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Forex News from InstaForex


Dear traders, participants and guests of the portal!

In this thread we present fresh Forex news. Our news contain exhaustive information about topical events and facts of the financial world; we offer international statistical data in order to help you correct and enhance your trading strategy. We also present video news from InstaForex-TV portal. InstaForex-TV channel provides the latest information about fluctuations of currency rates and forecasts their influence on the future movement of currencies. Our news will be especially useful if you prefer intraday trading and use fundamental analysis.

 



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U.S. Dollar Advances Against Most Majors

The U.S. dollar strengthened against most major opponents in early Asian deals on Thursday.
The greenback rose to 104.84 against the yen for the first time since January 16.
The greenback advanced to 2-day highs of 0.9135 against the franc and 1.3530 against the euro, compared to yesterday's closing quotes of 0.9114 and 1.3547, respectively.
The next possible resistance for the greenback is seen around 0.92 against the franc, 1.345 against the euro and 105.6 against the yen.

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Malaysian Ringgit Hits 3-1/2-year Low Against U.S. Dollar

The Malaysian Ringgit drifted lower against the U.S. dollar in Asian deals on Monday. The ringgit touched 3.3465 against the greenback, a level unseen since June 2010. The ringgit may find support at the 3.36 mark. At last week's close, the pair was worth 3.3345.

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-- Edited by InstaForex Gertrude on Monday 27th of January 2014 01:06:23 AM

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Chinese Industrial Profit Rise In 2013

China's industrial profits increased 12.2 percent in 2013 from the previous year, the National Bureau of Statistics said Tuesday.
Profits were up 13.2 percent during eleven months ended November.
In December alone, combined profits of industrial firms grew 6 percent to CNY 942.5 billion. But it was slower than the 9.7 percent growth posted in November.

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-- Edited by InstaForex Gertrude on Tuesday 28th of January 2014 01:15:32 AM

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Swiss Franc Slides To 5-day Low Against Euro

Retracing early gains, the Swiss franc slipped against the euro in Asian trading on Wednesday.
The franc declined to a 5-day low of 1.2295 per euro, off an early high of 1.2261. The franc is likely to face support at the 1.235 mark. The pair traded at 1.2270 at yesterday's close.


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-- Edited by InstaForex Gertrude on Tuesday 28th of January 2014 10:09:07 PM

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Philippine GDP Growth Slows In Q4

The Philippine economy grew at a slower pace in the fourth quarter, data from the National Statistical Coordination Board showed Thursday.
Gross domestic product rose 6.5 percent in the fourth quarter from last year, down from the revised 6.9 percent expansion registered in the previous quarter. Nonetheless, the rate exceeded the 6 percent consensus.
From the third quarter, seasonally adjusted GDP increased 1.5 percent, data showed. For 2013 as a whole, the economy grew 7.2 percent from the previous year.

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Day ahead in the Fx Market

TUESDAY, FEB. 4 (GMT):
0330 - AUSTRALIA RBA CASH RATE FOR FEBRUARY Reserved Bank of Australia (RBA) cash rate for February is expected to have remain at 2.50 percent. 2145 - NEW ZEALAND HLFS UNEMPLOYMENT RATE FOR Q4 Jobless rate for Q4 is expected to rise 6.0 percent compared with a rise of 6.2 percent in Q3.
2145 - NEW ZEALAND HLFS JOB GROWTH FOR Q4 Job growth for Q4 is expected to rise 0.6 percent compared with a rise of 1.2 percent in Q3.
2145 - NEW ZEALAND LABOUR COST INDEX FOR Q4 Fourth quarter labour cost index data is expected to rise 1.7 percent from a year earlier, compared with a rise of 1.6 percent in Q3. Labour cost index for Q4 is expected to rise 0.6 percent, quarter-to-quarter, compared with a rise of 0.4 percent in previous quarter.
2145 - NEW ZEALAND HLFS PARTICIPATION RATE FOR Q4 Participation rate for Q4 is expected to have remain at 68.6 percent.


