Forex News from InstaForex

Japan Has Y813.389 Billion Trade Surplus

Japan had a merchandise trade surplus of 813.389 billion yen in February, the Ministry of Finance said on Wednesday.

That surpassed expectations for 807.2 billion yen following the downwardly revised 1,087.9 billion yen deficit (originally -1,086.9 billion yen) in January.

Exports jumped 11.3 percent on year, beating forecasts for 10.1 percent following the 1.3 percent gain in the previous month.

Imports added an annual 1.2 percent, missing expectations for 1.3 percent and down from 8.5 percent a month earlier.

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Gold Prices Steady as Stocks Decline on Trump Agenda Concerns

Gold prices held strong, near 3-week peaks it notched the previous session, bolstered by the dollar's weakness while Wall Street tumbled on doubts over U.S. President Donald Trump's economic policy.

Spot gold edged up 0.1 percent at $1,245.21 an ounce, it reached its strongest since March 2 at $1,247.60. U.S. gold futures settled 0.1 percent lower at $1,245.60. Holdings of SPDR Gold Trust increased by 0.50 percent to 834.40 tonnes from 830.25 on Monday.

Russia's biggest gold producer, Polyus, has finally agreed to sell it 82.34 percent stake in a joint venture with Polymetal, which holds rights to develop the Nezhdaninskoye gold deposit. Hong Kong's net gold exports to Switzerland reached its highest in February since records started five years ago, according to the Swiss customs bureau. Overall shipments from the territory more than doubled to a three-month peak.

Intercontinental Exchange (ICE) delayed the launch of clearing for London's benchmark gold price since all of the participants in the auction remain unprepared, according to two sources familiar with the topic.

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Fxwirepro: Taiwanese Dollar Trades Marginally Higher ahead of Taiwan’s Interest Rate, Industrial Production Data

USD/TWD is currently trading around 30.45 marks.

It made intraday high at 30.51 and low at 30.39 marks.

Intraday bias remains neutral till the time pair holds key resistance at 30.57 marks. A daily close above 30.47 will drag the parity up towards key resistances around 30.57, 30.72, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.

On the other side, key support levels are seen at 30.35, 30.24 and 30.05 marks respectively.

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

Taiwan will release industrial production data at 0800 GMT and interest rate decision at 0830 GMT.

We prefer to take long position in USD/TWD only above 30.57, stop loss at 30.35 and target of 30.97.

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ECB to Thwart Any Move to Lure British Banks Post-Brexit

The European Central Bank will counter any efforts to begin a race to the bottom on financial rules as European states scramble to lure companies away from Britain after its exit from the European Union.

ECB board member Sabine Lautenschläger said Wednesday that any entity that intends to transfer to the eurozone must meet their requirements, regardless of whether it comes from the United Kingdom or other European country.

Lautenschläger cautioned any financial institutions seeking to circumvent rules to keep rendering banking products and services without a passport should revise their plans. She said they prioritize having secure and stable banks.

The ECB official recognized UK-based banks are experiencing challenges to obtain a new license in the EU, saying the central bank would become accommodating in terms of approving methodologies used by banks in evaluating capital requirements and risks.


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Bitcoin Stands at $1,000 on Woes about Digital Currency's Future

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Bitcoin steadied at $1,000 following it slumped in the previous session, as traders mull over the certainty of the technology behind the digital currency.

The cryptocurrency gained 1.2% on Thursday, trading at $1,049.20. It previously traded at $997.

Traders are still digesting the prospect of establishing another trading venue for the digital currency, the SEC's rulings on bitcoin ETFs, and China's crackdown on exchanges.

In the first week of this year, bitcoin surged 20% before losing 35% despite apprehensions China was poised to curtail trading. It then soared 75% between mid-January and mid-March.


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Japan Corporate Service Prices Rise 0.8% In February

Corporate service prices in Japan were up 0.8 percent on year in February, the Bank of Japan said on Monday.

That exceeded forecasts for 0.5 percent, which would have been unchanged from the January reading.

On a monthly basis, prices added 0.3 percent after sliding 0.5 percent in the previous month.

Among the individual components, prices were up for advertising services, transportation, communications and real estate.

Prices were down for leasing and rental.

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HNA Group to Buy Stake in Old Mutual U.S. Unit

Chinese travel-to-financial services conglomerate HNA Group has agreed to purchase a 25 percent stake in Old Mutual Plc's U.S. asset management unit for around $445 million. Old Mutual will then trim its stake in OM Asset Management to 26 percent, lower from 51 percent.

