Forex News from InstaForex

[IFX Gertrude]

CHINA CAIXIN PMI MOVES BACK TO EXPANSION IN FEBRUARY



The manufacturing sector in China moved back into expansion territory in February, the latest survey from Caixin revealed on Wednesday with a PMI score of 51.6.

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

The higher headline index reading was supported by a renewed increase in production volumes in February. This marked the first upturn in output since last August, with the rate of expansion the steepest since June 2022.

Firms frequently mentioned that the recent easing of COVID-19 containment measures and recovery of operations and client demand had underpinned the increase in production. Similarly, total new business expanded for the first time in seven months, and at the quickest rate since May 2021.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE FLASH INFLATION, UNEMPLOYMENT DATA DUE



Flash inflation and unemployment data from the euro area and the minutes of the governing council from the European Central Bank are due on Thursday.

At 3.00 am ET, Spain unemployment data is due. The number of unemployed is forecast to increase by 11,500 in February.

In the meantime, flash inflation figures are due from Austria.

At 4.00 am ET, Italy's statistical office Istat publishes unemployment data for January. The jobless rate is seen unchanged at 7.8 percent.

At 5.00 am ET, Eurostat releases euro area flash inflation and unemployment data. The annual inflation rate is forecast to ease to 8.2 percent in February from 8.6 percent in January. At the same time, the unemployment rate is forecast to remain at 6.6 percent in January.

At 7.30 am ET, the European Central Bank is scheduled to issue the account of the monetary policy meeting of the Governing Council held on February 1 and 2.

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[IFX Gertrude]

SINGAPORE PMI SLUMPS IN FEBRUARY - S&P GLOBAL



The private sector in Singapore fell into contraction in February, the latest survey from S&P Global showed on Friday with a PMI score of 49.6.
That's down from 51.2 in January, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.

Demand for Singaporean goods and services rose in February, but only fractionally compared to the start of the year. Promotional activities supported the latest growth in new orders. Growth was mainly driven by the real estate & business services and consumer services sectors. Foreign demand also saw its rate of growth slow in the latest survey.

As a result of the weak rise in new orders, private sector output was only able to eke out slight gains in February. Lingering issues of supply constraints also led to a further accumulation of backlogged work over the month.

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[IFX Gertrude]

YEN RISES AGAINST MAJORS



The Japanese yen strengthened against the other major currencies in the Asian session on Monday.

The yen rose to a 5-day high of 144.15 against the euro and a 4-day high of 144.76 against the Swiss franc, from Friday's closing values of 144.36 and 145.03, respectively.

Against the pound, the yen advanced to 163.17 from an early 4-day low of 163.68. Against the Australian and the New Zealand dollars, the yen climbed to 5-day highs of 91.52 and 84.27 from last week's closing quotes of 91.87 and 84.48, respectively.

The yen rose to 99.67 against the Canadian dollar, from Friday's closing value of 99.85.

If the yen extends its uptrend, it is likely to find resistance around 141.00 against the euro, 140.00 against the franc, 159.00 against the pound, 88.00 against the aussie, 82.00 against the kiwi and 95.00 against the loonie.

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[IFX Gertrude]

AUSTRALIAN DOLLAR FALLS AFTER RBA RATE DECISION



The Reserve Bank of Australia released its monetary policy meeting at 10:30 pm ET in the early Asian session on Tuesday. The RBA increased the cash rate target by 25 basis points to 3.60 percent, as expected.

After the RBA rate decision, the Australian dollar fell against its major rivals.

As of 10:31 pm ET, the aussie was trading at 1.5904 against the euro, 0.6721 against the U.S. dollar, 91.30 against the yen and 1.0827 against the NZ dollar.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY INDUSTRIAL OUTPUT & RETAIL SALES DATA DUE



Industrial production and retail sales from Germany and revised quarterly national accounts from the euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial production and retail sales for January. Industrial output is forecast to grow 1.4 percent on month, in contrast to the 3.1 percent decrease in December. Sales are expected to climb 2.0 percent on month, reversing a 5.3 percent decrease in the prior month.

