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InstaForex Gertrude · Guru

GERMAN ECONOMY STABILIZES AS ESTIMATED IN Q2

Germany's economy stabilized as estimated in the second quarter as weak foreign demand offset the strength in government spending and investment, latest data from Destatis showed Friday.

Gross domestic product posted nil growth in the second quarter after a 0.1 percent fall in the first quarter and a 0.4 percent decline in the fourth quarter of 2022.

With the latest flat growth, the biggest euro area economy ended a short period of recession.

The statistical office confirmed the preliminary estimate published on July 28.

"After slight declines in the previous two quarters, the German economy stabilized in spring," Destatis President Ruth Brand said.

"We continue to see the German economy being stuck in the twilight zone between stagnation and recession," ING economist Carsten Brzeski said.

In the latest World Economic Outlook, the International Monetary Fund projected the German economy to shrink 0.3 percent this year before rebounding 1.3 percent in 2024.

On a yearly basis, the price-adjusted GDP dropped 0.6 percent in contrast to the 0.1 percent rise a quarter ago. Calendar-adjusted GDP fell 0.2 percent, the same rate of decline as reported in the first quarter.

Both price-adjusted and calendar-adjusted growth figures were confirmed. The expenditure-side of GDP showed that household spending remained unchanged in the second quarter and government spending rebounded 0.1 percent following a 1.9 percent fall a quarter ago.

Gross fixed capital formation gained 2.1 percent, reversing a 1.7 percent fall in the preceding period.

Data showed that exports slid 1.1 percent, offsetting the 0.4 percent rise in the first quarter. By contrast, imports stabilized after a 1.5 percent decrease.

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InstaForex Gertrude · Guru

JAPAN LEADING INDEX FALLS AS ESTIMATED

Japan's leading index weakened as initially estimated at the end of the second quarter, the latest data from the Cabinet Office showed on Monday.

The leading index, which measures future economic activity, dropped to 108.9 in June from a six-month high of 109.1 in May. That was in line with the flash data published on August 7.

The coincident index that measures the current economic situation rose to a 10-month high of 115.1 in June from 114.3 in the previous month, as estimated.

Data showed that the lagging index rose somewhat to 107.3 from 107.2 in the previous month. The reading was the strongest since January 2020

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InstaForex Gertrude · Guru

JAPAN JOBLESS RATE RISES TO 2.7% IN JULY

The unemployment rate in Japan came in at a seasonally adjusted 2.7 percent in July, the Ministry of Internal Affairs and Communications said on Tuesday.

That exceeded expectations for 2.5 percent, which would have been unchanged from the June reading.

The jobs-to-applicant ratio ticked down to 1.29, shy of forecasts for 1.30, which again would have been unchanged.

The participation rate was 63.1 percent, matching forecasts and steady from the June level.

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InstaForex Gertrude · Guru

AUSTRALIA CONSTRUCTION WORK DONE ADDS 0.4% IN Q2

The value of total construction work done in Australia was up a seasonally adjusted 0.4 percent on quarter in the second quarter of 2023, the Australian Bureau of Statistics said on Wednesday - coming in at A$59.010 billion.

That missed forecasts for an increase of 1.0 percent following the 1.8 percent gain in the three months prior.

The increase was driven by engineering work, which rose 0.7 percent in the June quarter and is 15.5 percent higher than the same time last year. Building work done rose 0.2 percent and is 4.3 percent higher than the same time last year.

The value of building work done rose 0.2 percent in the June quarter.

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InstaForex Gertrude · Guru

JAPAN RETAIL SALES JUMP 6.8% ON YEAR IN JULY

The total value of retail sales in Japan was up 6.8 percent on year in July, the Ministry of Economy, Trade and Industry said on Thursday - coming in at 13.924 trillion yen.

That beat forecasts for an increase of 5.4 percent following the downwardly revised 5.6 percent gain in June (originally 5.9 percent).

On a monthly basis, retail sales advanced 2.1 percent after slipping 0.6 percent in June.

