Forex News from InstaForex

[IFX Gertrude]

AUSTRALIAN DOLLAR RISES AGAINST MAJORS



The Australian dollar strengthened against other major currencies in the Asian session on Thursday.

The Australian dollar rose to nearly a 5-week high of 96.77 against the yen, from an early low of 96.61.

Against the U.S. dollar and the euro, the aussie advanced to more than 3-week highs of 0.6439 and 1.6456 from yesterday's closing quotes of 0.6422 and 1.6484, respectively.

The aussie appreciated to more than a 3-month high of 0.8906 against the Canadian dollar, from yesterday's closing value of 0.8884.

The aussie edged up to 1.0935 against the NZ dollar, from Wednesday's closing value of 1.0924.

If the aussie extends its uptrend, it is likely to find resistance around 98.00 against the yen, 0.65 against the greenback, 1.63 against the euro, 0.90 against the loonie and 1.10 against the kiwi.

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[IFX Gertrude]

MALAYSIAN RINGGIT RISES TO MORE THAN 2-WEEK HIGH AGAINST U.S. DOLLAR



The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Friday. Against the greenback, the ringgit rose to more than a 2-week high of 4.7360 from yesterday's closing value of 4.7500.

If the ringgit extends its uptrend, it is likely to find resistance around the 4.70 area.

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[IFX Gertrude]

YEN FALLS AGAINST MAJORS



The Japanese yen weakened against other major currencies in the Asian session on Monday.

The yen fell to a 2-month low of 185.21 against the pound, from Friday's closing value of 184.86.

Against the euro and the Swiss fran, the yen slipped to 6-day lows of 160.68 and 166.76 from last week's closing quotes of 160.26 and 166.11, respectively.

The yen edged down to 149.68 against the U.S. dollar, from Friday's closing value of 149.37.

Against the Australia, the New Zealand and the Canadian dollars, the yen slipped to nearly a 5-month low of 97.51, nearly a 4-week low of 89.70 and nearly a 3-week low of 109.66 from last week's closing quotes of 97.27, 89.58 and 109.35, respectively.

If the yen extends its downtrend, it is likely to find support around 186.00 against the pound, 162.00 against the euro, 169.00 against the franc, 152.00 against the greenback, 98.00 against the aussie, 91.00 against the kiwi and 111.00 against the loonie.

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[IFX Gertrude]

AUSTRALIA RAISES KEY INTEREST RATE BY 25 BPS



Australia's central bank raised its benchmark rate by a quarter-point on Tuesday after holding the rate for four straight meetings. The policy board of the Reserve Bank of Australia headed by Michele Bullock decided to lift the cash rate target by 25 basis points to 4.35 percent.

The bank also increased the interest rate paid on Exchange Settlement balances by 25 basis points to 4.25 percent.

The bank had held interest rates steady since June following an increase of 4 percentage points since May last year.

"The Board judged an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe," Bullock said.

Although inflation has passed its peak, it is still too high and is proving more persistent than expected a few months ago, the bank noted. Inflation is forecast to be around 3.5 percent by the end of 2024 and at the top of the target range of 2-3 percent by the end of 2025.

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[IFX Gertrude]

CHINESE YUAN RISES TO NEAR 2-MONTH HIGH AGAINST U.S. DOLLAR



The Chinese yuan strengthened against the U.S. dollar in the Asian session on Wednesday.

Against the greenback, the yuan rose to nearly a 2-month high of 7.2658 from a recent low of 7.2783. At yesterday's close, the yuan was trading at 7.2733 against the greenback.

If the yuan extends its uptrend, it is likely to find resistance around the 7.24 area.

The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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[IFX Gertrude]

NZ DOLLAR RISES AGAINST MAJORS



The New Zealand dollar strengthened against other major currencies in the Asian session on Thursday.

The NZ dollar rose to a 2-day high of 1.0814 against the Australian dollar, from yesterday's closing value of 1.0823.

Against the U.S. dollar and the euro, the kiwi advanced to 0.5930 and 1.8062 from Wednesday's closing quotes of 0.5910 and 1.8104, respectively.

