Forex News from InstaForex

Canadian Ford workers approve new contract –union

Canadian workers at Ford Motor Co agreed on a new four-year contract with the carmaker, the president of the Oakville, Ontario, local said on Sunday.

The workers approved the new contract despite some members' criticisms at Ford's Oakville assembly, stopping a strike, and after months of talks between the Unifor union and General Motors Co, Fiat Chrysler Automobiles and Ford.

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Japan Has Y1.821 Trillion Current Account Surplus

Japan had a current account surplus of 1.821 trillion yen in September, the Ministry of Finance said on Wednesday - up 25.4 percent on year.

That was shy of expectations for 2.020 trillion yen and down from 2.000 trillion yen in August.

The trade surplus came in at 642.4 billion yen - shy or forecasts for 668.8 billion yen and up from 243.2 billion yen in the previous month.

Exports were down 8.3 percent on year to 5.838 trillion yen, while imports skidded 17.5 percent to 5.196 trillion yen.

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Gold Lower Ahead of U.S. Presidential Vote Results

Gold prices edged down as the dollar and global equity markets strengthened while investors await the results of the contentious U.S. presidential election. Gold for December delivery was down 0.3 percent at $1,275.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

Investors are broadly expecting a victory for Mrs. Clinton and also indicated that a market shock is expected if Donald Trump becomes president. Spot gold declined 0.3 percent to $1,277.16 per ounce. Analysts claim that a victory for Trump would produce more uncertainty in the market and could raise the appeal of gold as a hedge against risk. David Govett, the head of precious metals at Marex Spectron says that a Clinton victory means that gold may decline around $30 to the $1,250 per troy ounce area. However, if Trump wins it could prompt a raise in prices of nearly $100 per troy ounce.

In other precious metals, Silver climbed 0.8 percent to $18.35 per ounce. Platinum rose 0.1 percent at $1,001.75 and palladium was up 1.8 percent to $663.50.

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Japan Core Machine Orders Tumble 3.3% In September

Core machine orders in Japan skidded 3.3 percent on month in September, the Cabinet Office said on Thursday - standing at 843.7 billion yen.

That missed expectations for a fall of 1.5 percent following the 2.2 percent decline in August.

On a yearly basis, core machine orders picked up 4.3 percent - also exceeding forecast for 4.1 percent following the 11.6 percent spike in the previous month.

The total number of machinery orders, including those volatile ones for ships and from electric power companies, fell 0.7 percent on month and gained 0.9 percent on year to 972.1 billion yen.

Manufacturing orders slid 5.0 percent on month and 1.5 percent on year to 335.5 billion yen in September, while non-manufacturing orders fell 0.9 percent on month and jumped 7.8 percent on year to 510.3 billion yen.

Government orders skidded 10.3 percent on month and 25.2 percent on year to 220.6 billion yen. Orders from overseas gained 1.4 percent on month and fell 16.7 percent on year to 785.0 billion yen. Orders from agencies added 5.6 percent on month and 7.6 percent on year to 121.4 billion yen.

For the third quarter of 2016, core machine orders were up 7.3 percent on quarter and 6.5 percent on year.

For the fourth quarter, core machine orders are forecast to have fallen 5.9 percent on quarter and gain 3.7 percent on year.

Also on Thursday, the Bank of Japan said that the M2 money stock in Japan was up 3.7 percent on year in October, coming in at 945.1 trillion yen.

That exceeded forecasts for 3.6 percent following the downwardly revised 3.5 percent increase in September (originally 3.6 percent).

The M3 money stock advanced an annual 3.2 percent versus forecasts for 3.1 percent after gaining a downwardly revised 3.0 percent in the previous month (originally 3.1 percent).

The L money stock added 1.9 percent to 1,656.0 trillion yen.

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Clinton Delivers Concession Speech, Pledges to Work with Trump

Defeated candidate for U.S. president Hillary Clinton made her first appearance to the public after reportedly conceding to president-elect Donald Trump over the phone on Wednesday.

Speaking in New York, the Democrat candidate said she hoped Mr. Trump would be a triumphant president for all Americans, adding that Trump must be given an opportunity to lead. Clinton stated that the country was more deeply fractured than initially estimated and urged her supporters to respect the outcome of the election.

Despite telling her supporters that the loss was painful, she said that she has offered to work with Trump as he gets ready to start his four-year term on January 20.

The Republican is set to become the 45th U.S. president follows his stunning win over the highly-favoured Clinton. New Jersey Governor will lead Trump's transition team during the 10-week period until his inauguration.

In his conciliatory victory speech, Trump said his first priorities entails restoring the nation's infrastructure and stimulating its economic growth.

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Japan Producer Prices Slip 0.1% In October

Producer prices in Japan were down 0.1 percent on month in October, the Bank of Japan said on Friday.

That was shy of expectations for a flat reading, which would have been unchanged from the September reading.

On a yearly basis, producer prices fell 2.7 percent versus forecasts for -2.6 percent following the 3.2 percent drop in the previous month.

