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Fxwirepro: South Korean Won Erases Previous Loss Against Euro, Stay Bearish Below 1,211

EUR/KRW is currently trading around 1,212 mark.

Pair made intraday high at 1,214 and low at 1,211 levels.

Intraday bias remains bearish till the time pair holds key resistance at 1,222 mark.

A daily close below 1,213 will drag the parity down towards key supports around 1,206, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.

Alternatively, a sustained close above 1,213 will take the parity higher towards key resistances around 1,222, 1,229, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.

Seoul shares open down 0.09 pct at 2092.27.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in EUR/KRW only below 1,211, stop loss at 1,222 and target of 1,205/1,199.

News are provided by InstaForex
 
Dollar Steady as Focus on U.S. Jobs Report

The dollar stood flat, its modest gain from the previous day, as investors await Friday's U.S. jobs report.

The greenback reached a two-month peak against a basket of peers the previous week as Federal Reserve officials spoke in favor of the probability of an interest rate increase in March. However, the dollar appears to be sitting in a tight range since the hike is highly believed to be a done deal.

The dollar was almost little changed at 113.925 yen after increasing modestly to 114.160 overnight. The euro was relatively flat at $1.0569 after edging down 0.1 percent the day earlier. The dollar index, which notched a two-month high of 102.260 last Thursday, was stable at 101.820. The pound dropped to a seven-week trench the previous day as latest data added pressure on Britain's economy. Sterling was little changed at $1.2202 after slipping 0.3 percent overnight.

The Australian dollar was up 0.1 percent to $0.7592. The Aussie jumped $0.7633 on Tuesday after the central bank held interest rates unchanged. The Swiss franc pulled back to multi-week lows, affected by an increase in the Swiss National Bank's foreign exchange reserves and statements from SNB Chairman Thomas Jordan that the franc was "significantly over-valued."

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China Consumer Prices Rise 0.8% In February

Consumer prices in China were up just 0.8 percent on year in February, the National Bureau of Statistics said on Thursday.

That was well shy of forecasts for an increase of 1.7 percent, and down sharply from 2.5 percent in January.

The bureau also said that producers prices spiked an annual 7.8 percent - exceeding forecasts for 7.7 percent and up from 6.9 percent in the previous month.

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Dow, S&P 500 Extend Declines as Energy Shares Plunge

Wall Street ended mostly lower as investors tackled declining oil prices and assessed the latest employment data. Oil prices plunged over five percent in the aftermath of a much stronger-than-expected increase in U.S. inventories.

The Dow Jones Industrial Average retreated 0.33 percent at 20,855.73, as Caterpillar led losses while Wal-Mart was the top gainer. The S&P 500 dropped 0.23 percent to close at 2,362.98, as energy sectors led seven sectors down while consumer discretionary outperformed. The Nasdaq Composite edged up 0.06 percent to close at 5,837.55.

The energy sector tumbled 2.5 percent, its largest loss since mid-September. Caterpillar was down 2.8 percent following a report from the New York Times which stated that it reviewed a report commissioned by the U.S. government, accusing the company of carrying out tax and accounting fraud. Shares of H&R Block jumped by almost 15 percent for their best day in more than eight years as the firm reported its quarterly results.

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AirBnB Clinches $1 Billion in Latest Funding Round

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AirBnB has managed to raise over $1 billion investment in its latest funding round, according to sources, which was later confirmed via a filing to the U.S. SEC.

The company managed to raise roughly an additional $450 million as part of its series of funding rounds, making the round almost double its original value during the last fall. According to the filing, the total amount came in at $1, 003, 312, 065.

Since its establishment in 2008, AirBnB has raised over $3 billion. The company was last reported to be raising investment fund at around $30 billion valuation. The most recent funding round brings the company's total valuation to around $31 billion.

AirBnB also swung to profit during the second quarter of 2016, according to sources. The company expects to continue being profitable this year.

Sources also reported that the home-sharing start-up firm has no plans to offer its shares on the stock market in the short-term.

