Forex News from InstaForex

[IFX Gertrude]

Australia Unemployment Rate Jumps To 5.9%



The unemployment rate in Australia climbed to a seasonally adjusted 5.9 percent in February, the Australian Bureau of Statistics said on Thursday.

That missed forecasts for 5.7 percent, which would have been unchanged from January.

The Australian economy lost 6,400 jobs last month to 11,998,800 versus expectations for the addition of 16,000 jobs following the gain of 13,700 in January.

Full-time employment increased 27,100 to 8,158,900 and part-time employment decreased 33,500 to 3,840,000.

Unemployment increased 26,000 to 748,100. The number of unemployed persons looking for full-time work increased 10,800 to 523,800 and the number of unemployed persons only looking for part-time work increased 15,100 to 224,300.

The participation rate was 64.6, matching forecasts and unchanged from the previous month.

Monthly hours worked in all jobs decreased 20.5 million hours to 1,661.9 million hours. The labor force underutilization rate increased 0.4 pts to 14.6 percent.

The male labor force underutilization rate increased 0.3 pts to 12.6 percent and the female labor force underutilization rate increased 0.6 pts to 16.8 percent.

News are provided byInstaForex.

[IFX Gertrude]

Fed Lifts Benchmark Interest Rate as Confidence in Economy Grows



At the end of its two-day policy review, the U.S. Federal Reserve took a step to tighten monetary policy for the second time in three months.

The 0.25 percentage point hike in the U.S. central bank's overnight interest rate was a move prompted by the steady economic growth, solid and consistent job gains and increasing confidence that inflation will move in accordance with the Fed's target, Fed Chair Janet Yellen said.

The move was also perceived by the market as a strong indication that the Fed is entering a new period where they are looking to return the monetary policy to a more normal condition. Yellen indicated that the shift is due to the growing confidence in the economy's progress, which has grown according to the Fed's expectations in the last few months.

The Fed also retained its outlook for two additional rate hikes this year and three more in the following year, in line with the number of rate increases they penciled in last year.

The FOMC also noted that inflation was nearing the target of 2% and that capex has somehow improved following months of weakness.

However, the Fed did not drop hints regarding its plans to accelerate the rate of monetary tightening.

News are provided byInstaForex.

[IFX Gertrude]

New Zealand Consumer Confidence Ebbs In March - ANZ



Consumer confidence in New Zealand slowed in March, the latest survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.

That follows the 1.0 percent decline in February to 127.4.

However, it remains well above the boom-or-bust line of 100 that separates optimists from pessimists.

News are provided byInstaForex.

[IFX Gertrude]

New Zealand Consumer Confidence Ebbs In March - ANZ



Consumer confidence in New Zealand slowed in March, the latest survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.

That follows the 1.0 percent decline in February to 127.4.

However, it remains well above the boom-or-bust line of 100 that separates optimists from pessimists.

News are provided byInstaForex.

[IFX Gertrude]

Fxwirepro: South Korean Won falls in Early Asia on the Back of Lower Than expected Ppi Data



EUR/KRW is currently trading around 1,213 mark.

Pair made intraday high at 1,213 and low at 1,208 levels. Intraday bias remains bullish till the time pair holds key support at 1,208 mark.

A daily close below 1,208 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.

Alternatively, a sustained close above 1,208 will take the parity higher towards key resistances around 1,219, 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.

Seoul shares open down 0.20 pct at 2160.32.

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

South Korea’s February PPI growth m/m decreases to 0.3 % vs previous 1.4 % (revised from 1.3 %).

South Korea’s February PPI growth y/y increase to 4.2 % vs previous 3.9 % (revised from 3.7 %).

We prefer to take long position in EUR/KRW around 1,210, stop loss at 1,205 and target of 1,219.

News are provided byInstaForex.

[IFX Gertrude]

Well-Funded Thai Oil Giants Seek Investments



Thailand's PTT Exploration & Production Pcl and its parent firm have almost $11 billion combined in cash and marketable securities. According to Chief Executive Officer Somporn Vongvuthipornchai, the explorer and production company is prepared to spend from its portion on projects and exploration property to aid declining oil and gas reserves.

