Forex News from InstaForex

[IFX Gertrude]

Gold Reaches 4-Week Peak as Dollar Slips



Gold climbed to its highest level in four weeks as the U.S. dollar fell from its 14-year high it previously touched. Spot gold rose 0.4 percent at $1,167.98 per ounce.

U.S. gold futures were up 0.3 percent to $1,168.70 an ounce. The dollar index edged down 0.5 percent to 102.170. The relatively weaker dollar lifted gold prices higher. The precious metal is priced in dollars and also becomes cheaper for foreign buyers when the U.S. currency weakens. Gold imports to Turkey increased to 36.7 tonnes in December, higher from 4.65 tonnes during the same period in the previous year, according to data from the Istanbul bourse. Perth Mint's sales of gold products climbed in December as sales of silver more than halved.

Holdings of the SPDR Gold Trust fell by nearly 14 percent since the U.S. presidential election in November. It was last unchanged at 813.87 tonnes.

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[IFX Gertrude]

Australia Trade Surplus A$1.243 Billion In November



Australia posted a seasonally adjusted merchandise trade surplus of A$1.243 billion in November, the Australian Bureau of Statistics said on Friday.

That topped forecasts for a deficit of A$550 million following the upwardly revised A$1.119 billion shortfall in October (originally a deficit of A$1.541 billion).

Exports jumped 8.0 percent on month or A$2.322 billion in November to A$30.083 billion.

Non-rural goods climbed A$2.010 billion (12 percent) and rural goods jumped A$588 million (17 percent). Non-monetary gold fell A$305 million (18 percent).

Net exports of goods under merchanting remained steady at A$5 million, while services credits added A$29 million. Imports were roughly flat, easing A$40 million to A$28.840 billion. Capital goods shed A$137 million (2 percent) and consumption goods fell A$33 million. Intermediate and other merchandise goods gained A$99 million (1 percent) and non-monetary gold climbed A$17 million (4 percent). Services debits gained A$15 million.

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[IFX Gertrude]

Bitcoin Slides Over 23% After Scaling Record-High Levels



The bitcoin fell as much as 23% after bordering a historic high earlier in the trading session.

According to Coindesk data, the cryptocurrency exchanged as low as $887.47, retreating from the day's peak price of $1, 153.02. The high for the session was close to the $1,165.89 hit on November 30, 2013. The price managed to regain footing from the low to around $973.89.

Still, the digital currency managed to top its high on some cryptocurrency exchanges. In contrast to CoinDesk price index which takes into account a number of bitcoin exchanges, individual exchanges reported their own highest prices were surpassed. Among these was the BTC China.

Experts say the rally surge in bitcoin prices created a 'volatile little bubble' which has now broken down. Despite this, industry experts say the long-term outlook for the e-currency continues to be positive. Bitcoin prices are anticipated to regain footing and steady close to the $850 to $1, 000 range depending on the conditions.

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[IFX Gertrude]

Australia Building Approvals Climb 7.0% In November



The total number of building approvals in Australia issued in November jumped a seasonally adjusted 7.0 percent on month in November, the Australian Bureau of Statistics said on Monday - coming in at 17,569 while rising for the first time in three months.

The headline figure beat forecasts for an increase of 4.5 percent following the upwardly revised 11.8 percent contraction in October (originally -12.6 percent).

On a yearly basis, approvals were down 4.8 percent - but that also topped expectations for a decline of 5.7 percent following the 24.9 percent decline in the previous month.

Approvals issued for private sector houses fell 0.2 percent and has fallen in two straight months.

Approvals for private sector dwellings excluding houses surged 18.5 percent in November after falling for three straight months.

The value of total building approved rose 2.3 percent in November following a fall of 29.0 percent in the previous month.

The value of residential building rose 5.6 percent after falling for three months, while the value of non-residential building fell 3.7 percent and has fallen for two months.

Also on Monday: . The construction sector in Australia continued to contract in December, albeit at a slower pace, the latest survey from the Australian Industry Group showed with a Performance of Construction Index score of 47.0.

That's up from 46.6 in November, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components of the survey, activity, new orders and employment all contracted. "The lower level of new orders suggests we cannot expect a sustained turnaround over the first few months of 2017," said Ai Group head of policy Peter Burn in a statement. .

The total number of job ads in Australia was down 1.9 percent on month in December after rising 1.7 percent in November, ANZ Bank said.

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[IFX Gertrude]

Gold Prices Flat on U.S. Rate Hike Expectations



Gold prices were under pressure early on Monday, after slipping from a one-month peak the previous week on prospects of further interest rate hikes, as investors focus on more outlooks from the U.S. Federal Reserve. Spot gold was stable at $1,173.06 per ounce. U.S. gold futures were flat at $1,173.80 per ounce.

