Forex News from InstaForex

Fxwirepro: South Korean Won Opens Onshore Trade at 1,103.1 Per Dollar, Faces Key Support at 1,101

USD/KRW is currently trading around 1,105 levels.

It made intraday high at 1,106 and low at 1,103 marks.

Intraday bias remains bullish till the time pair holds key support at 1,101 levels.

A daily close above 1,112 will drag the parity higher towards key resistances at 1,125, 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.

On the other side, a sustained close below 1,101 will test key supports at 1,090/1,078/1,063/1,044 levels respectively.

In addition, South Korea’s Kospi was trading around 0.17 percent higher at 2,053.52 points.

South Korean won opens onshore trade at 1,103.1 per dollar vs 1,103.3 at previous close.
We prefer to go long on USD/KRW only above 1,107 with stop loss at 1,101 and target of 1,125/1,142.

News are provided by InstaForex
 
Yahoo Confirms Data Hack Affecting 500 Million Users

Yahoo Inc. said on Thursday that the data of around 500 million of its accounts were hacked in 2014 in what is allegedly a state-sponsored attack and theft that is believed to be the biggest cyber-breach in the world so far.

The company said that cyber attackers may have stolen personal information, including names, telephone numbers, birthdates and encrypted passwords. But Microsoft assured that sensitive and valuable information such as bank account data and credit card information were not compromised in the breach.

Yahoo did not disclose the identity of the “state-sponsored actor”, or a hacker working on behalf of a foreign government, that carried out the attack. On Thursday, upon confirming that the data breach was bigger than initially estimated, the firm urged its users to change their passwords if they had not done so since 2014, but did not require it.

The attack comes after telecom company Verizon bought Yahoo for $4.8 billion in July. The FBI has reported it is investigating the data breach.

News are provided by InstaForex
 
Oil Bounces Back After Algeria Says All Options Possible at OPEC Meeting

Oil prices rebounded after Algeria's energy minister Noureddine Bouterfa stated that all options were possible for an oil production cut or freeze during this week's informal meeting of OPEC members. The statement comes after oil prices fell by 4% on Friday amid indications that Saudi Arabia and Iran were making little headway in reaching a preliminary agreement to halt production.

U.S. WTI crude futures had risen 42 cents to $44.90 per barrel after sliding by 4% or $1.84 in the last session. U.S. crude advanced 4% in the previous week.

Brent crude futures climbed by 42 cents to $46.31 after losing $1.76 or 3.7% at the previous close and gained 0.3% in the prior week.

OPEC members will hold an informal meeting on the sidelines of the International Energy Forum in Algiers on September 26-28, where they will talk regarding a possible output-restricting deal.

News are provided by InstaForex
 
Turkey’s Lira Extends Decline After Moody’s Slashes Rating to Junk

Turkish lira continued to fall after Moody's Investors Services on Friday downgraded Turkey's credit rating to junk, citing the growing risks from external financing and a slowing economy that will gradually weaken credit fundamentals over the next two to three years.

While Moody's lowered the Turkish government's long-term issuer and senior unsecured bond ratings debt from Baa3 to Ba1, the agency maintained the country's outlook as stable, stating its resilient $720 billion economy and solid financial track record will alleviate the pressure from the balance-of-payments problem it faces.

The lira fell by 0.7% to 2.9907 per dollar, adding to the 0.9% drop recorded on Friday.

News are provided by InstaForex
 
China Industrial Profits Rise Sharply In August

China's industrial profits grew markedly in August from a year ago, data from the National Bureau of Statistics showed Tuesday.

Profits earned by large firms in China surged 19.5 percent year-over-year to CNY 534.8 billion in August, faster than the 11.0 percent climb in July.

During the first eight months of the year, total industrial profits rose 8.4 percent from the same period last year, compared with a 6.9 percent gain in the first seven months of this year.

Private firm's profits increased 8.4 percent, while profits at state-owned firms declined 2.1 percent in the January to August period.

