yen. The Aussie is stronger at 0.6600, while Swiss franc is slightly firm at 0.8913 a dollar. The Loonie is slightly weak against the dollar at 1.3642.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210999/
Gold Futures Settle Lower
Gold prices drifted lower on Wednesday despite lingering worries about economic growth and some disappointing quarterly earnings from top U.S. companies.
The dollar's weakness limited gold's downside. The dollar index, which dropped to 101.01, recovered to 101.47, but still remains notably down from the previous close of 101.86.
Gold futures for June ended lower by $8.50 or about 0.4% at $1,996.00 an ounce.
Silver futures for May edged lower by $0.006 to settle at $24.876 an ounce, while Copper futures for May settled at $3.8535 per pound, up $0.0055 from the previous close.
In U.S. economic news, the Commerce Department released a report showing new orders for U.S. manufactured durable goods surged by much more than expected in March amid a substantial rebound in orders for transportation equipment.
The report said durable goods orders spiked by 3.2% in March after tumbling by a revised 1.2% in February.
Economists had expected durable goods orders to climb by 0.8% compared to the 1% slump that had been reported for the previous month.
Excluding the jump in orders for transportation equipment, durable goods orders rose by 0.3% in March after falling by 0.3% in February. Ex-transportation orders were expected to dip by 0.2%.
Traders await a slew of upcoming central bank meetings, most notably the U.S. Federal Reserve, the Bank of England and the European Central Bank, due over the next two weeks. The Bank of Japan (BOJ) is likely to keep its monetary policy steady on Friday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210996/
Wednesday, 26 April 2023
Treasuries Move Sharply Higher Amid Sell-Off On Wall Street
Treasuries moved sharply higher over the course of the trading session on Tuesday, extending the advance seen in the previous session.
Bond prices moved higher early in the session and saw further upside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled 11.9 basis points to 3.396 percent.
The ten-year yield continued to give back ground after ending last Wednesday's trading at its highest closing level in almost a month.
Treasuries continued to benefit from their appeal as a safe haven amid a sell-off by stocks on Wall Street, which fell sharply after showing a lack of direction over the two previous sessions.
The weakness on Wall Street partly reflected a negative reaction to quarterly results from First Republic (FRC), which reported a loss of more than $100 billion in deposits in the first quarter, renewing concerns about turmoil in the banking sector.
On the U.S. economic front, the Conference Board released a report showing consumer confidence has deteriorated by much more than anticipated in the month of April.
The Conference Board said its consumer confidence index slumped to 101.3 in April from a revised 104.0 in March. Economists had expected the index to edge down to 104.0 from the 104.2 originally reported for the previous month.
A separate report released by the Commerce Department showed new home sales unexpectedly spiked to their highest level in a year in March.
Trading on Wednesday may be impacted by reaction to the latest developments on Wall Street as well as the Commerce Department's report on durable goods orders in the month of March.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210922/
Gold Futures Settle Higher On Safe-haven Buying
Gold futures settled higher on Tuesday, recovering well after exhibiting weakness earlier in the day.
Gold attracted safe-haven buying as equities tumbled with banking jitters returning to the fore after U.S. lender First Republic Bank said its deposits tumbled more than $100 billion last quarter and that it was exploring options such as restructuring its balance sheet.
A firm dollar limited gold's upside. The dollar index climbed to 101.95, gaining about 0.6%.
Gold futures for June ended higher by $4.70 or about 0.2% at $2,004.50 an ounce, recovering from a low of $1,986.20 an ounce.
Silver futures for May ended down $0.429 at $24.882 an ounce, while Copper futures for May settled at $3.8480 per pound, down $0.1060 from the previous close.
Gold is around the $2,000 level and if the bloodbath on Wall Street gets uglier, investors will eventually pile back into the precious metal, says Edward Moya, Senior Market Analyst, The Americas OANDA.
On the U.S. economic front, the Conference Board released a report showing consumer confidence has deteriorated by much more than anticipated in the month of April.
The Conference Board said its consumer confidence index slumped to 101.3 in April from a revised 104.0 in March. Economists had expected the index to edge down to 104.0 from the 104.2 originally reported for the previous month.
Data on new home sales, durable goods orders, first quarter GDP and personal income and spending are likely to attract attention in the coming days, heading into the Fed meeting next week.
The report on personal income and spending includes a reading on inflation said to be preferred by the Federal Reserve.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210921/
US Dollar, Japanese Yen Rise as First Republic Bank Woes Spook Markets, Dow Jones Sinks
Tuesday, 25 April 2023
European Economic News Preview: UK Public Sector Finance Data Due
Public sector finance data from the UK is the top economic news due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics is scheduled to issue UK public sector finance data. The budget deficit is seen widening to GBP 22.9 billion in March from GBP 15.8 billion in February.
At 3.00 am ET, Spain's statistical office releases producer prices data. Producer price inflation is forecast to slow to 2.8 percent in March from 7.8 percent in February.
At 6.00 am ET, the UK Industrial Trends survey results are due. The order book balance is seen unchanged at -20 percent in April. At 8.00 am ET, Hungary's central bank announces its monetary policy decision. The bank is set to hold its key interest rate at 13.00 percent.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210877/
British Pound Latest – GBP/USD and EUR/GBP Price Outlooks
U.S. Dollar Slides Against Most Majors
The U.S. dollar weakened against most major currencies in the Asian session on Tuesday.
The U.S. dollar fell to near 2-week lows of 1.1067 against the euro, 1.2507 against the pound and 0.8863 against the Swiss franc, from yesterday's closing quotes of 1.1045, 1.2485 and 0.8876, respectively.
Against the Australia, the New Zealand and the Canadian dollars, the greenback dropped to a 4-day low of 0.6705 and a 5-day low of 0.6187 from yesterday's closing quotes of 0.6696 and 0.6166, respectively.
The greenback edged down to 1.3524 against the Canadian dollar, from yesterday's closing value of 1.3540.
If the greenback extends its downtrend, it is likely to find support around 1.12 against the euro, 1.26 against the pound, 0.87 against the franc, 0.68 against the aussie, 0.64 against the kiwi and 1.32 against the loonie.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210875/
*Australian Dollar Drops To 1.6548 Vs. NZ Dollar, Lowest Since 3rd November 2020
Australian Dollar Drops To 1.6548 Vs. NZ Dollar, Lowest Since 3rd November 2020
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210855/
Monday, 24 April 2023
Canadian Dollar Outlook: USD/CAD Eyes Fib Resistance as Bulls Regain Upper Hand
Gold Gains as Yields Sink, Nasdaq 100 Forges Double Top ahead of Key Tech Earnings
Oil Selloff Finds Support as the Reality of a Tighter Oil Market Takes Hold
EUR/USD Price Forecast: Acceptance Above the 1.1000 Handle Remains Crucial
US Dollar (DXY) Little Changed Ahead of Weighty Economic Data
GBP/USD Price Forecast: Steady Pound Faces Big Data Week
Sunday, 23 April 2023
Markets Week Ahead: Gold, Nasdaq, US Dollar; Earnings, US PCE, Euro Area and US GDP
S&P 500 Week Ahead Forecast: MSFT, GOOGL, AMZN and META Earnings to Guide Markets
British Pound Weekly Outlook: Is GBP/USD Ready to Break Higher?
