Forex News from InstaForex

[IFX Gertrude]

New Zealand GDP Gains 0.9% In Q2



New Zealand's gross domestic product climbed 0.9 percent on quarter in the second quarter of 2016, Statistics New Zealand said on Thursday.

That missed forecasts for an increase of 1.1 percent and was unchanged from the upwardly revised 0.9 percent growth in the first quarter (originally 0.7 percent).

Individually, construction was up 5.0 percent, after a 5.1 percent increase in the previous quarter. All construction sub-industries increased.

On a yearly basis, GDP expanded 3.6 percent - matching expectations and up from 2.8 percent in the three months prior.

Household consumption expenditure was up 1.9 percent, driven by spending on services and durable goods.

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[IFX Gertrude]

Dollar Declines With Hike Rate Bets



The U.S. dollar declined while investors bet that an interest rate hike by the Federal Reserve in the coming months is unlikely. The Wall Street Journal Index decreased by 0.2 percent at 86.67.

Fed-funds futures has shown that traders and investors have assigned a 48 percent chance of an interest rate hike by December, according to the CME. Data has shown that the likelihood of an increase at the Sept.20-21 Fed meeting is at 15 percent. The dollar declined against the Japanese yen by 0.1 percent at 102.43 while the euro increased by 0.2 percent at 1.1248.

In emerging markets, the dollar increased by one percent to 19.27 against the Mexican peso and it declined by 0.4 percent to 65.15 against the Russian ruble.

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[IFX Gertrude]

Fxwirepro: Usd/sgd Hovers Around 1.36 Mark, Bias Remains Neutral



The price of long-dated U.S. government bonds have dropped following a short respite, which highlights the uncertainty of investors in the middle of bond valuations and less support for monetary stimulus coming from other major central banks. The movement of prices was due to reports of retail sales and industrial production which drove expectations that an interest rate hike fromt the Federal Reserve by next week is unlikely.

Yield on the benchmark 10-year Treasury note was at 1.703 percent. The 10-year note's yield premium on the two-year note was at 0.965 percentage point. The premium investors declined to 0.75 percentage point during early July, which is the lowest since 2007. The 10-year Treasury yield on Thursday was below 2.273 percent which is the yield settled during the end of last year.

The yield on the two-year note declined to 0.738 percent in comparison to Wednesday's 0.758 percent.

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[IFX Gertrude]

Oil Headed for Weekly Loss on Prospect of Oil Glut Persistence



Oil is set for a weekly loss on outlook that a global crude will continue as halted supply production resumed and as demand expansion slumped.

Oil futures dropped by 0.6% in New York, adding up the weekly losses to 4.9%. Oil producers Libya and Nigeria, whose supplies have been cut back by local conflicts, are getting ready to bolster exports in the following weeks. The International Energy Agency said on Tuesday that the oil oversupply will persist as demand growth slows and as supply sustains its momentum.

U.S. W.T.I. dropped by 26 cents to $43.65 per barrel while the benchmark Brent dropped by as much as 0.8% to $46.23 per barrel.

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[IFX Gertrude]

Fxwirepro: South Korean Won Opens Onshore Trade at 1,125.5 Per U.s. Dollar, Consistent Break Above Targets 1,142



USD/KRW is currently trading around 1,123 levels.

It made intraday high at 1,125 and low at 1,107 marks.

Intraday bias remains bearish till the time pair holds key resistance at 1,127 levels.

A daily close above 1,127 will drag the parity higher towards key resistances at 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.

On the other side, a sustained close below 1,122 will test key supports at 1,107/1,090/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.40 percent higher at 2,007.62 points.
We prefer to go short on USD/KRW around 1,125 with stop loss at 1,132 and target of 1,1


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[IFX Gertrude]

Dollar Gains after U.S. Data Boosts Bets on Fed Rate Increase



The U.S. dollar reached a two-week high against a basket of major currencies as U.S. consumer prices increased more than initially expected during August, which boosted expectations regarding a potential Federal Reserve interest rate hike this 2016. The dollar index last traded as high as 96.108, its strongest level since Sept. 1.