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-- Edited by InstaForex Gertrude on Monday 3rd of February 2014 12:49:08 AM

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BoJ To Maintain Easy Policy Until Inflation Steadies At 2%, Says Iwata

The Bank of Japan will maintain its loose monetary policy until 2 percent inflation target is achieved in a stable manner, Deputy Governor Kikuo Iwata said Thursday.
"Even if the CPI reached 2 percent year-on-year, unless the Bank projects that inflation is likely to remain at around 2 percent in a stable manner, it will not simply end monetary easing," Iwata told business leaders in Miyazaki.
"What is most important at this juncture is that the Bank steadily make progress under the current policy framework," he added.
The negative impact from sales tax hike on households' income will be mitigated by the economic measures taken by the government. Moreover, the tax hikes seem to have already been factored in substantially among households, he noted.
"In sum, the consumption tax hike will temporarily generate a swing in the economy's growth rates and negatively affect disposable income," Iwata said.
But the virtuous cycle that has already been working in Japan's economy will continue and the economy is likely to continue growing at a pace above its potential, as a trend, he said.

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Fed's Rosengren: fED Balance Sheet Would Shrink Quickly Without Sales

"Our intention is to get back to a more normal size balance sheet," Boston Fed President Eric Rosengren said at a Florida conference, acknowledging the risk that interest rates are likely to rise in the future, leading to possible losses on the balance sheet that is now worth $4 trillion and growing.
"If we stopped purchasing mortgage backed securities, that part of the balance sheet comes down actually relatively quickly," he said.
As for the purchases of longer-term Treasury bonds, Rosengren said that side of the balance sheet also declines "surprisingly quickly by just not doing any purchases and not reinvesting."

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China Money Markets on Edge

Short-term rates likely to rise with PBOC skipping open market operations Maturing reverse repos to drain CNY450 billion this week
Rates have been creeping up since markets reopened on Friday 
PBOC inaction could fuel tightening fears

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China January Exports and Imports Well Above Forecasts

China's exports beat expectations in January, rising 10.6 percent from a year earlier, while imports jumped 10 percent, leaving the country with a trade surplus of $31.9 billion for the month, the Customs Administration said on Wednesday.

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Australia's Inflation Expectations Remain Unchanged In February

The expected inflation rate amongst Australian consumers remained unchanged and stayed well within the central bank's target band of 2 percent-3 percent, a monthly survey by the Melbourne Institute revealed Thursday.
Consumers forecast a 2.3 percent inflation over the coming twelve months, the same rate as estimated in January.
Viet Nguyen, a research fellow at the Melbourne Institute, said, "The moderate upticks in consumer inflationary expectations since September 2013 reflect, to a certain extent, expectations of moderate upticks in economic activity in the coming months."
This provides support for the Reserve Bank of Australia's current 'wait and see' stance, said Nguyen.

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Australian Dollar Extends Rally After China CPI, PPI Data

Inflation in China rose 2.5 percent year-over-year in January, unchanged from last year and slightly higher than the 2.4 percent increase expected by economists. Producer price index dropped to 1.6 percent, in line with estimates following previous month's 1.4 percent drop.
The Australian dollar extended its uptrend against its major rivals following the report. As of 8:35 pm ET Thursday, the aussie was trading at 92.26 against the yen, 1.5172 against the euro, 1.0784 against the NZ dollar and 0.9020 against the US dollar.


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Japan December Industrial Output Growth Revised Down To 7.1%

Japan's industrial production increased at a weaker pace in December than estimated earlier, revised figures from the Ministry of Economy, Trade and Industry revealed Monday.
Industrial production grew 7.1 percent in December from the corresponding month of last year, which is slightly weaker than the 7.3 percent gain the government had estimated on January 30. However, the December outcome was better than November's 4.8 percent rise.
Seasonally adjusted industrial production moved up 0.9 percent compared to November, after dropping by 0.1 percent in November. The flash estimates were for a bigger growth of 1.1 percent at the end of last year.
Data showed that Capacity utilization in Japanese companies climbed 2.2 percent sequentially in December, marking a sharp improvement from the 0.5 percent contraction estimated earlier.


