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Re: Forex News from InstaForex

Postby IFX Yvonne » Fri Feb 03, 2023 3:26 am

JAPAN SERVICE SECTOR ACCELERATES IN JANUARY - JIBUN


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The services sector in Japan continued to expand in January, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a services PMI score of 52.3. That's up from 51.1 in December and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Anecdotal evidence suggested that the recovery from the COVID-19 pandemic continued in January thanks to the easing of restrictions. A number of respondents indicated that the National Travel Discount Program had added an extra boost to domestic travel. As well as helping to boost activity, these factors also supported new business at the start of the year. The survey also said that the composite index improved to 50.7 in January from 49.7 in December.


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Re: Forex News from InstaForex

Postby IFX Gertrude » Mon Feb 06, 2023 3:44 am

ESTONIA INDUSTRIAL PRODUCTION SLUMPS 11.6%

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Estonia's industrial production continued to decline sharply at the end of the year, data from Statistics Estonia showed on Monday.

Industrial production contracted 11.6 percent year-on-year in December, slightly slower than the 12.2 percent rise in the previous month. Further, this was the fourth successive monthly decrease.

Among the main sectors, mining and quarrying output fell the most by 14.7 percent annually in December, which was worse than the 11.1 percent fall in the prior month.

Manufacturing production also registered a double-digit negative growth of 11.5 percent, and output produced in the utilities sector plunged 13.1 percent.

In energy production, the volume of electricity production decreased by 16.2 percent and the production of heat by 10.7 percent annually, the agency said.

On a seasonally adjusted basis, industrial production recovered 2.1 percent monthly in December, reversing a 3.8 percent drop in November. It was the first increase in four months.

In 2022, total industrial production declined 1.9 percent compared to 2021, largely led by a 2.7 percent fall in manufacturing output.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Tue Feb 07, 2023 12:27 am

AUSTRALIA CENTRAL BANK HIKES RATE BY 25 BPS

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Australia's central bank raised its benchmark rate by a quarter-point on Tuesday, as widely expected.

At the first meeting of the year, the board decided to lift the cash rate target by 25 basis points to 3.35 percent.

The interest rate on Exchange Settlement balances was also raised by 25 basis points to 3.25 percent.

The current sequence of policy tightening has taken the cash rate target to 3.35 percent from 0.10 percent, indicating a total 325 basis-point increase since April 2022. RBA Governor Philip Lowe said further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary.

"The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that," Lowe said.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Wed Feb 08, 2023 2:44 am

INDIA CENTRAL BANK HIKES RATE FOR SIXTH STRAIGHT MEETING

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India's central bank raised its benchmark rates for the sixth consecutive meeting, as widely expected, on Wednesday.

At the end of its three-day monetary policy meeting, the Monetary Policy Committee of the Reserve Bank of India decided to raise the policy repo rate by 25 bps to 6.50 percent.

Four members including Governor Shaktikanta Das voted in favor of a quarter point rate hike, while two members voted against the proposition.

Members also voted 4-2 to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.

"The MPC is of the view that further calibrated monetary policy action is warranted to keep inflation expectations anchored, break core inflation persistence and thereby strengthen medium-term growth prospects," the governor said.

Das said inflation is seen at 6.5 percent in the current financial year, down from 6.7 percent estimated previously. Based on the assumption of a normal monsoon, inflation is projected at 5.3 percent for 2023-24.

Real economic growth for 2023-24 is projected at 6.4 percent, with risks broadly balanced.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Thu Feb 09, 2023 10:05 am

U.S. WEEKLY JOBLESS CLAIMS REBOUND SLIGHTLY MORE THAN EXPECTED

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A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits rebounded by slightly more than expected in the week ended February 4th.

The Labor Department said initial jobless claims rose to 196,000, an increase of 13,000 from the previous week's unrevised level of 183,000. Economists had expected jobless claims to inch up to 190,000.

The uptick came after jobless claims decreased in four out of the five previous weeks, falling to their lowest level since hitting 181,000 in the week ended April 23, 2022.

Meanwhile, the report said the less volatile four-week moving average edged down to 189,250, a decrease of 2,500 from the previous week's unrevised average of 191,750.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Fri Feb 10, 2023 2:06 am

CHINA CONSUMER PRICES RISE 0.8% ON MONTH IN JANUARY

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Consumer prices in China were up 0.8 percent on month in January, the National Bureau of Statistics said on Friday.

That exceeded expectations for an increase of 0.7 percent following the flat reading in December.

On a yearly basis, consumer prices advanced 2.1 percent - missing forecasts for 2.2 percent but still higher than 1.8 percent in the previous month.

