Forex News from InstaForex

Gold Reached Two-Month Peak as Trump Uncertainty Looms

Gold climbed on Monday, hitting its highest in two months as uncertainty regarding the economic policies of U.S. President Donald Trump pressured investors to turn to safer assets. Uncertainty concerning Trump's policies drove the dollar to a 1-½ month low against a basket of currencies.

Spot gold was 0.56 percent higher at $1,216.33 per ounce. It previously reached $1,219.43, its highest since Nov. 22. U.S. gold futures was up at $1,215.60. The precious metal ended one percent higher last week for its fourth consecutive week of gains and longest stretch of weekly rises since July. Data from the U.S. Commodity Futures Trading Commission (CFTC) showed that speculators increased their net long positions in COMEX gold contracts for a second week in the week to Jan. 17.

Among other precious metals, silver climbed 0.93 percent to $17.19 and platinum added 0.77 percent to $983.50. Palladium was 1.57 percent lower at $776.00, as it previously hit $795.60, its highest since May 2015.

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Australia Inflation Gains 0.5% On Quarter In Q4

Consumer prices in Australia advanced 0.5 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Wednesday.

That was beneath expectations for 0.7 percent, which would have been unchanged from the previous three months.

The most significant price rises in Q4 were tobacco (+7.4 percent), automotive fuel (+6.7 percent) and restaurant meals (+1.1 percent).

These rises were partially offset by falls in furnishings, household equipment and services (-0.8 percent) and communication (-0.8 percent).

Vegetables rose 2.5 percent in Q4 as adverse weather conditions in major growing areas affected supply for particular vegetables (potatoes, capsicums, broccoli and cauliflower). Offsetting these rises are price falls for salad vegetables, tomatoes, lettuce and celery.

The most significant offsetting price falls in Q4 were international holiday travel and accommodation (-2.6 percent), accessories (-5.1 percent) and waters, soft drinks and juices (-3.2 percent).

On a yearly basis, inflation gained 1.5 percent -0 again shy of forecasts for 1.6 percent but up from 1.3 percent in the three months prior.

The Reserve Bank of Australia's trimmed mean was up 0.4 percent on quarter and 1.6 percent on year, while the weighted median gained 0.4 percent on month and 1.5 percent on year.

Also on Wednesday, Westpac Bank said that its leading economic indicator for the Australian economy jumped in December, rising 0.44 percent last month.

That follows the upwardly revised 0.03 percent gain in November (originally 0.02 percent).

The six-month growth rate climbed from flat in November to 1.28 percent in December; in all, the index has been above trend in five straight months.

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Dollar, U.S. Yields Higher Amid Uncertainty on Trump’s Protectionist Stance

The dollar held gains as Treasury yields rebounded, lifting the greenback from recent lows against the yen and euro amid unease regarding U.S. President Donald Trump's protectionist stance. The dollar index dropped as low as 99.922 on Tuesday, as the initial enthusiasm tempered by Trump's inaugural speech from the previous week was pointing towards trade protectionism. The index was last at 100.270.

The U.S. currency was 0.1 percent higher, it had added nearly one percent the day earlier, jumping from 112.520, its lowest since late November. The euro was steady at $1.0730. The common currency has shed nearly 0.3 percent overnight, retreating from a near seven-week peak of $1.0755. The pound was 0.1 percent higher. It had weakened to as low as $1.2420 overnight before rebounding after the British Supreme Court ruled that the government will pass through parliament.

The Australian dollar climbed 0.2 percent at $0.7591. However, the dollar's overnight rise kept the Aussie away from a 10-week peak of $0.7609 touched the day earlier. U.S. Treasury yields rose as investors seized equities on better outlook on latest corporate profits, reducing their safe-haven demand for bonds triggered by Trump's protectionist trade stance.

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Japan Producer Prices Rise 0.4% In December

Producer prices in Japan were up 0.4 percent on month in December, the Bank of Japan said on Thursday - topping forecasts for 0.3 percent, which would have been unchanged from the November reading.

On a monthly basis, producer prices added 0.1 percent for the second straight month.

For the fourth quarter of 2016, producer prices were up 0.4 percent on year and 0.2 percent on quarter. That followed the 0.3 percent yearly growth and the 0.2 percent quarterly gain in Q3.

For all of 2016, producer prices added 0.3 percent after gaining 1.1 percent in the previous year.

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Strong Quarterly Results, Upbeat 2017 Forecast Boost Boeing Shares

Boeing Co. reported positive quarterly profit and operating cash and issued an optimistic outlook for the performance of the company in 2017 as it benefits from its aggressive cost-cutting measures, increasing productivity and President Donald Trump's pro-growth stance.