Export prices were up 0.1 percent on month and down 0.7 percent on year, the bank said, while import prices gained 1.1 percent on month but dropped 4.7 percent on year.

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Bitcoin ascends on Trump election win

Bitcoin leaped as investors sought refuge in the virtual currency following Donald Trump's monumental victory in the recent US presidential election.

Bitcoin prices climbed to $742.96 on Wednesday, up 4.6%, within striking distance of the $777 it touched before Brexit. The digital currency reached near its 35-month high against the British pound despite a global sell-off.

Bitcoin, often considered as one of the most perilous and volatile assets in the world, has been shaped by its erratic movement. In 2013, the cryptocurrency's price surged from less than $10 to more than $1,000. However, its value plummeted prior to a downfall of Mt. Gox after a cyber attack where several users lose thousands.

But growing confidence in bitcoin and global skepticism about other assets have seen its value almost double since the beginning of the year.

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Japan GDP Jumps 2.2% On Year In Q3

Japan's gross domestic product spiked 2.2 percent on year in the third quarter of 2016, the Cabinet Office said in Monday's preliminary report.

That was well above forecasts for a gain of 0.8 percent following the 0.7 percent increase in the three months prior.

On a quarterly basis, GDP expanded 0.5 percent - also topping expectations for 0.2 percent, which would have been unchanged from Q2.

Nominal GDP was up 0.2 percent versus forecasts for a decline of 0.1 percent following the 0.3 percent gain in the previous three months.

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Mexican Peso Recovers as Trump Eases Campaign Pledges

The Mexican peso rose over one percent to about 20.64 pesos per U.S. dollar in Asian trading as U.S. President-elect Donald Trump seemed to abate some of his more controversial campaign pledges that were perceived to have a negative impact on the Mexican economy.

The peso has dropped to a historic low following Trump's stunning election win last week on concerns that he will seek to follow through with his campaign platforms to lower trade and to establish a wall between the two nations, while also deporting around 11 million people living in the U.S. without proper documents. Trump's upset has hit Mexican assets hard, as the peso plummeted to a low of over 21 pesos against the greenback, prompting analysts to also lower their economic outlook for the nation.

Trump backpedaled on his promise to construct a border wall on Sunday, stating some areas could instead have fenced segments, and stated that he would seek to deport around three million immigrants in the nation who are proven to have criminal records.

To date, the central bank of Mexico, who will hold its next meeting later this week, has not stepped in to stem the peso's decline.

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Fxwirepro: Usd/sgd Rejects Key Resistance at 1.4179, Short Term Trend Reversal Likely

USD/SGD is currently trading around 1.4124 marks.

It made intraday high at 1.4151 and low at 1.4109 levels.

Intraday bias remains bearish till the time pair holds key resistance at 1.4179 marks.

A sustained break above 1.4179 will test key resistances at 1.4228, 1.4336 and 1.4443 levels respectively.

Alternatively, a consistent close below 1.4126 will drag the parity down towards key supports at
1.4072/1.3970/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.

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

Singapore will release retail sales data at 0500 GMT.
We prefer to go short on USD/SGD around 1.4125 with stop loss at 1.4179 and target of 1.4072/1.3970.

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​Apple Extends Recent Losses After iPhone Sales Warning

Apple's stocks continued its losing streak on Monday after issuing a warning to investors that sales of its iPhones could decline if President-Elect Trump enacts his campaign threat to slap new tariffs on China-imported goods.

The tech giant's stock lost 2.5% in the latest session, bringing its losses since last week's election to around 5%.

An editorial article published in the Chinese government-supported Global Times cautioned of eye-for-eye reprisal should Trump push through his promise to impose 45% tariffs on all products and goods imported from China, adding to the growing concerns of Apple investors.

The op-ed stated threatened that Boeing orders will be substituted by Europe's Airbus, U.S. automobile and iPhones sales in the Chinese market will decline and imports of U.S. soybean and corn imports will be suspended.

The smartphone maker is one of the several major tech stocks such as Amazon, Facebook, and Alphabet that has suffered losses since Tuesday's elections as investor relocate their funds into financial and public works firms that are speculated to highly benefit from deregulation and infrastructure spending under President-elect Trump's administration.

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Australia Unemployment Rate Steady At 5.6% In October

The unemployment rate in Australia came in at a seasonally adjusted 5.6 percent in October, the Australian Bureau of Statistics said on Thursday.

That was beneath expectations for 5.7 percent and unchanged from the September reading.

The Australian economy added 9,800 jobs in October - again missing expectations for an increase of 15,000 following the loss of 9,800 jobs in the previous month.

The participation rate was steady at 64.4 percent, shy of forecasts for 64.6 percent.

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Cisco’s Disappointing Profit Guidance Sends Shares Lower

Cisco Systems Inc.'s adjusted profit estimate for the present quarter missed analysts' projections as the company's core business continues to struggle with weak demand, sending its shares tumbling by more than 4% in late hours trading.

The company said expects adjusted profit of 55-57 cents per share during the second quarter, falling under analysts' median estimate of 59 cents per share earnings on a $12.33 billion revenue.