Sales from large retailers improved an annual 6.0 percent, up from 4.0 percent a month earlier.

Wholesale sales were down 0.7 percent on year and up 1.3 percent on month at 35.638 trillion yen, while commercial sales rose 1.3 percent on year and 1.5 percent on month to 49.562 trillion yen.

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InstaForex Gertrude · Guru

CHINA MANUFACTURING SECTOR PIVOTS TO EXPANSION - CAIXIN

The manufacturing sector in China climbed into expansion territory in August, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.0.

That's up from 49.2 in July and it moves above the boom-or-bust line of 50 that separates expansion from contraction.

Supporting the improvement in overall business conditions was a renewed increase in new order intakes. Companies indicated that firmer underlying market conditions had helped to boost client spending. The modest upturn in overall sales occurred despite a further drop in new business from abroad in August, suggesting that stronger domestic demand was the main source of growth.

The downturn in new export orders did ease compared to July, however, and was only mild. Companies responded to greater amounts of new work by expanding production during August. Though modest, the rate of output growth was among the best seen over the past year.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FOREIGN TRADE DATA DUE

Foreign trade from Germany and quarterly national accounts from Switzerland are the top economic news due on Monday.

At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for July. Exports are forecast to fall 1.5 percent on month, in contrast to the 0.1 percent rise in June. Meanwhile, imports are seen rising 0.5 percent after a 3.4 percent decrease.

At 3.00 am ET, GDP data is due from Switzerland. The economy is forecast to grow 0.1 percent in the second quarter after rising 0.3 percent a quarter ago.

In the meantime, unemployment data is due from Spain. The number of unemployed is seen falling 21,300 in August after declining 11,000 in July.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The sentiment indicator is expected to fall to -19.6 in September from -18.9 in August.

At 9.30 am ET, European Central Bank President Christine Lagarde is set to speak at a seminar organized by the European Economics & Financial Centre.

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InstaForex Gertrude · Guru

AUSTRALIA CENTRAL BANK KEEPS RATE UNCHANGED

Australia's central bank left its benchmark interest rate unchanged for the third straight meeting on Tuesday.

The policy board of the Reserve Bank of Australia, led by Governor Philip Lowe, decided to hold the cash rate target at 4.10 percent.

The interest rate paid on Exchange Settlement balances was kept unchanged at 4.00 percent.

The RBA has raised the key rate by 4 percentage points since May last year. The board observed that the higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so.

Today's decision to retain the rate will provide further time to assess the impact of past tightening and the economic outlook.

The bank expects inflation to return to the 2-3 percent target range in late 2025. Lowe said some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe. Nonetheless, future action will continue to depend upon the data and the evolving assessment of risks, the governor added.

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InstaForex Gertrude · Guru

CHINESE YUAN FALLS TO 10-MONTH LOW AGAINST U.S. DOLLAR

The Chinese yuan weakened against the U.S. dollar in the Asian session on Wednesday.

Against the greenback, the yuan slid to a 10-month low of 7.3217 from a recent high of 7.3098. At yesterday's close, the yuan was trading at 7.3040 against the greenback.

If the yuan extends its downtrend, it is likely to find support around the 7.34 area.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY INDUSTRIAL OUTPUT DATA DUE

Industrial production from Germany and house prices from the UK are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial production for July. Output is forecast to fall 0.5 percent on month, slower than the 1.5 percent decrease in June.

In the meantime, UK Halifax house price data is due. Economists forecast house prices to drop 0.3 percent on month in August, the same pace of decrease as seen in July.

At 2.45 am ET, foreign trade and current account figures are due from France. The trade deficit is seen at EUR 6.8 billion in July compared to a shortfall of EUR 6.7 billion in June.

At 3.00 am ET, the Czech Statistical Office is set to publish retail sales for July. Sales had increased 0.3 percent on a monthly basis in June.

