Forex News from InstaForex

[IFX Gertrude]

Gold Edged Higher After Trump Conference



Gold inched higher to hold near 7-week peaks it hit in the previous session, while the dollar fell after Donald Trump gave some form of clarity regarding future fiscal policies during his first press conference as U.S. president-elect. U.S. gold futures were down 0.2 percent to $1,193.70 an ounce. Spot gold climbed 0.2 percent at $1,193.31 an ounce.

Bullion hit a peak of $1,198.40, its best since Nov. 23. Trump's campaign calls for lower taxes and further infrastructure spending have boosted the dollar, along with a driving selloff in Treasuries, however, his protectionist remarks and the series of off-the-cuff Tweets kept many investors from adding to risky positions. Meanwhile, investors expect palladium to gain benefit from tax cuts and higher government spending in the major car markets of the U.S. and China to raise auto sales.

Silver climbed 0.5 percent at $16.70, however, remained below Tuesday's four-week peak of $16.90. Platinum was down 0.4 percent to $974.50 from a previous two-month high at 982.60 while palladium fell 1.3 percent to $754.20 per ounce, slightly near Monday's five-week peak of $768.10.

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[IFX Gertrude]

Yen Falls Against Majors



The Japanese yen weakened against the other major currencies in the Asian session on Friday.

The yen fell to 122.14 against the euro, 139.93 against the pound and 113.85 against the Swiss franc, from yesterday's closing quotes of 121.72, 139.45 and 113.42, respectively.

Against the U.S. and the Canadian dollars, the yen dropped to 115.11 and 87.54 from yesterday's closing quotes of 114.71 and 87.25, respectively.

If the yen extends its downtrend, it is likely to find support around 124.00 against the euro, 146.00 against the pound, 115.00 against the franc, 119.00 against the greenback and 89.00 against the loonie.

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[IFX Gertrude]

US court renews battle over iPhone apps monopoly



Apple Inc. is facing a renewed battle claiming it attempted to dominate the market for iPhone applications between 2007 and 2013.

On Thursday, a San Francisco-based appeals court in rekindled the planned class-action suit following a lower federal court judge rejected it. The panel stipulated the judge committed a mistake in stating the consumers hold insufficient standing to file a case as direct buyers of apps.

A spokesperson for the tech giant refused to shed light on the court's verdict. Initially lodged in 2011, consumers argued Apple breached the US antitrust legislation by obligating iPhone apps to be sold at the App Store and restricting independent app developers from advertising the software outside the platform.

Plaintiffs' lawyer Mark Rifkin said million of customers should manage to regain most of the company's 30% cut from sales in the app store.

Although it has not yet secure a class-action status, Rifkin said they may attempt to expand the scope of the lawsuit to include those who have purchase iPhone apps to the present.

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[IFX Gertrude]

Fxwirepro: Usd/jpy Trades in Narrow Range After Japan’s Core Machinery Orders, Ppi Data



USD/JPY is currently trading around 114.33 marks.
It made intraday high at 114.45 and low at 114.09 levels.
Intraday bias remains neutral till the time pair holds key support at 114.00 levels.
A daily close above 115.50 will take the parity higher towards key resistances around 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 113.98 will drag the parity down towards key supports around 113.13, 112.05, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.
Japan’s November machinery orders m/m decreases to -5.1 % (forecast -1.7 %) vs previous 4.1 %. Japan’s November machinery orders y/y increases to 10.4 % (forecast 8.1 %) vs previous -5.6 %. Japan’s December corporate goods price m/m increases to 0.6 % (forecast 0.3 %) vs previous 0.4 %.

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[IFX Gertrude]

JPMorgan Asset Management Fund Outperforms as it Kept Shorter-Maturity Securities



JP Morgan's own $2.4 billion Global Bond Opportunities Fund has trimmed its average duration in U.S. securities to three years from more than five in July, and has leaped into the domestic debt of Russia and Brazil. Bond investors are facing some hurdles since the global-reflation trades that ignited following the November U.S. presidential election victory for a fiscal-stimulus proposal by Donald Trump.

The firm is upbeat on the local-currency bonds of Russia and Brazil as their economies are expected to rebound, according to Stealey. The domestic debt issued by Russia returned 2.2 percent while Brazil returned 4.7 percent in the previous month as of Jan. 12, as shown by indexes compiled by Bloomberg. Brazil's 10-year notes offer a yield of nearly 11 percent while Russia's is at almost eight percent, in comparison with nearly 2.4 percent for similar-maturity U.S. debt.

The fund's strategy includes the mix of both local currency and dollar-denominated emerging-market bonds which have been increased to 15 percent of the portfolio from 12 percent.

