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Taiwan Jobless Rate Remains Stable In August
Taiwan's unemployment rate held steady in August, defying economists' expectations for an increase, figures from the Directorate General of Budget and Statistics, or DGBAS, showed Tuesday. The seasonally adjusted jobless rate came in at 3.74 percent in August, the same rate as in the previous month. Economists had expected the jobless rate to rise to 3.77 percent. In the corresponding month of the previous year, the unemployment rate was 3.93 percent. The number of unemployed people remained unchanged at 435,000 during August. A year ago, the jobless figure totaled 453,000. At the same time, the number of persons in employment increased to 11.21 million in August from 11.20 million a month ago. The labor force participation rate rose marginally to 58.65 percent in August from 58.64 percent in July. On an unadjusted basis, the unemployment rate climbed to 3.90 percent in August from 3.82 percent in the previous
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Canadian Dollar Drops Against Most Majors
The Canadian dollar weakened against most major currencies in the Asian session on Wednesday. The Canadian dollar fell to more than a 2-week low of 90.04 against the yen, from yesterday's closing value of 90.51. Against the U.S. dollar and the euro, the loonie dropped to 1.3294 and 1.4797 from yesterday's closing quotes of 1.3271 and 1.4751, respectively. If the loonie extends its downtrend, it is likely to find support around 87.00 against the yen, 1.33 against the greenback and 1.54 against the euro.
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New Zealand Trade Deficit NZ$1.03 Billion In August
New Zealand posted a merchandise trade deficit of NZ$1.03 billion in August, Statistics New Zealand said on Thursday - representing 28 percent of exports. The headline figure missed forecasts for a shortfall of NZ$875 million following the NZ$649 million deficit in July. Exports were worth NZ$3.73 billion, down from NZ$4.20 billion in the previous month. On a yearly basis, exports climbed NZ$197 million or 5.6 percent. Beef exports continued to rise, up 46 percent on year (NZ$61 million) in August. The beef export season runs from 1 October to 30 September. "With one month to go in the 2014-15 beef export season, beef exports are at a new high of NZ$3 billion," international statistics senior manager Jason Attewell said. "So far this season, 404,000 tons of beef have been exported, and if we export at least 18,000 tons next month we'll surpass the peak 2003-04 season for quantity exported." The United States remains the top beef export destination this season, for both value and quantity. Beef export values to the U.S. have hit a record high of NZ$1.6 billion (up 64 percent) for the season to date, with quantities up 21 percent on year. Beef export values to China continued to increase, up 88 percent for the season to date, to NZ$394 million, with quantities up 52 percent on year. "International shortages, rising production, and a falling New Zealand dollar have contributed to this record beef season," Attewell said. Imports were worth NZ$4.77 billion, down from NZ$4.85 billion a month earlier. On a yearly basis, imports jumped 19.0 percent.
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Japan Producer Prices Climb 0.7% In August
Producer prices in Japan were up 0.7 percent on year in August, the Bank of Japan said on Friday. That topped expectations for an increase of 0.5 percent following the 0.6 percent gain in July. On a monthly basis, prices fell 0.2 percent after gaining 0.2 percent in the previous month. Among the individual components, prices for leasing, advertising and employment services were up, while communications and real estate prices were down.
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NZ Dollar Rises Against Majors
The New Zealand dollar strengthened against the other major currencies in the Asian session on Monday. The NZ dollar rose to near 3-week highs of 1.7491 against the euro and 1.0984 against the Australian dollar, from Friday's closing quotes of 1.7530 and 1.0990, respectively. Against the U.S. dollar, the kiwi advanced to a 10-day high of 0.6402 from last week's closing value of 0.6376. The kiwi edged up to 77.01 against the yen, from Friday's closing value of 76.93. If the kiwi extends its uptrend, it is likely to find resistance around 1.70 against the euro, 1.08 against the aussie, 0.65 against the greenback and 78.00 against the yen.
