Forex News from InstaForex

[IFX Gertrude]

Canadian dollar slightly changed on weak data, before Fed meeting

The Canadian dollar was moderately changed on Monday as factory sales dropped more than projected and the market awaits Federal Reserve's policy meeting this week. Official figures showed factory sales fell 2.1% in April because of lower sales of food and aerospace products, its third decline in four months. Traders are also expecting Fed's policy statement on Wednesday. The loonie ended at 81.19 US cents from Friday's 81.23 US cents. Markets are disregarding Greece's debt crisis as of the moment “as you really don't know which way things are going," said Benjamin Reitzes, Senior Economist and Foreign Exchange Strategist at BMO Capital Markets.

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[IFX Gertrude]

Xbox, PlayStation present new games ahead of E3 conference

Videogame console giants Microsoft and Sony vied for attention ahead of the annual E3 conference, giving fans sneak peeks of the latest Xbox and PlayStation games. Microsoft also told gamers that new Xbox One consoles would have "backward compatibility", meaning they will also be able to play games made for the older Xbox 360. Sony told fans a deal with Activision would allow PS4 owners to be the first to play the upcoming "Call of Duty: Black Ops III" this summer.

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[IFX Gertrude]

US dollar plummets as Fed signals rate hike by end of year

The US dollar slumped on Wednesday as the Federal Reserve implied it might wait until late this year to increase interest rates. Policymakers said it would hike rates when the economy is strong enough to handle it. Also, they lowered the projections from 2.3% to 2.7% range forecast in March to 1.8% to 2.0% this year. The greenback closed at $1.1199 per euro and $1.5640 per British pound. Against the Japanese yen, the dollar ended at ¥124.435. It has to be gentle… It is reiterating everything Fed Chair “Janet Yellen has tried embody in the last couple of years,” said Andrew Wilkinson, Chief Market Strategist at Interactive Brokers LLC.

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[IFX Gertrude]

US dollar slides to new 1-month lows on calm inflation data



The US dollar skidded to new one-month trough on Friday, as inflation data aggravated the uncertainty over the timing of Federal Reserve's interest rate hikes. A measure of core inflation went up almost 0.1% in May, the smallest increase in five months. The greenback stood at $1.1373 per euro. Against the Japanese yen, the dollar closed at ¥123.080. It seems the US markets were contented with the view this week's FOMC meeting “reduced the chances of more than one rate hike before year end,” said Ray Attrill, Global Co-head of FX Strategy at National Australia Bank.

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[IFX Gertrude]

US dollar turns in advances on deadlock in Greek talks



The US dollar stabilized on Thursday as debt talks seeking to avert a Greek debt default reached a bump, with the market seemed to shift back to likelihoods of higher interest rates from Greece. The greenback stood at $1.1204 per euro from Tuesday's $1.1135. Against the Japanese yen, the dollar hit ¥123.88 from ¥124.38 earlier. EUR/USD responded less, unlike USD/JPY on underlying positivity an agreement will be closed as it remains intact “amid pessimism over the talks breaking down,” said Junichi Ishikawa, Market Analyst at IG Securities. Meanwhile, European leaders are scheduled to meet in Brussels Thursday.

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[IFX Gertrude]

Canadian dollar ascends on talks over Greek debt deal



The Canadian dollar strengthened versus the US dollar Thursday, recuperating losses in the last session. But its move was constricted by few domestic economic data and markets focusing on negotiations over Greek debt deal. Greek officials and bailout lenders will resume talks Saturday, Greece's last chance to score a deal with its creditors to avoid default and eurozone exit. The loonie ended at 81.15 US cents from Wednesday's 80.65 US cents. Everyone's awaiting the Greek news. It is going to be difficult for markets to “solidify a move in any direction,” said Benjamin Reitzes, Senior Economist and Foreign Exchange Strategist at BMO Capital Markets. Meanwhile, markets will be closed Wednesday to commemorate the Canada Day holiday.