Saturday, 22 April 2023
Gold Price Forecast: XAU/USD Attempts Hints at Breakdown Ahead of US GDP
Euro Week Ahead: Will Heavyweight Data Breathe Life Back Into a Lethargic EUR/USD?
AUD/USD Weekly Forecast: Ominous Signs for Aussie Dollar
Friday, 21 April 2023
US Dollar Weekly Outlook: is the US Heading for Uninspiring Economic Growth?
USD/JPY Jumps on US PMI Data Beat as US Treasury Yields Resume Rally
Sterling Price Outlook: Signs of Bullish Impetus Reverse Ahead of a Busy Week
Canadian Dollar Falls With Crude Oil Prices, Will USD/CAD Break Higher Next?
Thursday, 20 April 2023
Gold Prices Fly as Treasury Yields Dive, S&P 500 at Risk of Breaking Down
Euro Forecast - EUR/USD Rebounds as Trendline Support Holds Bears at Bay. What Now?
South African Rand Forecast: ZAR Bid on Sticky Inflation and Weaker USD
EUR/USD Unchanged After ECB Minutes, Heavy Data Calendar Next Week
Oil Price Forecast: WTI Enters Fourth Straight Day of Declines on Demand Concerns
XAU/USD Forecast: Fed Beige Book Provides Support for Gold Prices
Wednesday, 19 April 2023
GBP/USD Capped by Cluster Resistance, USD/JPY Blasts Off after Bullish Breakout
Silver Price Forecast: XAG/USD Bullish Continuation Remains Constructive
USD/CAD Rises on Oil’s Slump, Nasdaq 100 Carves Double Top Pattern as Bears Lurk
FTSE, S&P 500 Latest: Inflation Concerns Weigh on Risk Appetite
Gold (XAU/USD) Price Under Yield Pressure, Support Level Nears
Tuesday, 18 April 2023
EUR/USD Bounces Off Confluence Support as Bulls Reemerge to Assert Market Control
Gold Prices Gain as US Dollar Resumes Drop, XAU/USD Bounces off Channel Support
USD/CAD Price Forecast: Canadian Inflation Reiterates BoC Outlook to Pause Rates
Nasdaq 100 Update: US Stocks Gear up for Tech Earnings: Netflix, Tesla
EUR/USD Nudges Higher, German ZEW Misses as Economic Sentiment Wanes
GBP Price Forecast: Things Get Tough for the BoE as UK Labor Data Surprises
China GDP Beats Expectations; Hang Seng and Shanghai Composite Index To Extend Gains?
Monday, 17 April 2023
*U.S. Dollar Rises To 5-day High Of 1.0962 Against Euro
U.S. Dollar Rises To 5-day High Of 1.0962 Against Euro
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210467/
Gold Price Forecast: XAU/USD Reacts to Real Yield Sensitivity
*NZ Dollar Slips To Near 1-1/2-month Low Of 1.0827 Against Australian Dollar
NZ Dollar Slips To Near 1-1/2-month Low Of 1.0827 Against Australian Dollar
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210460/
*Singapore Non-Oil Domestic Exports +18.4% On Month, -8.3% On Year In March
Singapore Non-Oil Domestic Exports +18.4% On Month, -8.3% On Year In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210457/
Indonesia Trade Data Due On Monday
Indonesia will on Monday release March figures for imports, exports and trade balance, highlighting a modest day for Asia-Pacific economic activity.
Imports are expected to sink 14.45 percent on year after shedding 4.32 percent in February. Exports are called lower by an annual 15.0 percent after rising 4.51 percent in the previous month. The trade surplus is pegged at 3.99 billion, down from 5.48 billion a month earlier.
Singapore will provide March numbers for non-oil domestic exports, with forecasts suggesting am increase of 1.7 percent on month and a decline of 20.8 percent on year. In February, NODX was down 8.0 percent on month and 15.6 percent on year, for a trade surplus of SGD6.708 billion.
South Korea will release March data for imports, exports and trade balance. In February, imports were down 6.4 percent on year and exports dropped an annual 13.6 percent for a trade deficit of $4.60 billion.
New Zealand will see March results for the Performance of Services Index from BusinessNZ; in February, the index score was 55.8.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210454/
Sunday, 16 April 2023
Markets Week Ahead: S&P 500, Gold, US Dollar, Global Inflation Data, US Earnings Season
S&P 500 Week Ahead Forecast: Bullish Momentum Fades as Bears Flirt with Comeback
Gold Weekly Forecast: Is it Time to Turn Cautious on XAU/USD?
Saturday, 15 April 2023
Pound Sterling Forecast: UK Fundamental Data Fails to Inspire, CPI Next
Euro Week Ahead Forecast: EUR/USD Looking to Build A New Base
Dollar Rebounds Against Major Counterparts On Rate Hike Bets
The U.S. dollar firmed against most of its major counterparts on Friday, rebounding from recent losses amid bets the Federal Reserve will continue to hike interest rates.
Federal Reserve Governor Christopher Waller said recent data indicate inflation remains high and the central bank's job is not done.
"Financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is far above target, so monetary policy needs to be tightened further," Waller added.
CME Group's Fedwatch tool indicates the Fed will raise the federal fund rate by 25 basis points in May, with rate cuts seen in the back half of the year to boost consumer spending and growth.
Traders also digested the latest batch of economic data. A report from the Commerce Department showed retail sales in the U.S. slumped by 1% in March after dipping by a revised 0.2% in February. Economists had expected retail sales to decline by 0.4%.
A report from the University of Michigan showed one-year inflation expectations jumped to 4.6% in April from 3.6% in March. At the same time, five-year inflation expectations held at 2.9% for fifth straight month and have stayed within the narrow 2.9 to 3.1% range for 20 of the last 21 months.
A separate report from the Federal Reserve showed U.S. industrial production increased by more than expected in March, although the increase was largely due to a spike in utilities output.
The dollar index, which climbed to 101.75 about an hour past noon, is at 101.57, up 0.55% from the previous close.
Against the Euro, the dollar has strengthened to 1.0997 from 1.1047.
The dollar is firm at 1.2416 against Pound Sterling, gaining from 1.2524. Against the Japanese currency, the dollar firmed to 133.76 yen from 132.57.