Half an hour later, the Hungarian Central Statistical Office is scheduled to release consumer prices for February. Inflation is forecast to ease to 25.4 percent from 25.7 percent in January.

At 4.00 am ET, Italy's Istat is scheduled to publish retail sales for January. Economists forecast sales to fall 0.2 percent on month, the same pace of fall as seen in December.

At 5.00 am ET, Eurostat releases euro area revised quarterly national accounts for the fourth quarter. The initial estimate showed that the currency bloc expanded only 0.1 percent after rising 0.3 percent in the third quarter.

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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: FRANCE PAYROLL EMPLOYMENT DATA DUE



Payroll employment from France is the only major economic report due on Thursday, headlining a light day for the European economic news.

At 1.30 am ET, France's statistical office INSEE releases payroll employment data for the fourth quarter.

At 2.00 am ET, Statistics Sweden is scheduled to issue GDP, industrial production and new orders data for January.

At 3.00 am ET, the Czech Statistical Office publishes foreign trade data for January. The trade balance is forecast to show a surplus of CZK 15.3 billion compared to a shortfall of CZK 1.2 billion in December.

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[IFX Gertrude]

YEN FALLS AFTER BOJ RATE DECISION



The Japanese yen weakened against the other major currencies in the early Asian session on Friday, after the Bank of Japan left its policy balance rate unchanged at -0.1 percent, as expected.

The yen fell to a 2-day low of 144.99 against the euro, a 3-day low of 163.19 against the pound and nearly a 3-month low of 146.91 against the Swiss franc, from yesterday's closing quotes of 144.04, 162.25 and 145.87, respectively.

Against the U.S. and the Australian dollars, the yen edged down to 136.97 and 89.99 from a recent 3-day high of 135.81 and nearly a 2-month high of 89.26, respectively. Against the New Zealand and the Canadian dollars, the yen dropped to 83.52 and 98.94 from recent 1-month highs of 82.87 and 98.15, respectively.

If the yen extends its downtrend, it is likely to find support around 146.00 against the euro, 166.00 against the pound, 148.00 against the franc, 139.00 against the greenback, 92.00 against the aussie, 85.00 against the kiwi and 100.00 against the loonie.

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[IFX Gertrude]

U.S. DOLLAR FALLS AGAINST MAJORS



The U.S. dollar weakened against other major currencies in the Asian session on Monday. The U.S. dollar fell to nearly a 4-week low of 1.0731 against the euro and nearly a 2-week low of 1.2139 against the pound, from last week's closing quotes of 1.0639 and 1.2029, respectively.

The U.S. dollar retreated to 133.69 against the yen and 0.9155 against the Swiss franc, from early highs of 135.05 and 0.9202, respectively.

The U.S. dollar dropped to near 4-month lows of 133.52 against the yen and 0.9146 against the Swiss franc in the early Asian session today.

Against the Australian, the New Zealand and the Canadian dollars, the greenback dropped to 6-day lows of 0.6672, 0.6202 and 1.3711 from Friday's closing quotes of 0.6580, 0.6132 and 1.3823, respectively.

If the greenback extends its downtrend, it is likely to find support around 1.09 against the euro, 1.23 against the pound, 131.00 against the yen, 0.90 against the franc, 0.69 against the aussie, 0.63 against the kiwi and 1.35 against the loonie.

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[IFX Gertrude]

AUSTRALIA CONSUMER CONFIDENCE DATA DUE ON TUESDAY



Australia will on Tuesday see March results for the consumer confidence index from Westpac Bank, highlighting a light day for Asia-Pacific economic activity. In February, the index dipped 6.9 percent.

Australia also will see February results for the business confidence survey from NAB; in January, the survey score was +6.

Singapore will release January results for unemployment; in the previous month, the jobless rate was 2.0 percent.

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