Forex News from InstaForex

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Re: Forex News from InstaForex

Postby IFX Gertrude » Tue May 26, 2020 2:22 am

Technical Analysis of BTC/USD for May 26, 2020:

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Crypto Industry News:
New strict rules, in which many ways of using digital resources are punishable by a fine or imprisonment, may soon become law in Russia.

New bills specifying how Russia should regulate cryptocurrencies were sent to the parliament of the country, the State Duma, earlier this week. Although the official site for the planned regulations has not yet been updated, both documents were published in the OrderCom telegram channel and were confirmed as authentic by the sources of the Russian news channel RBK.

Legislative proposals were reportedly written by employees of the Digital Economy think tank and the Skolkovo business accelerator. They are looking for a new version of the Digital Resources Act that has been stuck in the Duma for over two years, as well as cryptocurrency-oriented additions to the national criminal code.

The first bill would regulate digital currencies in Russia, or more precisely, prohibit the issuance and operation of digital currencies. It would even be forbidden to disseminate information on such activities.

Individuals and companies will not be able to accept digital currencies as payments, unless they are inherited, transferred to the debtors of a bankrupt company or confiscated as a result of a court decision. People with cryptocurrency should declare it at the tax office, as well as provide information on how to buy.

A second draft would introduce a new article in the Criminal Code imposing sanctions for illegal operations using digital resources. If the regulations are adopted, the issue of digital assets in Russia without permission to enter in the register, which is yet to be created in the central bank of this country, will result in a fine of up to two million rubles (almost $ 28,000). The same level of penalty is suggested for organizing operations with digital resources and cryptocurrencies without permission, while people would face fines of up to $ 2,800.

Buying a cryptocurrency for cash or a bank transfer from a Russian bank would be subject to a fine of up to one million Russian rubles ($ 14,000) or up to seven years in prison, depending on the scale of the contract. A similar penalty would apply to those who accept crypto for goods and services.

If such a business brings "particularly large" profits or particularly large damage to citizens and the state, the proposal would cause the person (s) involved to be imprisoned for up to seven years, or even forced labor.

Mention of the central bank register suggests that legislators are free to some officially sanctioned entities to issue and use digital assets, while most general operations would be banned.

According to the RBK report, Anatoly Aksakov, head of the Duma of the Financial Markets Commission, confirmed the authenticity of the documents, but stated that they had not been finalized.

Technical Market Outlook:
The BTC/USD pair has bounced from the level of $8,576 after breaking through the key trend line support located around the level of $8,800. The bounce is so far very shallow and the next the nearest resistance is located at the level of $8,919 and $9,013. On the other hand, the next technical support is seen at the level of $8,464 and $8,357.The momentum remains weak and negative, so the odds for another wave down are high.

Weekly Pivot Points:
WR3 - $10,568
WR2 - $10,245
WR1 - $9,478
Weekly Pivot - $9,098
WS1 - $8,333
WS2 - $7,968
WS3 - 7,231

Trading Recommendations:
The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key mid-term technical support is located at the level of $7,897.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Wed May 27, 2020 1:32 am

European Economics Preview: French Consumer, Business Sentiment Data Due

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Consumer and business sentiment survey results from France are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway is set to issue unemployment and retail sales data. The jobless rate is forecast to rise to 4 percent in March from 3.5 percent in the preceding period.

At 2.45 am ET, France's Insee publishes consumer and business confidence survey results. The consumer sentiment index is forecast to fall to 92 in May from 95 in April. The business confidence index is seen at 85 versus 82 a month ago.

At 3.00 am ET, unemployment data from Hungary is due.

At 3.30 am ET, European Central Bank President Christine Lagarde is set to speak at the European Youth Event 2020. In the meantime, Statistics Sweden publishes producer prices for April. Prices had fallen 3.6 percent annually in March.

At 4.00 am ET, unemployment data from Norway and manufacturing Purchasing Managers' survey from Austria are due.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Thu May 28, 2020 1:24 am

Korea Rate Decision On Tap For Thursday

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The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The central bank is projected to trim its benchmark lending rate by 25 basis points, from 0.75 percent to 0.50 percent.

Australia will see Q1 numbers for capital expenditure and May figures for the business confidence index from ANZ. Capex is expected to sink 2.6 percent on quarter after falling 2.8 percent in the previous three months. The business confidence index had a score of -66.6 in April.

Taiwan will see May figures for its consumer confidence index; in April, the index score was 73.39.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Fri May 29, 2020 1:34 am

Japan Retail Sales Slide 9.6% On Month In April

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The total value of retail sales in Japan was down a seasonally adjusted 9.6 percent on month in April, the Ministry of Economy, Trade and Industry said on Friday.
That was shy of expectations for a decline of 7.0 percent following the 4.5 percent drop in March.

On a yearly basis, retail sales tumbled 13.7 percent - also missing expectations for a drop of 11.5 percent after slipping 4.6 percent in the previous month.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Mon Jun 01, 2020 1:31 am

Philippines Manufacturing PMI Rises To 40.1 In May - IHS Markit

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The manufacturing sector in the Philippines continued to contract in May, albeit at a slower rate, the latest survey from IHS Markit revealed on Monday with a manufacturing PMI score of 40.1.

That's up from the record low 31.6 in April, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, the rates of decline in output and new orders eased but remained sharp.

Employment levels fell steeply again, while output prices ricked higher as cost pressures rose.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Tue Jun 02, 2020 1:29 am

Ireland Manufacturing Downturn Continues In May

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Ireland's manufacturing sector contracted at a softer pace in May, as the local and global economies remained in lockdown amid coronavirus outbreak, survey data from IHS Markit showed on Tuesday.