The data regarding the increase in U.S. consumer prices indicated a steady rise of inflation which makes the Fed eligible for a Fed rate hike this year. The core CPI was up by 2.3 percent in the 12 months until August. U.S. short-term interest rate futures are currently indicating a 55 percent likelihood of an interest rate hike by December, according to CME Group's FedWatch Tool.

The U.S. dollar against the Japanese yen eased by 0.1 percent to 102.20 yen while the euro was steady at $1.1160.

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[IFX Gertrude]

Australia House Prices Rise 2.0% In Q2



House prices in Australia were up 2.0 percent on quarter in the second quarter of 2016, the Australian Bureau of Statistics said on Tuesday.

That missed forecasts for 3.0 percent following the 0.2 percent decline in the previous three months.

By region, capital city residential property price indexes rose in Sydney (+2.8 percent), Melbourne (+2.7 percent), Brisbane (+1.1 percent), Canberra (+2.2 percent), Adelaide (+0.8 percent) and Hobart (+0.7 percent) and fell in Perth (-1.2 percent) and Darwin (-2.4 percent).

On a yearly basis, house prices advanced 4.1 percent - also missing estimates for 5.2 percent and down from 6.8 percent in the three months prior.

Annually, residential property prices rose in Melbourne (+8.2 percent), Canberra (+6.0 percent), Hobart (+4.9 percent), Brisbane (+4.3 percent), Sydney (+3.6 percent) and Adelaide (+3.5 percent) and fell in Darwin (-6.5 percent) and Perth (-4.8 percent).

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[IFX Gertrude]

Asian Stocks Flat while Traders Await Prior to Central Bank Meeting



Asian stocks were flat while Japanese shares fluctuated prior to the policy meetings from the Bank of Japan and the Federal Reserve. The MSCI Asia Pacific Index declined by less than 0.1 percent.

Japan's Tokyo index increased by 0.1 percent while the yen traded at 101.87 against the dollar. Australia's S&P/ASX 200 Index was down by 0.1 percent while New Zealand's S&P/NZX 50 climbed by 0.2 percent. The South Korean Kospi index slipped by 0.2 percent. Futures on the FTSE A50 Index was down by 0.2 percent during the most current trading, as the Hang Seng Index jumped by 0.1 percent. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong gained by 1.6 percent. The Shanghai Composite Index climbed by 0.8 percent as the Hang Seng Index was up by 0.9 percent.

Uncertainty regarding the monetary policy has sparked volatility in global markets during the past two weeks, as traders were divided on what the BOJ's action would be in its review.

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[IFX Gertrude]

Fxwirepro: Usd/sgd Hits Fresh 2-Week Low at 1.3510, Consistent Break Below Targets 1.3462



USD/SGD is currently trading around 1.3530 marks.

It made intraday high at 1.3546 and low at 1.3510 levels.

Intraday bias remains bearish till the time pair holds key resistance at 1.3605 marks.

A daily close below 1.3510 will drag the parity down towards key supports at 1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.

Alternatively, a sustained close above 1.3605 will test key resistances at 1.3698, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).

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

We prefer to go short on USD/SGD only below 1.3510 with stop loss at 1.3605 and target of 1.3462/1.3391.

Read more: https://www.instaforex.com/forex-news/1 ... break.html

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[IFX Gertrude]

Asian Stocks Rally After Fed



Asian stocks rallied, South Korea's won firmed while regional bonds increased following the central banks' announcement. The MSCI Asia Pacific excluding Japan Index increased by 1.3 percent.

Producers of raw-materials were the largest gainers on the MSCI index of Asian shares outside of Japan. The won increased the most while the dollar held losses from the last session. Hong Kong Kong's Hang Seng Index gained by 1.4 percent while the Hang Seng China Enterprises Index climbed by 2.1 percent. New Zealand's 10-year bonds increased by one percent, pulling down the yield by 11 basis points to 2.50 percent.

Ten-year bond yields in Australia declined by 2.06 percent while the 10-year bond of South Korea was down 1.53 percent.

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