At 4.00 am ET, Italy's statistical office ISTAT publishes retail sales for July. Economists forecast sales to grow 0.2 percent, offsetting the 0.2 percent fall in June. At 5.00 am ET, revised GDP data is due from the euro area. The preliminary estimate showed that the currency bloc expanded 0.3 percent sequentially in the second quarter after remaining flat a quarter ago.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FINAL INFLATION DATA DUE

Final inflation from Germany and industrial production from France are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's final inflation data for August. The flash estimate showed that consumer price inflation slowed 6.1 percent from 6.2 percent in July.

In the meantime, Statistics Sweden releases GDP, household consumption, industrial output and new orders.

At 2.45 am ET, France's statistical office INSEE is set to release industrial production data for July. Output is expected to grow 0.1 percent on a monthly basis, in contrast to the 0.9 percent fall in June.

At 3.00 am ET, industrial output figures are due from Austria and Spain. Economists forecast Spain's industrial output to decline 2.0 percent annually in July after a 3.0 percent decrease seen in June.

At 5.00 am ET, inflation and industrial output reports are due from Greece.

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InstaForex Gertrude · Guru

JAPAN M2 MONEY STOCK +2.5% ON YEAR IN AUGUST

The M2 money stock in Japan was up 2.5 percent on year in August, the Bank of Japan said on Monday - coming in at 1,238.6 trillion yen.

That was steady from the July reading following an upward revision from 2.4 percent.

The M3 money stock was up an annual 1.9 percent for the second straight month at 1,594.7 trillion yen, while the L money stock gained 2.2 percent on year to 2,121.1 trillion yen.

The adjusted money stock was up 1.6 percent on year at 2,114.6 trillion yen.

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InstaForex Gertrude · Guru

JAPAN M2 MONEY STOCK +2.5% ON YEAR IN AUGUST

The M2 money stock in Japan was up 2.5 percent on year in August, the Bank of Japan said on Monday - coming in at 1,238.6 trillion yen.

That was steady from the July reading following an upward revision from 2.4 percent.

The M3 money stock was up an annual 1.9 percent for the second straight month at 1,594.7 trillion yen, while the L money stock gained 2.2 percent on year to 2,121.1 trillion yen.

The adjusted money stock was up 1.6 percent on year at 2,114.6 trillion yen.

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InstaForex Gertrude · Guru

EURO RISES AGAINST MAJORS

The euro strengthened against other major currencies in the Asian session on Tuesday.

The euro rose to a 5-day high of 0.8599 against the pound and nearly a 2-week high of 0.9589 against the Swiss franc, from recent lows of 0.8580 and 0.9571, respectively.

Against the U.S. and the Canadian dollars, the euro advanced to a 1-week high of 1.0768 and a 4-day high of 1.4621 from Monday's closing quotes of 1.0748 and 1.4587, respectively.

The euro edged up to 157.78 against the yen, from yesterday's closing value of 157.53.

If the euro extends its uptrend, it is likely to find resistance around 0.87 against the pound, 0.97 against the franc, 1.10 against the greenback, 1.48 against the loonie and 160.00 against the yen.

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InstaForex Gertrude · Guru

JAPAN PRODUCER PRICES RISE 0.3% ON MONTH IN AUGUST

Producer prices in Japan were up 0.3 percent on month in August, the Bank of Japan said on Wednesday.

That beat forecasts for an increase of 0.1 percent, which would have been unchanged from the July reading.

On a yearly basis, producer prices climbed 3.2 percent - in line with expectations and down from the downwardly revised 3.4 percent increase in the previous month (originally 3.6 percent).

Export prices were up 0.5 percent on month and down 0.8 percent on year, the bank said, while import prices slumped 0.9 percent on month and 15.9 percent on year.

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InstaForex Gertrude · Guru

JAPAN CORE MACHINE ORDERS SINK 1.1% IN JULY

The value of core machine orders in Japan slumped a seasonally adjusted 1.1 percent on month in July, the Cabinet Office said on Thursday - coming in at 844.9 billion yen.

That missed expectations for a decline of 0.9 percent following the 2.7 percent increase in June.

On a yearly basis, core machine orders stumbled 13.0 percent - again shy of forecasts for a decline of 10.7 percent after shedding 5.8 percent in the previous month.

