Forex News (from InstaForex) - page 67
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Hong Kong Private Sector Activity Improves In July
Hong Kong's private sector activity expandedin July as output improved, results of a survey by Markit Economics and HSBC Bank showed Tuesday. The HSBC purchasing managers' index, or PMI, for the private sector, rose marginally to 50.4 in July from 50.1 in June. This marked the highest reading in five months and signaled continued expansion in activity. A reading above 50 indicates expansion in private sector activity. Private sector output grew for the first time in five months, though at a slow pace, in July. Client demand improved in July as demand from Mainland China increased. However, new orders declined for the third consecutive month, though at a marginal rate. Job shedding decreased to the slowest rate in four months in July. Input costs increased further but at the second-weakest rate in eleven months. Output prices increased marginally and the rate of increase was the joint-slowest since the start of the current sequence of inflation began in May 2013. "Hong Kong's economy is stabilising, although it is still not yet back to normal as the PMI for July only showed a marginal return to overall growth and new orders remained in contraction. Still, there was an encouraging rebound in new business from China, which could potentially be sustained given the improving economic data from the Mainland of late," said John Zhu, HSBC economist.
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UK July Shop Prices Fall At Record Rates
Shop prices in the U.K. declined at the fastest rate in survey-history in July, data from the British Retail Consortium showed Wednesday. The shop prices index fell 1.9 percent year-over-year in July following the 1.8 percent fall in June. Economists had expected a 1.6 percent drop in shop prices. This marked the fastest rate of deflation since the series began in December 2006. Food inflation fell to 0.3 percent, the lowest in survey-history. Non-food deflation slowed to 3.3 percent in July from 3.4 in June.
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Yuan Strengthens To Near 2-month High Against U.S. Dollar
The Chinese yuan strengthened against the U.S. dollar in the Asian session on Thursday. Against the greenback, the yuan rose to nearly a 2-month high of 6.1570. At yesterday's close, the yuan was trading at 6.1625 against the greenback. If the yuan extends its uptrend, it is likely to find resistance around the 6.14 area. The People Bank of China set today's central parity rate for yuan at 6.1670 per dollar, compared to Wednesday's reference rate of 6.1681. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
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Usd/cny Review
Quotes from Standard Chartered:
-China's official manufacturing PMI for July, at 51.7, was the highest since H1-2012. This has translated into a pick-up in sentiment and a sharp rise in the Chinese yuan (CNY).
-Despite broader US dollar (USD) strength causing the fixing to move higher, the move in onshore USD-CNY has caused spot and the fixing to converge. USD-CNY is now trading at the strong end of the band for the first time since March 2014.
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Japan Money Supply Rises As Expected In July
Money supply in Japan increased at a stable rate in July, confirming the consensus estimate, the Bank of Japan said Monday. The M2 money stock grew 3 percent year-over-year in July, the same rate as in June. This confirmed economists' expectations. The M3 money supply increased 2.4 percent year-over-year, in line with the consensus estimate, following a revised 2.5 percent increase in June.
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Australia Business Confidence Climbs In July - NAB
An index measuring business confidence in Australia touched a four-year high in July, the latest survey from National Australia Bank revealed on Tuesday - showing a score of +11.
That's up from +8 in June.T
The index for business conditions came in with a score of +2, rising from +2 in the previous month.
Among the individual components of the survey, home construction, retailing, sales, profitability and employment all showed improvement in July, the bank said.
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Japan GDP Dips 6.8% On Year In Q2
Japan's gross domestic product tumbled 6.8 percent on year in the second quarter of 2014, the Cabinet Office said in Wednesday's preliminary reading. That beat forecasts for a decline of 7.1 percent following the downwardly revised 6.1 percent gain in the first quarter (originally 6.7 percent). On an annualized quarterly basis, GDP dipped 1.7 percent - also beating expectations for a contraction of 1.8 percent following the downwardly revised 1.5 percent increase in the previous three months (originally 1.6 percent). The GDP deflator was up 2.0 percent on year, beating forecasts for 1.6 percent after easing 0.1 percent in the first quarter.
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New Zealand Manufacturing Sector Slows Slightly
The manufacturing sector in New Zealand continued to expand in July, albeit at a slightly slower pace, the latest Performance of Manufacturing Index from Business NZ revealed on Thursday with a score of 53.0. That's down marginally from the upwardly revised 53.4 in June (originally 53.3). A reading above 50 signals expansion in a sector, while a score below means contraction. The index has been in expansionary territory for 22 straight months. All five individual components expanded in July, including new orders, production, employment, finished stocks and deliveries.
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Sri Lanka's Central Bank Keeps Rates Unchanged
Sri Lanka's central bank decided to leave its key interest rates unchanged on Friday as the outlook for inflation remains benign. The Central Bank of Sri Lanka kept its Standing Deposit Facility Rate unchanged at 6.50 percent and the Standing Lending Facility at 8.00 percent. The bank has kept its key rates unchanged for the seventh straight meeting. The bank last reduced its lending rate by 50 basis points in January and narrowed the rate corridor. Although headline inflation accelerated to 3.6 percent in July from 2.8 percent in June, it continued to remain in low single digit levels, it noted. Supply disturbances triggered by adverse weather conditions could cause temporary price fluctuations, but the outlook for inflation remains benign supported by relatively stable international commodity prices as well as well contained demand pressures and inflation expectations, the bank said. Further, the bank expects real economic growth to remain broadly on target this year and broad money to grow around 13 percent by end-2014, down from the prior estimate of 14 percent. With Sri Lanka's economy staying robust in recent months, there is no urgent need for monetary policy easing to support growth, Krystal Tan, an Asia economist at Capital Economics, said. On balance, if credit growth picks up in the coming months as expected, rates are likely to remain on hold for the rest of the year, the economist said
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RBA Keeps Rates Unchanged
The Reserve Bank of Australia, or RBA, decided on Tuesday to keep its key interest rate unchanged. The monetary policy board decided to maintain the cash rate at 2.5 percent in its August meeting. The same rate has been maintained since August 2013. "Members noted that there was inevitably a significant degree of uncertainty about the outlook, given the number of forces working in different directions." the RBA said in the minutes. Despite recent higher readings, inflation is expected to be in line with the target of 2-3 percent over the next two years, the Board said. The Board assessed that the current monetary policy was appropriately configured and remained accommodative and supportive of demand. The most prudent course is likely to be a period of stability in interest rates, the Board said.
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