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Yen Declines As BoJ Keeps Monetary Policy Unchanged

The Japanese yen slipped against other major currencies on Tuesday's Asian deals after the Bank of Japan retained its monetary policy intact and said the economy is recovering moderately.
The Bank decided to expand monetary base at an annual pace of about 60-70 trillion yen.
The BOJ planned to double the scale of Stimulating Bank Lending and Growth-Supporting Funding facilities and extend the period of these facilities by an year.
The yen slipped to a 5-day low of 102.44 against the greenback, off early high of 101.76. Against the franc, euro and the pound, the yen declined to near 3-week lows of 114.84, 140.45 and 171.34, easing from early highs of 114.13, 139.50 and 170.23, respectively.
The yen fell to near a 4-week low of 93.48 against the loonie and a 6-day low of 92.86 against the aussie from its previous highs of 92.89 and 92.08, respectively.

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Australia Online Job Vacancies Rise 1.4% In January

 Australia's online job vacancies increased for the fifth successive month in January, with strong rises recorded across all categories, data released by the Department of Employment showed Wednesday.

The number of job vacancies advertised on the internet, on an unadjusted basis, increased 1.4 percent month-on-month in January, marking the fifth consecutive increase. 
The increase mainly reflected recovering business confidence, strong rise in building approvals, and improvement in retail spending, the agency said. 
With a 2.9 percent sequential growth, vacancies of sales workers recorded the biggest increase in January, followed by vacancies of technicians and trades workers, which gained 2 percent.
On an year-on-year basis, unadjusted online vacancies decreased 3.8 percent at the beginning of the year, data showed.

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-- Edited by InstaForex Gertrude on Tuesday 23rd of June 2015 12:34:56 AM

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New Zealand Consumer Confidence Retracts From 7-Year High

 

New Zealand's consumer confidence dropped modestly in February from January's seven-year high, but remained well above the trend, data from a survey showed Thursday. The ANZ-Roy Morgan consumer confidence index dropped to 133 in February from 135.8 in January, which was the highest score in seven years. Confidence is spreading to all parts of the country. The current conditions sub-index eased 3 points to 127 during February. The future conditions index also shed 3 points and reached a score of 137.1 "It's now well flagged that interest rates are set to move up - a typical bug-bear for sentiment," ANZ said. However, rising asset prices, improving labor market conditions and reasonable income growth will continue to bode well for consumer confidence. Meanwhile, the seasonally adjusted estimate showed that consumer sentiment increased modestly in February, and reached the highest level in seven years.

 

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UK's House Price Sentiment Improves To Record High: Markit

Confidence among British residents regarding the value of their homes increased to the record high in February, data from a survey by Knight Frank and Markit Economics revealed Friday.
The headline house price sentiment index, which measures households' views of the current value of their houses, climbed to 60.7 in February, hitting the highest level since the survey began. The index has now stayed above the no-change 50 mark, which separates growth from contraction, for the eleventh successive month.
Property owners in every region of the UK perceived that the value of their home rose in February, led by London, data showed.
At the same time, the outlook component of the survey jumped to an all-time high of 74.9 in February from 72.3 in January, indicating that prices are expected to rise at the strongest rate since the index began in 2009.
The survey showed that households in every region expect that the value of their home will rise over the next twelve months.
"The recovery in the housing market reflects the increasing economic confidence in the country - which recently resulted in an upgrade to economic growth forecasts - coupled with the assurance that interest rates will remain low until next year at least," Gr?inne Gilmore, head of UK residential research at Knight Frank, said.


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Yen Rises Against Majors

The Japanese yen gained against its major rivals in Asian morning deals on Monday

The yen advanced to 102.36 against the greenback, 115.34 against the franc, 140.61 against the euro, 91.92 against the loonie and 170.25 against the pound. 

 

The yen climbed to 4-day highs of 91.63 against the aussie and 84.63 against the kiwi. 
The yen may eye resistance around 101.5 against the greenback, 169.00 against the pound, 114.2 against the franc, 139.00 against the euro, 90.00 against the loonie, 90.00 against the aussie and 83.5 against the kiwi.