Against the Aussie, the dollar is trading at 0.6710, and against Swiss franc, it is trading at CHF 0.8940. The dollar is trading at 1.3358 against the loonie, up from 1.3341.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210453/
Gold Futures Settle Sharply Lower As Dollar Rebounds
Gold prices fell sharply on Friday as the dollar recovered from recent losses amid rate hike bets
The dollar surged higher after a Federal Reserve official warned that the central bank needs to continue hiking rates to tame inflation.
CME Group's Fedwatch tool indicates the Fed will raise the federal fund rate by 25 basis points in May, with rate cuts seen in the back half of the year to boost consumer spending and growth.
It appears the European Central Bank is also moving towards a smaller 25-bps rate hike in May.
The dollar index, which dropped to 100.79 in the Asian session, rallied to 101.75 about an hour past noon, and was at 101.65 a little while ago, gaining about 0.63%.
Gold futures for June ended lower by $39.50 or about 1.9% at $2,015.80 an ounce.
Silver futures for May ended down $0.465 at $25.460 an ounce, while Copper futures for May settled at $4.1065 per pound, down $0.0175 from the previous close.
A report from the University of Michigan showed one-year inflation expectations jumped to 4.6% in April from 3.6% in March. At the same time, five-year inflation expectations held at 2.9% for fifth straight month and have stayed within the narrow 2.9 to 3.1% range for 20 of the last 21 months.
Traders also digested a slew of other U.S. economic data, including a report from the Commerce Department showing retail sales fell by much more than expected in the month of March.
The Commerce Department said retail sales slumped by 1% in March after dipping by a revised 0.2% in February. Economists had expected retail sales to decline by 0.4%, matching the decrease originally reported for the previous month.
A separate report from the Federal Reserve showed U.S. industrial production increased by more than expected in March, although the increase was largely due to a spike in utilities output.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2210450/
Friday, 14 April 2023
*New Zealand Manufacturing PMI 48.1 In March - BusinezzNZ
New Zealand Manufacturing PMI 48.1 In March - BusinezzNZ
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source http://www.mt5.com/forex_news/quickview/2210378/
Dollar Drifts Lower Against Major Rivals On Weak Data
The U.S. dollar lost ground against most of its major counterparts on Thursday as data showing a drop in U.S. producer prices raised expectations the Federal Reserve will end its tightening cycle soon.
Data showing an increase in U.S. jobless claims in the week ended April 8 weighed as well on the dollar.
The Labor Department's data showed the producer price index dropped by 0.5% in March following a revised unchanged reading in February. Producer prices were expected to come in unchanged in March, compared to the 0.1% dip originally reported for the previous month.
The data showed the annual rate of producer price growth slowed to 2.7% last month from 4.9% in February. Economists had expected the pace of growth to slow to 3%.
The data has raised hopes the central bank will end its tightening cycle after its next meeting in May.
Another data from the Labor Department showed initial jobless claims climbed to 239,000 last week, up 11,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to rise to 232,000.
The dollar index dropped to 100.85 this morning, and despite recovering to 101.01, remains nearly 0.5% down from the previous close.
Against the Euro, the dollar weakened to 1.1049 from 1.0993, giving up more than 0.5%.
The dollar is at 1.2525 against Pound Sterling, easing from 1.2485. Against the Japanese currency, it is trading at 132.64 yen, falling from 133.16 yen.
Against the Aussie, the dollar down at 0.6787, declining from 0.6694, and is trading at CHF 0.8892 against the Swiss currency. Against the loonie, the dollar down at 1.3338.
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source http://www.mt5.com/forex_news/quickview/2210376/
Australian Dollar Flies High with Kiwi on Sinking US Dollar. Where to for AUD/USD?
Oil Futures Settle Notably Lower On Demand Concerns
Crude oil prices drifted lower on Thursday as weak data and worries about a U.S. recession raised concerns about the outlook for oil demand.
Strong exports data from China helped limit oil's downside.
West Texas Intermediate Crude oil futures for May ended lower by $1.10 or about 1.3% at $82.16 a barrel, after rising to multi-month highs in the previous session.
Brent crude futures were down $1.10 or 1.27% at $86.23 a barrel a little while ago.
On Wednesday, minutes from the Federal Reserve's last policy meeting indicated the economy could see a mild recession later this year due to the stress in the banking sector.
Oil prices were also weighed down by the OPEC's monthly report that flagged downside risks to summer oil demand.
Data showing a surge in China's crude imports in March supported oil prices.
Data from Energy Information Administration (EIA) on Wednesday showed crude oil inventories increased by 0.6 million barrels last week as against expectations for a drop of 0.6 million barrels.
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source http://www.mt5.com/forex_news/quickview/2210375/
Treasuries Show Notable Downturn After Seeing Early Strength
After an early move to the upside, treasuries showed a notable downturn over the course of the trading session on Thursday.
Bond prices pulled back near the unchanged line after seeing early strength and saw further downside going into the close. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.1 basis points to 3.452 percent after hitting a low of 3.372 percent.
The downturn by treasuries seemed to reflect the rally on Wall Street, with some traders moving money out of the relative safety of bonds and into stocks.
Early in the session, treasuries benefited from a report from the Labor Department showing an unexpected decrease in U.S. producer prices in the month of March.
The Labor Department said its producer price index for final demand fell by 0.5 percent in March following a revised unchanged reading in February.
Economists had expected producer prices to come in unchanged compared to the 0.1 percent dip originally reported for the previous month.
The report also showed the annual rate of producer price growth slowed dramatically to 2.7 percent in March from 4.9 percent in February. Economists had expected the pace of growth to slow to 3.0 percent.
Combined with Wednesday's tamer-than-expected consumer price inflation data, the report helped ease concerns about inflation and the outlook for interest rates.
"The link between the PPI and CPI is not as clear as it once was, but persistently small increases - or, as in March, an outright decline - will eventually come through to consumers if demand slows enough to prevent companies from taking out the slack in the form of higher margins," said Chris Low, chief economist at FHN Financial.
He added, "For a Fed already inclined to pause, this report tips the scale just a bit more in favor, especially after yesterday's CPI failed to reveal any new inflationary problems."
However, CME Group's FedWatch Tool is currently still indicating a 67.9 percent chance the Fed will raise rates by a quarter point next month compared to a 32.1 percent chance rates will be left unchanged.
A separate Labor Department report showed first-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 8th.
The report said initial jobless claims climbed to 239,000, an increase of 11,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to rise to 232,000.
A slew of U.S. economic data is scheduled to be released on Friday, including reports on retail sales, industrial production, import and export prices and consumer sentiment.
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source http://www.mt5.com/forex_news/quickview/2210374/
US Dollar Continues to Get Punished as Traders Feel No Need for Safety as Stocks Soar
Thursday, 13 April 2023
*South Korea Export Prices +2.0% On Month, -6.4% On Year In March
South Korea Export Prices +2.0% On Month, -6.4% On Year In March
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source http://www.mt5.com/forex_news/quickview/2210301/
Australia Unemployment Data Due On Thursday
Australia will on Thursday release March figures for unemployment, highlighting a modest day for Asia-Pacific economic activity.
