Forex News from InstaForex

[IFX Gertrude]

China Private Sector Growth At 3-Month Low



China's private sector expanded at the weakest pace in three months in September, survey data from IHS Markit showed Monday.

The Caixin composite output index fell to 51.4 in September from 52.4 in August. However, any reading above 50 indicates expansion in the sector.

The slowdown was driven by weaker increases in output at both manufacturing and services companies.

The seasonally adjusted General Services Business activity index declined to 50.6 in September from 52.7 in August.

Moreover, this signaled a marginal increase in services activity that was the slowest for 21 months.

At the same time, growth in manufacturing production edged down to a three-month low.

"The expansion in both manufacturing and services cooled in September, suggesting downward pressure on economic growth may re-emerge in the fourth quarter," Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said.

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[IFX Gertrude]

Philippine Trade Deficit Widens In August



Philippine foreign trade deficit increased in August from a year ago, as imports grew faster than exports, preliminary figures from the Philippine Statistical Authority showed Tuesday.

The trade deficit climbed to $2.41 billion in August from $2.13 billion in the corresponding month last year. In July, the shortfall was $1.62 billion.

Exports grew 9.3 percent year-over-year in August and imports advanced by 10.5 percent.

Shipments of electronic products, accounting for 51.9 percent of total exports, rose by 3.5 percent.

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[IFX Gertrude]

Gold Prices Climb but Strong Dollar Pares Gains



Gold prices rose to their highest in over a week on Tuesday, but the gains were limited as the dollar held firm, supported by expectations of another Federal Reserve interest rate increase in 2017.

Spot gold climbed 0.2 percent to $1,286.42 per ounce, notching its highest since Sept. 29.

U.S. gold futures for December delivery rose 0.3 percent to $1,288.90 an ounce.

The precious metal's prices rebounded after declining for a fourth consecutive week to a two-month low on Friday, after the release of a solid reading of U.S. wage growth and unemployment, which pushed the greenback and Treasury yields higher.

Latest data showed that speculators trimmed their bullish stance in COMEX gold and silver contracts for the third consecutive week, in the week to Oct. 3.

"For the time being, gold may have bottomed out," ABN Amro analyst Georgette Boele said. Expectations for a Fed rate hike, Boele said, are still adding pressure on gold, which, as a non-yielding asset, tends to suffer as interest rates increase.

China's central bank held off from adding to gold reserves for an 11th straight consecutive month in September, recent data revealed.

The dollar was steady on Tuesday after pulling back from a 10-week peak overnight, bolstered by underlying expectations that improved prospects for the U.S. economy would compel the Federal Reserve to hike interest rates by December.

Prime News are provided byInstaForex.

[IFX Gertrude]

Gold Prices Climb but Strong Dollar Pares Gains



Gold prices rose to their highest in over a week on Tuesday, but the gains were limited as the dollar held firm, supported by expectations of another Federal Reserve interest rate increase in 2017.

Spot gold climbed 0.2 percent to $1,286.42 per ounce, notching its highest since Sept. 29.

U.S. gold futures for December delivery rose 0.3 percent to $1,288.90 an ounce.

The precious metal's prices rebounded after declining for a fourth consecutive week to a two-month low on Friday, after the release of a solid reading of U.S. wage growth and unemployment, which pushed the greenback and Treasury yields higher.

Latest data showed that speculators trimmed their bullish stance in COMEX gold and silver contracts for the third consecutive week, in the week to Oct. 3.

"For the time being, gold may have bottomed out," ABN Amro analyst Georgette Boele said. Expectations for a Fed rate hike, Boele said, are still adding pressure on gold, which, as a non-yielding asset, tends to suffer as interest rates increase.

China's central bank held off from adding to gold reserves for an 11th straight consecutive month in September, recent data revealed.

The dollar was steady on Tuesday after pulling back from a 10-week peak overnight, bolstered by underlying expectations that improved prospects for the U.S. economy would compel the Federal Reserve to hike interest rates by December.

Prime News are provided byInstaForex.

[IFX Gertrude]

PERU: Government Signs US$ 200 Million Exploration Contracts With Anadarko



The Peruvian government has signed three oil exploration and exploitation contracts evaluated at US$ 200 million. The contracts involve the state-owned oil company PeruPetro and the U.S. company Anadarko, that will jointly develop offshore blocks on the western Pacific coast.