The company's stock surged almost 5% to $168.50 on Wednesday after the firm reported it is projecting to generate a record $10.75 billion in operating cash this 2017.

The total is higher compared to the record $10.5 billion in 2016 and is significantly higher than the $10.4 billion that analysts had projected for the current year.

Boeing projected core earnings of $9.10 to $9.30 per share this year, up from the $7.24 in 2016. It expects to deliver around 760-764 commercial carriers in 2017 and surpass its 748 deliveries in 2016.

After experiencing a slowdown in orders for new jetliners, Boeing has concentrated on streamlining plants to reduce costs and increase profits. The company also took advantage of the lower cost of parts for its 787 jet as the plane hit crucial production milestones, as it delivered its 500th 787 jet in December.

CEO Dennis Muilenburg said an increase in cost-savings and productivity was behind the company's strong performance and revenue guidance. He assured that the progress will not slow down in these aspects.

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Australia Q4 Producer Prices Climb 0.5%


Final demand producer prices in Australia advanced 0.5 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Friday.

That was in line with expectations and up from 0.3 percent in the third quarter.

On a yearly basis, final demand producer prices added 0.7 percent. That also matched expectations and was up from 0.5 percent in the three months prior.

Domestic prices were up 0.7 percent on quarter and 1.2 percent on year, while import prices fell 0.6 percent on quarter and 3.6 percent on year.

The gains were mainly due to rises in the prices received for building construction (+0.7 percent), petroleum refining and petroleum fuel manufacturing (+12.5 percent) and accommodation (+5.3 percent).

They were offset by falls in the prices received for electronic equipment manufacturing (-1.5 percent), professional and scientific equipment manufacturing (-2.1 percent) and other machinery and equipment manufacturing (-1.8 percent).

Intermediate demand producer prices were up 0.6 percent on quarter and 1.0 percent on year in Q4.

The gains were mainly due to rises in the prices received for petroleum refining and petroleum fuel manufacturing (+10.2 percent), coal mining (+53.3 percent) and 0il and gas extraction (+7.1 percent).

They were offset by falls in the prices received for basic polymer manufacturing (-6.1 percent), professional and scientific equipment manufacturing (-3.5 percent) and rental and hiring services (-0.7 percent).

Preliminary demand producer prices picked up 0.6 percent on quarter and 0.9 percent on year in the fourth quarter.

The gains were mainly due to rises in the prices received for petroleum refining and petroleum fuel manufacturing (+11.0 percent), coal mining (+53.4 percent) and oil and gas extraction (+6.7 percent).

They were offset by falls in the prices received for pharmaceutical and medicinal product manufacturing (-13.6 percent), professional and scientific equipment manufacturing (-5.9 percent) and basic polymer manufacturing (-6.0 percent).

Also on Friday, the bureau said that export prices in Australia surged 12.4 percent on quarter in the fourth quarter of 2016. That exceeded forecasts for 12.1 percent and was up sharply from 3.5 percent in the third quarter.

Import prices added 0.2 percent on quarter - beneath forecasts for 0.4 percent following the 1.0 percent contraction in the three months prior.

On a yearly basis, export prices jumped 12.4 percent, while import prices sank 4.6 percent.

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Fxwirepro: Usd/thb Rejects Key Resistance at 35.33, Good to Sell on Rallies

USD/THB is currently trading around 35.25 marks.
It made intraday high at 35.32 and low at 35.25 marks.
Intraday bias remains bearish till the time pair holds key resistance at 35.33 marks.
On the top side key resistances are seen at 35.33, 35.41, 35.67, 35.74, 35.84, 35.93, 36.01, 36.08, 36.39 and 36.66 marks respectively.
Alternatively, a daily close below 35.29 will drag the parity down towards key supports around 35.18, 35.04, 34.83, 34.64, 34.51 and 34.20 marks respectively.
We prefer to take short position in USD/THB around 35.28, stop loss 35.41 and target of 35.04.

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Dollar Edges Down on Flat U.S. Growth Data

The dollar edged down on Monday, retreating from a one-week peak against a basket of currencies as Treasury yields fell on data which showed that the U.S. expanded at a slower-than-expected pace. The greenback fell 0.35 percent at 114.660 against the Japanese yen after climbing to 115.380, its highest since Jan 20.

The latest data released showed that U.S. gross domestic product expanded at a 1.9 percent annualised pace in the last three months of 2016, in comparison to a 3.5 percent rate in the third quarter. The dollar index against a basket of major currencies declined to a seven-week low of 99.793 before climbing to a one-week peak of 100.820 a day after. The index was last 0.2 percent off at 100.350. Focus on the market is between U.S. President Donald Trump's protectionist angle, perceived as negative for the dollar, and prospects of fiscal stimulus under the new administration, seen as positive for the greenback.

