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Canadian dollar rises as oil prices surge
The Canadian dollar climbed Thursday after oil prices escalate, but traders do not expect its surge to last as they assimilate whether the Federal Reserve will increase interest rates as early as next week. US crude ended at $45.92 a barrel. As the Bank of Canada retained rates yesterday, investors turn their attention to Fed's rate decision next week. The loonie finished at 75.60 US cents from Wednesday's 75.47 US cents. Whether a rate increase happens next week or later in the year, the currency may weaken as traders “favor the US dollar,” said Ken Wills, Head of Corporate Exchange North America at CanadianFore
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Indian Rupee Rises To 2-day High Against U.S. Dollar
The Indian rupee strengthened against the U.S. dollar in the morning deals on Friday. Against the greenback, the rupee rose to a 2-day high of 66.2900 from yesterday's closing value of 66.3500. If the rupee extends its uptrend, it is likely to find resistance around the 65.60 area.
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Usd/jpy Struggles to Break Above 121.30, Decline Till 119.60 Is Possible
USD/JPY has broken minor trend line support around 120.50 (trend line joining 119.96 and 120.35) and a short decline till 119.95 is possible. On the higher side intraday resistance is around 120.75 and break above will take the pair till 121.30. Short term trend reversal only above 121.30. The pair's minor support is around 120.20 and break below targets 119.95/119.50. It is good to sell on rallies around 120.40-45 with SL around 120.76 for the TP of 119.95/119.60
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BoJ Leaves Monetary Policy Unchanged
The Bank of Japan kept its massive stimulus unchanged on Tuesday as expected by economists. In a statement, the BoJ announced that the policy board headed by Governor Haruhiko Kuroda decided by an 8-1 majority vote to maintain its target of raising the monetary base at an annual pace of about JPY 80 trillion. The bank will conduct purchases in a flexible manner in accordance with financial market conditions. The bank also revealed that private consumption has been resilient and housing investment has been picking up against the background of steady improvement in the employment and income situation. The bank said that the annual rate of increase in consumer prices was flat. Inflation expectations appear to be rising on the whole from a somewhat longer-term perspective. The BoJ maintained its optimistic assessment of the economy by stating that the economy has continued to recover moderately as a trend.
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Mexico Leading Index Falls For Third Month: Conference Board
The leading index for Mexico, which measures the future economic activity, decreased for the third consecutive month in July, as majority of its components made negative contributions, figures from Conference Board showed Tuesday. The Conference Board leading economic index fell 1.6 percent in July, following a revised 0.7 percent decrease in June. Out of the six components, only one contributed positively to the index in July. The index declined by 1.9 percent between January and July 2015, but the contraction was not as deep as the decline of 5.5 percent over the previous six months. At the same time, the coincident index that reflects the current economic acticity rose 0.3 percent in July, the same rate of increase as in the previous month. Two of the three components gained during the month.
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Canadian dollar rises before Fed rate decision
The Canadian dollar climbed Tuesday as crude prices inched higher, but investors were mostly hesitant to make huge bets before the much-awaited Federal Reserve's rate decision. Market participants are split on whether the US central bank will raise interest rates or defer such a move until later in the year or 2016. The loonie finished at 75.49 US cents from Monday's 75.43 US cents. The risk from Fed's policy decision is just too important “to not pay attention to,” said Brad Schruder, Director of Foreign Exchange at BMO Capital Markets. Meanwhile, US crude ended at $44.59 a barrel, buoyed by higher gasoline prices and advances on Wall Stree
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Japan Has Y569.659 Billion Deficit In August
Japan had a merchandise trade deficit of 569.659 billion yen in August, the Ministry of Finance said on Thursday. That missed forecasts for a shortfall of 542.5 billion yen following the 268.4 billion yen deficit in July. Exports gained 3.1 percent on year, shy of forecasts for an increase of 4.4 percent and down from the 7.6 percent jump in the previous month. Imports dipped an annual 3.1 percent versus expectations for a fall of 2.5 percent following the 3.2 percent contraction a month earlier.
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British pound bolsters as UK wages hit fastest pace in 6 years
The British pound escalated Wednesday as official figures showed British wages picked up speed in more than six years. According to the Official for National Statistics, the average pay throughout the United Kingdom rose by 2.9%, the fastest pace since 2009. Sterling finished at 72.93 pence per euro. Against the US dollar, the pound stood at $1.5445. With inflation still stuck around zero and oil prices slumping, traders have scaled back into next year their expectations on the Bank of England's timing of interest rate hikes. BOE Governor Mark Carney banged his recent remarks China-ignited market turmoil should not change the central bank's supposition.
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BoJ Minutes: Modest Economic Recovery Remains On Track
The members of the Bank of Japan's monetary policy board felt that the country's economic recovery continued, minutes from the central bank's meeting on August 6 and 7 revealed on Friday. Private consumption was resilient and housing investment was also making progress, the board noted, while inflation expectations appear to be rising. "Quantitative and qualitative monetary easing has been exerting its intended effects, and the bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate," the minutes said. At the meeting, the BoJ decided to keep its monetary policy unchanged and also maintained its inflation and economic growth outlook. It also held its benchmark lending rate steady at 0 to 0.10 percent. By an 8-1 vote, the policy board decided to maintain its target of raising the monetary base at an annual pace of about JPY 80 trillion. Downside risks include commodity exporters and emerging markets, the bank said, as well as the pace of the economic recovery in the United States. "Risks to the outlook include developments in the emerging and commodity-exporting economies, the prospects regarding the debt problem and the momentum of economic activity and prices in Europe, and the pace of recovery in the U.S. economy," the minutes said. Inflation is likely to be about zero percent for the time being, due to the effects of the decline in energy prices. Core inflation was at meager 0.1 percent in June. Renewed fall in oil prices could weigh on inflation. Nonetheless, the bank aims to achieve its 2 percent inflation target by September next year. "With regard to the outlook, Japan's economy is expected to continue recovering moderately. The year-on-year rate of increase in the CPI is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices," the minutes said.
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China Home Prices Rise In August
Home prices in majority of the Chinese cities increased in August, figures from the National Bureau of Statistics showed Friday. On a monthly basis, home prices climbed 35 out of 70 cities surveyed by the government. Prices declined in 26 cities but remained flat in 9 months. The biggest hike in prices was noted in Shenzhen, by 5.1 percent and the steepest decreases were seen in Dandong, Jining and Xiangyang, by 0.5 percent. Compared with the same month of the previous year, home prices fell 61 out of the 70 cities during August.
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