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[IFX Gertrude]

Australia Home Loans Advance 0.9% In November



The total number of new home loans in Australia issued in November climbed a seasonally adjusted 0.9 percent on month, the Australian Bureau said on Tuesday - standing at 54,603.

That beat forecasts for a flat reading following the 0.8 percent decline in October.

Loans for the purchase of established dwellings gained 0.6 percent to A$46.139 billion, while loans for the purchase of new dwellings jumped 3.3 percent to A$2.755 billion and loans for the construction of new dwellings gained 2.3 percent to A$5.710 billion.

The number of first home buyer commitments jumped 13.4 percent to 8,281 in November from 7,302 in October. The number of first home buyers as a percentage of total owner occupier commitments rose from 13.7 percent to 13.8 percent.

The value of loans was up 0.4 percent on month to A$19.930 billion after sliding 0.8 percent in the previous month.

Investment lending advanced 4.9 percent to A$13.269 billion after gaining 0.7 percent a month earlier.

The total value of dwelling finance commitments excluding alterations and additions gained 2.2 percent to A$33.199 billion.

Also on Tuesday, the ABS said that the total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.3 percent on month in December, standing at 97,305. That follows the 0.6 percent decline in November.

By category, sales for passenger vehicles shed 0.2 percent on month, while and Sports utility vehicles fell 1.0 percent and sales for other vehicles gained 0.3 percent.

By region, sales fell 1.4 percent on month in Western Australia and advanced 1.7 percent in the Australian Capital Territory.

On a yearly basis, new car sales were up 0.2 percent after slipping 1.1 percent in the previous month.

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[IFX Gertrude]

High-Speed Traders Drive 80% of Bitcoin Trading



Professional traders loaded with cutting-edge technology currently drive nearly 80 percent of bitcoin trading, resembling strategies done by some of the major players on Wall Street. Volumes followed by Bitcoinity.org have soared to a record high in January, which raises the chances for high-speed traders to gain profit.

The market structure of the cryptocurrency provides arbitrage opportunities across multiple exchanges, zero transaction costs on Chinese venues, day and night trading, and co-location services which allow individuals to place their servers right next to the exchange. Chen Zhenguo, who founded China's biggest platform for facilitating bitcoin strategies, claimed he's generated annualized gains of 50 percent for his own account. The cryptocurrency's price fluctuations have impeded some high-speed companies, as the increasing dominance of trades raises the question of how long the opportunities will last.

Bitcoin's current market value is around $13.5 billion, against $6.5 trillion for Chinese equities. The cryptocurrency climbed 0.1 percent to $833.92.

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[IFX Gertrude]

Fxwirepro: Eur/krw Hits Fresh 4-Week Low at 1,239, Upside Limited



EUR/KRW is currently trading around 1,246 mark.
Pair made intraday high at 1,246 and low at 1,239 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,257 mark.
A consistent close below 1,241 will drag the parity down towards key supports around 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Alternatively, a sustained close above 1,241 will take the parity higher towards key resistances around 1,257, 1,262, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open up 0.09 pct at 2073.77.
We prefer to take short position on EUR/KRW around 1,248, stop loss at 1,257 and target of 1,239/1,232.

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[IFX Gertrude]

PM May Outlines Clean Break from EU in Brexit Speech



British Prime Minister Theresa May declared during her anticipated speech that the UK will leave the EU single market when it departs from the European Union, setting the path for a clean break from the 27-nation trading bloc.

May laid out her 12-point plan enumerating Britain's priorities as they seeking a deal with EU during Brexit, which is scheduled to be triggered by the end of March.

The premier said her negotiating priorities includes regaining control of UK's immigration and borders, leaving the European Court of Justice's jurisdiction and ending ties with the customs union, which enables the tariff-free movement of goods and services in the EU region.

The PM said that leaving the market was the inevitable consequence, stating that a 'no deal' was in the interest of Britain compared to a 'bad deal'.

But she assured that the U.K.would look to secure the best possible access to European markets. She also said that she would seek to strike a new trade deal with the customs union.

For the first time, PM May also announced the plan to put the final terms of the Brexit deal to a vote in the houses of the British parliament. This means that members of the parliament could block the deal, causing markets to rally.

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[IFX Gertrude]

New Zealand Consumer Confidence Jumps In January - ANZ



Consumer confidence in New Zealand spiked in January, the latest survey from ANZ Bank revealed on Thursday as its index jumped 3.4 percent to a score of 128.7.

That follows the 2.1 percent decline in December to 124.5, and the January reading marks a 21-month high.

Confidence is higher on good news on the labor market, although low inflation persists, ANZ said. The GDP gauge continues to show growth at greater than 4 percent.

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