The firm did not provide details on how it would utilize the raised money, but it is seen to further grow its operations globally.

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Japan Core Machine Orders Fall 3.2% In January

Core machine orders in Japan slipped a seasonally adjusted 3.2 percent on month in January, the Cabinet Office said on Monday - coming in at 837.9 billion yen.

That missed expectations for a decline of 0.1 percent following the 2.1 percent increase in December.

On a yearly basis, core machine orders tumbled 8.2 percent - again shy of forecasts for a decline of 3.7 percent following the 6.7 percent gain in the previous month.

The total value of machine orders, which includes volatile ones for ships and electric power companies, fell 10.0 percent on month and gained 8.6 percent on year to 2,236.9 billion yen.

Manufacturing orders shed 10.0 percent on month and 22.0 percent on year to 330.9 billion yen in January, while non-manufacturing orders added 0.7 percent on month and 5.7 percent on year to 507.6 billion yen.

Government orders surged 20.4 percent on month and surged 64.1 percent on year to 354.6 billion yen. Orders from overseas gained 3.2 percent on month and 25.9 percent on year to 880.6 billion yen. Orders from agencies dropped 10.4 percent on month and 6.6 percent on year to 108.0 billion yen.

For the first quarter of 2017, core machine orders are forecast to have gained 1.5 percent on quarter and 1.7 percent on year.

Also on Monday, the Bank of Japan said that producer prices were up 0.2 percent on month in February - in line with expectations following the 0.6 percent increase in January.

On a yearly basis, prices advanced 1.0 percent - again matching forecasts and up from 0.5 percent in the previous month.

Export prices were down 0.5 percent on month and up 2.5 percent on year, the bank said, while import prices jumped 0.7 percent on month and 10.1 percent on year.

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Toshiba Tec Rallies on Reported Stake Sale

Toshiba Tec Corp. shares advanced more than 6% in early Asian trading, lifted by a report that Toshiba Corp., its owner company, is mulling to sell shares in the firm. Toshiba Tec shares were last seen trading at 645 yen, rising 5.2% from its finish on Friday.

Toshiba Corp. denounced a Nikkei business daily report that it was eyeing to share shares in the cash register systems maker, as it looks to raise cash for an upcoming $6.3 billion massive writedown for its U.S. nuclear business unit.

The Japanese conglomerate reportedly chose an advisory company to help seek out a buyer for Toshiba tec, Nikkei said. According to the paper, the seen sale of 50.02% stake in the company would be valued around 100 billion yen or $870 million.

Toshiba is currently laying the groundwork for the sale of a majority or the entirety of its stake in its memory chips business, which is currently valued by the company at $13 billion. Earlier this March, the company has also sold all of its shares in its subsidiary Toshiba Machine Co. for $134 million to raise money.

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Australia Business Confidence Slide In February

Business confidence in Australia deteriorated in February, the latest survey from the National Australia Bank revealed on Tuesday with an index score of +7.

That's down from +10 in January.

Business conditions also slipped in February, with the index dropping to +9 from +16 in the previous month.

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China’s Economy Opens Year on Strong Footing

China's economy managed to maintain its strong pace of growth at the start of the year as the second-largest economy's traditional growth engines begin to gather momentum.

Industrial output rose at an annual rate of 6.3 percent in January and February combined, higher than the average estimate of 6.2 percent growth.

Fixed-asset investment also gained 8.9 percent during the period, boosted primarily by infrastructure projects. Infrastructure is seen by economists to be generally robust this 2017 due to the public-private tie-ups.

In an indication that the economy's pace of growth is sustained, private fixed-asset investment rose to 6.7 percent growth year-on-year during the first two months of the year. Property development also rose 8.9 percent, while a gauge of services production advanced 8.2 percent during the period.

Retail sales advanced 9.5 percent during the first two months of 2017, missing estimates. Auto sales also showed signs of slowing down following a tax hike on small engine cars.

