Forex News from InstaForex

[IFX Gertrude]

Australia Unemployment Rate Steady At 5.8% In December



The jobless rate in Australia was a seasonally adjusted 5.8 percent in December, the Australian Bureau of Statistics said on Thursday. That was unchanged from the November reading, and it beat forecasts for 5.9 percent. The Australian economy lost 1,000 jobs in December to 11,902,300 - which also topped forecasts for a decline of 10,000 jobs following the addition of 71,400 jobs in the previous month. Full-time employment saw an increase of 17,600 jobs in December to 8,228,700 following the spike of 41,600 a month earlier. Part-time employment was down 18,500 jobs to 3,673,600 following the 29,700 increase in November. Unemployment decreased 10,900 to 727,500. The number of unemployed persons looking for full-time work decreased 2,600 to 515,000 while the number of unemployed persons only looking for part-time work decreased 8,400 to 212,500. "The trend shows that around 312,000 more people were employed in December 2015 than in December 2014. Full-time employment growth was stronger than part-time over the year, increasing by 186,600 people," said Bruce Hockman, General Manager of ABS' Macroeconomic Statistics Division. The increase in employment has contributed to the trend employment to population ratio rising over the year from 60.6 percent to 61.4 percent, while the unemployment rate has decreased over the year from 6.2 percent to 5.8 percent. The participation rate was 65.1 percent - missing forecasts for 65.2 percent and down from 65.3 percent a month earlier. Monthly hours worked in all jobs increased 0.3 million hours to 1,645.2 million hours.

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[IFX Gertrude]

Fed: Strong dollar, low energy prices impact US economic growth



A firm US dollar and low energy prices have affected the American economy, as improvements in consumer spending and the labor market did nothing to counter its negative effects. Based on its Beige Book report of anecdotal details on business activity, collated from contacts in the country, the Federal Reserve said US economic activity expanded in nine of the 12 districts. The Boston Fed reported a positive economic activity, while Kansas City and New York districts considered theirs flat. Also, half the central bank's districts noted the perception for future economic growth was still mostly optimistic. Policymakers, in general, perceive additional four quarter-point increments in 2016 although they reiterated it would depend on figures and progress on Fed's 2% target on inflation.

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[IFX Gertrude]

Saudi Arabia plans to create new sovereign fund - source



Saudi Arabia is planning to set up a new sovereign fund for diversifying its investments and overseeing a portion of its oil wealth. People privy to the matter, the kingdom also asked consultancies and investment banks to present proposals for the project. Sources said maintaining the foreign reserves at an acceptable level is needed to bolster the real and retain a sturdy financial position. Another source added the government did not disclose the size of the new sovereign fund. As of present, Saudi's state budget deficit is at record high while net foreign assets plunged over $100 billion in 15 months.

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[IFX Gertrude]

Saudi Arabia plans to create new sovereign fund - source



Saudi Arabia is planning to set up a new sovereign fund for diversifying its investments and overseeing a portion of its oil wealth. People privy to the matter, the kingdom also asked consultancies and investment banks to present proposals for the project. Sources said maintaining the foreign reserves at an acceptable level is needed to bolster the real and retain a sturdy financial position. Another source added the government did not disclose the size of the new sovereign fund. As of present, Saudi's state budget deficit is at record high while net foreign assets plunged over $100 billion in 15 months.

News are provided byInstaForex.

[IFX Gertrude]

Saudi Arabia plans to create new sovereign fund - source



Saudi Arabia is planning to set up a new sovereign fund for diversifying its investments and overseeing a portion of its oil wealth. People privy to the matter, the kingdom also asked consultancies and investment banks to present proposals for the project. Sources said maintaining the foreign reserves at an acceptable level is needed to bolster the real and retain a sturdy financial position. Another source added the government did not disclose the size of the new sovereign fund. As of present, Saudi's state budget deficit is at record high while net foreign assets plunged over $100 billion in 15 months.

News are provided byInstaForex.

[IFX Gertrude]

European Economics Preview: Eurozone Foreign Trade Data Due



Foreign trade data from euro area is due on Friday, headlining a light day for the European economic news. At 3.00 am ET, Spain's statistical office INE publishes final consumer price data for December. Prices are forecast to remain flat on a yearly basis as initially estimated. In the meantime, Turkey's unemployment figures are due. The jobless rate is seen unchanged at 10.3 percent in October. At 4.00 am ET, Italy's statistical office Istat issues final consumer prices for December. According to preliminary estimate, consumer prices rose 0.1 percent from last year. Half an hour later, the Office for National Statistics issues U.K. construction output data. Output is forecast to fall 0.1 percent on a yearly basis in November after rising 1 percent in October. At 5.00 am ET, Eurostat is set to release Eurozone foreign trade figures for November. The trade surplus is expected to rise slightly to EUR 21 billion from EUR 19.9 billion in October.

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[IFX Gertrude]

Oil Slides to Lowest Since 2003 As Iran Sanctions Lifted



Brent and U.S. crude futures fell to the lowest since 2003 following the lifting of the sanctions at the weekend. Iran is ready to increase its crude exports by 500,000 barrels a day, the deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports. NYMEX crude for February delivery was down 86 cents at $28.56 a barrel, after falling more than $1 earlier to $28.36, the lowest since Oct. 30, 2003. London Brent crude for March delivery was down $1.14 at $27.80 a barrel by 2333 GMT, after touching an intraday low of $27.70 earlier, the lowest since Nov. 25, 2003.

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[IFX Gertrude]

UK House Prices Rise For First Time In 3 Months: Rightmove



British house prices climbed at the start of the year, after declining in the previous two months, the latest house price balance from property tracking website Rightmove showed on Monday. The house price index rose slightly by 0.5 percent month-over-month in January, in contrast to a 1.1 percent decrease in December. "With their asking prices pretty much the same as a month ago, perhaps the knock-on effects of the more punitive landlord tax regime have arrived early and they now face a dilemma over whether to buy now or wait to see if prices drop in this sector over the next few months," Miles Shipside, co-founder of Rightmove, said. On an annual basis, house prices house prices grew at a slower pace of 6.5 percent in January, following a 7.4 percent surge in the prior month.

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[IFX Gertrude]

Azerbaijan gas output in 2015 totalled 29.1 BCM - energy minister



Azerbaijan's Energy Minister Natig Aliyev said the country's gas production in 2015 totalled 29.1 billion cubic metres (bcm). He said gas output from the Azeri Shah Deniz field was seen at 10.1 bcm in 2016, up from 9.9 bcm ilast year, and that oil production at BP-operated ACG fields amounted to 31 million tonnes last year.

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[IFX Gertrude]

Australian Dollar Falls Against Majors



The Australian dollar weakened against the other major currencies in the Asian session on Tuesday. The Australian dollar fell to a 4-day low of 0.9945 against the Canadian dollar, from yesterday's closing value of 0.9993. Against the U.S. dollar, the yen and the euro, the aussie dropped to 0.6839, 80.19 and 1.5943 from yesterday's closing quotes of 0.6865, 80.51 and 1.5861, respectively. If the aussie extends its downtrend, it is likely to find support around 0.98 against the loonie, 0.67 against the greenback, 79.00 against the yen and 1.61 against the euro.

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