The world's biggest networking gear maker has been stepping up its wireless and security divisions to counter the softness in its core switch and routers business, which is also struggling with strong competition from rival companies. Still, the newer business units are not expanding fast enough to offset the declines in its main networking division.

Revenue from the firm's switching business declined by 7% to $3.72 billion during the August-October period.Security business evenue climbed 11% to $540 million while revenue in the wireless unit dropped 2% to $632 million.

Net profit dropped 4.4% to $2.32 billion as revenue declined 2.6% to $12.35 billion, with earnings of 61 cents per share.

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Usd/krw opened at 1181.0, Higher Than implied Ny Ndf Closing

Pair rises up to 1181.5, prints new 5 month high, last at 1180.6
USD bullish after Yellen's testimony hints at Dec rate hike
UST 10y yield climbs to highest since Dec 2015
Pair likely to test stoploss orders above 1200 psychological level

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Gold Slips on Firm Dollar, Yellen Comments

Gold prices dropped to a 5-½ month low as the dollar index reached a 13-1/2 year peak on upbeat U.S. economic data as well as comments by U.S. Federal Reserve Chairwoman Janet Yellen that boosted the chances for increasing rates in December. Spot gold fell 0.8 percent at $1,215.50 per ounce.

U.S. gold futures were down 0.6 percent at $1,216.90 an ounce. Gold moved lower as the greenback climbed to the highest since 2003 against a basket of six major currencies. Spot gold has lost nearly nine percent from its six-week high hit briefly following the U.S. election on Nov. 9. Latest data has shown the largest rise in U.S. consumer prices in six months and unemployment claims dropped to a 43-year low.

Among other precious metals, palladium climbed as much as 1.7 percent to $734.40, the highest since Aug.10. Palladium was down 0.7 percent at $937.60 per ounce and silver fell 1.9 percent to $16.64.

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Japan Has Y496.174 Billion Trade Surplus

Japan had a merchandise trade surplus of 496.174 billion yen in October, the Ministry of Finance said on Monday.

That was shy of expectations for a surplus of 610.0 billion following the downwardly revised 497.6 billion yen deficit in September (originally 498.3 billion).

Exports were down 10.3 percent on year, missing forecasts for a fall of 8.5 percent following the 6.9 percent decline in the previous month.

Imports sank an annual 16.5 percent versus expectations for a decline of 16.1 percent after sliding 16.3 percent a month earlier.

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Asia-Pacific Summit Calls for Free Trade

The leaders of the 21-Asia Pacific nation called for the resistance against protectionism amidst indications of raised free-trade speculation, emphasized by Donald Trump's win in the U.S. presidential election. The Asia Pacific Economic Cooperation forum also ended with a joint pledge to work on a new free trade agreement which will include all 21 members despite the political climate.

APEC has mentioned the "rising skepticism over trade" in between the uneven recovery since the financial crisis and stated that "the benefits of trade and open markets need to be communicated to the wider public more effectively, emphasizing how trade promotes innovation, employment and higher living standards." U.S. President Barack Obama said that one of the ways to address income inequality and to produce jobs is by coming up with a trade policy and agreements like the Trans-Pacific Partnership pact that can raise exports to the Pacific rim countries.

The statement of APEC has also mentioned that the members will conform to the carbon reduction goals to focus on climate change, a concern which they called a threat to food production and food security.

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Fxwirepro: Usd/sgd Rejects Key Resistance at 1.4289, Short Term Trend Reversal Likely

USD/SGD is currently trading around 1.4218 marks.
It made intraday high at 1.4243 and low at 1.4201 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4289 marks.
A sustained close above 1.4289 will test key resistances at 1.4336, 1.4443 and 1.4481 levels respectively.
Alternatively, a consistent close below 1.4216 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term correction only.
We prefer to go short on USD/SGD around 1.4225 with stop loss at 1.4289 and target of 1.4132.

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Dollar Retreats From 10-Day Rally

The dollar declined as investors gained profits on its longest rally in four years. The WSJ Dollar index fell 0.5 percent to 91.21.

The dollar rose for 10-straight sessions, its longest winning streak since May 2012. The greenback has jumped since the presidential election, with investors betting that President-elect Donald Trump's plans to raise fiscal spending and reduce taxes will bolster U.S. growth. Investors are growing more confident that the U.S. Federal Reserve will increase interest-rates in December. Fed-funds futures has shown a 95 percent likelihood of an interest-rate hike next month, according to CME Group data.

Emerging-market currencies rebounded against the dollar following a sharp sell off. The dollar fell 0.9 percent versus the Brazilian real, one percent versus the Mexican peso and 0.2 percent versus the Singapore dollar.

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Australia Construction Work Slides 4.9% In Q3

The total value of construction work done in Australia was down a seasonally adjusted 4.9 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Wednesday - coming in at A$46.147 billion.

That follows the 3.7 percent decline in the previous three months.

On a yearly basis, the value of construction work tumbled 11.1 percent.

The value of building work was down 5.7 percent on quarter and up 1.4 percent on year to A$25.886 billion.

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