Forex News from InstaForex

Korea Rate Decision On Tap For Thursday

1.jpg


The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The central bank is projected to trim its benchmark lending rate by 25 basis points, from 0.75 percent to 0.50 percent.

Australia will see Q1 numbers for capital expenditure and May figures for the business confidence index from ANZ. Capex is expected to sink 2.6 percent on quarter after falling 2.8 percent in the previous three months. The business confidence index had a score of -66.6 in April.

Taiwan will see May figures for its consumer confidence index; in April, the index score was 73.39.

News are provided by
InstaForex.
 
Japan Retail Sales Slide 9.6% On Month In April

3.jpg


The total value of retail sales in Japan was down a seasonally adjusted 9.6 percent on month in April, the Ministry of Economy, Trade and Industry said on Friday.
That was shy of expectations for a decline of 7.0 percent following the 4.5 percent drop in March.

On a yearly basis, retail sales tumbled 13.7 percent - also missing expectations for a drop of 11.5 percent after slipping 4.6 percent in the previous month.

News are provided by
InstaForex.
 
Philippines Manufacturing PMI Rises To 40.1 In May - IHS Markit

12.jpg


The manufacturing sector in the Philippines continued to contract in May, albeit at a slower rate, the latest survey from IHS Markit revealed on Monday with a manufacturing PMI score of 40.1.

That's up from the record low 31.6 in April, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, the rates of decline in output and new orders eased but remained sharp.

Employment levels fell steeply again, while output prices ricked higher as cost pressures rose.

News are provided by
InstaForex.
 
Ireland Manufacturing Downturn Continues In May

3.jpg


Ireland's manufacturing sector contracted at a softer pace in May, as the local and global economies remained in lockdown amid coronavirus outbreak, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 39.2 in May from 36.0 in April. Any reading below 50 indicates contraction in the sector.

New orders remained weak in the midst of lockdown measures. Employment increased in May, but it signaled the second fastest rate of job shedding in nearly eleven years. Suppliers' delivery time lengthened in May.

Stocks of purchase signaled the slowest rate of input destocking in seven months. New export orders declined further at the second-fastest pace on record.

As many firms remained shut down in May, backlogs of work declined at the fastest rate since September 2011. Purchasing activity declined due to suspended output and fall in demand due to coronavirus pandemic.

On the price front, the survey showed that input prices fell for the third straight month in May and manufacturers reduced their charges for the third month and at the strongest rate since July 2019.

Manufacturers reported overall optimism regarding future output in May, following a record degree of pessimism in April.

"The AIB Irish Manufacturing PMI data for May paint a downbeat picture of the sector for the third month in a row as the lockdowns associated with the coronavirus pandemic continue to depress activity," Oliver Mangan, AIB chief economist said.

News are provided by
InstaForex.
 
Australia Building Approvals Dip 1.8% In April

The total number of building permits issued in Australia was down a seasonally adjusted 1.8 percent on month in April, the Australian Bureau of Statistics said on Wednesday - coming in at 15,294.

That beat expectations for a plunge of 15.0 percent following the 4.0 percent drop in March.

On a yearly basis, building permits were up 5.7 percent.

Permits issued for private sector houses rose 2.7 percent on month and 4.9 percent on year to 8,912, while permits issued for private sector dwellings excluding houses fell 8.9 on month but rose 4.0 percent on year to 6,079.

News are provided by InstaForex
 
Australia April Trade Surplus A$8.800 Billion

1.jpg


Australia posted a seasonally adjusted merchandise trade surplus of A$8.800 billion in April, the Australian Bureau of Statistics said on Thursday - down 16 percent on month.

That exceeded expectations for a surplus of A$7.5 billion following the downwardly revised A$10.44 billion surplus in March (originally A$10.60 billion).

Exports were down 11.0 percent on month to A$37.505 billion following the downwardly revised 13.9 percent increase in the previous month.

Non-rural goods fell A$2.192 billion (8 percent) and non-monetary gold fell A$1.694 billion (47 percent). Rural goods rose A$39 million (1 percent) and net exports of goods under merchanting rose A$15 million (79 percent). Services credits fell A$924 million (13 percent).