The financial services conglomerate is selling its holdings in OMAM to HNA Group in two tranches, according to a statement from Old Mutual. The first, which consists of 9.95 percent at $15.30 a share, will be completed within 30 days while the following 15 percent stake at $15.75 will take place in the second half, the UK-based company said. The Hainan-based conglomerate has invested in financial services as part of its effort to expand its portfolio beyond tourism and aviation. The stake is the latest in HNA's $30 billion haul of deals since 2016.

Old Mutual has received several offers to purchase a part of its stake in OMAM, which includes TPG and Advent. HNA Group is also leading a deal to procure Manhattan's 245 Park Ave. for $2.21 billion, according to two people with knowledge of the talks.

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Fed Official Says Firmer Inflation Needed for Four Rate Hikes in 2017

Inflation is not that strong and it would need a firmer lift for four raise interest hikes in America this year, according to a Federal Reserve official policymaker.

When asked whether he saw a formidable case for an additional rate increase in 2017, Chicago Fed President Charles Evans said Monday he is not confident and that he does not see the figures. He added a much firmer inflation would entail a crucial rise in long-term inflation projections.

Evans did not indicate when he believed the Fed would begin slashing its balance sheet. But he noted there was an ongoing discussion about the timing and the rate of rolling out assets, saying it should be done in a controlled and disciplined manner.

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Japan Retail Sales Gain 0.2% On Month In February

Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in February, the Ministry of Economy, Trade and Industry said on Wednesday.

That missed forecasts for 0.3 percent but was unchanged from the January reading following a downward revision from 0.5 percent.

On a yearly basis, retail sales added just 0.1 percent - again shy of expectations for 0.7 percent and down from 1.0 percent in the previous month.

Sales from large retailers sank an annual 2.7 percent versus forecasts for a fall of 1.8 percent after sliding 1.1 percent a month earlier.

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U.S. Stocks Rise on Upbeat Consumer Data

Wall Street closed sharply higher, snapping its eight-day losing streak, with energy and financial shares soaring as latest data showed U.S. consumer confidence surging to over a 16-year peak. The S&P 500's best day in almost two weeks came following a record-setting rally for stocks in the aftermath of President Donald Trump's election. The Dow Jones industrial average advanced 0.73 percent to finish at 20,701.50, as Apple led gains while Johnson & Johnson being the top decliner. The S&P 500 climbed 0.73 percent at 2,358.57, with financials leading all 11 sectors up. The Nasdaq composite rose 0.60 percent at 5,875.14.

The financial sector gained 1.4 percent, as Bank of America and JPMorgan both lifted the S&P 500. Energy shares were up 1.3 percent, buoyed by higher oil prices. The Dow Jones Transport Average, which is acknowledged by some as a barometer of the economy, added 1.8 percent for its second-best day of 2017. Shares of Apple jumped 2.1 percent and gave the largest boost to the S&P and the Nasdaq, notching an all-time peak.

Among other shares active on corporate news, Tesla climbed 2.7 percent after announcing that Tencent Holdings has taken a five percent stake in the company for $1.78 billion. General Motors gained 2.4 percent after investor David Einhorn's Greenlight Capital advised the automaker to divide its stock into two classes.

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Wall Street Finished Mostly Higher as Brexit Process Eyed

U.S. equities ended mostly higher, as energy led gains, while investors priced in recent economic data and the beginning of the U.K.'s exit from the European Union. Strength in the energy and consumer sectors counterbalanced losses in financial shares while investors also looked ahead to first-quarter earnings season.

The Dow Jones industrial average slipped 0.2 percent at 20,659.32, as UnitedHealth led losses while Chevron was the top gainer. The S&P 500 climbed 0.11 percent at 2,361.13, with energy leading five sectors up while financials lagged behind. The Nasdaq composite advanced 0.38 percent at 5,897.55.

The energy sector was up 1.2 percent after Energy Information Administration data revealed a smaller-than-expected crude inventory build. The consumer discretionary sector climbed 0.6 percent, with retailers like Kohl's and Nordstrom soaring. Shares of Amazon.com gained 2.1 percent to notch an all-time peak, providing the largest lift to the S&P 500 and Nasdaq. Financial shares retreated 0.5 percent a day after leading the rally.

Among stocks active on corporate news, Vertex Pharmaceuticals surged 20.5 percent after its cystic fibrosis treatment was a success in a study. The stocks lifted the S&P and helped propel the Nasdaq Biotechnology index to climb 0.9 percent.

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Fxwirepro: Usd/thb Rejects Key Resistance at 34.55 After Bot Kept Interest Rate Steady

USD/THB is currently trading around 34.48 marks.

It made intraday high at 34.49 and low at 34.41 marks.