Moving away from a recent 2-day low of 89.13 against the yen, the kiwi edged up to 89.49.

If the kiwi extends its uptrend, it is likely to find resistance around 1.06 against the aussie, 0.60 against the greenback, 1.77 against the euro and 89.13 against the yen.

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[IFX Gertrude]

AUSTRALIAN DOLLAR FALLS AGAINST MAJORS



The Australian dollar weakened against other major currencies in the Asian session on Friday.

The Australian dollar fell to 9-day lows of 0.6352 against the U.S. dollar and 96.12 against the yen, from yesterday's closing quotes of 0.6366 and 96.34, respectively.

Against the euro and the Canadian dollar, the aussie slid to more than a 2-week low of 1.6791 and nearly a 2-week low of 0.8771 from Thursday's closing quotes of 1.6754 and 0.8789, respectively.

The aussie edged down to 1.0784 against the NZ dollar, from yesterday's closing value of 1.0801.

If the aussie extends its downtrend, it is likely to find support around 0.62 against the greenback, 94.00 against the yen, 1.69 against the euro, 0.85 against the loonie and 1.06 against the kiwi.

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[IFX Gertrude]

YEN SLIDES AGAINST MAJORS



The Japanese yen weakened against other major currencies in the Asian session on Monday.

The yen slid to more than a 15-year low of 162.08 against the euro and nearly a 2-week low of 151.70 against the U.S. dollar, from Friday's closing quotes of 161.82 and 151.50, respectively.

Against the pound, the yen dropped to 4-day lows of 185.55 and 96.50 from last week's closing quotes of 185.16 and 96.41, respectively.

The yen edged down to 168.11 against the Swiss franc, from Friday's closing value of 167.76.

Against the New Zealand and the Canadian dollars, the yen dropped to 89.39 and 109.83 from last week's closing quotes of 89.28 and 109.76, respectively.

If the yen extends its downtrend, it is likely to find support around 163.00 against the euro, 152.00 against the greenback, 187.00 against the pound, 98.00 against the aussie, 169.00 against the franc, 90.00 against the kiwi and 111.00 against the loonie.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: UK LABOR MARKET DATA DUE



The labor market statistics from the UK and economic sentiment survey results from Germany are the top economic news due on Tuesday.

At 2.00 am ET, the Office for National Statistics releases UK unemployment data. The jobless rate is forecast to fall to 4.3 percent in three months to September from 4.2 percent in the preceding period.

Consumer price data from Sweden is due at 2.00 am. Inflation is forecast to rise to 6.7 percent in October from 6.5 percent in September.

At 2.30 am ET, the Federal Statistical Office is set to issue Swiss producer prices for October. Economists forecast producer prices to rise 0.1 percent on month, in contrast to the 0.1 percent fall in September.

At 3.00 am ET, Spain's INE issues final consumer and harmonized prices for October. The flash estimate showed that consumer price inflation held steady at 3.5 percent.

At 5.00 am ET, Eurostat is slated to issue euro area flash GDP and employment for the third quarter. The preliminary flash estimate showed that GDP registered a quarterly contraction of 0.1 percent, in contrast to the 0.2 percent expansion in the second quarter.

In the meantime, Germany ZEW economic confidence survey data is due. The sentiment index is seen at 5.0 in November versus -1.1 in October.

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[IFX Gertrude]

NZ DOLLAR RISES AGAINST MAJORS



The New Zealand dollar strengthened against other major currencies in the Asian session on Wednesday.

The NZ dollar rose to an 8-1/2-year high of 90.72 against the yen and nearly a 5-week high of 0.6023 against the U.S. dollar, from yesterday's closing quotes of 90.35 and 0.6004, respectively.

Against the euro and the Australian dollar, the kiwi advanced to a 6-day high of 1.8064 and a 2-day high of 1.0798 from yesterday's closing quotes of 1.8117 and 1.0823, respectively.

If the kiwi extends its uptrend, it is likely to find resistance around 92.00 against the yen, 0.61 against the greenback, 1.78 against the euro and 1.06 against the aussie.

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