The bureau also said that producer prices dropped 0.8 percent on year versus expectations for a decline of 0.5 percent following the 0.7 percent drop a month earlier.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Sat Feb 11, 2023 1:11 am

DOLLAR RISES AGAINST MAJOR COUNTERPARTS ON RATE HIKE BETS

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The U.S. dollar climbed higher against its major rivals on Friday, lifted by expectations the Federal Reserve will continue to hold interest rates higher for more time.

Data showing an improvement in consumer sentiment, and a rebound in near-term inflation expectations supported the dollar.

Data released by the University of Michigan this morning showed U.S. consumer sentiment saw a continued improvement in February. The report showed the consumer sentiment index rose to 66.4 in February from 64.9 in January. Economists had expected the index to inch up to 65.0.

The consumer sentiment index increased for the third straight month, reaching its highest level since hitting 67.2 in January 2022.

Meanwhile, one-year inflation expectations climbed to 4.2% in February from 3.9% in January, with expectations rebounding after falling for three straight months.

Richmond Fed President Thomas Barkin said it's important for the U.S. central bank to continue to raise rates to ensure it brings inflation back to the 2 percent target. The dollar index surged 103.68 before easing slightly to 103.59, still up 0.36% from the previous close.

Against the Euro, the dollar firmed to 1.0680 from 1.0743.

The dollar strengthened to 1.2060 against Pound Sterling, gaining from 1.2121.

Against the Japanese currency, the dollar eased marginally to 131.38 yen.

The dollar is trading at 0.6917 against the Aussie, rising 0.3%. Against Swiss franc, the dollar advanced to CHF 0.9238 from CHF 0.9222. Against the Loonie, the dollar firmed to C$ 1.3445 from C$ 1.3359.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Sun Feb 12, 2023 9:05 pm

SINGAPORE GDP GROWS 0.1% ON QUARTER, +2.1% ON YEAR IN Q4

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Singapore's gross domestic product expanded a seasonally adjusted 0.1 percent on quarter in the fourth quarter of 2022, the Ministry of Trade and Industry said on Monday.

That missed expectations for an increase of 0.3 percent following the 0.8 percent gain in the third quarter.

On a yearly basis, GDP was up 2.1 percent - again shy of expectations for 2.3 percent following the upwardly revised 4.0 percent increase in the three months prior (originally 2.2 percent.

For all of 2022, GDP expanded 3.6 percent, slowing from 8.9 percent in 2021.

Upon the release of the data, the MTI maintained its growth forecast for 2023 at 0.5 to 2.5 percent.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Mon Feb 13, 2023 2:26 am

IRELAND CONSTRUCTION SECTOR LOGS CONTRACTION IN JANUARY

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Ireland's construction sector posted another contraction in January albeit at a slower pace, survey results from S&P Global showed on Monday.

The BNP Paribas Real Estate Ireland Construction Total Activity Index rose to 47.7 from 43.2 in December.

However, a reading below 50.0 indicates contraction. The latest decrease was the softest since the current downturn first began last October.

The contraction was broad based across all three categories in January. Civil engineering posted the biggest fall in January as has been the case over the past eleven months. Meanwhile, commercial activity posted the softest fall, while housing activity decreased for the fourth month in a row.

Although firms struggled to secure orders, the decline in orders was the joint-weakest in the current ten-month sequence of decline. Further, survey showed that firms raised their workforce for the first time in three months.

Input price inflation continued to increase across a broad range of products. But the rate of inflation eased for the second consecutive month. At the same time, sub-contractor rates increased at an accelerated pace.

The outlook for activity over the coming 12 months brightened in January with sentiment rising to an 11-month high. Firms expect an improvement in demand conditions with new projects set to start in months ahead.

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Re: Forex News from InstaForex

Postby IFX Gertrude » Mon Feb 13, 2023 11:33 pm

JAPAN GDP RISES 0.2% IN Q2

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Japan's gross domestic product expanded a seasonally adjusted 0.2 percent on quarter in the fourth quarter of 2022, the Cabinet Office said on Tuesday.

That was shy of expectations for an increase of 0.6 percent following the downwardly revised 0.3 percent contraction in the third quarter (originally -0.2 percent).

On an annualized basis, GDP added 0.6 percent - again missing forecasts for an increase of 2.0 percent following the downwardly revised 1.0 percent decline in the three months prior (originally -0.8 percent).

Capital expenditure was down 0.5 percent on quarter, missing forecasts for a fall of 0.2 percent, while private consumption matched expectations with an increase of 0.5 percent on quarter.

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