Forex News from InstaForex

[IFX Gertrude]

Fxwirepro: South Korean Won Marginally Lower After Trade Balance Data



EUR/KRW is currently trading around 1,204 mark.

Pair made intraday high at 1,204 and low at 1,201 levels.

Intraday bias remains neutral till the time pair holds key support at 1,203 mark.

A daily close below 1,203 will drag the parity down towards key supports around 1.201, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.

Alternatively, a sustained close above 1,203 will take the parity higher towards key resistances around 1,207, 1,211, 1,218, 1,228, 1,233, 1,242 and 1,252marks respectively. Seoul shares open up 0.28 pct at 2140.87.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

South Korea’s March export growth revised decrease to 13.6 % vs previous 13.7 %.

South Korea’s March import growth revised increase to 27.7 % vs previous 26.9 %.

South Korea’s March trade balance revised decrease to 6.27 bln $ vs previous 6.60 bln $.

We prefer to take long position in EUR/KRW around 1,203, stop loss at 1,200 and target of 1,208/1,211/1,218.

News are provided byInstaForex.

[IFX Gertrude]

U.S. Energy Chief Orders Study of Electric Grid to Ensure Power Supplies



U.S. Energy Secretary Rick Perry called for a study of the U.S. electric grid, with the focus on examining whether policies which promote wind and solar energy are further accelerating the retirement of coal and nuclear plants significant to assure stable and reliable power supplies.

The 60-day review follows as regulators try to figure out how they could balance electric reliability with a stack of state policies that are more focused on less stable renewable energy sources. U.S. President Donald Trump has moved to dismantle Obama-era policies which impeded coal-fired power plants. Regulations that Perry claims have reduced jobs and threatened to weaken the grid's performance. Perry's move implies that the administration is looking for ways to maintain coal plants online.

The study comes after the G-7 Energy Ministerial meeting in Rome where a discussion was made for the need to diversify the supply of electricity. German consumers have been bearing the expense for a green transition, as it promptly shuts nuclear plants and embraces renewable power.

News are provided byInstaForex.

[IFX Gertrude]

Announcement: Moody's: Japan Economic Momentum Building, on the Back of Rising Exports and expected Fiscal Support



Moody's Japan K.K. has released its latest issue of Inside Japan, which says that the Japanese economy is showing evidence of incremental progress on reflation, after the government's announcement of a fiscal package in August 2016, and the unveiling of the Bank of Japan's yield curve control framework a month later.

Moody's also says that somewhat stronger external demand has augmented the impact of these measures by the Japanese government (A1 stable) and the Bank of Japan.

Further tangible effects will likely materialize in 2017, as the promised fiscal stimulus is fully implemented. Faster economic growth is positive for the sovereign, because it helps to continue stabilizing the country's high public debt burden, its foremost credit weakness.

Moody's "Inside Japan" bi-annual compendium includes recent key research and commentaries published, as well as a list of recent major rating actions in Japan.

Moody's compendium points out that the yen has weakened considerably since September 2016, providing a boost to exports and corporate profitability. The recovery in external demand — consistent with a pick-up in global trade towards the end of 2016 — has amplified the effect of the weaker yen.

Moody's also says that the near-term risks to Japan's growth outlook are broadly balanced. Moody's expects policy stimulus to provide support to the domestic economy, offsetting downside risks related to potentially more protectionist US trade policy.

News are provided byInstaForex.

[IFX Gertrude]

Wall Street Advanced as Dow Ends at Session Peaks



U.S. equities finished higher as the Dow Jones industrial average ended over 180 points up while bank stocks and technology shares advanced. Market focus moved from geopolitical tensions to earnings results, with Goldman Sachs, General Electric and Johnson & Johnson all set to report results later this week.

The Dow Jones industrial average climbed 0.9 percent to 20,636, as Boeing led gains while Exxon Mobil was the top decliner. The S&P 500 rose 0.86 percent at 2,349, with financials leading all 11 sectors up. The Nasdaq composite jumped 0.89 percent at 5,856.

The SPDR S&P Bank ETF (KBE) increased more than half a percent after two Wells Fargo executives purchased $5 million worth of Wells stocks. The SPDR S&P Retail ETF climbed over one percent, led by Rent-A-Center gaining nearly six percent. The S&P 500's technology sector finished higher for the first time in 11 sessions.

Shares of Netflix, which posted results after the bell, jumped 3.0 percent to $147.25 in the regular session but slipped 2.1 percent following the bell. Amazon gained the most on the S&P 500, higher by 2.0 percent to $901.99 after Credit Suisse improved its price target to $1,050 from $900. Credit Suisse also improved its price target on Boeing, which sent its shares 1.9 percent higher to $179.02.

News are provided byInstaForex.

[IFX Gertrude]

Wall Street Slips, Weighed Down by Goldman Sachs, J&J



U.S. equities retreated as the S&P 500 dropped for the fourth time in five sessions, pulled down by declines in Goldman Sachs and Johnson & Johnson after their quarterly results. Investors remained cautious due to lingering geopolitical tensions and ahead of the French presidential election.

The Dow Jones industrial average slipped 0.55 percent at 20,523.28, as Goldman Sachs led losses while Coca-Cola outperformed. The S&P 500 fell 0.29 percent at 2,342.19, with health care leading six sectors down while consumer staples being the top gainer. The Nasdaq Composite dropped 0.12 percent at 5,849.47.

