Forex News from InstaForex

Alibaba Chairman Meets with Trump to Discuss U.S. Job Creation

Jack Ma, the chairman of Chinese giant Alibaba Group Holding Ltd. met with U.S. President-elect Donald Trump to talk on how the online retailer could aid in generating one million new jobs in America.

The e-commerce company said the posts would be created through Alibaba adding around one million small and medium-sized enterprises across its platforms. The additional commerce is estimated to add the matching number of employees.

Other top executives from other firms have met with the incoming U.S. leader in his headquarters in New York with a pledge to create jobs. However, Ma's sit-down with Trump comes after Trump threatened to slap high tariffs on trade with China and accused the country of stealing job opportunities from Americans. Alibaba has also been penciled back on the U.S. Notorious Markets list, after it was deemed that the company did not put in enough effort to tackle counterfeits in its Taobao website.

Alibaba is now attempting to grow a positive working tie with Trump as it looks to expand internationally.

The company's shares advanced 0.9% and closed at $94.72.

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Fxwirepro: Singapore Dollar Marginally Lower in Early Hours of Asia, Bias Remains Neutral

USD/SGD is currently trading around 1.4370 marks.

It made intraday high at 1.4373 and low at 1.4355 levels.

Intraday bias remains neutral for the moment.

A daily close above 1.4361 will test key resistances at 1.4392, 1.4437, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.

Alternatively, a consistent close below 1.4361 will drag the parity down towards key supports at 1.4317/1.4269/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. We prefer to take long position in USD/SGD only above 1.4383, stop loss 1.4317 and target of 1.4500.

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U.S. Stock Closed Mixed Ahead of Trump Conference

U.S. stocks finished mixed, as the dollar weakened against the yen while investors were cautious ahead of U.S. President-elect Donald Trump's news conference. The Nasdaq Composite hit an intraday high, extending its rally as healthcare stocks advanced for the sixth consecutive session.

The Dow Jones industrial average edged down 0.2 percent to 19,855.53, the S&P 500 was little changed at 2,268.90 while the Nasdaq Composite climbed 0.4 percent to 5,551.82. Caution surrounded the financial markets as the elation regarding Trump's anticipated pro-growth policies faded with Congress holding hearings for his proposed cabinet members. Delta Air Lines Inc. is scheduled to begin the S&P 500 earnings season, with analysts predicting profits for firms in the index grew by 3.8 percent the last quarter.

Seven of the 11 major S&P sectors gained, led by advances of 0.69 percent in industrials. However, the 0.66 percent rise of the financials gave the largest boost. Healthcare stocks was 0.44 percent higher while biotechs climbed 0.5 percent. The Russell 2000 rose by one percent to pull up its post-election advances back towards 15 percent. The measure gained as much as 20 percent in the months following Trump's victory.

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Japan Has Y1.415 Trillion Current Account Surplus

Japan had a current account surplus of 1.415 trillion yen in November, the Ministry of Finance said on Thursday - up 28.0 percent on year.

The headline figure was shy of expectations for a surplus of 1.460 trillion yen and down from 1.719 trillion yen in October.

The trade balance showed surplus of 313.4 billion yen - exceeding forecasts for 254.4 billion yen and down from 587.6 billion yen in the previous month.

Exports were down 0.8 percent on year to 5.890 trillion yen, while imports tumbled 10.7 percent to 5.577 trillion yen.

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Gold Edged Higher After Trump Conference

Gold inched higher to hold near 7-week peaks it hit in the previous session, while the dollar fell after Donald Trump gave some form of clarity regarding future fiscal policies during his first press conference as U.S. president-elect. U.S. gold futures were down 0.2 percent to $1,193.70 an ounce. Spot gold climbed 0.2 percent at $1,193.31 an ounce.

Bullion hit a peak of $1,198.40, its best since Nov. 23. Trump's campaign calls for lower taxes and further infrastructure spending have boosted the dollar, along with a driving selloff in Treasuries, however, his protectionist remarks and the series of off-the-cuff Tweets kept many investors from adding to risky positions. Meanwhile, investors expect palladium to gain benefit from tax cuts and higher government spending in the major car markets of the U.S. and China to raise auto sales.

Silver climbed 0.5 percent at $16.70, however, remained below Tuesday's four-week peak of $16.90. Platinum was down 0.4 percent to $974.50 from a previous two-month high at 982.60 while palladium fell 1.3 percent to $754.20 per ounce, slightly near Monday's five-week peak of $768.10.

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Yen Falls Against Majors

The Japanese yen weakened against the other major currencies in the Asian session on Friday.