The dollar index inched up 0.1 percent at 102.27. The latest data showed that U.S. employment climbed less than expected in December however, a rebound in wages indicated sustained labor market momentum which sets the economy for robust growth and more interest rate hikes in 2017. Hedge funds and money managers trimmed their bullish position in COMEX gold contracts for the eighth consecutive week in the week to Jan. 3, according to the U.S. Commodity Futures Trading Commission (CFTC) data.

Gold demand in Asia picked up last week on wedding season purchases in India, as prices moved to a premium in the country for the first time in more than a month. Traders anticipate demand to strengthen as a result of the upcoming Chinese New Year.

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[IFX Gertrude]

China CPI Rises 2.1% In December



Consumer prices in China were up 2.1 percent on year in December, the National Bureau of Statistics said on Tuesday.

That was shy of expectations for 2.2 percent, and down from 2.3 percent in November.

On a monthly basis, inflation added 0.2 percent after gaining 0.1 percent a month earlier.

The bureau also said that producer prices jumped an annual 5.5 percent versus expectations for 4.6 percent and up from 3.3 percent in the previous month.

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[IFX Gertrude]

Alibaba Chairman Meets with Trump to Discuss U.S. Job Creation



Jack Ma, the chairman of Chinese giant Alibaba Group Holding Ltd. met with U.S. President-elect Donald Trump to talk on how the online retailer could aid in generating one million new jobs in America.

The e-commerce company said the posts would be created through Alibaba adding around one million small and medium-sized enterprises across its platforms. The additional commerce is estimated to add the matching number of employees.

Other top executives from other firms have met with the incoming U.S. leader in his headquarters in New York with a pledge to create jobs. However, Ma's sit-down with Trump comes after Trump threatened to slap high tariffs on trade with China and accused the country of stealing job opportunities from Americans. Alibaba has also been penciled back on the U.S. Notorious Markets list, after it was deemed that the company did not put in enough effort to tackle counterfeits in its Taobao website.

Alibaba is now attempting to grow a positive working tie with Trump as it looks to expand internationally.

The company's shares advanced 0.9% and closed at $94.72.

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[IFX Gertrude]

Fxwirepro: Singapore Dollar Marginally Lower in Early Hours of Asia, Bias Remains Neutral



USD/SGD is currently trading around 1.4370 marks.

It made intraday high at 1.4373 and low at 1.4355 levels.

Intraday bias remains neutral for the moment.

A daily close above 1.4361 will test key resistances at 1.4392, 1.4437, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.

Alternatively, a consistent close below 1.4361 will drag the parity down towards key supports at 1.4317/1.4269/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. We prefer to take long position in USD/SGD only above 1.4383, stop loss 1.4317 and target of 1.4500.

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[IFX Gertrude]

U.S. Stock Closed Mixed Ahead of Trump Conference



U.S. stocks finished mixed, as the dollar weakened against the yen while investors were cautious ahead of U.S. President-elect Donald Trump's news conference. The Nasdaq Composite hit an intraday high, extending its rally as healthcare stocks advanced for the sixth consecutive session.

The Dow Jones industrial average edged down 0.2 percent to 19,855.53, the S&P 500 was little changed at 2,268.90 while the Nasdaq Composite climbed 0.4 percent to 5,551.82. Caution surrounded the financial markets as the elation regarding Trump's anticipated pro-growth policies faded with Congress holding hearings for his proposed cabinet members. Delta Air Lines Inc. is scheduled to begin the S&P 500 earnings season, with analysts predicting profits for firms in the index grew by 3.8 percent the last quarter.

Seven of the 11 major S&P sectors gained, led by advances of 0.69 percent in industrials. However, the 0.66 percent rise of the financials gave the largest boost. Healthcare stocks was 0.44 percent higher while biotechs climbed 0.5 percent. The Russell 2000 rose by one percent to pull up its post-election advances back towards 15 percent. The measure gained as much as 20 percent in the months following Trump's victory.

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[IFX Gertrude]

Japan Has Y1.415 Trillion Current Account Surplus



Japan had a current account surplus of 1.415 trillion yen in November, the Ministry of Finance said on Thursday - up 28.0 percent on year.

The headline figure was shy of expectations for a surplus of 1.460 trillion yen and down from 1.719 trillion yen in October.

The trade balance showed surplus of 313.4 billion yen - exceeding forecasts for 254.4 billion yen and down from 587.6 billion yen in the previous month.

Exports were down 0.8 percent on year to 5.890 trillion yen, while imports tumbled 10.7 percent to 5.577 trillion yen.

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