For the third quarter of 2023, core machine orders are seen lower by 2.6 percent on quarter and 7.9 percent on year at 2,517.4 billion yen.

The total value of machinery orders received by 280 manufacturers operating in Japan increased by 9.8 percent on month and 0.8 percent on year to 2,901.4 billion yen.

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InstaForex Gertrude · Guru

JAPAN CORE MACHINE ORDERS SINK 1.1% IN JULY

The value of core machine orders in Japan slumped a seasonally adjusted 1.1 percent on month in July, the Cabinet Office said on Thursday - coming in at 844.9 billion yen.

That missed expectations for a decline of 0.9 percent following the 2.7 percent increase in June.

On a yearly basis, core machine orders stumbled 13.0 percent - again shy of forecasts for a decline of 10.7 percent after shedding 5.8 percent in the previous month.

For the third quarter of 2023, core machine orders are seen lower by 2.6 percent on quarter and 7.9 percent on year at 2,517.4 billion yen.

The total value of machinery orders received by 280 manufacturers operating in Japan increased by 9.8 percent on month and 0.8 percent on year to 2,901.4 billion yen.

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InstaForex Gertrude · Guru

CHINA INDUSTRIAL OUTPUT, RETAIL SALES GROWTH IMPROVE IN AUGUST

China's industrial production and retail sales growth improved more than expected in August, official data revealed on Friday.

Industrial production posted an annual increase of 4.5 percent, the National Bureau of Statistics reported. Output was expected to climb moderately by 3.9 percent in August after rising 3.7 percent in July.

Likewise, growth in retail sales improved to 4.6 percent in August from 2.5 percent in the previous month. This was also better than economists' forecast of 3.0 percent.

During January to August period, fixed asset investment increased 3.2 percent from the same period last year, data showed. However, the rate was slightly weaker than the expected 3.3 percent.

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InstaForex Gertrude · Guru

SINGAPORE NODX SINKS 3.8% IN AUGUST

Singapore's non-oil domestic exports (NODX) were down 3.8 percent on month in August, Statistics Singapore said on Monday.

That missed expectations for an increase of 5.6 percent following the downwardly revised 3.5 percent contraction in July (originally -3.4 percent).

On a yearly basis, exports slumped 20.1 percent - again missing forecasts for a decline of 15/8 percent after stumbling a downwardly revised 20.3 percent in the previous month (originally -20-2 percent).

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InstaForex Gertrude · Guru

NZ DOLLAR RISES AGAINST MAJORS

The New Zealand dollar strengthened against other major currencies in the Asian session on Tuesday.

The NZ dollar rose to a 4-day high of 0.5928 against the U.S. dollar, from yesterday's closing value of 0.5917.

Against the yen and the euro, the kiwi edged up to 87.48 and 1.8045 from yesterday's closing quotes of 87.33 and 1.8064, respectively.

Moving away from an early low of 1.0884 against the Australian dollar, the kiwi advanced to a 5-day high of 1.0870.

If the kiwi extends its uptrend, it is likely to find resistance around 0.61 against the greenback, 88.00 against the yen, 1.78 against the euro and 1.06 against the aussie.

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InstaForex Gertrude · Guru

JAPAN TRADE DEFICIT Y930.477 BILLION IN AUGUST

Japan posted a merchandise trade deficit of 930.477 billion yen in August, the Ministry of Finance said on Wednesday.

That was well shy of expectations for a shortfall of 659.1 billion yen following the upwardly revised 66.3 billion yen deficit in July (originally -78.7 billion yen).

Exports were down 0.8 percent on year at 7.994 trillion yen, beating forecasts for a decline of 1.7 percent following the 0.3 percent drop in the previous month.

Imports slumped an annual 17.8 percent to 8.924 trillion yen versus expectations for a fall of 19.4 percent following the downwardly revised 13.6 percent contraction a month earlier (originally -13.5 percent).

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InstaForex Gertrude · Guru

AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

The Australian dollar weakened against other major currencies in the Asian session on Thursday.