The jobless rate is expected to tick up to 3.6 percent from 3.5 percent in February, while the participation rate is seen steady at 66.6 percent. The Australian economy is expected to add 20,000 jobs after gaining 24,600 jobs in the previous month.
China will provide March numbers for imports, exports and trade balance. Imports are expected to sink 5.0 percent on year after slumping 10.2 percent in February, Exports are called lower by an annual 7.0 percent after slipping 6.8 percent in the previous month. The trade surplus is pegged at $39.20 billion, down from 116.88 billion a month earlier.
Finally, the markets in Thailand are closed on Thursday and Friday for the Songkran Festival; they re-open on Monday.
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source http://www.mt5.com/forex_news/quickview/2210300/
Australian Dollar Boosted by Solid Jobs Data and Weaker USD. Where to for AUD/USD?
U.S. Dollar Slumps Following Consumer Price Inflation Data
The value of the U.S. dollar has come under pressure during trading on Wednesday, extending the pullback seen during yesterday's trading.
The U.S. dollar index has slumped by 0.63 points or 0.6 percent to 101.57, falling to its lowest levels in over two months.
Currently, the greenback is trading at 133.20 yen compared to the 133.68 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0988 compared to yesterday's $1.0912.
The weakness in the value of the U.S. dollar comes following the release of a Labor Department report showing U.S. consumer prices increased by less than expected in the month of March.
The Labor Department said its consumer price index inched up by 0.1 percent in March after climbing by 0.4 percent in February. Economists had expected consumer prices to rise by 0.3 percent.
The report also showed the annual rate of consumer price growth slowed to 5.0 percent in March from 6.0 percent in February.
The year-over-year growth was slower than the 5.2 percent expected by economists and marks the smallest 12-month increase since May 2021.
The report also said core consumer prices, which exclude food and energy prices, rose by 0.4 percent in March after advancing by 0.5 percent in February. The increase matched economist estimates.
The annual rate of growth by core consumer prices accelerated to 5.6 percent in March from 5.5 percent in February, which was also in line with expectations.
The data led to speculation the Federal Reserve is close to ending its interest rate hikes, although many economists still expect the Fed to raise rates by another quarter point early next month.
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source http://www.mt5.com/forex_news/quickview/2210299/
*Federal Reserve Releases Minutes Of March Monetary Policy Meeting
Federal Reserve Releases Minutes Of March Monetary Policy Meeting
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source http://www.mt5.com/forex_news/quickview/2210295/
Gold Edges Higher As U.S. Dollar Slumps Following Inflation Data
The price of gold moved modestly higher during trading on Wednesday as traders reacted to the latest U.S. consumer price inflation data.
After climbing $15.20 or 0.8 percent to $2,019 an ounce in the previous session, gold for June delivery edged up $5.90 or 0.3 percent to $2024.90 an ounce.
The uptick in the price of gold came amid a continued decrease in the value of the U.S. dollar, with the U.S. dollar index falling by 0.7 percent.
Gold moved higher and the dollar fell following the release of the Labor Department's highly anticipated report on consumer price inflation in the month of March.
While the report showed consumer prices rose by less than expected, many economists said they still expect the Federal Reserve to raise interest rates by another quarter point early next month.
The Labor Department said its consumer price index inched up by 0.1 percent in March after climbing by 0.4 percent in February. Economists had expected consumer prices to rise by 0.3 percent.
The report also showed the annual rate of consumer price growth slowed to 5.0 percent in March from 6.0 percent in February.
The year-over-year growth was slower than the 5.2 percent expected by economists and marks the smallest 12-month increase since May 2021.
Meanwhile, the report also said core consumer prices, which exclude food and energy prices, rose by 0.4 percent in March after advancing by 0.5 percent in February. The increase matched economist estimates.
The annual rate of growth by core consumer prices accelerated to 5.6 percent in March from 5.5 percent in February, which was also in line with expectations.
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source http://www.mt5.com/forex_news/quickview/2210294/
Wednesday, 12 April 2023
*Japan Producer Prices Flat On Month, +7.2% On Year In March
Japan Producer Prices Flat On Month, +7.2% On Year In March
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source http://www.mt5.com/forex_news/quickview/2210244/
Japan Core Machine Order Data Due On Wednesday
Japan will on Wednesday release February figures for core machine orders, highlighting a modest day for Asia-Pacific economic activity. Orders are expected to sink 7.8 percent on month and rise 2.9 percent on year after gaining 9.5 percent on month and 4.5 percent on year in January.
Japan also will see March figures for bank lending and producer prices. Overall lending is expected to rise 1.8 percent on year, slowing from 3.3 percent in February. Producer prices are called lower by 0.3 percent on month and higher by 7.1 percent on year after slipping 0.4 percent on month and climbing 8.2 percent on year in the previous month.
New Zealand will provide March numbers for electronic card retail sales, with forecasts suggesting an increase of 1.5 percent on month and 9.5 percent on year. That follows the flat monthly reading and the 11.7 percent annual spike in February.
Australia will see February figures for private house approvals, with expectations for a decline of 13.8 percent on month following the 13.5 percent drop in January.
Indonesia will release February data for retail sales, with forecasts calling for a decline of 0.8 percent on year after easing 0.6 percent a month earlier.
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source http://www.mt5.com/forex_news/quickview/2210239/
Crude Oil Price Finds Comfort Ahead of a Potential Breakout. Where to for WTI?
U.S. Dollar Gives Back Ground As Inflation Data Looms
After moving to the upside during yesterday's trading, the value of the U.S. dollar has given back ground during trading on Tuesday.
Currently, the U.S. dollar index is trading at 102.15, down 0.43 points or 0.4 percent. Against the euro, the dollar is valued at $1.0915 compared to yesterday's $1.0859.
Meanwhile, the greenback is trading at 133.77 yen compared to the 133.61 yen it fetched at the close of New York trading on Monday.
The pullback by the dollar comes as traders look ahead to the tomorrow's Labor Department report on consumer price inflation in the month of March, which could have a significant impact on the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.3 percent in March, while the annual rate of growth is expected to slow to 5.2 percent from 6.0 percent.
Core consumer prices, which exclude food and energy prices, are expected to climb by 0.4 percent in March, although the year-over-year growth is expected to accelerate to 5.6 percent from 5.5 percent.
Ahead of the report, CME Group's FedWatch Tool is currently indicating a 66.5 percent chance the Federal Reserve will raise rates by a quarter point next month.
Reports on produce price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
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source http://www.mt5.com/forex_news/quickview/2210238/
Treasuries Move Modestly Lower Ahead Of Inflation Data
After ending the previous session roughly flat, treasuries showed a modest move to the downside during trading on Tuesday.
