Forex News from InstaForex

[IFX Gertrude]

Fxwirepro: Taiwanese Dollar Trades Marginally Higher ahead of Taiwan’s Interest Rate, Industrial Production Data



USD/TWD is currently trading around 30.45 marks.

It made intraday high at 30.51 and low at 30.39 marks.

Intraday bias remains neutral till the time pair holds key resistance at 30.57 marks. A daily close above 30.47 will drag the parity up towards key resistances around 30.57, 30.72, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.

On the other side, key support levels are seen at 30.35, 30.24 and 30.05 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

Taiwan will release industrial production data at 0800 GMT and interest rate decision at 0830 GMT.

We prefer to take long position in USD/TWD only above 30.57, stop loss at 30.35 and target of 30.97.

News are provided byInstaForex.

[IFX Gertrude]

ECB to Thwart Any Move to Lure British Banks Post-Brexit



The European Central Bank will counter any efforts to begin a race to the bottom on financial rules as European states scramble to lure companies away from Britain after its exit from the European Union.

ECB board member Sabine Lautenschläger said Wednesday that any entity that intends to transfer to the eurozone must meet their requirements, regardless of whether it comes from the United Kingdom or other European country.

Lautenschläger cautioned any financial institutions seeking to circumvent rules to keep rendering banking products and services without a passport should revise their plans. She said they prioritize having secure and stable banks.

The ECB official recognized UK-based banks are experiencing challenges to obtain a new license in the EU, saying the central bank would become accommodating in terms of approving methodologies used by banks in evaluating capital requirements and risks.

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[IFX Yvonne]

Bitcoin Stands at $1,000 on Woes about Digital Currency's Future



Bitcoin steadied at $1,000 following it slumped in the previous session, as traders mull over the certainty of the technology behind the digital currency.

The cryptocurrency gained 1.2% on Thursday, trading at $1,049.20. It previously traded at $997.

Traders are still digesting the prospect of establishing another trading venue for the digital currency, the SEC's rulings on bitcoin ETFs, and China's crackdown on exchanges.

In the first week of this year, bitcoin surged 20% before losing 35% despite apprehensions China was poised to curtail trading. It then soared 75% between mid-January and mid-March.


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[IFX Gertrude]

Japan Corporate Service Prices Rise 0.8% In February



Corporate service prices in Japan were up 0.8 percent on year in February, the Bank of Japan said on Monday.

That exceeded forecasts for 0.5 percent, which would have been unchanged from the January reading.

On a monthly basis, prices added 0.3 percent after sliding 0.5 percent in the previous month.

Among the individual components, prices were up for advertising services, transportation, communications and real estate.

Prices were down for leasing and rental.

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[IFX Gertrude]

HNA Group to Buy Stake in Old Mutual U.S. Unit



Chinese travel-to-financial services conglomerate HNA Group has agreed to purchase a 25 percent stake in Old Mutual Plc's U.S. asset management unit for around $445 million. Old Mutual will then trim its stake in OM Asset Management to 26 percent, lower from 51 percent.

The financial services conglomerate is selling its holdings in OMAM to HNA Group in two tranches, according to a statement from Old Mutual. The first, which consists of 9.95 percent at $15.30 a share, will be completed within 30 days while the following 15 percent stake at $15.75 will take place in the second half, the UK-based company said. The Hainan-based conglomerate has invested in financial services as part of its effort to expand its portfolio beyond tourism and aviation. The stake is the latest in HNA's $30 billion haul of deals since 2016.

Old Mutual has received several offers to purchase a part of its stake in OMAM, which includes TPG and Advent. HNA Group is also leading a deal to procure Manhattan's 245 Park Ave. for $2.21 billion, according to two people with knowledge of the talks.

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[IFX Gertrude]

South Korea GDP Bumped Up To 0.5% In Q4



South Korea's gross domestic product expanded a seasonally adjusted annualized 0.5 percent on quarter in the fourth quarter of 2016, the Bank of Korea said in Tuesday's revised reading.

That was moved up from 0.4 percent in January's preliminary reading and was unchanged from the three months prior.

On a yearly basis, GDP was revised up to 2.4 percent from January's 2.3 percent. In the third quarter, GDP had expanded 2.6 percent.

For all of 2016, GDP was moved up to 2.8 percent - up from 2.7 percent in the preliminary read and from 2.6 percent in 2015. The growth in real GDP was mainly due to increases in private and government consumption, and the expansion of construction investment growth.

The growth of facilities investment meanwhile shifted to negative.

Real gross national income climbed 4.0 percent on year.

Agriculture, forestry & fishing fell 2.9 percent in 2016, mainly due to deteriorating weather conditions.

Manufacturing jumped 2.3 percent. While transportation equipment contracted, the growth in petroleum & chemical products and electrical & electronic equipment expanded.

Construction advanced 10.5 percent. While civil engineering fell 1.9 percent, residential & non-residential building construction increased.