The yen fell to 122.14 against the euro, 139.93 against the pound and 113.85 against the Swiss franc, from yesterday's closing quotes of 121.72, 139.45 and 113.42, respectively.

Against the U.S. and the Canadian dollars, the yen dropped to 115.11 and 87.54 from yesterday's closing quotes of 114.71 and 87.25, respectively.

If the yen extends its downtrend, it is likely to find support around 124.00 against the euro, 146.00 against the pound, 115.00 against the franc, 119.00 against the greenback and 89.00 against the loonie.

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US court renews battle over iPhone apps monopoly

Apple Inc. is facing a renewed battle claiming it attempted to dominate the market for iPhone applications between 2007 and 2013.

On Thursday, a San Francisco-based appeals court in rekindled the planned class-action suit following a lower federal court judge rejected it. The panel stipulated the judge committed a mistake in stating the consumers hold insufficient standing to file a case as direct buyers of apps.

A spokesperson for the tech giant refused to shed light on the court's verdict. Initially lodged in 2011, consumers argued Apple breached the US antitrust legislation by obligating iPhone apps to be sold at the App Store and restricting independent app developers from advertising the software outside the platform.

Plaintiffs' lawyer Mark Rifkin said million of customers should manage to regain most of the company's 30% cut from sales in the app store.

Although it has not yet secure a class-action status, Rifkin said they may attempt to expand the scope of the lawsuit to include those who have purchase iPhone apps to the present.

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Fxwirepro: Usd/jpy Trades in Narrow Range After Japan’s Core Machinery Orders, Ppi Data

USD/JPY is currently trading around 114.33 marks.
It made intraday high at 114.45 and low at 114.09 levels.
Intraday bias remains neutral till the time pair holds key support at 114.00 levels.
A daily close above 115.50 will take the parity higher towards key resistances around 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 113.98 will drag the parity down towards key supports around 113.13, 112.05, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.
Japan’s November machinery orders m/m decreases to -5.1 % (forecast -1.7 %) vs previous 4.1 %. Japan’s November machinery orders y/y increases to 10.4 % (forecast 8.1 %) vs previous -5.6 %. Japan’s December corporate goods price m/m increases to 0.6 % (forecast 0.3 %) vs previous 0.4 %.

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JPMorgan Asset Management Fund Outperforms as it Kept Shorter-Maturity Securities

JP Morgan's own $2.4 billion Global Bond Opportunities Fund has trimmed its average duration in U.S. securities to three years from more than five in July, and has leaped into the domestic debt of Russia and Brazil. Bond investors are facing some hurdles since the global-reflation trades that ignited following the November U.S. presidential election victory for a fiscal-stimulus proposal by Donald Trump.

The firm is upbeat on the local-currency bonds of Russia and Brazil as their economies are expected to rebound, according to Stealey. The domestic debt issued by Russia returned 2.2 percent while Brazil returned 4.7 percent in the previous month as of Jan. 12, as shown by indexes compiled by Bloomberg. Brazil's 10-year notes offer a yield of nearly 11 percent while Russia's is at almost eight percent, in comparison with nearly 2.4 percent for similar-maturity U.S. debt.

The fund's strategy includes the mix of both local currency and dollar-denominated emerging-market bonds which have been increased to 15 percent of the portfolio from 12 percent.

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Australia Home Loans Advance 0.9% In November

The total number of new home loans in Australia issued in November climbed a seasonally adjusted 0.9 percent on month, the Australian Bureau said on Tuesday - standing at 54,603.

That beat forecasts for a flat reading following the 0.8 percent decline in October.

Loans for the purchase of established dwellings gained 0.6 percent to A$46.139 billion, while loans for the purchase of new dwellings jumped 3.3 percent to A$2.755 billion and loans for the construction of new dwellings gained 2.3 percent to A$5.710 billion.

The number of first home buyer commitments jumped 13.4 percent to 8,281 in November from 7,302 in October. The number of first home buyers as a percentage of total owner occupier commitments rose from 13.7 percent to 13.8 percent.

The value of loans was up 0.4 percent on month to A$19.930 billion after sliding 0.8 percent in the previous month.

Investment lending advanced 4.9 percent to A$13.269 billion after gaining 0.7 percent a month earlier.

The total value of dwelling finance commitments excluding alterations and additions gained 2.2 percent to A$33.199 billion.

Also on Tuesday, the ABS said that the total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.3 percent on month in December, standing at 97,305. That follows the 0.6 percent decline in November.