The Australian dollar fell to a 5-week low of 0.8639 against the Canadian dollar and an 8-day low of 0.6403 against the U.S. dollar, from yesterday's closing quotes of 0.8675 and 0.6445, respectively.

Against the euro and the yen, the aussie slipped to 2-day lows of 1.6608 and 94.94 from yesterday's closing quotes of 1.6533 and 95.60, respectively.

The aussie edged down to 1.0842 against the NZ dollar, from Wednesday's closing value of 1.0870.

If the aussie extends its downtrend, it is likely to find support around 0.85 against the loonie, 0.65 against the greenback, 1.68 against the euro, 93.00 against the yen and 1.06 against the kiwi.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY BUSINESS CONFIDENCE DATA DUE

Business confidence data from Germany is the only major report due on Monday, headlining a light day for the European economic news.

At 3.00 am ET, Spain's INE releases producer prices data for August. Prices had declined 8.4 percent annually in July.

In the meantime, business and consumer sentiment survey data is due from the Czech Republic.

At 4.00 am ET, the ifo Institute publishes Germany's business sentiment survey results for September. The confidence index is seen falling to 85.2 from 85.7 in August.

At 9.00 am ET, European Central Bank President Christine Lagarde is set to give introductory statement at the Hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels.

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InstaForex Gertrude · Guru

SOUTH KOREA CONSUMER CONFIDENCE WEAKENS TO 4-MONTH LOW

South Korea's consumer sentiment weakened in September to the lowest level in four months, as households' current and future living conditions worsened, survey results from the Bank of Korea showed on Tuesday.

The consumer confidence index fell to 99.7 in September from 103.1 in August.

This was the lowest reading since May 2022, when it was 98.0.

The consumer confidence survey was conducted between September 11 and 18, among 2,500 households.

The sub-index for households' assessment of the prospective living standards dropped to 92 from 95, and the measure for the current living standards dropped to 89 from 91.

Similarly, the index measuring consumers' prospective household income decreased to 99 to 100 in July.

South Koreans were less pessimistic about their job prospects and the relevant index dropped to 74.0 from 84.

Their interest rate expectations remained stable in September, and the measure came in at 99.0.

The expected inflation rate for the upcoming year was 4.1 percent versus 4.2 percent in August.

Households' expectations for the domestic economic conditions in the future weakened from 72 to 66.0.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMAN GFK CONSUMER SENTIMENT DATA DUE

Consumer confidence from Germany and France are the top economic data due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the market research group GfK is scheduled to issue Germany's consumer sentiment survey results. Economists forecast the forward-looking consumer confidence index to remain unchanged at -25.5 in October.

In the meantime, unemployment from Norway and foreign trade data from Sweden are due. At 2.45 am ET, France's statistical office INSEE publishes consumer confidence survey data. Economists forecast the consumer sentiment index to fall to 84 in September from 85 in the previous month.

At 3.00 am ET, the National Institute of Economic Research releases Sweden's economic tendency survey results for September.

At 4.00 am ET, the European Central Bank is set to release euro area monetary aggregates for August. M3 money supply is forecast to fall 1.0 percent annually after a 0.4 percent drop in July.

Also, manufacturing Purchasing Managers' survey results are due from Austria.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FLASH INFLATION DATA DUE

Flash inflation from Germany and economic sentiment survey results from the euro area are the top economic news due on Thursday.

At 2.00 am ET, Statistics Norway publishes retail sales and household consumption data.

At 3.00 am ET, Spain's statistical office INE is slated to release flash consumer prices and retail sales data. Economists forecast inflation to rise to 3.5 percent in September from 2.6 percent in August.

At 4.00 am ET, the European Central Bank publishes monthly bulletin. In the meantime, business and consumer sentiment survey results and producer prices are due from Italy.

At 5.00 am ET, the European Commission is set to issue economic sentiment survey results. The economic confidence index is expected to drop to 92.5 in September from 93.3 in August.