Imports sank 10.0 percent on month to A$28.705 billion after losing a revised 3.6 percent a month earlier (originally -4.0 percent).

Intermediate and other merchandise goods fell A$507 million (5 percent) and non-monetary gold fell A$402 million (40 percent). Consumption goods rose A$329 million (4 percent) and capital goods rose A$243 million (4 percent). Services debits fell A$2.773 billion (42 percent).

Also on Thursday, the ABS said that the total value of retail sales in Australia tumbled by a seasonally adjusted 17.7 percent on month in April, coming in at A$24.791 billion.

That was slightly better than expectations for a decline of 17.9 percent following the 8.5 percent increase in March.

The decline was led by drops in food retailing (-17.4 percent), cafes, restaurants and takeaway food services (-35.4 percent), clothing, footwear and personal accessory retailing (-53.6 percent), other retailing (-14.4 percent), department stores (-14.9 percent), and household goods retailing (-0.1 percent).

By region, sales were down in Victoria (-21.1 percent), New South Wales (-17.5 percent), Queensland (-15.7 percent), Western Australia (-16.8 percent), South Australia (-14.6 percent), Tasmania (-17.5 percent), the Australian Capital Territory (-14.9 percent), and the Northern Territory (-7.7 percent).

News are provided by
InstaForex.
 
Japan Household Spending Sinks 11.1% On Year In April

The average of household spending in Japan was down 11.1 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday - coming in at 267, 922 yen.

That beat expectations for a drop of 15.4 percent on year following the 6.0 percent fall in March.

The average of monthly income per household stood at 531,017 yen, up 0.9 percent on year.

On a monthly basis, household spending fell 6.2 percent - also beating expectations for a fall of 8.7 percent after slipping 4.0 percent a month earlier.

News are provided by InstaForex
 
Ireland Construction Sector Continues To Contract In May

5.jpg


Ireland's construction sector contracted for the third straight month in May, though at a softer pace, amid covid-19 restrictions, data from the IHS Markit showed on Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 19.9 in May from 4.5 in April.

This rate of contraction was still sharper than at any other time in 20 years of data collection. Any score below 50 indicates contraction in the sector.

"Mirroring the pattern of the headline PMI, the sectoral sub-indices also point to a slower pace of contraction (particularly so in the case of commercial and housing), consistent with April having been the point of peak stress for Irish construction activity during the current crisis," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

All three categories of activity decreased in May, though the rate of contraction eased in each case. Civil engineering activity declined sharply, while commercial activity fell softly.

New orders declined for the third straight month in May due to covid-19 crisis. Employment and purchasing activity fell for the third month in a row.

Suppliers' delivery time lengthened further in May.

Input prices rose slightly in May, but the rate of inflation was below the series average.

The 12-month outlook for the construction firms remained pessimistic in May.

News are provided by
InstaForex.
 
Australia NAB Business Conditions Rise In May

Australia's business conditions and confidence improved in May but remained deeply negative, survey data from National Australia Bank showed Tuesday.

The business conditions index gained 10 points to -24 in May after hitting the lowest level since the global financial crisis.

While improvement in conditions was broad-based across industries, conditions in services industries remained notably weaker.

The increase in conditions was driven by an improvement in trading conditions and profitability, while the employment index logged a more moderate improvement.

At the same time, the business confidence index advanced to -20 in May from -45 in April.

Business confidence increased from its low point in March, but remained weak with a current reading last seen around the trough in the 1990s recession.

With coronavirus containment measures having generally been eased, although to varying degrees across the states, there have seen some pickup in activity, the NAB said. However, uncertainty remains high both globally and domestically and businesses likely remain concerned about how quickly they will return to full capacity.

News are provided by InstaForex
 
China Inflation -0.8% On Month In May

9.jpg


Consumer prices in China tumbled 0.8 percent on month in May, the National Bureau of Statistics said on Wednesday - missing expectations for a fall of 0.5 percent following the 0.9 percent drop in April.

On a yearly basis, consumer prices rose 2.4 percent - also shy of forecasts for an increase of 2.7 percent and down sharply from 3.3 percent in the previous month.