 

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Japan January Corporate Service Prices Rise 0.8%

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An index measuring corporate service prices in Japan was up 0.8 percent on year in January, the Bank of Japan said on Tuesday, coming in at 96.3. 
That was shy of forecasts for an increase of 1.2 percent following the downwardly revised gain of 1.1 percent in December (originally 1.3 percent). 
On a monthly basis, corporate service prices dropped 0.6 percent after adding 0.2 percent in December. 
Among the individual components, prices moved lower for transportation, communications and advertising; prices were up for leasing and other services.
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Taiwan's January Unemployment Rate Drops To 4.07%

Taiwan's unemployment rate eased for the second straight month in January, data published by the Directorate General of Budget Accounting and Statistics (DGBAS) revealed Wednesday.
The seasonally adjusted unemployment rate dropped to 4.07 percent in January from 4.14 percent in December.
In January 2013, the jobless rate was 4.2 percent. Economists were looking for a jobless rate of 4.1 percent for January.
There were about 462,000 unemployed persons in Taiwan at the end of January, down by 1.45 percent than at the end of 2013. Compared to January 2013, unemployment dropped by 2.7 percent.
DGBAS noted that the number of unemployed persons increased by around 7,000 month-on-month to around 11.04 million in January. Year-on-year, employment advanced by 101,000. The labor force participation rate dropped modestly by 0.03 percentage points sequentially to 58.52 percent.
On an unadjusted base, 4.02 percent of the labor force was without a job in January, which was lower than December's rate of 4.08 percent.

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Australia Private Capital Expenditure Falls 5.2% In Q4

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Private capital expenditure in Australia was down a seasonally adjusted 5.2 percent in the fourth quarter of 2013 compared to the previous three months, the Australian Bureau of Statistics said on Thursday - coming in at A$38.291 billion. 
That was well shy of forecasts for a decline of 1.3 percent following the downwardly revised 2.6 percent contraction in the third quarter (originally 3.6 percent). 
Capex for buildings and structures dropped 3.5 percent to A$26.098 billion, while capex for equipment, plants and machinery plunged 8.6 percent to A$12.192 billion. 
On year, private capex dropped 5.7 percent as spending on buildings added 0.3 percent but spending on machinery plummeted 16.3 percent.
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NZ Dollar Strengthens As ANZ Business Confidence Improves In February

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The New Zealand dollar edged higher against its major counterparts in early Asian trading on Friday after the release of a survey results showed that the business confidence in New Zealand improved well in the month of February. 

 

Results of a survey conducted by the ANZ Bank New Zealand showed that its business confidence rose to 70.8 in February from 64.1 in the previous month. ANZ activity outlook improved to 58.5 in the month from 53.5 in January. Both readings touched their highest levels since 1994. 

The New Zealand dollar edged sharply higher to 0.8396 against the US dollar, its strongest level since January 14. The NZ dollar also rose to 1.6327 against the euro from previous low of 1.6398. The kiwi climbed to 1.0680 against the NZ dollar and 85.68 against the yen from previous lows of 1.0719 and 85.36, respectively.

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Indonesia's Manufacturing Sector Expands For Sixth Month

The Indonesian manufacturing sector expanded for the sixth successive month in February, but at a slightly weaker pace than in the beginning of the year, data published by Markit Economics and HSBC Bank revealed Monday.
The seasonally adjusted manufacturing purchasing managers' index (PMI) came in at 50.5 in February. The index has now stayed above the no-change 50 mark, which separates growth from contraction, for the sixth month in a row. The February reading was, however, slightly lower than January's score of 51.
Production at Indonesian factories rebounded in February, following a contraction in January, but the rate of growth was fractional. The output recovery was driven by a further increase in new business, which has now recorded growth for the fifth month in a row.
Input costs faced by goods producers rose further in February amid food, metals, chemicals, plastics, paper and textiles prices. Subsequently, average output prices were raised further.


