Forex News from InstaForex

[IFX Gertrude]

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 byInstaForex.

[IFX Gertrude]

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.

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[IFX Gertrude]

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 byInstaForex.

[IFX Gertrude]

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.

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[IFX Gertrude]

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 byInstaForex.

[IFX Gertrude]

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.

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[IFX Gertrude]

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 byInstaForex.

[IFX Gertrude]

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 byInstaForex.

[IFX Gertrude]

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 byInstaForex.

[IFX Gertrude]

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.

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