The bureau also said that producer prices were down 3.7 percent on year versus expectations of a fall of 3.3 percent following the 3.1 percent slide a month earlier.

News are provided by
InstaForex.
 
UK House Price Balance At 10-Year Low: RICS

The UK house price indicator moved deeper into negative territory in May amid coronavirus pandemic, survey data from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.

The house price balance fell to -32 percent in May from -22 percent in April. This was the weakest monthly figure since 2010.

Moreover, near-term price expectations remained downbeat, with the index standing at -43 percent. Further, a net -16 percent forecast prices to fall over the year ahead. The survey showed that there was a slight improvement in the sales outlook as estate agents were permitted to reopen on May 13. Nonetheless, given the economic uncertainty caused by the pandemic, overall sentiment remained cautions.

The net balance for new buyer enquiries rose to -5 percent in May from a record low of -94 percent in April.

Despite a net balance of -20 percent of contributors reporting that new instructions coming onto the market continued to fall in May, this was noticeably less negative compared to the reading of -97 percent last month, RICS said.

Further, the net balance for near term sales expectations advanced to -4 percent from -58 percent in April.

News are provided by InstaForex
 
UK House Price Balance At 10-Year Low: RICS

7.jpg


The UK house price indicator moved deeper into negative territory in May amid coronavirus pandemic, survey data from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.

The house price balance fell to -32 percent in May from -22 percent in April. This was the weakest monthly figure since 2010.

Moreover, near-term price expectations remained downbeat, with the index standing at -43 percent. Further, a net -16 percent forecast prices to fall over the year ahead. The survey showed that there was a slight improvement in the sales outlook as estate agents were permitted to reopen on May 13. Nonetheless, given the economic uncertainty caused by the pandemic, overall sentiment remained cautions.

The net balance for new buyer enquiries rose to -5 percent in May from a record low of -94 percent in April.

Despite a net balance of -20 percent of contributors reporting that new instructions coming onto the market continued to fall in May, this was noticeably less negative compared to the reading of -97 percent last month, RICS said.

Further, the net balance for near term sales expectations advanced to -4 percent from -58 percent in April.

News are provided by
InstaForex.
 
South Korea Export Prices Rise 0.6% In May

Export prices in South Korea were up 0.6 percent on month in May, the Bank of Korea said on Friday - following the 2.2 percent monthly decline in April.

On a yearly basis, export prices sank 8.2 percent after dropping 6.5 percent in the previous month.

Prices for agricultural, forestry and marine exports fell 0.7 percent on month and 3.8 percent on year, while prices for manufacturing products added 0.7 percent on month and lost 8.2 percent on year.

Import prices were up 4.2 percent on month and down 12.8 percent on year after falling 5.7 percent on month and 14.6 percent on year in April.

News are provided by InstaForex
 
China's Industrial Output Rises, Retail Sales Fall

China's industrial production growth accelerated and retail sales decreased at a slower pace in May, data from the National Bureau of Statistics showed Monday.

Industrial production grew 4.4 percent on a yearly basis in May, faster than the 3.9 percent increase logged in April. Economists had forecast a 5 percent rise.

Retail sales dropped at a slower pace of 2.8 percent in May from last year, slower than the 7.5 percent decrease seen in April. Sales were forecast to fall 2 percent.

During January to May, fixed asset investment decreased 6.3 percent from the same period of last year. Economists had forecast a 5.9 percent fall.

The People's Bank of China injected CNY 200 billion funds into the financial system via medium-term lending facility at a rate of 2.95 percent, unchanged from previous operation.

News are provided by InstaForex
 
Euro Little Changed After Eurozone Trade Data

At 5.00 am ET Monday, Eurostat has published euro area foreign trade figures for April. The euro changed little against its major rivals after the data.

The euro was trading at 120.83 against the yen, 1.1261 against the greenback, 1.0708 against the franc and 0.8981 against the pound around 5:05 am ET.

News are provided by InstaForex
 
New Zealand Has NZ$1.6 Billion Current Account Shortfall

New Zealand had a seasonally adjusted current account deficit of NZ$1.6 billion in the first quarter of 2020, Statistics New Zealand said on Wednesday.