Goldman Sachs posted lower-than-expected-first-quarter results across the board, with trading revenue falling short of analysts expectations. Johnson & Johnson also posted mixed quarterly results that sent its shares falling over three percent.

Netflix reported better-than-expected earnings, however, its guidance missed estimates. Bank of America recorded upbeat first-quarter results with nearly every single metric meeting or exceeding analysts expectations.

Healthcare dropped one percent while financials lost 0.8 percent, and were the two worst-performing of the 11 major S&P sectors. Shares of Cardinal Health tumbled 11.5 percent, which also added pressure on healthcare following a weak profit forecast that outweighed a deal to purchase a medical supplies business from Medtronic for $6.1 billion.

News are provided byInstaForex.

[IFX Gertrude]

Fxwirepro: Thai Baht Marginally Higher in Early Hours of Asia, Faces Strong Support at 34.24



USD/THB is currently trading around 34.30 marks.

It made intraday high at 34.35 and low at 34.30 marks.

Intraday bias remains bearish till the time pair holds key resistance at 34.45 mark.

On the top side, key resistances are seen at 34.45, 34.56, 34.67, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.

Alternatively, a daily close below 34.35 will drag the parity down towards key supports around 34.24 and 34.01 marks respectively.

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

We prefer to take short position in USD/THB only below 34.24, stop loss at 34.44 and target of 34.01.

News are provided byInstaForex.

[IFX Gertrude]

New Zealand’s Consumer Price Inflation Accelerates Above Expectations in Q1 2017



New Zealand’s consumer price index rose 2.2 percent year-on-year in the first quarter of this year, showed Statistics New Zealand. This is the highest annual rise since the first quarter of September 2011. It is above market expectations of 2 percent. Statistics New Zealand senior manager Jason Attewell stated that increasing prices of petrol along with the annual increase in tax of cigarette and tobacco lifted inflation.

Prices related to housing continued to rise in the quarter, rising 3.3 percent year-on-year. Meanwhile, transport prices were up 3.5 percent, the second largest contribution to the inflation, with petrol partly countered by declines in other private transport services. Stripping out cigarettes, petrol and tobacco, the consumer price index rose 1.5 percent year-on-year in the March quarter.

On a quarter-on-quarter basis, the consumer price index was up 1 percent in the first quarter after a 0.4 percent rise in the fourth quarter of 2016. This is above the market expectations of a rise of 0.8 percent. Adjusting for seasonal effects, consumer price inflation rose 1 percent.

“Higher prices for cigarettes and tobacco, petrol, and fruit were partly offset by lower prices for international air transport, and package holidays,” added Attewell.

Prices for tobacco and cigarette upwardly contributed the most to inflation on a quarter-on-quarter basis, noted Statistics New Zealand.

News are provided byInstaForex.

[IFX Gertrude]

U.S. Stocks Mostly Lower as IBM, Oil Prices Weigh



Wall Street finished mostly lower, with IBM and oil prices weighing on the Dow Jones industrial average. Investors priced in the newest round of earnings and are also focused on France, with the country's presidential election drawing close.

The Dow Jones industrial average dropped 0.58 percent at 20,404.49, as IBM led losses while Merck outperformed. The S&P 500 slipped 0.17 percent at 2,338.17, with energy leading seven sectors down and healthcare being the top gainer. The Nasdaq composite added 0.23 percent at 5,863.03.

IBM plunged 4.9 percent to $161.69 following its larger-than-expected decline in revenue for the first time in five quarters. The energy sector tumbled 1.4 percent for its fifth slip in six sessions with oil prices settling almost four percent down.

Financials traded higher earlier in the session after Morgan Stanley reported a strong first-quarter as its fixed-income trading revenue doubled year over year. The lender's results climbed to the top of Wall Street expectations, in contrast to Goldman Sachs that surprised investors with weak earnings and revenue. Shares of Morgan Stanley climbed two percent.

Intuitive Surgical jumped 6.4 percent at $807.94 to help raise the Nasdaq after the firm posted higher-than-expected first-quarter revenue and profit. The stock is on course for its best day in almost two years.

News are provided byInstaForex.

[IFX Gertrude]

Creditors' Experts to Finalize Greece Accord Next Week: Official



Experts representing global lenders will return to Greece to work out the provisions of an agreement for the country next week, according to an EU official.

Greece and its creditors agreed on April 7 on major aspects of reforms to secure new financing and concurred these experts would return to the nation the soonest possible time to finalize the deal.

However, Europe's official on economics Pierre Moscovici said technical reasons caused the delay. He added they would discussion the completion of the said pact in Washington, on the sidelines of the yearly IMF gathering.

The Greek government's spokesperson had mentioned the institution may fund the nation's bailout scheme with a minimal amount for around one year, although the matter was still being discussed between the country and its lenders.

News are provided byInstaForex.

[IFX Gertrude]

Fxwirepro: Eur/krw Rejects Key Resistance at 1,224 Mark, Consistent Close Below 1,217 Targets 1,201 Mark



EUR/KRW is currently trading around 1,220 mark.

Pair made intraday high at 1,220 and low at 1,216 levels. Intraday bias remains neutral till the time pair holds key support at 1,217 mark.

A daily close below 1,217 will drag the parity down towards key supports around 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.

Alternatively, a sustained close above 1,217 will take the parity higher towards key resistances around 1,224, 1,228, 1,233, 1,242 and 1,252marks respectively.

Seoul shares open up 0.56 pct at 2161.24.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take short position in EUR/KRW only below 1,217, stop loss at 1,224 and target of 1,201.

News are provided byInstaForex.