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Canadian dollar plummets on lower oil prices, market gloom
The Canadian dollar declined Monday as crude oil prices took a negative turn and an overall gloom over global growth ignited woes in markets. US crude prices ended at $44.43, partially affected by huge losses on Wall Street. Also, markets have been anxious over the condition of the Chinese economy along with other emerging markets. The loonie stood at 74.66 US cents from Friday's 75.10 US cents. Generally speaking, it is oil and risk appetite. Not a bunch of figures or information last weekend “really justifies the declines, but i's there and it's very troubling to asset markets,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets. Traders will expect Canadian gross domestic product data for July due Wednesday
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U.S. Dollar Drops Against Most Majors
The U.S. dollar weakened against most major currencies in the Asian session on Tuesday. The U.S. dollar fell to 5-day lows of 1.1264 against the euro and 0.9718 against the Swiss franc, from yesterday's closing quotes of 1.1244 and 0.9738, respectively.
Against the yen, the greenback dropped to a 5-day low of 119.56 from yesterday's closing value of 119.91.
If the greenback extends its downtrend, it is likely to find support around 1.14 against the euro, 0.96 against the franc and 118.00 against the yen.
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Japan Industrial Production Eases In August
Industrial output in Japan fell a seasonally adjusted 0.5 percent on month in August, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading. That was well shy of forecasts for an increase of 1.0 percent following the 0.8 percent decline in July. On a yearly basis, industrial production added just 0.2 percent - also below expectations for a gain of 1.8 percent following the flat reading in the previous month. Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it has weakened; previously, the METI said output had been fluctuating indecisively. Industries that mainly contributed to the monthly decline included business-oriented machinery, electrical machinery and transport equipment. According to the survey of production forecast in manufacturing, production is expected to rise 0.1 percent in September and jump 4.4 percent in October. Industries that mainly contribute to the increase in September included electrical machinery, communications equipment and chemicals. Industries that mainly contribute to the increase in October included business-oriented machinery, transport equipment and electrical machinery. Shipments in August were down 0.5 percent on month, down for the second straight month. They were also up 0.8 percent on year. Industries that mainly contributed to the decline included business-oriented machinery, fabricated metals and paper products. Inventories in August added 0.4 percent on month, reversing the previous month's losses. They were also up 2.2 percent on year. The inventory ratio in July climbed 6.1 percent on month, rising for the first time in three months. It also showed an increase of 1.0 percent on year. Also on Wednesday, the METI said that retail sales in Japan were up 0.8 percent on year in August. That missed expectations for an increase of 1.2 percent following the 1.8 percent jump in July. Sales from large retailers jumped an annual 1.8 percent - beating forecasts for an increase of 1.3 percent following the 2.1 percent spike in the previous month. On a seasonally adjusted monthly basis, retail sales were flat in August versus expectations for an increase of 0.5 percent and down from 1.4 percent a month earlier.
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British pound weakens ahead of Carney speech
The British pound on Tuesday hit its lowest in nearly five months as traders look forward to Bank of England Governor Mark Carney's speech for clues on when interest rates might begin to increase. Sterling stood at 74.13 pence per euro. Against the US dollar, the currency closed at $1.5128. It seems the market refuses to price in anything such as the rate profile the central banks are attempting to convey, for all the ECB seeks “to talk up the prospect of more QE, and Carney talks about higher rates,” said Adam Cole, Head of FX Strategy at RBC Capital Markets. Investors expect the BOE to follow the Federal Reserve in raising rates from their current lows. But the central is not rushing, with the UK inflation still at zer
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U.S. Dollar Rises Against Most Majors
The U.S. dollar strengthened against most major currencies in the Asian session on Thursday. The U.S. dollar rose to a 3-day high of 1.1155 against the euro, from yesterday's closing value of 1.1176. Against the yen and the Swiss franc, the greenback edged up to 120.27 and 0.9759 from yesterday's closing quotes of 119.87 and 0.9731, respectively. If the greenback extends its uptrend, it is likely to find resistance around 1.10 against the euro, 122.00 against the yen and 0.98 against the franc.
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