The seasonally adjusted AIB factory Purchasing Managers' Index, or PMI, rose to 39.2 in May from 36.0 in April. Any reading below 50 indicates contraction in the sector.

New orders remained weak in the midst of lockdown measures. Employment increased in May, but it signaled the second fastest rate of job shedding in nearly eleven years. Suppliers' delivery time lengthened in May.

Stocks of purchase signaled the slowest rate of input destocking in seven months. New export orders declined further at the second-fastest pace on record.

As many firms remained shut down in May, backlogs of work declined at the fastest rate since September 2011. Purchasing activity declined due to suspended output and fall in demand due to coronavirus pandemic.

On the price front, the survey showed that input prices fell for the third straight month in May and manufacturers reduced their charges for the third month and at the strongest rate since July 2019.

Manufacturers reported overall optimism regarding future output in May, following a record degree of pessimism in April.

"The AIB Irish Manufacturing PMI data for May paint a downbeat picture of the sector for the third month in a row as the lockdowns associated with the coronavirus pandemic continue to depress activity," Oliver Mangan, AIB chief economist said.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Wed Jun 03, 2020 1:30 am

Australia Building Approvals Dip 1.8% In April

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The total number of building permits issued in Australia was down a seasonally adjusted 1.8 percent on month in April, the Australian Bureau of Statistics said on Wednesday - coming in at 15,294.

That beat expectations for a plunge of 15.0 percent following the 4.0 percent drop in March.

On a yearly basis, building permits were up 5.7 percent.

Permits issued for private sector houses rose 2.7 percent on month and 4.9 percent on year to 8,912, while permits issued for private sector dwellings excluding houses fell 8.9 on month but rose 4.0 percent on year to 6,079.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Thu Jun 04, 2020 1:29 am

Australia April Trade Surplus A$8.800 Billion

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Australia posted a seasonally adjusted merchandise trade surplus of A$8.800 billion in April, the Australian Bureau of Statistics said on Thursday - down 16 percent on month.

That exceeded expectations for a surplus of A$7.5 billion following the downwardly revised A$10.44 billion surplus in March (originally A$10.60 billion).

Exports were down 11.0 percent on month to A$37.505 billion following the downwardly revised 13.9 percent increase in the previous month.

Non-rural goods fell A$2.192 billion (8 percent) and non-monetary gold fell A$1.694 billion (47 percent). Rural goods rose A$39 million (1 percent) and net exports of goods under merchanting rose A$15 million (79 percent). Services credits fell A$924 million (13 percent).

Imports sank 10.0 percent on month to A$28.705 billion after losing a revised 3.6 percent a month earlier (originally -4.0 percent).

Intermediate and other merchandise goods fell A$507 million (5 percent) and non-monetary gold fell A$402 million (40 percent). Consumption goods rose A$329 million (4 percent) and capital goods rose A$243 million (4 percent). Services debits fell A$2.773 billion (42 percent).

Also on Thursday, the ABS said that the total value of retail sales in Australia tumbled by a seasonally adjusted 17.7 percent on month in April, coming in at A$24.791 billion.

That was slightly better than expectations for a decline of 17.9 percent following the 8.5 percent increase in March.

The decline was led by drops in food retailing (-17.4 percent), cafes, restaurants and takeaway food services (-35.4 percent), clothing, footwear and personal accessory retailing (-53.6 percent), other retailing (-14.4 percent), department stores (-14.9 percent), and household goods retailing (-0.1 percent).

By region, sales were down in Victoria (-21.1 percent), New South Wales (-17.5 percent), Queensland (-15.7 percent), Western Australia (-16.8 percent), South Australia (-14.6 percent), Tasmania (-17.5 percent), the Australian Capital Territory (-14.9 percent), and the Northern Territory (-7.7 percent).

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Re: Forex News from InstaForex

Postby IFX Gertrude » Fri Jun 05, 2020 1:20 am

Japan Household Spending Sinks 11.1% On Year In April

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The average of household spending in Japan was down 11.1 percent on year in April, the Ministry of Internal Affairs and Communications said on Friday - coming in at 267, 922 yen.

That beat expectations for a drop of 15.4 percent on year following the6.0 percent fall in March.

The average of monthly income per household stood at 531,017 yen, up 0.9 percent on year.

On a monthly basis, household spending fell 6.2 percent - also beating expectations for a fall of 8.7 percent after slipping 4.0 percent a month earlier.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Mon Jun 08, 2020 1:33 am

Ireland Construction Sector Continues To Contract In May

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Ireland's construction sector contracted for the third straight month in May, though at a softer pace, amid covid-19 restrictions, data from the IHS Markit showed on Monday.

The Ulster Bank construction Purchasing Managers' Index rose to 19.9 in May from 4.5 in April.

This rate of contraction was still sharper than at any other time in 20 years of data collection. Any score below 50 indicates contraction in the sector.

"Mirroring the pattern of the headline PMI, the sectoral sub-indices also point to a slower pace of contraction (particularly so in the case of commercial and housing), consistent with April having been the point of peak stress for Irish construction activity during the current crisis," Simon Barry, chief economist Republic of Ireland at Ulster Bank, said.

All three categories of activity decreased in May, though the rate of contraction eased in each case. Civil engineering activity declined sharply, while commercial activity fell softly.

New orders declined for the third straight month in May due to covid-19 crisis. Employment and purchasing activity fell for the third month in a row.

Suppliers' delivery time lengthened further in May.

Input prices rose slightly in May, but the rate of inflation was below the series average.

The 12-month outlook for the construction firms remained pessimistic in May.

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