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[IFX Gertrude]

Canadian dollar ascends on talks over Greek debt deal



The Canadian dollar strengthened versus the US dollar Thursday, recuperating losses in the last session. But its move was constricted by few domestic economic data and markets focusing on negotiations over Greek debt deal. Greek officials and bailout lenders will resume talks Saturday, Greece's last chance to score a deal with its creditors to avoid default and eurozone exit. The loonie ended at 81.15 US cents from Wednesday's 80.65 US cents. Everyone's awaiting the Greek news. It is going to be difficult for markets to “solidify a move in any direction,” said Benjamin Reitzes, Senior Economist and Foreign Exchange Strategist at BMO Capital Markets. Meanwhile, markets will be closed Wednesday to commemorate the Canada Day holiday.

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[IFX Gertrude]

Moody's: Asean Banks Well placed to Comply With Basel III Capital and Liquidity Ratios

Moody's Investors Service says that banks in the Association of Southeast Asian Nations (ASEAN) region -- namely those in Indonesia, Malaysia, Singapore, Thailand, Vietnam and the Philippines -- are well placed to comply with stricter capital and liquidity requirements under Basel III. "Moody's-rated banks in the ASEAN region are well capitalized and can meet the higher minimum capital requirements under Basel III," says Alka Anbarasu, a Moody's Vice President and Senior Analyst. "As for the 60% minimum liquidity coverage ratio under Basel III, in many cases, the banks are already 100% compliant, though national differences make it difficult to compare the reported ratios across different banking systems." "On the issue of additional banking regulations, we note that regulators in the region appear hesitant to embrace the wider bail-in and total loss absorbing capital (TLAC) guidelines as they await more clarity from the Financial Stability Board (FSB)," adds Anbarasu. Anbarasu also expects selective issuance of Basel III securities by banks across ASEAN; in particular, to replace legacy old-style securities which will be callable over 2015-2017. Moody's analysis is contained in its just-released presentation titled "ASEAN Banks Well Placed for Basel III Capital and Liquidity Ratio Compliance," and is authored by Anbarasu. Moody's points out that liquidity coverage ratios (LCRs) have already been implemented in Singapore and Malaysia. Given the predominance of retail funding as well as government bonds in the investment portfolio, Moody's expects most rated banks in the region will be able to comply with the 60% minimum requirement by end-2015; in many cases banks are already 100% compliant. However, national differences on the definition of high quality liquid assets and outflows, whether or not LCRs should be assessed based on a consolidated or standalone basis, and LCR requirements in different currencies could make it difficult to compare the reported ratios across different banking systems. Moody's adds that it expects regulators in the region will announce by the end of 2015, the list of domestic systemically important banks (D-SIB) in their respective banking systems. Moody's points out that seven banks in Singapore -- three local and four foreign -- have already been identified as systemically important.

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[IFX Gertrude]

AT&T, DirecTv extend 'termination date' for second time



The No. 2 telecom company in the U.S., AT&T Inc., said it has extended the “termination date” of the merger agreement with DirecTV, the second time in 2 months. In a regulatory filing, the company said the extension is aimed at obtaining final regulatory approval for the merger. In May last year, AT&T offered to buy DirecTV to create the largest U.S. pay TV company.

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[IFX Gertrude]

British pound strengthens as UK economy improves



The British pound accelerated on Tuesday as UK economy improves and the likelihood of an interest rate hike increases. Consumer confidence in the United Kingdom leaped to its highest level in more than 15 years in June, with monthly sentiment index bounced to +7 from +1 in May. Sterling surged to 70.85 British pence per euro from Monday's 69.89 British pence. Against the US dollar, the pound closed at $1.5726. The UK and the United States are the only two countries that seem to have “central banks that are teeing markets up for slightly less accommodative monetary policy,” said Gavin Friend, Strategist at National Australia Bank Ltd.

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