Forex News from InstaForex

[IFX Gertrude]

Japan June industrial output rises 0.8 pct mth/mth



Industrial output in Japan jumped 0.8% in June, rebounded from last month's big fall, government data showed. The month-on-month growth compared with economists' median estimate of a 0.3% increase and followed a 2.1% decline in May, data by the Ministry of Economy Trade and Industry showed on Thursday. Manufacturers expect output to rise 0.5% in July and increase 2.7% in August, the data showed.

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[IFX Gertrude]

Canadian dollar saps as markets laud Fed outlook



The Canadian dollar softened on Thursday as traders embraced the Federal Reserve's relatively optimistic outlook for the American economy and sturdy GDP data. Based on official figures, US growth increased to a 2.3% annual rate in the second quarter, bolstering the US dollar. The loonie finished at 76.86 US cents from Wednesday's 77.26 US cents. Data increase the likelihood of a September rate hike. All we need is one of the jobs data to be good, “and neither China, nor Greece to fall off cliff, and we're there,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets. Meanwhile, Statistics Canada reported nonfarm payroll jobs rose by 16,500 in May, from 27,600 in April.

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[IFX Gertrude]

Nam Long plans $15-$30 mln bond issue - Vietnam Economic Times

Nam Long Investment Corp said it plans to issue worth $15-$30 million in international markets to fund projects, the Vietnam Economic Times newspaper reported. It comes after Nam Long sold nearly 5% of its stake to a subsidiary of Singapore's Keppel Land Ltd, the report added.

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[IFX Gertrude]

Aussie Forms Triple Bottom Around 0.7250, Targets 0.7360/0.740



AUD/USD has formed triple bottom around 0.7250 and recovered from that level on account of better than expected Australian retail sales . Retail sales come in 0.7% compared to forecast 0.4% awaits RBA rate decision later today which is major market mover . Technically major support is around 0.7250 and any break below targets 0.7230/0.7190 in short term. On the higher side resistance is around 0.7300 and any break above target 0.7360/0.7400 . It is good to buy at dips around 0.72925 with SL around 0.7245 for the TP of 0.7355/0.7395.

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[IFX Gertrude]

Fxwirepro:cable Forms Bullish Gartley in Hourly Chart, Good to Buy at Dips



Cable declined till 1.5525 after making a high of 1.56328 yesterday. Overall trend is still bullish as long as support 1.5460 holds. Any break below 1.5460 will drag the pair down till 1.5430/1.5400. On the higher side minor resistance is around 1.5550 and any break above would extend gains till 1.5580/1.5630. It is good to buy at dips around 1.5510-15 with SL around 1.5460 for the TP of 1.5625

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[IFX Gertrude]

US dollar extends advances as Atlanta Fed official backs rate hike



The US dollar prolonged its surge Wednesday as Atlanta Federal Reserve President Dennis Lockhart supported the call for an interest rate hike in September. The Federal Open Market Committee voter said it would take a considerable degeneration in the American economy for him not to back rate increase next month. The greenback closed at $1.0847 per euro. Versus the Japanese yen, the currency ended at ¥124.46. Lockhart was not slated to speak until August 10. Hence, his remarks “and the timing of the interview is surprising,” said Richard Cochinos, Head of Americas G10 FX Strategy at Citi. Amidst his comments, the odds of a September increase are still seen hanging on Friday's jobs data.

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[IFX Gertrude]

Canadian dollar drops back to 11-year low on weak commodity prices



The Canadian dollar fell back to an 11-year trough Wednesday as weak oil and other commodity prices offset the decline in the country's June trade deficit. US crude prices ended at $45.15 a barrel, while Brent crude closed at $49.59. Also, Statistics Canada reported a trade deficit of C$476 million ($361 million), the smallest in seven months. The loonie closed at 75.83 US cents from Tuesday's 75.87 US cents. Better than projected trade data lifted the currency, but then began to “trade again with commodities and US yields,” said Matt Perrier, Managing Director of Foreign Exchange Sales at BMO Capital Markets. Meanwhile, the Canadian employment data will be released Friday.

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[IFX Gertrude]

Canadian dollar drops back to 11-year low on weak commodity prices

The Canadian dollar fell back to an 11-year trough Wednesday as weak oil and other commodity prices offset the decline in the country's June trade deficit. US crude prices ended at $45.15 a barrel, while Brent crude closed at $49.59. Also, Statistics Canada reported a trade deficit of C$476 million ($361 million), the smallest in seven months. The loonie closed at 75.83 US cents from Tuesday's 75.87 US cents. Better than projected trade data lifted the currency, but then began to “trade again with commodities and US yields,” said Matt Perrier, Managing Director of Foreign Exchange Sales at BMO Capital Markets. Meanwhile, the Canadian employment data will be released Friday.

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[IFX Gertrude]

Australian dollar recuperates from mixed jobs data



The Australian dollar recovered on Friday following a slightly negative reaction to jobs data in July. According to Australian Bureau of Statistics, jobless rate climbed to 6.3% last month from 6.1% in June. The Aussie closed at 67.23 euro cents from Thursday's 67.16 euro cents, and 73.43 US cents from 73.30 US cents. Although the number of employed people rose by 38,500, traders believed the Reserve Bank of Australia wants greater proof on the labor market before making any policy changes.

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[IFX Gertrude]

Gbp/jpy Takes Support at 193, Jump Till 195 Is Possible

Potential reversal zone (PRZ) - 193 GBP/JPY retreated after making a high of 195. trend is still bullish as long as support 193 holds. Any break below 193 will drag the pair further down till 192/191 in short term. On the higher side GBP/JPY is facing short term resistance around 194.20 and any break above will target 195/195.25. It is good to buy at dips around 193.50 -55 with SL around 192.95 for the TP of 194.50/195

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