"In Peru, we have been slow in oil policy in the last 30 to 40 years, with contracts difficult to execute, and we are trying to improve it," said Peruvian President Pedro Pablo Kuczynski.

He also stressed that this is the first time that deepwater hydrocarbon exploration will occur in the country.

The three blocs range the provincial coasts of Chiclayo, Chep?n, Pacasmayo, Ascope, Trujillo, and Vir?.

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[IFX Gertrude]

Gold Prices Climb on Weaker Dollar



Gold prices increased for a fourth day on Wednesday, after notching a two-week peak in the session earlier, as the dollar weakened.

Spot gold rose 0.2 percent at $1,290.56 per ounce. It hit its highest level since Sept. 27 in the session earlier.

U.S. gold futures for December delivery was flat at $1,293 an ounce.

The dollar weakened against its peers and pulled back from a 10-week peak set recently amid speculation that U.S. President Donald Trump's tax overhaul plan would stall. A firm euro also weighed on the greenback.

Fed funds futures showed that traders implied almost a 90 percent likelihood of a December rate hike.

"The only news holding down the price of course are the impending rate hikes from the Federal Reserve but if these political issues grow much worse you can bet that $1,300 will not be the top," according to Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York, citing concerns surrounding Spain and North Korea.

The London Metal Exchange sees three more clearing members to join its precious metals contract by the end of 2017 and is also looking to expand trading around its gold and silver reference prices, Chief Executive Matthew Chamberlain said.

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[IFX Gertrude]

Australia Home Loans Rise 1.0% In August



The total number of home loans in Australia was up a seasonally adjusted 1.0 percent on month in August, the Australian Bureau of Statistics said on Thursday - coming in at 57,161.

That beat forecasts for a gain of 0.5 percent following the downwardly revised 2.8 percent increase in July (originally 2.9 percent).

Investment lending advanced 4.3 percent to A$12.633 billion after sliding 3.7 percent in the previous month.

The value of loans gained 0.9 percent to A$21.265 billion after rising 1.3 percent a month earlier.

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[IFX Gertrude]

Fed Minutes show Policymakers’ Support for December Rate Hike



The minutes of the Federal Reserve meeting on September 19-20 showed that members of the FOMC had a prolonged discussion regarding the prospects of inflation's growth and slowing the rate of future interest rate hikes if it failed to pick-up.

Record of the most recent policy meeting showed that Fed officials see the economy growing at a steady rate. The minutes also show that policymakers expect inflation will reach the targeted 2 percent, with FOMC members anticipating that factors weakening inflation are temporary.

Several members said that they would focus on the incoming inflation data over the next few months when deciding regarding the future of interest rate moves.

It also indicated that an interest rate hike later this year is almost certain, despite some divisions regarding the outlook for the direction of inflation. According to the summary of the meeting, many members thought that another rate hike in the target range later this year, presumably in December, was likely to be warranted if the medium-term outlook continued to be unchanged.

In the end, the FOMC ruled against an interest rate hike at the meeting, choosing instead to announced that in October it would start to reduce its massive balance sheet, which will be done by allowing small part of the proceeds from its maturing bonds to roll off.

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[IFX Gertrude]

Singapore GDP Surges 6.3% On Quarter In Q3



Singapore's gross domestic product climbed a seasonally adjusted 6.3 percent on quarter in the third quarter of 2017, the Ministry of Trade and Industry said in Friday's advance estimate.

That beat forecasts for an increase of 3.7 percent following the upwardly revised 2.4 percent gain in the second quarter (originally 2.2 percent).

On a yearly basis, GDP jumped 4.6 percent - again exceeding expectations for 3.8 percent following the 2.9 percent increase in the three months prior.

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[IFX Gertrude]

Singapore GDP Surges 6.3% On Quarter In Q3



Singapore's gross domestic product climbed a seasonally adjusted 6.3 percent on quarter in the third quarter of 2017, the Ministry of Trade and Industry said in Friday's advance estimate.

That beat forecasts for an increase of 3.7 percent following the upwardly revised 2.4 percent gain in the second quarter (originally 2.2 percent).

On a yearly basis, GDP jumped 4.6 percent - again exceeding expectations for 3.8 percent following the 2.9 percent increase in the three months prior.

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