Intraday bias remains neutral till the time pair holds key resistance at 34.55 mark. On the top side, key resistances are seen at 34.55, 34.61, 34.72, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.

Alternatively, a daily close below 34.41 will drag the parity down towards key supports around 34.32, 34.20 and 34.01 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take short position in USD/THB only below 34.41, stop loss at 34.55 and target of 34.32.

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New Zealand Business Confidence Index Slips In March

Business confidence in New Zealand receded in March, the latest survey from NBNZ Bank showed on Friday with an index score of +11.3.

That's down from 16.6 in February, although it remains in positive territory - which signals that optimists outnumber pessimists.

The bank also said that its activity outlook had a score of 38.8, up from 37.2 in the previous month.

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Dudley: Fed Rate Hikes Suitable to Counter Overheating Risk

Interest rate rises are appropriate to curb the threat of overheating, according to a Federal Reserve official.

New York Fed President William Dudley said Thursday it deems suitable to cut down on monetary policy accommodation gradually to lower the peril of the economy overhearing as well as avert a substantial inflation overshoot in the medium-term.

He noted the federal funds rate are still unusually low even after the Fed increased rates this month.

Noting significant uncertainties and risks overseas, the Fed official said the economic view abroad seems to improve and the dangers are largely lower than before.

Dudley also said the American economy has continued to grow moderately above its attainable long-term rate. He added inflation and growth threats are off to the upside.

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Australia Retail Sales Slip 0.1% In February

The total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in February, the Australian Bureau of Statistics said on Monday - coming in at A$25.691 billion.

That missed forecasts for an increase of 0.3 percent following the 0.4 percent gain in January.

By category, food retailing was up 0.3 percent, followed by cafes, restaurants and takeaway food services (0.1 percent), and other retailing (0.1 percent).

Clothing, footwear and personal accessory retailing was unchanged (0.0 percent). Household goods retailing (-0.1 percent), and Department Stores (-0.1 percent) were down.

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Gold Prices Steady, Bolstered by Lacklustre U.S. Data

Gold prices were steady after posting their best quarter in a year, buoyed by tepid economic data from the U.S. and dovish comments from Federal Reserve officials on Friday.

Spot gold was mostly flat at $1,2480.50 an ounce while U.S. gold futures settled at $1,251. Spot gold touched a quarterly gain of nearly 8.4 percent on Friday, posting its best quarter in a year.

The U.S. mint sold 21,000 ounces of American Eagle gold coins in March, lower by 23.6 percent from the month earlier, according to new data. The demand for the precious metal in India increased this week as a result of a festival and as local prices adjusted to an appreciating rupee, while higher prices held demand elsewhere in Asia.

Hedge funds and money managers increased their net long position in COMEX gold for the second consecutive week in the week to March 28, and raised it slightly in silver, according to U.S. Commodity Futures Trading Commission data on Friday.

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South Korea March Inflation +0.3% On Month

Consumer prices in South Korea were up 0.3 percent on month in March, Statistics Korea said on Tuesday - in line with expectations and unchanged from the previous month's reading.

On a yearly basis, inflation jumped 2.2 percent - exceeding expectations for 1.8 percent and up from 1.9 percent in the previous month.

Core CPI, which excludes volatile food prices, gained 0.2 percent on month and 1.4 percent on year.

That follows the 0.2 percent monthly increase and the 1.5 percent yearly gain in the previous month.

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Fed Official Stands Pat on Two More Rate Hikes this 2017

An official reiterated the Federal Reserve should increase rates for at least two times this 2017 in order to avert moving behind the curve or hastening its toughening plans.

Philadelphia Fed President Patrick Harker noted Monday he still presumes it is the sound judgment, adding the rate hike tempo is slowly and is conforming with expectations.

Last month, the Fed escalated interest rates again following three months, nodding to stable jobs expansion and cues the inflation may be increasing.

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UK Shop Prices Slide 0.8% In March - BRC

Shop prices in the United Kingdom were down 0.8 percent on year in March, the British Retail Consortium said on Wednesday.

That was in line with expectations following the 1.0 percent decline in February.

Food prices were up 1 percent on year in March, while non-food prices were down 2.0 percent.

In all, non-food prices have been mired in deflation for four years.

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Hong Kong Business PMI Climbs To 49.9 - Nikkei

The private sector in Hong Kong continued to contract in March, albeit barely, the latest survey from Nikkei revealed on Thursday with a PMI score of 49.9.

That's up from 49.6 in February, although it remains below the boom-or-bust line of 50 that separates expansion from contraction.

Individually, output expanded for the first time in nearly two years, although new orders continued to decline.

Also, firms cut prices despite ongoing cost inflation.

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