At 8.00 am ET, flash inflation figures are due from Germany. Consumer price inflation is forecast to ease sharply to 4.6 percent in September from 6.1 percent in August.

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InstaForex Gertrude · Guru

JAPAN INDUSTRIAL PRODUCTION UNCHANGED IN AUGUST

Industrial output in Japan came in flat in August, the Ministry of Economy, Trade and Industry said on Friday.

That beat expectations for a decline of 0.8 percent following the 1.8 percent drop in July.

On a yearly basis, industrial production fell 3.8 percent after slipping 2.3 percent in the previous month.

Upon the release of the data, the METI announced its assessment of production to fluctuating indecisively.

Industries that saw increased production included petroleum and coal products, communications electronics equipment and fabricated metals. These were offset by declines among motor vehicles, iron and steel and transport equipment.

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InstaForex Gertrude · Guru

AUSTRALIA CENTRAL BANK KEEPS RATE UNCHANGED

Australia's central bank kept its key interest rate unchanged for the fourth straight session on Tuesday.

The policy board decided to maintain the cash rate target at 4.10 percent. The decision matched economists' expectations.

The central bank has raised its key rates by 4 percentage points since May last year. "The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so," Governor Michele Bullock said.

"Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will continue to depend upon the data and the evolving assessment of risk," she added.

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InstaForex Gertrude · Guru

NEW ZEALAND CENTRAL BANK KEEPS KEY RATE UNCHANGED

New Zealand's central bank decided to hold its benchmark rate unchanged, as widely expected, on Wednesday.

The Monetary Policy Committee of the Reserve Bank of New Zealand maintained the Official Cash Rate at 5.50 percent. The committee decided to keep the interest rate at a restrictive level to ensure that inflation returns to the 1 to 3 percent target range and to support maximum sustainable employment.

Policymakers observed that there is a near-term risk of activity and inflation not slowing as much as needed. Further, a greater slowdown in global economic demand, particularly in China could damp commodity prices and in turn export revenue.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY FOREIGN TRADE DATA DUE

Foreign trade and construction Purchasing Managers' survey results from Germany are the top economic news due on Thursday.

At 2.00 am ET, Destatis is scheduled to issue Germany's external trade data for August. Exports are forecast to fall 0.4 percent on month, while imports are expected to climb 0.5 percent.

At 2.45 am ET, France's statistical office INSEE is scheduled to release industrial production for August. Economists expect industrial output to drop 0.4 percent on a monthly basis, in contrast to the 0.8 percent increase in July.

At 3.00 am ET, Spain's INE publishes industrial output for August. Output is seen falling 2.1 percent annually after a 1.8 percent drop in July.

At 3.30 am ET, Germany's construction Purchasing Managers' survey results are due.

At 4.30 am ET, S&P Global releases UK construction PMI data for September. The index is seen at 49.9, down from 50.8 in August.

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InstaForex Gertrude · Guru

JAPAN LEADING INDEX RISES TO 109.5, HIGHEST IN 9 MONTHS

Japan's leading index improved in August to the highest level in nine months, preliminary data from the Cabinet Office showed on Friday.

The leading index, which measures future economic activity, rose to 109.5 in August from 108.2 in July.

Further, this was the highest reading since November last year, when it was 109.6.

The coincident index that measures the current economic situation increased somewhat to a 114.3 in August from 114.2 in the previous month.

Data showed that the lagging index climbed to 106.0 from 105.7 in the previous month.

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InstaForex Gertrude · Guru

CHINESE YUAN RISES TO NEAR 2-WEEK HIGH AGAINST U.S. DOLLAR

The Chinese yuan strengthened against the U.S. dollar in the Asian session on Monday, as Chinese market reopened after China's Golden Week holiday.

Against the greenback, the yuan rose to nearly a 2-week high of 7.2940 from a recent high of 7.3021.

If the yuan extends its uptrend, it is likely to find resistance around the 7.24 region.

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InstaForex Gertrude · Guru

JAPAN HAS Y2.279 TRILLION CURRENT ACCOUNT SURPLUS IN AUGUST

Japan posted a current account surplus of 2.279 trillion yen in August, the Ministry of Finance said on Tuesday.