News are provided by InstaForex
 
Asian Shares Gain as Markets See Clinton Winner of U.S. Presidential Debate

Asian stocks gain while investors seem to favor Democrat representative Hillary Clinton over Republican representative Donald Trump. MSCI's broadest index of Asia-Pacific shares excluding Japan increased by 0.2 percent.

Japan's Nikkei more than halved its losses and decreased by 0.4 percent as the U.S. dollar increased against the Japanese yen at 100.74. Markets are currently inclined to view Clinton as the candidate of the status quo, as several are uncertain as to what a Trump presidency entails for U.S. trade, foreign policy and the domestic economy. The South Korean Kospi and the Shanghai SSE Composite Index were both up.

In commodity markets, oil increased by three percent as the world's biggest producers met in Algeria in order to discuss ways to address the crude glut. Brent crude LCOc1 declined 20 cents to $47.13 per barrel, as U.S. crude CLc1 was down 13 cents to $45.80.

News are provided by InstaForex
 
Fxwirepro: Usd/sgd Almost Flat at 1.36 Mark, Bias Remains Bullish Only Above 1.3622

USD/SGD is currently trading around 1.3605 marks.

It made intraday high at 1.3622 and low at 1.3592 levels.

Intraday bias remains neutral till the time pair holds key support at 1.3582 marks.

A daily close below 1.3582 will drag the parity down towards key supports at 1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.

Alternatively, a sustained close above 1.3622 will test key resistances at 1.3659, 1.3698, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).

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

We prefer to go long on USD/SGD only above 1.3622 with stop loss at 1.3582 and target of 1.3698.

News are provided by InstaForex
 
Volkswagen Shares Slides on Media Report

Shares of Volkswagen fell over 4% after a Bloomberg report stated that the U.S. government is evaluating the size of the fine it will impose on the automaker without closing down its business.

U.S. Environmental Protection alleged the German automaker has been cheating on American air pollution tests last year in diesel vehicles issued between 2008 and 2015. A civil complaint was consequently filed by the Justice Department against Volkswagen after it admitted being guilty of the accusations.

Volkswagen agreed to pay a $16.5 billion civil litigation fine in the US. and now the two parties are looking to reach an agreement by January according to sources.

The carmaker's U.S.-listed stocks have lost 10% this year to date.

News are provided by InstaForex
 
Fxwirepro: Japanese Yen falls on the Back of Lower Than expected Retail Sales Data


USD/JPY is currently trading around 101.35 marks.

It made intraday high at 101.40 and low at 100.65 levels. Intraday bias remains bullish till the time pair holds key support at 100.30 levels.

A daily close above 101.72 will take the parity higher towards key resistances around 102.65, 103.42, 104.13, 105.50, 106.12, 106.72, 107.49, 107.90 and 109.13 levels respectively.

On the other side, a sustained break below 100.30 will drag the parity down towards key supports at 99.27 and 98.78 levels respectively.

Japan’s August retail sales y/y decreases to -2.1 % (forecast -1.8 %) vs previous -0.2 %.

News are provided by InstaForex
 
U.S. Stocks Gain as Oil Prices Rallied

U.S. stocks advanced while oil prices surged. The gains drove both oil and energy firms in the S&P 500 into positive territory for September.

The Dow Jones Industrial Average increased by 0.6 percent to 18339.24. The S&P 500 rose by 0.5 percent to 2171.37 while the Nasdaq Composite jumped by 0.2 percent to 5318.55. U.S.-traded crude oil surged by 5.3 percent to $47.05 a barrel after reports that the Organization of the Petroleum Exporting Countries had reached a deal to reduce crude-oil production in order to lift the price of petroleum. The S&P 500's energy firms jumped by 4.3 percent and has been the best-performing sector in the index. Shares of Exxon Mobil advanced by 4.4 percent to $86.90 while Chevron gained 3.2 percent to 102.15. Stocks of biotech declined which limited the advances of the Nasdaq Composite. The Nasdaq biotechnology index slid by 0.9 percent. Nike dropped by 3.8 percent and was the largest decliner in the Dow industrials.