PTT E&P is considering early-life producing assets or projects that are sanctioned and ready for development, he said. It is also thinking of working with its parent firm, PTT Pcl, to invest in liquefied natural gas plants, that will help meet Thailand's increasing demand. Proved reserves have declined from the equivalent of 1.1 billion barrels of oil in 2009 to 695 million in 2016. Oil's crash have made deals tough to close last year due to the difficulty in agreeing on long-term values.

Somporn says that there is enough of a consensus now for buyers and sellers to reach a common ground. PTT E&P is using a $50 oil price forecast in 2017 for its investment decisions.

News are provided byInstaForex.

[IFX Gertrude]

Australia House Prices Jump 4.1% In Q4



House prices in Australia advanced 4.1 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Tuesday.

That beat forecasts for a gain of 2.5 percent following the 1.5 percent increase in the third quarter.

On a yearly basis, prices spiked 7.7 percent - again beating estimates for 6.3 percent and up from 3.5 percent in the three months prior.

Melbourne saw the largest through the year at 10.8 percent, followed by Sydney at 10.3 percent.

Attached dwellings prices fell in Perth (1.7 percent), Brisbane (1.3 percent) and Darwin (2.5 percent), while prices rose in all other capital cities.

The total value of Australia's 9.8 million residential dwellings increased A$274.2 billion to A$6.4 trillion.

News are provided byInstaForex.

[IFX Gertrude]

Snap Jumps as its Bags First ‘Buy’ Rating



Snap shares rose after securing its first 'buy' recommendation from a Wall Street analyst, giving the social media tech company a reprieve from the sell-off it has seen since its market debut.

The $3.4 billion IPO initially received strong demand from investors, with the stock posting dramatic gains during the first two days after its official market debut. However, the stock steadily lost footing as investors concerns regarding the Snapchat owner's high valuation and lack of profitability induced doubts of analysts on Wall Street.

Based on the median recommendations of analysts comprised of three categories: buy, sell and neutral, Snap is currently the worst-rated stock among listed U.S. firms with a market cap of at least $20 billion.

But the stock was given a lift by Crespi, Hardt & Co. analyst James Cakmak, who gave the firm its first-ever “buy" rating and put the price target at $25. Its shares traded up 2.09 percent at $19.96 in midday trading.

In a report, Cakmak said that Snap is perceived as a firm with the potential to speed up its rate of revenue growth by seven fold. It is also projected with a sharp margin trajectory, while its peers have most likely reached their peak already.

News are provided byInstaForex.

[IFX Gertrude]

Japan Has Y813.389 Billion Trade Surplus



Japan had a merchandise trade surplus of 813.389 billion yen in February, the Ministry of Finance said on Wednesday.

That surpassed expectations for 807.2 billion yen following the downwardly revised 1,087.9 billion yen deficit (originally -1,086.9 billion yen) in January.

Exports jumped 11.3 percent on year, beating forecasts for 10.1 percent following the 1.3 percent gain in the previous month.

Imports added an annual 1.2 percent, missing expectations for 1.3 percent and down from 8.5 percent a month earlier.

News are provided byInstaForex.

[IFX Gertrude]

Gold Prices Steady as Stocks Decline on Trump Agenda Concerns



Gold prices held strong, near 3-week peaks it notched the previous session, bolstered by the dollar's weakness while Wall Street tumbled on doubts over U.S. President Donald Trump's economic policy.

Spot gold edged up 0.1 percent at $1,245.21 an ounce, it reached its strongest since March 2 at $1,247.60. U.S. gold futures settled 0.1 percent lower at $1,245.60. Holdings of SPDR Gold Trust increased by 0.50 percent to 834.40 tonnes from 830.25 on Monday.

Russia's biggest gold producer, Polyus, has finally agreed to sell it 82.34 percent stake in a joint venture with Polymetal, which holds rights to develop the Nezhdaninskoye gold deposit. Hong Kong's net gold exports to Switzerland reached its highest in February since records started five years ago, according to the Swiss customs bureau. Overall shipments from the territory more than doubled to a three-month peak.

Intercontinental Exchange (ICE) delayed the launch of clearing for London's benchmark gold price since all of the participants in the auction remain unprepared, according to two sources familiar with the topic.

News are provided byInstaForex.