Services showed a slower expansion of 2.3 percent. While the growth in wholesale & retail trade and transportation & storage expanded, the growth of finance & insurance showed a sluggish growth rate.

Private consumption gained 2.5 percent in 2016, with increases in the consumption of non-durable and durable goods.

Gross fixed capital formation climbed 5.2 percent. Construction investment gained 10.7 percent, mainly owing to the growth in residential building construction.

Facilities investment lost 2.3 percent, driven by investment in machinery and transportation equipment. Intellectual property products investment was up 2.3 percent.

Exports of goods & services went up 2.1 percent, as the exports of semiconductor and chemical products increased

In 2016 gross domestic product at current prices rose 4.7 percent to 1,637.4 trillion won. GNI per capita in US dollar terms marked a year-on-year increase of 1.4 percent to $27,561 in 2016.

The GDP deflator climbed 1.8 percent in 2016.

The gross saving ratio picked up 0.2 percentage point, from 35.6 percent in 2015 to 35.8 percent in 2016. The gross domestic investment ratio gained 0.4 percentage point, from 28.9 percent to 29.3 percent.

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[IFX Gertrude]

Fed Official Says Firmer Inflation Needed for Four Rate Hikes in 2017



Inflation is not that strong and it would need a firmer lift for four raise interest hikes in America this year, according to a Federal Reserve official policymaker.

When asked whether he saw a formidable case for an additional rate increase in 2017, Chicago Fed President Charles Evans said Monday he is not confident and that he does not see the figures. He added a much firmer inflation would entail a crucial rise in long-term inflation projections.

Evans did not indicate when he believed the Fed would begin slashing its balance sheet. But he noted there was an ongoing discussion about the timing and the rate of rolling out assets, saying it should be done in a controlled and disciplined manner.

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[IFX Gertrude]

Japan Retail Sales Gain 0.2% On Month In February



Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in February, the Ministry of Economy, Trade and Industry said on Wednesday.

That missed forecasts for 0.3 percent but was unchanged from the January reading following a downward revision from 0.5 percent.

On a yearly basis, retail sales added just 0.1 percent - again shy of expectations for 0.7 percent and down from 1.0 percent in the previous month.

Sales from large retailers sank an annual 2.7 percent versus forecasts for a fall of 1.8 percent after sliding 1.1 percent a month earlier.

News are provided byInstaForex.

[IFX Gertrude]

U.S. Stocks Rise on Upbeat Consumer Data



Wall Street closed sharply higher, snapping its eight-day losing streak, with energy and financial shares soaring as latest data showed U.S. consumer confidence surging to over a 16-year peak. The S&P 500's best day in almost two weeks came following a record-setting rally for stocks in the aftermath of President Donald Trump's election. The Dow Jones industrial average advanced 0.73 percent to finish at 20,701.50, as Apple led gains while Johnson & Johnson being the top decliner. The S&P 500 climbed 0.73 percent at 2,358.57, with financials leading all 11 sectors up. The Nasdaq composite rose 0.60 percent at 5,875.14.

The financial sector gained 1.4 percent, as Bank of America and JPMorgan both lifted the S&P 500. Energy shares were up 1.3 percent, buoyed by higher oil prices. The Dow Jones Transport Average, which is acknowledged by some as a barometer of the economy, added 1.8 percent for its second-best day of 2017. Shares of Apple jumped 2.1 percent and gave the largest boost to the S&P and the Nasdaq, notching an all-time peak.

Among other shares active on corporate news, Tesla climbed 2.7 percent after announcing that Tencent Holdings has taken a five percent stake in the company for $1.78 billion. General Motors gained 2.4 percent after investor David Einhorn's Greenlight Capital advised the automaker to divide its stock into two classes.

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[IFX Gertrude]

Wall Street Finished Mostly Higher as Brexit Process Eyed



U.S. equities ended mostly higher, as energy led gains, while investors priced in recent economic data and the beginning of the U.K.'s exit from the European Union. Strength in the energy and consumer sectors counterbalanced losses in financial shares while investors also looked ahead to first-quarter earnings season.

The Dow Jones industrial average slipped 0.2 percent at 20,659.32, as UnitedHealth led losses while Chevron was the top gainer. The S&P 500 climbed 0.11 percent at 2,361.13, with energy leading five sectors up while financials lagged behind. The Nasdaq composite advanced 0.38 percent at 5,897.55.

The energy sector was up 1.2 percent after Energy Information Administration data revealed a smaller-than-expected crude inventory build. The consumer discretionary sector climbed 0.6 percent, with retailers like Kohl's and Nordstrom soaring. Shares of Amazon.com gained 2.1 percent to notch an all-time peak, providing the largest lift to the S&P 500 and Nasdaq. Financial shares retreated 0.5 percent a day after leading the rally.

Among stocks active on corporate news, Vertex Pharmaceuticals surged 20.5 percent after its cystic fibrosis treatment was a success in a study. The stocks lifted the S&P and helped propel the Nasdaq Biotechnology index to climb 0.9 percent.

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