Investors focus on the health of the European banking sector. Recent losses in shares of banks cause unease in Europe, since banks constitute a significant share of direct lending in the economy, according to the Harris Financial Group's managing director, Jamie Cox.


News are provided by InstaForex
 
Malaysia Manufacturing PMI Continues To Contract


The manufacturing sector in Malaysia remained in contraction in September, albeit at a slower pace, the latest survey from Nikkei showed on Friday with a manufacturing PMI score of 48.6.

That's up from 47.4 in August, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, production fell to its weakest rate in 11 months, while
new orders were at their slowest pace since May 2015.

Input price inflation fell to match the lowest figure on record for the survey.


News are provided by InstaForex
 
Dollar Gains Against Yen After OPEC Deal


The U.S. dollar has reached an eight-day high against the Japanese yen due to the reduced appetite of investors for the safe-haven currency, following the OPEC deal where they agreed to cut the production of oil. OPEC has agreed to modest reduction of oil output as the group's leader, Saudi Arabia, softened its position on Iran.

The greenback last increased against the yen by 0.44 percent at 101.09 yen after it reached an eight-day high of 101.84 yen. The euro was last up at $1.1245 against the U.S. dollar, which reversed earlier losses as analysts claim that the reduced concerns regarding the European banking sector has boosted the currency. The dollar index, last decreased by 0.09 percent at 95.344. According to analysts, the gains followed higher chances that the Federal Reserve will increase rates in December.

Traders see a 57.4 percent likelihood that the Fed will raise rates in December, according to CME Group's FedWatch program.

News are provided by InstaForex
 
South Korea Posts $5.51 Billion Current Account Surplus

South Korea landed a current account surplus of $5.51 billion in August, the Bank of Korea said on Tuesday - following the $8.67 billion surplus in July. The goods account surplus narrowed to $7.30 billion, compared to $10.78 billion in July. The services account deficit shrank to $1.45 billion, from $1.53 billion the month before. The primary income account surplus widened from $0.05 billion in July to $0.61 billion in August, in line with an improvement in the income on equity account. The secondary income account saw a $0.94 billion deficit. The financial account showed a $7.70 billion increase in net assets in August. There was a $2.16 billion expansion in assets in the direct investment, after their $2.20 billion growth in July. Direct investment liabilities increased by $1.66 billion compared to the $1.25 billion increase in the month previous. Portfolio investment assets grew by $8.37 billion in August, up from their $4.62 billion expansion in July. Portfolio investment liabilities meanwhile showed an increase of $1.62 billion, down from $4.53 billion the month before. Financial derivatives posted a net decrease of $1.18 billion. In the other investment there were increases of $1.84 billion in assets and $3.31 billion in liabilities. Reserve assets expanded by $3.09 billion.

News are provided by InstaForex
 
Dollar Firms Buoyed by Manufacturing Data

The U.S. dollar rose after it received a boost from an upbeat U.S. economic data which showed that the manufacturing sector rebounded in September. The WSJ Dollar Index increased by 0.3 percent to 86.61.

The Institute for Supply Management report has shown that factory activity in the U.S. rebounded in September after it shrank in August. The ISM manufacturing index was at 51.5 percent for the month. Fed-fund futures have shown a 62 percent likelihood that the Fed would increase interest rates by the December meeting, according to CME Group data.

The British pound declined by 1.1 percent to $1.2826 as U.K. Prime Minister Theresa May has finally set a March date to go ahead with leaving the European Union and claims that controlling immigration is a higher priority than full access to its biggest trading partner.

News are provided by InstaForex
 
Euro Rises Against Majors

The euro strengthened against the other major currencies in the Asian session on Wednesday.

The euro rose to more than a 3-1/2-year high of 0.8814 against the pound and a 3-week high of 115.49 against the yen, from yesterday's closing quotes of 0.8799 and 115.22, respectively.

Against the U.S. dollar and the Swiss franc, the euro edged up to 1.1228 and 1.0974 from yesterday's closing quotes of 1.1201 and 1.0964, respectively.