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Australia Current Account Deficit A$10.1 Billion

Australia saw a seasonally adjusted current account deficit of A$10.139 billion in the fourth quarter of 2013, the Australian Bureau of Statistics said on Tuesday.
That missed forecasts for a shortfall of A$10.0 billion following the upwardly revised A$12.5 billion deficit in the third quarter (originally a deficit of A$12.7 billion).
The primary income deficit climbed A$536 million or 6 percent to A$9.898 billion.


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Taiwan's Consumer Prices Drop Slightly In February[

 

Taiwan's consumer prices decreased modestly in February from last year, data released by the National Statistics revealed Wednesday

The consumer price index edged down 0.05 percent in February from the corresponding month of last year. 
The decline mainly reflected a 2.07 percent fall in transportation and communication costs, and a 0.64 percent decrease in clothing expenses. These were partially offset by a 2.54 percent gain in food prices, and a 0.7 percent growth in housing costs. 
Month-on-month, the consumer price index recorded a 0.4 percent decrease during February, the agency said. 
Separately, the agency said Taiwan's wholesale prices decreased 0.48 percent year-on-year in February. Sequentially, wholesale prices rose by 0.4 percent.
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Australia Retail Sales Jump 1.2% In January

 

Retail sales in Australia climbed a seasonally adjusted 1.2 percent on month in January, the Australian Bureau of Statistics said on Thursday - worth A$22.924 billion. 
That blew away forecasts for an increase of 0.4 percent following the upwardly revised 0.7 percent gain in December (originally 0.5 percent). 
Among the individual components, food retailing was up 0.8 percent, along with cafes, restaurants and takeaway food services (1.4 percent), household goods retailing (0.4 percent), other retailing (0.4 percent), department stores (0.7 percent) and clothing, footwear and personal accessory retailing (0.3 percent).
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]Malaysia January Exports Rise More Than Expected
 

Malaysia's merchandise exports increased at a faster-than-expected pace in January, latest data revealed Friday. Goods exports increased 12.2 percent on an annual basis to MYR63.97 billion in January, the Department of Statistics said. The growth rate was bigger than the 7.9 percent economists had forecast. Major export products in January were electrical and electronic products; refined petroleum products; liquefied natural gas; chemicals and chemical products; and palm oil. At the same time, imports grew 7.2 percent year-on-year to MYR57.62 billion. Economists were looking for a 2.6 percent decrease. The three main categories of imports by end use were intermediate goods, capital goods and consumption goods. January's overall foreign trade resulted in a surplus of MYR6.36 billion, which was notably lower than than the MYR9.05 billion surplus economists had forecast, data showed.

 

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Japan January Current Account Deficit Y1,589.0 Billion

 

 
Japan saw a current account deficit of 1,589.0 billion yen in January, the Ministry of Finance said on Monday. 
That missed forecasts for a shortfall of 1,411.8 billion yen following the 638.6 billion yen deficit in December. 
The trade balance reflected a deficit of 2,345.4 billion yen - which actually beat expectations for 2,589.6 billion yen. That follows the upwardly revised deficit of 1,047.4 billion yen in December (originally 1,212.6 billion yen. 
Exports climbed 16.7 percent on year, while imports surged an annual 30.3 percent.

 

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Philippine Export Growth Eases For Second Month
 

 

Philippines merchandise exports logged strong growth in in January, but the rate of increase weakened for the second successive month and missed expectations, latest data revealed Tuesday
Goods exports advanced 9.3 percent on an annual basis to $4.382 billion in January, after gaining 15.8 percent and 18.9 percent respectively in December and November, the National Statistics Office said. Economists had forecast a 10.6 percent growth for January. 
Sales were led by a 22.1 percent rise in shipments of electronic products, which followed a 26.2 percent gain in December. 
January exports were also influenced by improvement in sales of other manufactured products; metal components; articles of apparel and clothing accessories; machinery and transport equipment; and wood-crafts and furniture, data showed. 
Month-on-month, overall exports decreased 4.7 percent in January, with dispatches of electronic products falling 6 percent.

 

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Dollar Declines To 2-day Low Against Pound

The U.S. dollar edged down against the pound in Asian deals on Thursday

The greenback slipped to a 2-day low of 1.6641 against the pound at 12:20 am ET from an early high of 1.6606. The next possible support for the greenback is seen around the 1.68 zone.