Bond prices saw some early strength but turned lower as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 1.9 basis points at 3.434 percent.
The weakness among treasuries came as traders look ahead to Wednesday's release of the Labor Department's report on consumer price inflation, which could impact the outlook for interest rates.
Economists currently expect consumer prices to rise by 0.3 percent in March, while the annual rate of growth is expected to slow to 5.2 percent from 6.0 percent.
Core consumer prices, which exclude food and energy prices, are expected to climb by 0.4 percent in March, although the year-over-year growth is expected to accelerate to 5.6 percent from 5.5 percent.
Ahead of the report, CME Group's FedWatch Tool is currently indicating a 69.8 percent chance the Federal Reserve will raise rates by a quarter point next month.
Reports on produce price inflation, retail sales and industrial production are also likely to attract attention in the coming days.
Early trading on Wednesday is likely to be driven by reaction to the consumer price inflation data, while the minutes of the latest Federal Reserve meeting may be in focus later in the day.
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source http://www.mt5.com/forex_news/quickview/2210237/
Crude Oil Moves Sharply Higher Amid Optimism About Chinese Stimulus
The price of crude oil moved sharply higher over the course of the trading day on Tuesday, more than offsetting the steep drop seen in the previous session.
After tumbling $0.96 to $79.74 a barrel on Monday, crude for May delivery surged $1.79 to $81.53 a barrel, reaching its best closing level in over two months.
The rebound by the price of crude oil partly reflected optimism about additional Chinese economic stimulus as traders reacted to soft inflation data from China.
China's consumer inflation hit an 18-month low in March and producer price deflation deepened further, creating room for the central bank to potentially ease its monetary policy.
"The oil market is going to remain tight and while China's reopening has underwhelmed, they will do a lot better going forward and that should keep prices supported," said Edward Moya, senior market analyst at OANDA.
He added, "WTI crude is starting to make a move higher and if after tomorrow's inflation report prices continue to rise, the $85 level might not provide much resistance."
Crude oil was also supported by a pullback by the value of the U.S. dollar, with the U.S. dollar index falling by 0.4 percent.
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source http://www.mt5.com/forex_news/quickview/2210236/
Tuesday, 11 April 2023
*China Feb Consumer Price Inflation 0.7% Vs. 1.0% In Feb, Consensus 1.0%
China Feb Consumer Price Inflation 0.7% Vs. 1.0% In Feb, Consensus 1.0%
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source http://www.mt5.com/forex_news/quickview/2210155/
AUD/USD Price Forecast: Consumer Confidence Hits Fresh Yearly Highs, Aussie Bid
*Australian Dollar Advances To 6-day High Of 89.00 Against Yen
Australian Dollar Advances To 6-day High Of 89.00 Against Yen
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source http://www.mt5.com/forex_news/quickview/2210143/
Treasuries Finish Lackluster Session Roughly Flat
After coming under pressure during an abbreviated holiday session last Friday, treasuries showed a lack of direction during trading on Monday.
Bond prices spent much of the session lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, crept up by less than a basis point to 3.415 percent.
The choppy trading on the day came after treasuries fell sharply in the previous session following the release of the Labor Department's closely watched monthly jobs report.
The report said non-farm payroll employment climbed by 236,000 jobs in March after jumping by an upwardly revised 326,000 jobs in February.
Economists had expected employment to rise by about 240,000 jobs compared to the addition of 311,000 jobs originally reported for the previous month.
Meanwhile, the Labor Department said the unemployment rate edged down to 3.5 percent in March from 3.6 percent in February. The unemployment rate was expected to be unchanged.
On the heels of the report, CME Group's FedWatch Tool is currently indicating a 71.7 percent chance the Federal Reserve will raise interest rates by a quarter point next month.
Traders were also looking ahead to key inflation data later in the week along with reports on retail sales and industrial production as well as the minutes of the latest Federal Reserve meeting.
A lack of major U.S. economic data may lead to choppy trading on Tuesday, as traders look ahead to the release of key data later in the week.
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source http://www.mt5.com/forex_news/quickview/2210140/
US Dollar Extends Rise as Liquidity Comes Back and Markets Absorb NFP Report
Gold Slumps Amid Increase In The Value Of The U.S. Dollar
The price of gold showed a notable move to the downside on Monday as trading resumed following the long Easter weekend.
Gold for June delivery slumped $22.60 to $2,003.80 an ounce, closing lower for the third consecutive session.
The steep drop by the price of the precious metal came amid an increase in the value of the U.S. dollar, with the U.S. dollar index climbing by 0.5 percent.
The dollar has moved higher as the Labor Department's closely watched monthly jobs report report showed employment in the U.S. increased roughly in line with economist estimates in the month of March.
The report said non-farm payroll employment climbed by 236,000 jobs in March after jumping by an upwardly revised 326,000 jobs in February.
Economists had expected employment to rise by about 240,000 jobs compared to the addition of 311,000 jobs originally reported for the previous month.
Meanwhile, the Labor Department said the unemployment rate edged down to 3.5 percent in March from 3.6 percent in February. The unemployment rate was expected to be unchanged.
On the heels of the report, CME Group's FedWatch Tool is currently indicating a 69.7 percent chance the Federal Reserve will raise interest rates by a quarter point next month.
Traders were also looking ahead to key inflation data later in the week along with reports on retail sales and industrial production as well as the minutes of the latest Federal Reserve meeting.
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source http://www.mt5.com/forex_news/quickview/2210139/
Monday, 10 April 2023
*Japan Current Account Surplus Y2.197 Trillion In February
Japan Current Account Surplus Y2.197 Trillion In February
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source http://www.mt5.com/forex_news/quickview/2210094/
Japan Current Account Data Due On Monday
Japan will on Monday see February figures for current account, topping a light day for Asia-Pacific economic activity. The current account is expected to show a deficit of 818 billion yen following the 1.977 trillion yen deficit in January.
Malaysia will see March figures for unemployment; in the previous month, the jobless rate was 3.6 percent.
Finally, the markets in Australia, New Zealand and Hong Kong are closed for Easter Monday and will re-open on Tuesday.
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source http://www.mt5.com/forex_news/quickview/2210093/
US Dollar May Keep Weighing on the Chinese Yuan if Exports Soften
Volatility May See Range Breaks across Markets but Trends Might be Short-Lived
Sunday, 9 April 2023
Markets in the Second Quarter: S&P 500, US Dollar, Gold, Crude Oil, Euro, Recession Woes
US Dollar Q2 Fundamental Forecast: USD Weakness to Make Headway as Fed Abandons Hawkish Pledge
Dow Jones, S&P 500, Nasdaq 100 Technical Outlook: Will Q2 Offer Meaningful Breakouts?