The euro strengthened and was last 0.3 percent higher at $1.0733. The pound rose 0.3 percent at $1.2593 versus a relatively weaker dollar while the Australian dollar climbed 0.1 percent at $0.7555.

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Australia Business Conditions Index Jumps In December - NAB

Business conditions in Australia improved sharply in December, the latest survey from National Australia Bank showed on Tuesday with an index score of +11.

That's up from +5 in November, and it moves further into positive territory.

The index for business confidence also improved, moving up to +6 from +5 a month earlier.

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Fitbit Shares Sink Following Unsatisfactory Quarterly Results

Shares of Fitbit tumbled by as much as 18% after it announced trimming its workforce and it reported lower-than-anticipated financial results during the fourth quarter.

The stock managed to reverse some of its losses, but still closed the session almost 16% down.

In a release issued on Monday, the wearable fitness device maker said its layoffs will impact 110 people within its workforce across different divisions which makes up around 6% of the company's total global labor force. The expenses of the reorganization are anticipated to cost around $4 million, which will be included during the first quarter of 2017.

The firm added that it projects to post 6.5 million sales of devices and revenue during the Q4 of 2016 to be within the range of $572 million- $580 million, a steep drop from the company's initially issued guidance range of $725 million-$750 million.

Revenue growth for the previous business year is seen to be around 17% from the prior projected expansion of 25% to 26%.

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China Manufacturing PMI Slips To 51.3 In January

The manufacturing sector in China continued to expand in January, albeit at a slightly slower pace, the National Bureau of Statistics said on Wednesday with a manufacturing PMI score of 51.3.

That exceeded expectations for 51.2, although it was down from 51.4 in December.

The bureau also said that its non-manufacturing PMI came in at 54.6 in January, in line with forecasts and up from 54.5 in the previous month.

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Gold Notches Week High on Trump Comments

Gold prices advanced to a one-week peak as rattled investors purchased bullion after U.S. President Donald Trump's comments on currency devaluation by other countries caused the dollar to decline. Spot gold was up 1.4 percent to $1,211.15 per ounce after hitting its highest level since Jan. 24 at $1,215.37.

U.S. gold futures were 1.3 percent higher at $1,208.60. The dollar plunged as stocks sealed their largest loss in six weeks as Trump added uncertainty to the market after bans on travel to the United States. The weaker dollar helped raise bullion, while traders focused on the two-day Federal Reserve meeting that kicked off during the session. Funds have been reduced out of the $30 billion SPDR Gold ETF for 10 out of the 11 weeks since the Nov. 8 elections, which includes a one percent loss in the week ended on Jan. 25, according to data from Lipper.

In other metals, spot silver rose 2.6 percent at $17.55 per ounce after tapping its highest since Nov. 11 at $17.61. Platinum climbed 0.8 percent to $993.40, and is set for its highest monthly performance since July, and palladium gained 1.9 percent at $754.20.

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Australia December Trade Surplus A$3.511 Billion

Australia had a merchandise trade surplus of A$3.511 billion in December, the Australian Bureau of Statistics said on Thursday.

That exceeded forecasts for A$2.00 billion and was up from the upwardly revised A$2.040 billion surplus in November (originally A$1.234 billion).

Exports were up 5.0 percent on month to A$32.630 billion, while imports added 1/0 percent to A$29.120 billion.

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Facebook Shares Jump on Strong Fourth Quarter Results

Facebook Inc. posted solid financial results during the fourth quarter. Earnings and revenue surpassed expectations, driven by strong growth in its mobile advertising business as companies continue their push to reach consumers on mobile phones.

The company showed no indications of slowdown in growth, as quarterly profit came in at $3.57 billion, more than twofold of the $1.56 billion it posted a year ago. The social media firm also reported sales rose 51% to $8.81 billion, surpassing analyst estimates.

Monthly active users on Facebook also rose 17% on-year to 1.86 billion, with 1.23 billion checking their accounts daily and 1.74 billion users accessing it through their mobile phones.

Facebook has now solidified its position as the number 2 in the mobile advertising market, following Alphabet Inc.'s Google.

In November, the company cautioned that ad growth would slow significantly due to ad load limits . But the results showed little indication of this flagged slump as revenue jumped to $8.81 billion from $5.84 billion a year prior.

Adjusted profit is at $1.41 per share, higher than the estimated $1.31 average by analysts. Facebook shares jumped as much as 3.6% in late hours trading after the report and settled at $133.23 in NY trading

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New Zealand Commodity Prices Fall In January

New Zealand's commodity prices decreased for the first time in nine months in January, though slightly, the results of a survey by ANZ showed Friday.

The ANZ commodity price index edged down 0.1 percent month-over-month in January, reversing a 0.7 percent increase in December.