 

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Yen Rises Against Majors

 

The Japanese yen gained against other major currencies in the Asian session on Friday. The yen ticked up to 116.04 against the franc, 140.79 against the euro, 168.81 against the pound and 101.60 against the greenback. The yen may face resistance around 115.00 against the franc, 139.00 against the euro, 167.00 against the pound and 101.00 against the greenback. The yen rose back to 91.64 against the aussie, while against the kiwi, the yen rebounded from an early low of 87.11 and gained to 86.70. The yen hit 91.58 against the loonie, highest level since March 4. If the yen extends gain, it may find resistance around 90.00 against the aussie, 86.00 against the kiwi and 90.00 against the loonie.

 

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Vietnam Central Bank To Lower Key Rates

 

Vietnam's central bank will lower its key rates to help the government to meet its 5.8 percent growth target this year. 
The State Bank of Vietnam will cut its refinancing rate to 6.5 percent from 7 percent, reports said Monday. Also, the interest-rate cap for dong deposits will be lowered to 6 percent from 7 percent, effective March 18
The International Monetary Fund forecast only 5.4 percent growth for Vietnam this year, but slightly faster than the 5.3 percent rise estimated last year.

 

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Philippine January Wholesale Price Inflation Weakens

 

 
Philippines' wholesale price inflation weakened in January after picking up in each of the preceding four months, data published by the National Statistics Office revealed Tuesday
The wholesale price index advanced 4.8 percent on an annual basis in January, which was slower than the 5.3 percent gain recorded in December. In November, prices grew by 4.1 percent. 
The movement of the index was influenced slower growth rates of 32.4 percent for crude materials, inedible except fuels; and 6.2 percent for chemicals including animal and vegetable oils and fats. 
However, higher annual increments were observed in mineral fuels, lubricants and related materials, at 6.5 percent; manufactured goods classified chiefly by materials index, at 1.6 percent; and machinery and transport equipment, at 1.8 percent, data showed. 
On a monthly basis, wholesale prices moved up 0.3 percent in the beginning of the year, after growing 1 percent in December, data showed.

 

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Japan Has Y800.3 Billion Trade Deficit

Japan saw a merchandise trade deficit of 800.309 billion yen in February, the Ministry of Finance said on Wednesday. That missed forecasts for a shortfall of 600.9 billion yen following the downwardly revised deficit of 2,791.7 billion yen in January (originally 2,789.97 billion yen). Exports were up 9.8 percent on year - also shy of expectations for 12.5 percent following the 9.5 percent increase in the previous month. Imports added an annual 9.0 percent versus forecasts for 7.2 percent following the 25.1 percent spike a month earlier.


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U.K. Household Finance Sentiment Drops Slightly From Record High: Markit

 

Confidence among British households regarding their personal finances eased modestly in March, but hovered near February's record high signaling that the squeeze on finances remained less marked than seen over the past five years, survey data published by Markit Economics revealed Thursday

The seasonally adjusted household finance index, which measures the overall perception of financial well-being, dropped to 41.9 in March from 42.1 in February, which was the highest score in the history of the survey. Index readings below 50 suggest weakness in confidence. 
Confidence was supported by a fourth consecutive growth in income from employment. Also, households' perception of the current inflation situation dropped during March to the lowest level since December 2009. 
At the same time, spending increased for the first time so far this year, helped by stronger economic conditions as highlighted by a robust rise in workplace activity. 
The outlook component of the survey, which measures financial well-being over the next 12 months, dropped to 49 in March from a survey-record high of 50.5 in February. However, the latest reading was the second-highest since the series began in February 2009. 

"Overall, the survey suggests that the UK economy has remained on a solid recovery path during the first quarter of 2014,"Markit Economist Tim Moore said.