Oil Fundamental Forecast: WTI to Head Lower in Q2 as Fundamentals Weaken
Saturday, 8 April 2023
Euro Q2 Technical Forecast: EUR/USD Presents Attractive Price Action for Now
Japanese Yen Q2 2023 Fundamental Forecast: Safe Haven Appeal to Keep Yen Supported
British Pound Q2 2023 Technical Forecast: GBP/USD and EUR/GBP
Friday, 7 April 2023
South Korea Has $0.52 Billion Current Account Shortfall In February
South Korea posted a current account deficit of $0.52 billion in February, the Bank of Korea said on Friday.
That missed expectations for a shortfall of $0.37 billion following the upwardly revised $4.21 billion deficit in January (originally -$4.52 billion).
The goods account saw a $1.30 billion deficit. The services account posted a $2.03 billion deficit, owing to deficits in the transport account and the travel account.
The primary income account recorded a $3.12 billion surplus due to an increase in the income on equity. The secondary income account recorded a $0.31 billion deficit.
In the financial account, net assets increased by $1.19 billion during February.
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source http://www.mt5.com/forex_news/quickview/2210049/
*South Korea Current Account Deficit $0.52 Billion In February
South Korea Current Account Deficit $0.52 Billion In February
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source http://www.mt5.com/forex_news/quickview/2210048/
Japan Leading Index Data Due On Friday
Japan will on Friday see February results for its leading and coincident economic indexes, highlighting a modest day for Asia-Pacific economic activity. In January, the leading index score was 96.6.
Japan also will release February numbers for household spending, with forecasts suggesting a decline of 0.4 percent on month and a gain of 4.3 percent on year. That follows the 2.7 percent monthly jump and he 0.3 percent annual decline.
South Korea will provide February figures for its current account; in January, it showed a deficit of $4.52 billion.
Finally, the markets in Australia, New Zealand, Singapore, Hong Kong and Indonesia are closed on Friday for Good Friday.
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source http://www.mt5.com/forex_news/quickview/2210047/
Dollar Turns In Mixed Performance Against Major Rivals
The U.S. dollar drifted lower against some of its major counterparts on Thursday as investors looked ahead to the U.S. non-farm payrolls data, due on Friday, for clues about the outlook for interest rates.
Data released by the Labor Department this morning showed initial jobless claims in the U.S. fell to 228,000 in the week ended April 1st, a decrease of 18,000 from the previous week's revised level of 246,000.
Economists had expected initial jobless claims to inch up to 200,000 from the 198,000 originally reported for the previous week.
The Labor Department's more closely watched employment report, due on Friday, is expected to show an addition of 240,000 jobs in March. The unemployment rate is expected to hold at 3.6%.
The dollar index, which climbed to 102.14 around mid morning, dropped to 101.76 before recovering to 101.91, recording a small gain.
Against the Euro, the dollar weakened to 1.0922 from 1.0907.
The dollar is stronger against Pound Sterling at 1.2440, gaining from 1.2461.
Against the Japanese currency, the dollar is up, fetching 131.81 yen a unit.
The dollar is firm against the Aussie at 0.6671, gaining from 0.6721, and weak against Swiff franc at CHF 0.9048. Against the Loonie, the dollar has firmed to C$ 1.3490 from C$ 1.3459.
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source http://www.mt5.com/forex_news/quickview/2210046/
Australian Dollar Drops as Currency Markets Await US NFPs, Will AUD/USD Keep Going?
Gold Futures Settle Lower
Gold futures settled lower on Thursday even as the dollar failed to hold gains with investors looking ahead to the non-farm payrolls data, due on Friday.
The dollar index, which climbed to 102.14, dropped to 101.76 past noon, and was at 101.81 a little while ago, down marginally from the previous close.
Gold futures for June ended lower by $9.20 or about 0.5% at $2,026.40 an ounce. Gold futures gained more than 2% in the week.
Silver futures for May ended up $0.056 at $25.093 an ounce, while Copper futures for May settled at $4.0155 per pound, gaining $0.0290.
Data released by the Labor Department this morning showed initial jobless claims in the U.S. fell to 228,000 in the week ended April 1st, a decrease of 18,000 from the previous week's revised level of 246,000.
Economists had expected initial jobless claims to inch up to 200,000 from the 198,000 originally reported for the previous week.
The Labor Department's more closely watched employment report, due on Friday, is expected to show an addition of 240,000 jobs in March. The unemployment rate is expected to hold at 3.6%.
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source http://www.mt5.com/forex_news/quickview/2210043/
Thursday, 6 April 2023
Australia Trade Data Due On Thursday
Australia will on Thursday release February figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity. In January, imports were up 5.0 percent on month and exports rose 1.0 percent for a trade surplus of A$11.688 billion.
China will see March results for its services and manufacturing PMIs from Caixin; in February, their scores were 55.0 and 51.6, respectively.
Hong Kong will see March results for the private sector PMI from S&P Global; in February, the index score was 53.9.
Finally, the markets in Thailand are closed on Thursday for Chakri Day and will re-open on Friday.
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source http://www.mt5.com/forex_news/quickview/2209968/
Dollar Recovers From Recent Losses
The U.S. dollar drifted lower Wednesday morning on weak economic data, but recovered swiftly and gained in strength as the session progressed.
In U.S. economic news, a report released by payroll processor ADP showed private sector employment rose by 145,000 jobs in March after climbing by an upwardly revised 261,000 jobs in February.
Economists had expected private sector employment to advance by 200,000 jobs compared to the addition of 242,000 jobs originally reported for the previous month.
A report released by the Institute for Supply Management showed growth in U.S. service sector activity slowed by much more than expected in the month of March.
The ISM said its services PMI slid to 51.2 in March from 55.1 in February. Economists had expected the index to show a much more modest decrease to 54.5.
The dollar index dropped to 101.42 after data showed a slowdown in U.S. private sector job growth, and a much slower pace of growth in service sector activity.
However, the index recovered and climbed to 101.99 later on in the session, gaining more than 0.4%.
Against the Euro, the dollar firmed to 1.0902 from 1.0957, and strengthened to 1.2456 against Pound Sterling, gaining from 1.2500.
Against the Japanese currency, the dollar weakened to 131.40 yen from 131.72 yen.
The dollar firmed to 0.6718 against the Aussie, gaining about 0.5%. Against Swiss franc, the dollar gained marginally at CHF 0.9067.
The Loonie eased to 1.3461 a dollar, down marginally from the previous close of 1.3445.
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source http://www.mt5.com/forex_news/quickview/2209967/
US Dollar Gains on Soft Data that May Signal a Shift in Market Perception for USD
Treasuries Extend Upward Trend Amid Economic Worries
Treasuries moved higher during trading on Wednesday, extending the upward trend seen over the past several sessions.
Bond prices moved to the upside over the course of morning trading and managed to remain firmly positive. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5 basis points to 3.287 percent.
