Forex News (from InstaForex) - page 137
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Dollar Declines on Fed Official Brainard?s Comment on September Rate Hike
The U.S. dollar declined against a basket of major currencies following a statement from a Federal Reserve official regarding reduced bets on the central bank's interest rate hike in September which also implied a dovish stance. According to Fed board governor Lael Brainard, the fed should not increase rates too quickly since the current rates are propping up the economy.
The dollar index was previously down by 0.22 percent at 95.126. The index significantly declined after the release of Brainard's comments to a session low of 94.935, which reversed the movement minutes later, however has retraced much of the losses. The September fed funds contract FFU6 increased by 1.0 basis point after Brainard's comments.
The dollar declined against the Japanese currency by 0.83 percent at 101.83 yen. However, it reversed previous gains against various emerging market and commodity currencies following statements from Brainard, which includes the Aussie dollar, Russian rouble, and the Brazilian real. The euro previously increased against the dollar at $1.1235.
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Fxwirepro: Usd/sgd Hits Fresh 3-Month High at 1.3685, Bias Remains Bullish
USD/SGD is currently trading around 1.3664 marks.
It made intraday high at 1.3681 and low at 1.3658 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3605 marks.
A sustained close above 1.3660 will test key resistances at 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).
On the other side, a daily close below 1.3605 will drag the parity down towards key supports at 1.3538/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to go long on USD/SGD only above 1.3685 with stop loss at 1.3605 and target of 1.3799.
News are provided byInstaForex.
U.S. Stocks Decline as Oil Drops
U.S. stocks and oil have declined, which extends the session of volatility which started while investors focused on the central bank. The Dow Jones Industrial Average decreased by 1.4 percent to 18066.75.
The S&P 500 fell by 1.5 percent to 2127.02 while the Nasdaq Composite was down by 1.1 percent to 5155.25. The CBOE Volatility Index surged by 18 percent to 17.85, which is its highest level since June 28. The energy sector of the S&P 500 was down by 2.9 percent, as shares of Chesapeake Energy led declines, slipping by 8.3 percent to $7.38.
Speculations revolving around the possibility of the Federal Reserve increasing interest rates as soon as next week has contributed to the significant selloff in stocks, however concerns appeared to have lessen following three Fed officials who have stated that there was no hurry to move.
News are provided byInstaForex.
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.
News are provided byInstaForex.
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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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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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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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
News are provided byInstaForex.
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.
News are provided byInstaForex.
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).
News are provided byInstaForex.