If the euro extends its uptrend, it is likely to find resistance around 0.89 against the pound, 118.00 against the yen, 1.13 against the greenback and 1.10 against the franc.

News are provided by InstaForex
 
Oil Prices Jump on U.S. Crude Supply Data

Oil prices rose following a report that U.S. crude stocks may have dropped for the fifth week in a row, however, contracts continued to be close to the $50-per-barrel mark where most traders presently perceive a fair price for crude.

U.S. WTI oil futures traded up 49 cents or 1% from their previous finish at $49.18 a barrel while the benchmark Brent crude futures were up 42 cents or 0.8% at $51.29 a barrel.

Traders state that the surge in prices was mostly due to a report by the American Petroleum Institute on Tuesday, revealing that U.S. crude supplies most likely dropped for the fifth consecutive week, falling by 7.6 million barrels. The U.S. EIA is scheduled to release official inventory figures on Wednesday. Analysts are expecting a supply accumulation of 2.6 million barrels during the previous week.

News are provided by InstaForex
 
Australia Has A$2.010 Billion Trade Deficit In August

Australia had a merchandise trade deficit of A42.010 billion in August, the Australian Bureau of Statistics said on Thursday - up 5.0 percent on month.

The headline figure exceeded forecasts for a shortfall of A$2.30 billion following the A$2.41 billion deficit in July.

Exports were roughly flat on month, coming in at A$26.856 billion.

Imports also were essentially unchanged at A$28.866 billion.

News are provided by InstaForex
 
Replacement Samsung Note 7 Unit Catches Fire on U.S. Plane

A replacement Samsung Galaxy Note 7 device, which has been declared safe from overheating by Samsung Electronics Co., reportedly started emitting smoke and caught fire on a Southwest Airlines Plane on Wednesday. The airline confirmed that its flight scheduled to travel from Kentucky to Maryland was evacuated before its take-off due to the incident.

Passenger Brian Green, the owner of the phone, said the Note 7 was a replacement unit issued on September 21. He also said the device was powered down and not charging when it started overheating inside his pocket and started emitting a thick smoke after he tossed it on the floor of the aircraft.

The smartphone maker announced a worldwide recall of about 2.5 million units of its Note 7 smartphones last month due to battery problems that caused some handsets to catch fire, but Samsung said it has identified and fixed the issues.

Samsung Electronics said it was working to retrieve the device and determine the cause. Meanwhile, Federal Aviation Administration confirmed in a statement that a Samsung phone had caused the smoke on the U.S. flight and that it was looking into the incident. The U.S. Consumer Product Safety Commission is also currently investigating the report.

News are provided by InstaForex
 
Australia Construction Sector Swings To Expansion - AiG

The construction sector in Australia turned to expansion in September, the latest survey from the Australian Industry Group revealed on Friday with a PMI score of 51.4.

That's up sharply from 46.6 in August, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Engineering construction and activity remained strong, while house and apartment construction continued to contract.

Individually, employment, input prices, swelling prices, wages and capacity utilization all expanded, while new orders and deliveries contracted.

News are provided by InstaForex
 
Verizon seeks $1 billion reduction on Yahoo sale amid privacy scandal

In the advent of hacking and spying reports, Verizon Communications Inc. is asking Yahoo Inc. to reduce the acquisition price by $1 billion, based on a New York Post report, mentioning unknown sources.

A person knowledgeable about the matter divulged Verizon Chief Executive Tim Armstrong is somewhat distressed about Yahoo's insufficient disclosure and contemplating whether to lower the price or withdraw from the deal.

Yahoo, however, is averting any endeavors to negotiate the price lower.

Both firms refused to comment.

Earlier, Yahoo admitted the interception of 500 million accounts in 2014. Then, people privy to the matter said the US government requested the technology company to search emails for any trace of terrorism.

American lawmakers lambasted Yahoo for unacceptable delay in uncovering the hack, pressuring the Securities and Exchange Commission to probe whether Yahoo failed to disclose the incident to investors and the general public.

News are provided by InstaForex
 
You must log in or register to reply here.
Back
Top