By category, sales for passenger vehicles shed 0.2 percent on month, while and Sports utility vehicles fell 1.0 percent and sales for other vehicles gained 0.3 percent.

By region, sales fell 1.4 percent on month in Western Australia and advanced 1.7 percent in the Australian Capital Territory.

On a yearly basis, new car sales were up 0.2 percent after slipping 1.1 percent in the previous month.

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High-Speed Traders Drive 80% of Bitcoin Trading

Professional traders loaded with cutting-edge technology currently drive nearly 80 percent of bitcoin trading, resembling strategies done by some of the major players on Wall Street. Volumes followed by Bitcoinity.org have soared to a record high in January, which raises the chances for high-speed traders to gain profit.

The market structure of the cryptocurrency provides arbitrage opportunities across multiple exchanges, zero transaction costs on Chinese venues, day and night trading, and co-location services which allow individuals to place their servers right next to the exchange. Chen Zhenguo, who founded China's biggest platform for facilitating bitcoin strategies, claimed he's generated annualized gains of 50 percent for his own account. The cryptocurrency's price fluctuations have impeded some high-speed companies, as the increasing dominance of trades raises the question of how long the opportunities will last.

Bitcoin's current market value is around $13.5 billion, against $6.5 trillion for Chinese equities. The cryptocurrency climbed 0.1 percent to $833.92.

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Fxwirepro: Eur/krw Hits Fresh 4-Week Low at 1,239, Upside Limited

EUR/KRW is currently trading around 1,246 mark.
Pair made intraday high at 1,246 and low at 1,239 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,257 mark.
A consistent close below 1,241 will drag the parity down towards key supports around 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Alternatively, a sustained close above 1,241 will take the parity higher towards key resistances around 1,257, 1,262, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open up 0.09 pct at 2073.77.
We prefer to take short position on EUR/KRW around 1,248, stop loss at 1,257 and target of 1,239/1,232.

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PM May Outlines Clean Break from EU in Brexit Speech

British Prime Minister Theresa May declared during her anticipated speech that the UK will leave the EU single market when it departs from the European Union, setting the path for a clean break from the 27-nation trading bloc.

May laid out her 12-point plan enumerating Britain's priorities as they seeking a deal with EU during Brexit, which is scheduled to be triggered by the end of March.

The premier said her negotiating priorities includes regaining control of UK's immigration and borders, leaving the European Court of Justice's jurisdiction and ending ties with the customs union, which enables the tariff-free movement of goods and services in the EU region.

The PM said that leaving the market was the inevitable consequence, stating that a 'no deal' was in the interest of Britain compared to a 'bad deal'.

But she assured that the U.K.would look to secure the best possible access to European markets. She also said that she would seek to strike a new trade deal with the customs union.

For the first time, PM May also announced the plan to put the final terms of the Brexit deal to a vote in the houses of the British parliament. This means that members of the parliament could block the deal, causing markets to rally.

News are provided by InstaForex
 
New Zealand Consumer Confidence Jumps In January - ANZ

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Consumer confidence in New Zealand spiked in January, the latest survey from ANZ Bank revealed on Thursday as its index jumped 3.4 percent to a score of 128.7.

That follows the 2.1 percent decline in December to 124.5, and the January reading marks a 21-month high.

Confidence is higher on good news on the labor market, although low inflation persists, ANZ said. The GDP gauge continues to show growth at greater than 4 percent.

News are provided byInstaForex.
 
Gold Prices Drop on Yellen Remarks

Gold prices remained under pressure following Federal Reserve Chair Janet Yellen's remarks that supported gradual U.S. interest rate hikes. Spot gold was little changed at $1,203 an ounce. The bullion previously reached an eight-week peak of $1,218.64, however, it dropped one percent in the earlier session as the dollar firmed.

U.S. gold futures were 0.7 percent lower at $1,203.50 an ounce. Several Fed officials were seen supporting the case for a gradual increase in U.S. interest rates. The precious metal extended losses following the latest release of the Fed's Beige Book which indicated a rise in manufacturing and tight labor markets showing upbeat U.S economic health. According to Capital Economics analyst Simona Gambarini, higher rates will likely add pressure to gold, as it is highly sensitive to increasing interest rates which raise the opportunity cost of holding non-yielding bullion.

Prices of Silver were higher as March silver added 0.7 percent to $17.274 per ounce while palladium shed 0.3 percent to $751 per ounce. In ETF trading, the SPDR Gold Trust retreated 0.6 percent while the iShares Silver Trust edged down 0.1 percent.