The National Bureau of Statistics said that despite the weakness in retail sales and auto sales, the data showed that the economy started the year on a strong footing.

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Australia New Motor Vehicle Sales Sink 2.7% In February

New motor vehicle sales in Australia were down a seasonally adjusted 2.7 percent on month in February, the Australian Bureau of Statistics said on Wednesday - standing at 94,786.

That follows the 0.6 percent increase in January.

By category, sales for passenger vehicles fell 0.6 percent, while sports utility vehicles were down 0.5 percent and other vehicles shed 0.3 percent.

By region, the largest downward movement was in Tasmania (-2.6 percent), while the biggest gain came in the Northern Territory (0.1 percent).

On a yearly basis, sales dropped 4.1 percent after falling 0.9 percent in the previous month.

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Gold Prices Steady Ahead of Fed Announcement

Gold prices held firm on Wednesday ahead of the conclusion of the two-day Federal Reserve meeting, with the U.S. central bank broadly expected to hike interest rates. With a rate increase by the Fed already seen as a done deal, investors turn their focus on what message the central bank will announce.

Spot gold rose 0.1 percent to $1,199.34 an ounce. U.S. gold futures settled 0.3 percent lower at $1,199 an ounce. Investors also shifted their focus on Wednesday's Dutch elections, which has boosted the precious metal's safe-haven demand. Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund was up 0.36 percent to 834.99 tonnes on Tuesday from Monday.

British peer-to-peer gold-and-silver-bullion exchange company BullionVault is now offering clients a facility to buy, sell and store physical platinum held in bars that weigh between one kilogram and six kilograms denominated in dollars, euros and sterling.

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Australia Unemployment Rate Jumps To 5.9%

The unemployment rate in Australia climbed to a seasonally adjusted 5.9 percent in February, the Australian Bureau of Statistics said on Thursday.

That missed forecasts for 5.7 percent, which would have been unchanged from January.

The Australian economy lost 6,400 jobs last month to 11,998,800 versus expectations for the addition of 16,000 jobs following the gain of 13,700 in January.

Full-time employment increased 27,100 to 8,158,900 and part-time employment decreased 33,500 to 3,840,000.

Unemployment increased 26,000 to 748,100. The number of unemployed persons looking for full-time work increased 10,800 to 523,800 and the number of unemployed persons only looking for part-time work increased 15,100 to 224,300.

The participation rate was 64.6, matching forecasts and unchanged from the previous month.

Monthly hours worked in all jobs decreased 20.5 million hours to 1,661.9 million hours. The labor force underutilization rate increased 0.4 pts to 14.6 percent.

The male labor force underutilization rate increased 0.3 pts to 12.6 percent and the female labor force underutilization rate increased 0.6 pts to 16.8 percent.

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Fed Lifts Benchmark Interest Rate as Confidence in Economy Grows

At the end of its two-day policy review, the U.S. Federal Reserve took a step to tighten monetary policy for the second time in three months.

The 0.25 percentage point hike in the U.S. central bank's overnight interest rate was a move prompted by the steady economic growth, solid and consistent job gains and increasing confidence that inflation will move in accordance with the Fed's target, Fed Chair Janet Yellen said.

The move was also perceived by the market as a strong indication that the Fed is entering a new period where they are looking to return the monetary policy to a more normal condition. Yellen indicated that the shift is due to the growing confidence in the economy's progress, which has grown according to the Fed's expectations in the last few months.

The Fed also retained its outlook for two additional rate hikes this year and three more in the following year, in line with the number of rate increases they penciled in last year.

The FOMC also noted that inflation was nearing the target of 2% and that capex has somehow improved following months of weakness.

However, the Fed did not drop hints regarding its plans to accelerate the rate of monetary tightening.

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New Zealand Consumer Confidence Ebbs In March - ANZ

Consumer confidence in New Zealand slowed in March, the latest survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.

That follows the 1.0 percent decline in February to 127.4.

However, it remains well above the boom-or-bust line of 100 that separates optimists from pessimists.