 

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New Zealand Credit Card Spending +5.9% On Year

 

Total credit card spending in New Zealand was up 5.9 percent on year in February, the Reserve Bank of New Zealand said on Friday, coming in at NZ$2.879 billion. 
That's down from the upwardly revised 9.4 percent increase in January (originally 9.2 percent) to NZ$2.960 billion. 
On a monthly basis, credit card spending was up 0.2 percent - slowing from the upwardly revised 1.2 percent increase in January (originally 1.0 percent).
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Euro Rises Further To 4-day High Against France

he euro continued its uptrend against the Swiss franc in Asia on Monday. The euro that closed Friday's deals at 1.2167 against the franc reached a 4-day high of 1.2189. On the upside, 1.225 is seen as the next upside target level for the euro.


 

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Philippine Imports Rise Fore Third Month

 

 
 
Philippines' merchandise imports increased for the third successive month in January, and at a significantly faster pace than in December, data published by the National Statistics Office showed Tuesday. The growth rate also far exceeded economists' expectations. 
The value of imports climbed 21.8 percent on an annual basis to US$5.76 billion in January, which followed a 2.1 percent gain in December. Economists were looking for an 8.5 percent rise for January. 
While nine of the top ten major commodities recorded growth during the month, the strong pick up was driven by an 11.1 percent rise in imports of electronic products. In December, the category had logged a 2.5 percent decline. 
On a monthly basis, overall external purchases recorded a 6.4 percent growth in the beginning of the year, following December's 3.4 percent increase. Arrivals of electronics goods rose by 1.7 percent. 
January's international trade resulted in a deficit of US$1.38 billion, which was notably higher than the US$716 million deficit recorded in the same month of last year. Expectations were for a lower shortfall of US$850 million.

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Japan Corporate Service Prices Rise 0.7%

 

 

An index monitoring corporate service prices in Japan was up 0.7 percent on year in February, the Bank of Japan said on Wednesday, standing at 96.5. 

 

That was unchanged from the January reading following a downward revision from 0.8 percent. 
On a monthly basis, corporate service prices were up 0.3 percent following the 0.6 percent contraction in the previous month. 

Among the individual components of the survey, prices were higher for civil engineering and software development - while they were lower for transportation, leasing and rental.

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NZ Dollar Climbs To Multi-month High Against Euro

 

The New Zealand dollar strengthened against the euro and the US dollar in the Asian session on Thursday
The NZ dollar rose to a multi-month high of 1.5973 against the euro and an 8-day high of 0.8631 against the US dollar, compared to yesterday's closing quotes of 1.6042 and 0.8591, respectively. 
If the kiwi continues its uptrend, it may find target levels around 1.5920 against the euro and 0.8640 against the greenback.
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UK Consumer Confidence Index Rises To -5

 

 
 
An index measuring consumer confidence in the United Kingdom came in at -5 in March, the latest survey from GfK revealed on Friday
That beat expectations for -6 and is up from -7 in February. It also marks the highest score since August 2007. 
The index is also 22 points higher than it was a year earlier. 
"People are now on balance more positive than negative about their own financial prospects over the next year," said Nick Moon, managing director for GfK's social research division. "It is unlikely that anything announced in the recent budget will reverse this."
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Japan Auto Production Continues To Expand

 

Japan's automobile production increased for the sixth consecutive month in February, data from the Japan Automobile Manufacturers' Association showed Monday
Driven by huge domestic demand, auto production rose 7.1 percent or 57,186 units from a year ago to 863,397 units in February. Domestic sales surged 18.4 percent on a yearly basis, while exports declined 6 percent. At the same time, motorcycle production gained 9.6 percent annually to 56,348 units. This was the sixth consecutive rise in output. Domestic sales of motorcycle advanced 26.3 percent and exports climbed 21.1 percent.
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Australia Leaves Key Rate Unchanged At 2.5%

 

The Reserve Bank of Australia left its key interest rate unchanged on Tuesday as widely expected by economists. Policymakers led by Governor Glenn Stevens decided to maintain the cash rate at 2.50 percent. Members assessed the most prudent course is likely to be a period of stability in interest rates, the central bank said in a statement. The bank expects inflation to be consistent with the 2-3 percent target over the next two years. In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. Looking ahead, the bank said continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time.
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BoJ Tankan: Inflation Forecast 1.1% For Next Year

 