The ten-year yield extended its losing streak to five sessions, falling to its lowest closing level in almost seven months.
Treasuries continued to benefit from their appeal as a safe haven amid concerns about the economic outlook following the release of some disappointing data.
Payroll processor ADP released a report showing private sector employment increased by less than expected in the month of March.
ADP said private sector employment rose by 145,000 jobs in March after climbing by an upwardly revised 261,000 jobs in February.
Economists had expected private sector employment to advance by 200,000 jobs compared to the addition of 242,000 jobs originally reported for the previous month.
"Our March payroll data is one of several signals that the economy is slowing," said ADP chief economist Nela Richardson. "Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down."
A separate report released by the Institute for Supply Management showed growth in U.S. service sector activity slowed by much more than expected in the month of March.
The ISM said its services PMI slid to 51.2 in March from 55.1 in February. While a reading above 50 still indicates growth in the sector, economists had expected the index to show a much more modest decrease to 54.5.
A report on weekly jobless claims may attract attention on Thursday, although trading activity may be somewhat subdued ahead of the release of the Labor Department's more closely watched monthly jobs report on Friday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209966/
Oil Futures Settle Marginally Down Despite Drop In Crude Inventories
Oil prices drifted lower on Wednesday as worries about economic slowdown outweighed data showing a drop in crude inventories in the U.S., and the production cut decision by the OPEC and allies.
West Texas Intermediate Crude oil futures for May ended lower by $0.10 at $80.61 a barrel.
Brent crude futures were down marginally at $84.84 a barrel a little while ago.
Data released by Energy Information Administration (EIA) showed crude inventories fell by 3.7 million barrels in the week ended March 31.
The data also showed gasoline and distillate stockpiles dropped by 4.1 million barrels and 3.6 million barrels, respectively last week.
In U.S. economic news, a report released by payroll processor ADP showed private sector employment rose by 145,000 jobs in March after climbing by an upwardly revised 261,000 jobs in February.
Economists had expected private sector employment to advance by 200,000 jobs compared to the addition of 242,000 jobs originally reported for the previous month.
A report released by the Institute for Supply Management showed growth in U.S. service sector activity slowed by much more than expected in the month of March.
The ISM said its services PMI slid to 51.2 in March from 55.1 in February. Economists had expected the index to show a much more modest decrease to 54.5.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209965/
Nasdaq 100 Dips as Soft ISM Services Data Fuels Economic Woes, Will Support Hold?
Wednesday, 5 April 2023
*Australia Services PMI 48.6 In March; Composite PMI 48.5 - Judo Bank
Australia Services PMI 48.6 In March; Composite PMI 48.5 - Judo Bank
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209862/
New Zealand Dollar Soars as RBNZ Surprises with a More Aggressive Hike, Where to?
New Zealand Rate Decision On Tap For Wednesday
The Reserve Bank of New Zealand will wrap up its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBNZ is expected to hike its Official Cash Rate by 25 basis points, from 4.75 percent to 5.00 percent.
Japan will see March results for its services PMI from Jibun Bank; in February, the index score was 54.2.
Australia will see March results for the construction and manufacturing indexes from AiG, as well as the services PMI from Judi Bank. In February, the construction index was down 5.0 percent and the manufacturing index sank 6.4 percent, while the services index had a score of 50.7.
Singapore will release February figures for retail sales; in January, sales were down 9.4 percent on month and 0.8 percent on year.
Thailand will provide March data for consumer prices, with overall inflation expected to rise 3.30 percent on year - easing from 3.79 percent in February. Core CPI is pegged at an annual 1.82 percent, down from 1.93 percent in the previous month.
Finally, the markets in Taiwan, China and Hong Kong are closed on Wednesday for the Qingming Festival and will re-open on Thursday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209861/
Dollar Drifts Lower Against Major Counterparts As Weak Data Weigh
The U.S. dollar drifted lower against most of its major counterparts on Tuesday, extending recent losses, as weak economic data raised speculation the Fed will soon stop its tightening cycle.
The dollar fell to multi-month lows against some of the major currencies.
Data from the Labor Department showed job openings in the U.S. decreased by more than expected in the month of February.
The report said job openings fell to 9.9 million in February from a revised 10.6 million in January. Economists had expected job openings to decline to 10.4 million from the 10.8 million originally reported for the previous month.
"February's JOLTS report is an indication that the softening in the labor market may be gaining some momentum," said Matthew Martin, U.S. Economist at Oxford Economics.
He added, "To be sure, job openings remain highly elevated, but February's level is the first month below 10k since June 2021 and suggests businesses are becoming more wary about additional headcount.
A separate report released by the Commerce Department showed factory orders slid by 0.7% in February after plunging by a revised 2.1% in January.
Economists had expected factory orders to decrease by 0.5% compared to the 1.6% slump originally reported for the previous month.
Durable goods orders fell by 1% in February after plummeting by 5% in January. Orders for non-durable goods dipped by 0.4% in February after jumping by 1.1% in January.
Traders also continued to look ahead to the release of the Labor Department's closely watched monthly jobs report on Friday.
The dollar index dropped to 101.46 around late morning, and continues to stay weak. The index is currently hovering around 101.55, down more than 0.5% from the previous close.
Against the Euro, the dollar is trading at 1.0959, declining from 1.0905.
The dollar is at 1.2501 against Pound Sterling, weakening from 1.2417. Against the Japanese currency, the dollar is weak at 131.66 yen, nearly 0.6% down from Monday's close of 132.42 yen.
Against the Aussie, the dollar is up at 0.6750, gaining from 0.6786. The Swiss franc is stronger at CHF 0.9059 a dollar, firming from CHF 0.9127.
The Loonie is down marginally at 1.3449 a dollar.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209860/
Oil Futures Settle Higher For 4th Straight Day
Crude oil prices climbed higher on Tuesday, extending gains to a fourth straight session.
The decision of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, to cut crude production by an additional 1.16 million barrels from May till the end of this year, continued to support oil prices.
West Texas Intermediate Crude oil futures for May ended higher by $0.29 or about 0.4% at $80.71 a barrel, the highest level since January.
Saudi Arabia and other OPEC+ oil producers agreed on Sunday to cut oil output by around 1.16 million barrels per day, claiming the move was a precautionary measure aimed at supporting the stability of the oil market.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of this year, and to $100 for 2024.
Investors now await weekly inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API's data is due later today, while EIA will 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/2209858/
Gold Futures Settle Sharply Higher As Dollar Loses Ground
Gold futures settled notably higher on Tuesday as the dollar extended its slide against most of its major counterparts.
Treasury yields dropped as well amid bets the U.S. Federal Reserve might cut rates later this year.
The dollar index dropped to 101.46 around mid morning, and was at 101.63 a little while ago, losing nearly 0.5%.
Gold futures for June ended higher by $37.80 or about 1.9% at $2,038.20 an ounce.