News are provided by InstaForex
 
New Zealand Consumer Confidence Ebbs In March - ANZ

Consumer confidence in New Zealand slowed in March, the latest survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.

That follows the 1.0 percent decline in February to 127.4.

However, it remains well above the boom-or-bust line of 100 that separates optimists from pessimists.

News are provided by InstaForex
 
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Fxwirepro: South Korean Won falls in Early Asia on the Back of Lower Than expected Ppi Data

EUR/KRW is currently trading around 1,213 mark.

Pair made intraday high at 1,213 and low at 1,208 levels. Intraday bias remains bullish till the time pair holds key support at 1,208 mark.

A daily close below 1,208 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.

Alternatively, a sustained close above 1,208 will take the parity higher towards key resistances around 1,219, 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.

Seoul shares open down 0.20 pct at 2160.32.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

South Korea’s February PPI growth m/m decreases to 0.3 % vs previous 1.4 % (revised from 1.3 %).

South Korea’s February PPI growth y/y increase to 4.2 % vs previous 3.9 % (revised from 3.7 %).

We prefer to take long position in EUR/KRW around 1,210, stop loss at 1,205 and target of 1,219.

News are provided by InstaForex
 
Well-Funded Thai Oil Giants Seek Investments

Thailand's PTT Exploration & Production Pcl and its parent firm have almost $11 billion combined in cash and marketable securities. According to Chief Executive Officer Somporn Vongvuthipornchai, the explorer and production company is prepared to spend from its portion on projects and exploration property to aid declining oil and gas reserves.

PTT E&P is considering early-life producing assets or projects that are sanctioned and ready for development, he said. It is also thinking of working with its parent firm, PTT Pcl, to invest in liquefied natural gas plants, that will help meet Thailand's increasing demand. Proved reserves have declined from the equivalent of 1.1 billion barrels of oil in 2009 to 695 million in 2016. Oil's crash have made deals tough to close last year due to the difficulty in agreeing on long-term values.

Somporn says that there is enough of a consensus now for buyers and sellers to reach a common ground. PTT E&P is using a $50 oil price forecast in 2017 for its investment decisions.

News are provided by InstaForex
 
Australia House Prices Jump 4.1% In Q4

House prices in Australia advanced 4.1 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Tuesday.

That beat forecasts for a gain of 2.5 percent following the 1.5 percent increase in the third quarter.

On a yearly basis, prices spiked 7.7 percent - again beating estimates for 6.3 percent and up from 3.5 percent in the three months prior.

Melbourne saw the largest through the year at 10.8 percent, followed by Sydney at 10.3 percent.

Attached dwellings prices fell in Perth (1.7 percent), Brisbane (1.3 percent) and Darwin (2.5 percent), while prices rose in all other capital cities.

The total value of Australia's 9.8 million residential dwellings increased A$274.2 billion to A$6.4 trillion.

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Snap Jumps as its Bags First ‘Buy’ Rating

Snap shares rose after securing its first 'buy' recommendation from a Wall Street analyst, giving the social media tech company a reprieve from the sell-off it has seen since its market debut.

The $3.4 billion IPO initially received strong demand from investors, with the stock posting dramatic gains during the first two days after its official market debut. However, the stock steadily lost footing as investors concerns regarding the Snapchat owner's high valuation and lack of profitability induced doubts of analysts on Wall Street.

Based on the median recommendations of analysts comprised of three categories: buy, sell and neutral, Snap is currently the worst-rated stock among listed U.S. firms with a market cap of at least $20 billion.

But the stock was given a lift by Crespi, Hardt & Co. analyst James Cakmak, who gave the firm its first-ever “buy" rating and put the price target at $25. Its shares traded up 2.09 percent at $19.96 in midday trading.

In a report, Cakmak said that Snap is perceived as a firm with the potential to speed up its rate of revenue growth by seven fold. It is also projected with a sharp margin trajectory, while its peers have most likely reached their peak already.

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