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Fxwirepro: Aud/jpy Breaks Channel Top, Intraday Bias Higher, Stay Long

AUD/JPY has broken major channel top resistance at 86.60, intraday bias higher.
Momentum with the bulls, RSI strong at 67 levels with further room to run.
Stochs and MACD suggest further upside, with directional support from ADX.
87.53 (Dec 15 high) is next target for bulls. Break higher could see test of 87.64 (50% Fib retrace of 102.844 to 72.437 fall) and then 89.89 (weekly 200-MA).
Support levels - 86.06 (5-DMA), 85.19 (converged trendline and 20-DMA), 84.63 (50-DMA) Resistance levels - 87.53 (Dec 15 high), 87.64 (50% Fib), 88.20 (Dec 31 high) ​

Call update:
Our previous call (FxWirePro: AUD/JPY 4H long setup - EconoTimes) has hit TP1&2.

Recommendation:
Book partial profits at highs. Raise trailing stops to 86, hold for further upside.

FxWirePro Currency Strength Index:
FxWirePro's Hourly AUD Spot Index was at 13.4926 (Neutral), while Hourly JPY Spot Index was at -118.345 (Highly Bearish) at 0150 GMT. For more details on FxWirePro's Currency Strength Index, visit FxWirePro™: Real-Time Forex Analysis, Forex Research, Forex Newsfeed, Forex Newswire.

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New Puerto Rico leader eyes sealing amicable debt agreement

Puerto Rico and its lenders have resumed negotiations this week. But Governor Ricardo Rosselló wants to reset talks following a rancorous two years between the two parties.

The new governor, who succeeded Alejandro García Padilla after winning the election in November, said Thursday he was aiming for a rational change from the previous administration's management of discussions and assert their willingness to repay debts.

Rosselló mentioned officials are willing to sit down and to employ an actual fiscal oversight. He added they are steps to implement bold reforms.

Since he assumed office on January 2, the Puerto Rican leader has enacted executive orders which will pressure government agencies to slash operating expenditures by 10% this year and cut political appointees by a fifth.

News are provided by InstaForex
 
Fxwirepro: Thai Baht Gains in Early Hours of Asia, Faces Strong Support at 35.27

USD/THB is currently trading around 35.32 marks.
It made intraday high at 35.41 and low at 35.31 marks.
Intraday bias remains bearish till the time pair holds key resistance at 35.44 marks.
On the top side key resistances are seen at 35.44, 35.61, 35.74, 35.84, 35.93, 36.01, 36.08, 36.39 and 36.66 marks respectively.
Alternatively, a daily close below 35.27 will drag the parity down towards key supports around 35.04, 34.83, 34.64, 34.51 and 34.20 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in USD/THB around 35.35, stop loss 35.44 and target of 35.22/35.04.

News are provided by InstaForex
 
SGX Warns of Looming Headwinds after Weak Quarterly Profit Increase

After posting a 5% increase in second-quarter profit, Singapore Exchange Limited cautioned that it expects to several headwinds this year. It also announced its plan to accomplish more IPOs in key sectors including the property and technology sector.

SGX CEO Loh Boon Chye stated that while market sentiment has been lifted, uncertainty prevails regarding U.S. policies under President Donald Trump's administration and as trading activity is seen to be impacted by slowing Asian economies.

The bourse posted a net profit of S488.3 million in the October-December, topping estimates and higher than the S$83.7 million a year earlier. Revenue rose 3% to S$199.6 millin.

SGX has implemented measures to increase market liquidity, enhance listings' quality and solidify its regulatory framework after a stock crash in 2013 that affected its reputation. However, it still struggles to improve trading activity.

Loh said SGX is banking on IPO to provide impetus to the exchange's growth. He noted the importance of choosing sector strengths based on economic prospects. He reported that SGX is aiming for tech, infrastructure, real estate companies and consumer companies looking to have a market valuation of more than $1 billion Singaporean dollars.

News are provided by InstaForex
 
Fxwirepro: Japanese Yen Marginally Lower Despite Higher Than expected Manufacturing Pmi Data

USD/JPY is currently trading around 112.80 marks.
It made intraday high at 112.93 and low at 112.52 levels.
Intraday bias remains neutral till the time pair holds key support at 112.57 levels.
A daily close above 112.57 will take the parity higher towards key resistances around 114.42, 115.61, 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 112.57 will drag the parity down towards key supports around 112.05, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively. Japan’s Nikkei manufacturing PMI increases to 52.8 vs previous 52.4.
Japan’s January new export orders rise at quickest pace in over a year

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