The expectation for inflation over the next year in Japan is 1.1 percent, the Bank of Japan said on Wednesday in the second half of its quarterly Tankan survey of consumer sentiment. 
According to the all enterprise component, the inflation rate is expected to rise to 1.8 percent over the next three years, and then to 2.1 percent in five years. 
However, among large manufacturers, inflation is expected to add just 0.2 percent over the next year, be flat in three years and then fall 0.3 percent in five years. 
Among large non-manufacturers, inflation is called at 0.9 percent in the next year, 1.3 percent in three years and 1.5 percent in five years. 
The first portion of the Tankan was released on Tuesday.
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Yen Rises Against Majors

 

The Japanese yen gained against other major currencies in the Asian session on Friday. The yen ticked up to 116.04 against the franc, 140.79 against the euro, 168.81 against the pound and 101.60 against the greenback. The yen may face resistance around 115.00 against the franc, 139.00 against the euro, 167.00 against the pound and 101.00 against the greenback. The yen rose back to 91.64 against the aussie, while against the kiwi, the yen rebounded from an early low of 87.11 and gained to 86.70. The yen hit 91.58 against the loonie, highest level since March 4. If the yen extends gain, it may find resistance around 90.00 against the aussie, 86.00 against the kiwi and 90.00 against the loonie.

 

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Malaysia's Export Growth Tops Expectations

 

 
Malaysia's exports grew more than expected in February, while imports rose less than estimated, data showed Friday
Exports registered a double-digit growth of 12.3 percent in February from the prior year, the Department of Statistics reported. Shipments were expected to rise 11.9 percent. 
Exports of manufactured goods accounted for 66.4 percent of total exports. The increase in demand was contributed mainly by higher exports of electrical and electronic products. 
Meanwhile, imports rose 9.5 percent from last year, slower than the expected 14.4 percent increase. 

The trade surplus surged 27.2 percent to MYR 10.44 billion in February, which was bigger than a MYR 8.45 billion expected surplus.

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Contraction Slows For Australia Construction Sector

An index monitoring activity in Australia's construction sector saw a seasonally adjusted score of 46.2 in March, the Australian Industry Group and Housing Industry Association said on Monday in their Performance of Construction Index - up from 44.2 in February. Construction activity contracted for the third straight month, the survey showed, as a score below 50 signals decline and a score above 50 means expansion. 

"As is the case with the broader economy, the rebalancing of the construction sector as mining-related activity slows still has a considerable way to go," said AiG Director of Public Policy Peter Burn in a release accompanying the data.
Among the individual components of the survey, the new orders sub-index saw its contraction slow dramatically, jumping from 39.5 in February to 48.3 in March. 
The employment sub-index continued to weaken, falling from 46.0 in February to 42.7. The sub-index for construction climbed from 45.3 in February to 48.3 in March. House building dipped from 52.2 in the previous month to 50.8, while apartment building fell from 46.6 to 45.6. 
Commercial construction tumbled from 59.9 to 56.5 points, and engineering construction surged from 39.7 to 45.5. 
"What the sector and broader economy needs, however, is a sustained recovery in new home building commensurate with average construction levels being considerably higher over coming decades than those achieved over the past 20 years," said HIA chief economist Harley Dale.

 

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Yen Ticks Down After Bank Of Japan Monetary Policy Decision

 

 
 

As expected, the Bank of Japan maintained its monetary easing program unchanged in the Asian session on Tuesday. Following the announcement, the yen inched down against other major currencies. The yen was trading at 102.93 against the greenback, 141.46 against the euro, 115.94 against the franc and 171.01 against the pound around 11:01 pm ET.


 

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NZ Dollar Strengthens Against Most Majors
 

The New Zealand dollar drifted higher against most major rivals in early Asian deals on Wednesday

The kiwi spiked up to 1.5835 against the euro, a level not seen since March 28. Against the greenback, the kiwi approached 0.8707 for the first time since August 2011. 
The kiwi rose to 88.72 against the yen from Tuesday's closing quote of 88.25. 
If the kiwi extends gain, it may face resistance around 0.875 against the greenback, 1.56 against the euro and 89.8 against the yen.

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