Dairy prices dropped 0.4 percent over the month, due entirely to weaker whole milk powder.

Across all products, the largest fall was again in wool prices, which declined 8.6 percent in January from a month ago.

At the same time, beef and lamb prices climbed by 1.9 percent and 1.6 percent, respectively at the start of the year. Seafood prices registered an increase of 0.9 percent.

The NZD ANZ commodity price index slid 1.1 percent from December, when it grew by 2.0 percent.

On an annual basis, the NZD ANZ commodity price index rose 8.6 percent in January, following a 9.4 percent spike in the preceding month.

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Technical analysis of EUR/USD for Feb 03, 2017

When the European market opens, some Economic Data will be released, such as Retail Sales m/m, Italian Prelim CPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the economic data, too, such as Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0813.
Strong Resistance:1.0806.
Original Resistance: 1.0796.
Inner Sell Area: 1.0786.
Target Inner Area: 1.0761.
Inner Buy Area: 1.0736.
Original Support: 1.0726.
Strong Support: 1.0716.
Breakout SELL Level: 1.0709.

More analysis - at instaforex.com
 
Australia Retail Sales Dip 0.1% In December

The total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in December, the Australian Bureau of Statistics said on Monday - coming in at A$25.611 billion.

That missed forecasts for an increase of 0.3 percent following the downwardly revised 0.1 percent gain in November (originally 0.2 percent).

For the fourth quarter of 2016, retail sales advanced 0.9 percent on quarter to A$74.985 billion.

That was in line with expectations following the 0.1 percent contraction in the three months prior.

News are provided by InstaForex
 
Yahoo Japan Surges as Profit Gets Boost from Ads, E-Commerce

Yahoo Japan Corp. posted its biggest increase since 2013 after quarterly earnings easily topped estimates as profit was bolstered by the strong performance in advertising and online shopping from mobile phones.

The company's shares jumped as high as 17% intraday in Tokyo trading, hitting their daily upward limit. As of 10:35 a.m., the stocks were trading 15% up, adding around $3.4 billion in market value.

Operating income during the December quarter came in at 51.8 billion yen or $460 million, against the estimated 49.5 billion yen. Sales hit 221.4 billion yen, easily topping the 219.5 billion yen.

The strong financial results come amid the company's continued expansion into the mobile platform, which represented for over half of the total advertising revenue for the first time in the company's history. Online shopping via its auction service platform also strengthened its performance, thanks to strict cost management and higher spending by users. Its financial services business also posted a stronger than anticipated performance.

Analysts, who initially had doubts regarding its future performance have changed their view on its potential and sees sustainable growth for the company. Analyst at Cantor Fitzgerald Naoshi Nema upgraded the price target from 400 yen to 660 yen per share.

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Fxwirepro: Aussie falls Against Major Peers in Early Hours of Asia ahead of Rba’s Cash Rate Decision

AUD/NZD is currently trading around 1.0442 marks.

Pair made intraday high at 1.0465 and low at 1.0439 marks.

Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1.0507 marks.

A consistent close below 1.0458 will take the parity down towards key supports around 1.0412, 1.0370, 1.0326, 1.0237, 1.0184, 1.0109 and 1.0053 marks respectively.

On the other side, a sustained close above 1.0458 will drag the parity higher towards key resistances at 1.0507/1.0587/1.0618/1.0655/1.0751/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA) levels respectively.

Australia’s January AIG construction index increases to 47.7 vs previous 47.0.

RBA will release cash rate decision and monetary policy statements at 0330 GMT.

News are provided by InstaForex
 
Euro Weakens on Political Concerns, as Dollar Falls Against Yen

The euro dropped to a one-week low versus the U.S. dollar on uncertainty regarding French politics prior to the presidential vote along with other upcoming elections in Europe. Investors eyed French politics, with far-right National Front leader Marine Le Pen launching her presidential bid, pledging to combat globalisation and withdraw France out of the eurozone.

In late trading, the euro weakened by 0.4 percent versus the US dollar to $1.0742. It fell to $1.0705, its weakest level since Jan. 31. The greenback fell to two-month lows versus the Japanese yen amid a decline in U.S. Treasury yields. The spread between U.S. two-year and Japanese two-year debt yields shrank to nearly 136 basis points, the narrowest in two months. The greenback last fell 0.7 percent at 111.81 yen, and had previously weakened to 111.63, its lowest since late November.

According to analysts, strong equity markets and upbeat U.S. economic data have supported the previous year's bullish U.S. dollar demands. However, the lack of clarity on expected pro-dollar-tax-and-spending-initiatives by the administration of U.S. President Donald Trump as well as concerns on the outlook of the dollar and global trade have weighed on the currency.

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