Silver futures for May ended up $1.080 at $25.101 an ounce, while Copper futures for May settled at $3.9710 per pound, down $0.0745 from the previous close.
Investors continued to asses Monday's economic data, which showed U.S. manufacturing activity in March slumped to its lowest level in nearly three years due to rising borrowing costs.
Data from the Labor Department showed job openings in the U.S. decreased by more than expected in the month of February.
The report said job openings fell to 9.9 million in February from a revised 10.6 million in January. Economists had expected job openings to decline to 10.4 million from the 10.8 million originally reported for the previous month.
"February's JOLTS report is an indication that the softening in the labor market may be gaining some momentum," said Matthew Martin, U.S. Economist at Oxford Economics.
He added, "To be sure, job openings remain highly elevated, but February's level is the first month below 10k since June 2021 and suggests businesses are becoming more wary about additional headcount.
A separate report released by the Commerce Department showed new orders for U.S. manufactured goods fell by more than expected in the month of February.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209857/
Tuesday, 4 April 2023
*South Korea Consumer Prices +0.2% On Month, +4.2% On Year In March
South Korea Consumer Prices +0.2% On Month, +4.2% On Year In March
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209806/
Australia Rate Decision Due On Tuesday
The Reserve Bank of Australia will wrap up its monetary policy meeting on Tuesday and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The RBA is widely expected to hike its benchmark lending rate by 25 basis points, from 3.60 percent to 3.85 percent.
Japan will see March results for monetary base; in February, the base was down 1.7 percent on year.
South Korea will release Match figures for consumer prices, with forecasts suggesting an increase of 0.2 percent on month and 4.3 percent on year - down from 0.3 percent on month and 4.8 percent on year in February.
Finally, the markets in Taiwan remain closed on Tuesday for Children's Day, and also on Wednesday for the Qingming Festival. The markets will re-open on Thursday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209805/
Dollar Loses Ground Against Major Counterparts On Weak Economic Data
After moving higher in the Asian session, the U.S. dollar turned weak on Monday, weighed down by weak economic data.
The dollar's early uptick came after the OPEC+ announced a surprise decision to further cut crude production by 1.16 million barrels per day from May 2023.
On the economic front, the Institute for Supply Management released a report showing manufacturing activity in the U.S. contracted at a slightly faster rate in the month of March.
The ISM said its manufacturing PMI dipped to 46.3 in March from 47.7 in February, with a reading below 50 indicating a contraction. Economists had expected the index to edge down to 47.5.
With the bigger than expected decrease, the manufacturing PMI dropped to its lowest level since hitting 43.5 in May 2020.
The dollar index, which rose to 103.06 in the Asian session, fell to 101.98 before edging up slightly to 102.04, still down nearly 0.5% from the previous close.
Against the Euro, the dollar weakened to 1.0903 from 1.0843. The dollar is trading at 1.2418 against Pound Sterling, easing from 1.2334.
Against the Japanese currency, the dollar is weak at 132.41 yen, dropping from 132.76 yen.
Against the Aussie, the dollar is at 0.6787, dropping from 0.6686. The Swiss franc has firmed to CHF 0.9127 against the dollar, while the Loonie has strengthened to 1.3436 a dollar.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209804/
Crude Oil Price Steady After Stunning Run Higher on OPEC+ News. Where to for WTI?
US Dollar Slide Fast Approaching Pivotal Support Zone After ISM Manufacturing Miss
Crude Oil Futures Settle Sharply Higher After OPEC's Surprise Move
Oil prices rose sharply on Monday, buoyed by the decision of Saudi Arabia and other OPEC+ oil producers to cut oil output by around 1.16 million barrels per day.
The group said on Sunday that the production cut would come into effect from May and last until the end of the year.
The Joint Ministerial Monitoring Committee of the group met today and confiremed the 1.66 million bpd production cut that was announced on Sunday.
West Texas Intermediate Crude oil futures for May ended higher by $4.75 or about 6.3% at $80.42 a barrel.
Brent crude futures were up $5.02 or 6.2% at $84.90 a barrel a little while ago.
Saudi officials claimed the unexpected cut was a "precautionary measure aimed at supporting the stability of the oil market."
The move drew criticism from the White House and prompted speculation that the Biden administration may go for another release of oil from the Strategic Petroleum Reserve.
"We don't think cuts are advisable at this moment given market uncertainty-and we've made that clear," a National Security Council spokesperson said.
The move by OPEC and allies comes on the back of Russia's decision to trim oil production by 500,000 barrels per day until the end of 2023.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209803/
Monday, 3 April 2023
*South Korea Manufacturing PMI 47.6 In March - S&P Global
South Korea Manufacturing PMI 47.6 In March - S&P Global
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209717/
Gold Price Dips as US Dollar Firms While Crude Oil Soars. Where to for XAU/USD?
Australia Manufacturing Sector Falls Into Contraction - Judo Bank
The manufacturing sector in Australia slipped into contraction territory in March, the latest survey from Judo Bank revealed on Monday with a manufacturing PMI core of 49.1.
That's down from 50.5 in February, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction.
Softer underlying demand conditions and high inflation led in the sharpest fall in incoming new orders since August 2021 at the end of the first quarter. Likewise for foreign sales, a weaker global demand environment resulted in lower international orders in March.
The fall in new exports was the sharpest in over a year. In turn, the level of manufacturing production declined at the fastest pace since January 2022.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209712/
*Australia Manufacturing PMI 49.1 In March - Judo Bank
Australia Manufacturing PMI 49.1 In March - Judo Bank
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209711/
Japan Tankan Survey Results Due On Monday
The Bank of Japan will on Monday release the results of its quarterly Tankan Survey of business sentiment, highlighting a busy day in Asia-Pacific economic activity.
The large manufacturers index is expected to see a score of +3, down from +7 in the previous three months, while the outlook is expected to ease to +4 from +6. Large industry capital spending is seen higher by 4.9 percent, slowing dramatically from 19.2 percent in the three months prior.
Australia will see February numbers for building approvals, home loans and retail sales. In January, approvals tumbled 27.6 percent on month, while home loans fell 4.9 percent on month and retail sales rose 1.9 percent.
Indonesia will provide March figures for consumer prices. Overall inflation is expected to rise 0.29 percent on month and 5.20 percent on year after adding 0.16 percent on month and 5.47 percent on year in February. Core CPI is pegged at an annual 3.05 percent, easing from 3.09 percent in the previous month.
A numbers of the regional countries will see March results for their respective manufacturing PMIs from S&P Global, including Australia (Judo Bank), Indonesia, Japan (Jibun Bank), Malaysia, the Philippines, South Korea, Thailand, Vietnam and China (Caixin).
Finally, the markets in Taiwan are closed on Monday and Tuesday for Children's Day, and also on Wednesday for the Qingming Festival. The markets will re-open on Thursday.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2209710/