Forex News from InstaForex

[IFX Gertrude]

JAPAN JOBLESS RATE RISES TO 2.7% IN JULY



The unemployment rate in Japan came in at a seasonally adjusted 2.7 percent in July, the Ministry of Internal Affairs and Communications said on Tuesday.

That exceeded expectations for 2.5 percent, which would have been unchanged from the June reading.

The jobs-to-applicant ratio ticked down to 1.29, shy of forecasts for 1.30, which again would have been unchanged.

The participation rate was 63.1 percent, matching forecasts and steady from the June level.

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[IFX Gertrude]

AUSTRALIA CONSTRUCTION WORK DONE ADDS 0.4% IN Q2



The value of total construction work done in Australia was up a seasonally adjusted 0.4 percent on quarter in the second quarter of 2023, the Australian Bureau of Statistics said on Wednesday - coming in at A$59.010 billion.

That missed forecasts for an increase of 1.0 percent following the 1.8 percent gain in the three months prior.

The increase was driven by engineering work, which rose 0.7 percent in the June quarter and is 15.5 percent higher than the same time last year. Building work done rose 0.2 percent and is 4.3 percent higher than the same time last year.

The value of building work done rose 0.2 percent in the June quarter.

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[IFX Gertrude]

JAPAN RETAIL SALES JUMP 6.8% ON YEAR IN JULY



The total value of retail sales in Japan was up 6.8 percent on year in July, the Ministry of Economy, Trade and Industry said on Thursday - coming in at 13.924 trillion yen.

That beat forecasts for an increase of 5.4 percent following the downwardly revised 5.6 percent gain in June (originally 5.9 percent).

On a monthly basis, retail sales advanced 2.1 percent after slipping 0.6 percent in June.

Sales from large retailers improved an annual 6.0 percent, up from 4.0 percent a month earlier.

Wholesale sales were down 0.7 percent on year and up 1.3 percent on month at 35.638 trillion yen, while commercial sales rose 1.3 percent on year and 1.5 percent on month to 49.562 trillion yen.

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[IFX Gertrude]

CHINA MANUFACTURING SECTOR PIVOTS TO EXPANSION - CAIXIN



The manufacturing sector in China climbed into expansion territory in August, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.0.

That's up from 49.2 in July and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Supporting the improvement in overall business conditions was a renewed increase in new order intakes. Companies indicated that firmer underlying market conditions had helped to boost client spending. The modest upturn in overall sales occurred despite a further drop in new business from abroad in August, suggesting that stronger domestic demand was the main source of growth.

The downturn in new export orders did ease compared to July, however, and was only mild. Companies responded to greater amounts of new work by expanding production during August. Though modest, the rate of output growth was among the best seen over the past year.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FOREIGN TRADE DATA DUE



Foreign trade from Germany and quarterly national accounts from Switzerland are the top economic news due on Monday.

At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for July. Exports are forecast to fall 1.5 percent on month, in contrast to the 0.1 percent rise in June. Meanwhile, imports are seen rising 0.5 percent after a 3.4 percent decrease.

At 3.00 am ET, GDP data is due from Switzerland. The economy is forecast to grow 0.1 percent in the second quarter after rising 0.3 percent a quarter ago.

In the meantime, unemployment data is due from Spain. The number of unemployed is seen falling 21,300 in August after declining 11,000 in July.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The sentiment indicator is expected to fall to -19.6 in September from -18.9 in August.

At 9.30 am ET, European Central Bank President Christine Lagarde is set to speak at a seminar organized by the European Economics & Financial Centre.

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[IFX Gertrude]

AUSTRALIA CENTRAL BANK KEEPS RATE UNCHANGED



Australia's central bank left its benchmark interest rate unchanged for the third straight meeting on Tuesday.

The policy board of the Reserve Bank of Australia, led by Governor Philip Lowe, decided to hold the cash rate target at 4.10 percent.

The interest rate paid on Exchange Settlement balances was kept unchanged at 4.00 percent.

The RBA has raised the key rate by 4 percentage points since May last year. The board observed that the higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so.

Today's decision to retain the rate will provide further time to assess the impact of past tightening and the economic outlook.

The bank expects inflation to return to the 2-3 percent target range in late 2025. Lowe said some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe. Nonetheless, future action will continue to depend upon the data and the evolving assessment of risks, the governor added.

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[IFX Gertrude]

CHINESE YUAN FALLS TO 10-MONTH LOW AGAINST U.S. DOLLAR



The Chinese yuan weakened against the U.S. dollar in the Asian session on Wednesday.

Against the greenback, the yuan slid to a 10-month low of 7.3217 from a recent high of 7.3098. At yesterday's close, the yuan was trading at 7.3040 against the greenback.

If the yuan extends its downtrend, it is likely to find support around the 7.34 area.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY INDUSTRIAL OUTPUT DATA DUE



Industrial production from Germany and house prices from the UK are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial production for July. Output is forecast to fall 0.5 percent on month, slower than the 1.5 percent decrease in June.

In the meantime, UK Halifax house price data is due. Economists forecast house prices to drop 0.3 percent on month in August, the same pace of decrease as seen in July.

At 2.45 am ET, foreign trade and current account figures are due from France. The trade deficit is seen at EUR 6.8 billion in July compared to a shortfall of EUR 6.7 billion in June.

At 3.00 am ET, the Czech Statistical Office is set to publish retail sales for July. Sales had increased 0.3 percent on a monthly basis in June.

At 4.00 am ET, Italy's statistical office ISTAT publishes retail sales for July. Economists forecast sales to grow 0.2 percent, offsetting the 0.2 percent fall in June. At 5.00 am ET, revised GDP data is due from the euro area. The preliminary estimate showed that the currency bloc expanded 0.3 percent sequentially in the second quarter after remaining flat a quarter ago.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FINAL INFLATION DATA DUE



Final inflation from Germany and industrial production from France are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's final inflation data for August. The flash estimate showed that consumer price inflation slowed 6.1 percent from 6.2 percent in July.

In the meantime, Statistics Sweden releases GDP, household consumption, industrial output and new orders.

At 2.45 am ET, France's statistical office INSEE is set to release industrial production data for July. Output is expected to grow 0.1 percent on a monthly basis, in contrast to the 0.9 percent fall in June.

At 3.00 am ET, industrial output figures are due from Austria and Spain. Economists forecast Spain's industrial output to decline 2.0 percent annually in July after a 3.0 percent decrease seen in June.

At 5.00 am ET, inflation and industrial output reports are due from Greece.

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[IFX Gertrude]

JAPAN M2 MONEY STOCK +2.5% ON YEAR IN AUGUST



The M2 money stock in Japan was up 2.5 percent on year in August, the Bank of Japan said on Monday - coming in at 1,238.6 trillion yen.

That was steady from the July reading following an upward revision from 2.4 percent.

The M3 money stock was up an annual 1.9 percent for the second straight month at 1,594.7 trillion yen, while the L money stock gained 2.2 percent on year to 2,121.1 trillion yen.

The adjusted money stock was up 1.6 percent on year at 2,114.6 trillion yen.

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