That missed expectations for a surplus of NZ$1.482 billion but was an improvement over the NZ$2.66 billion shortfall in the three months prior.

The seasonally adjusted goods deficit narrowed to NZ$213 million, while the services surplus narrowed to NZ$983 million.

The primary income deficit widened to NZ$2.2 billion and the financial account recorded a net outflow of NZ$7.7 billion.

News are provided by InstaForex
 
European Economics Preview: Bank Of England Rate Decision Due

Monetary policy meetings of the Bank of England and Swiss National Bank are due on Thursday, headlining a busy day for European economic news.

Economists widely expect the monetary policy committee of the BoE to expand its quantitative easing by at least GBP 100 billion from the current size of GBP 645 billion. The interest rate is expected to remain at a record low 0.1 percent.

The BoE is scheduled to release its summary and the minutes of the meeting at 7.00 am ET.

The Swiss National Bank is expected to hold its policy rate and interest on sight deposits at -0.75 percent. The announcement is due at 3.30 am ET.

At 4.00 am ET, Italy's Istat is slated to release foreign trade data for April.

At 4.00 am ET, Norges Bank announces its rate decision. In the meantime, Statistics Poland publishes employment growth data for May.

At 5.00 am ET, the Hellenic Statistical Authority publishes unemployment data for March.

News are provided by InstaForex
 
Australia Retail Sales Rebound At Record Pace In May

Australia's retail sales expanded in May at the fastest pace in the 38 year history of the series, after the easing of coronavirus containment measures, data from the Australian Bureau of Statistics showed Friday.

Retail sales grew by 16.3 percent on a monthly basis in May, the biggest on record, following a record decline of 17.7 percent in April.

Turnover rose 5.3 percent from the same period last year.

There were large increases in turnover in clothing, footwear and personal accessory retailing and cafes, restaurants and takeaway food services, as restrictions eased throughout the month.

Data showed that the monthly rise in clothing, footwear and personal accessory retailing exceeded 100 percent but remained more than 20 percent from last year.

Food retailing rose 7.2 percent from April. At the same time, perishable goods turnover advanced 7.0 percent and non-perishable goods turnover gained 3.8 percent. and All other products turnover gained 5.8 percent in May.

News are provided by InstaForex
 
China Leaves Benchmark Lending Rates Unchanged

China left its benchmark lending rates unchanged for the second straight month despite the economy struggling to recover from the impact of the coronavirus crisis.

The one-year loan prime rate was retained at 3.85 percent and the five-year loan prime rate was maintained at 4.65 percent.

The one-year and five-year loan prime rates were last reduced in April. The one-year loan prime rate was lowered by 20 basis points and five-year rate by 10 basis points in April.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This new lending rate replaced the central bank's traditional benchmark lending rate in August 2019.

Last week, the People's Bank of China injected CNY 200 billion funds into the financial system via medium-term lending facility at a rate of 2.95 percent, unchanged from the previous operation.

With fiscal stimulus ramping up and economic recovery well underway, the PBoC appears to see less of a need to encourage stronger private borrowing, Julian Evans-Pritchard, an economist at Capital Economics, said.

Broad credit growth still looks set to accelerate further in the coming quarters. But short-term interest rates are unlikely to decline much further, the economist noted.

Iris Pang, an ING economist said she is looking for a targeted RRR cut this week, by 0.5 percentage points for some banks on the specific requirement to use the liquidity for small and medium sized enterprises.

News are provided by InstaForex
 
Japan Manufacturing PMI Sinks To 28.9 In June - Jibun Bank

The manufacturing sector in Japan continued to contract in June, and ay a faster rate, the latest survey from Jibun Bank revealed on Tuesday with a manufacturing PMI score of 28.9.

That's down from 30.3 in May, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, output, new orders, new export orders, employment, backlogs, output prices, input prices and future output all continued to contract.

The data also showed that Japan's services PMI came in at 42.3 in June, up from 26.5 in the previous month. The composite index had a score of 27.8, down from 37.9 a month earlier.

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