That was shy of expectations for a surplus of 3.091 trillion yen following the 2.771 trillion yen surplus in July.

Exports were down 2.6 percent on year at 7.893 trillion yen, while imports slumped an annual 18.2 percent to 8.643 trillion yen for a trade deficit of 749.5 billion yen.

The capital account showed a deficit of 6.4 billion yen, while the financial account had a surplus of 2.987 trillion yen.

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InstaForex Gertrude · Guru

SOUTH KOREA HAS $4.81 BILLION CURRENT ACCOUNT SURPLUS IN AUGUST

South Korea posted a current account surplus of $4.81 billion in August, the Bank of Korea said on Wednesday - up from $3.58 billion in July.

The goods account recorded a $5.06 billion surplus, while the services account posted a $1.60 billion deficit owing to a deficit in the travel account.

The primary income account recorded a $1.47 billion surplus due to an increase in interest income. The secondary income account recorded a $0.12 billion deficit.

Looking at the financial account, net assets increased by $5.73 billion during August. Direct investment assets increased by $3.41 billion, and direct investment liabilities increased by $1.70 billion.

There was a $3.05 billion increase in portfolio investment assets during the month, and a $1.01 billion decrease in portfolio investment liabilities.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: UK GDP DATA DUE

GDP, industrial production and foreign trade from the UK are due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK GDP, industrial output and foreign trade figures. The economy is forecast to grow 0.2 percent on month in August, in contrast to the 0.5 percent decrease in July.

At 4.30 am ET, the Bank of England publishes Credit Conditions survey results.

At 6.00 am ET, consumer price figures are due from Ireland and Portugal.

At 7.30 am ET, the European Central Bank releases the account of the monetary policy meeting of the Governing Council held on September 13 and 14.

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InstaForex Gertrude · Guru

CHINA EXPORTS FALL LESS THAN EXPECTED

China's exports declined less than expected in September, data from the General Administration of Customs showed on Friday.

Exports registered a decrease of 6.2 percent in September compared to the previous year. This was slower than the expected decline of 7.6 percent and the 8.8 percent fall seen in August.

At the same time, imports also decreased 6.2 percent annually, slower than the 7.3 percent fall in August. Imports were forecast to drop 6.0 percent.

Consequently, the trade surplus rose to $77.7 billion from $68.4 billion in August. The expected level was $70.0 billion.

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InstaForex Gertrude · Guru

CHINESE YUAN FALLS TO NEAR 3-WEEK LOW AGAINST U.S. DOLLAR

The Chinese yuan weakened against the U.S. dollar in the Asian session on Monday.

Against the greenback, the yuan fell to nearly a 3-week low of 7.3098 from Friday's closing value of 7.3049.

If the yuan extends its downtrend, it is likely to find support around the 7.33 region.

The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: UK UNEMPLOYMENT DATA DUE

Unemployment from the UK and economic sentiment from Germany are the top economic news due on Tuesday.

At 2.00 am ET, the Office for National Statistics is scheduled to issue UK labor market statistics. The jobless rate is seen unchanged at 4.3 percent in three months to August. At the same time, average earnings growth including bonus are forecast to grow at a slower pace of 8.3 percent after an increase of 8.5 percent in three months to July.

At 5.00 am ET, Germany's ZEW economic confidence survey data is due. The confidence index is forecast to improve to -9.3 in October from -11.4 in September. At 7.50 am ET, European Central Bank's supervisory board member Kerstin af Jochnick is set to speak at a conference in Berlin.

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InstaForex Gertrude · Guru

CHINA GDP CLIMBS 4.9% ON YEAR IN Q3

China's gross domestic product expanded an annualized 4.9 percent on year in the third quarter of 2023, the National Bureau of Statistics said on Wednesday.

That beat forecasts for a gain of 4.4 percent but was still down from the 6.3 percent growth in the second quarter.

On a seasonally adjusted quarterly basis, GDP gained 1.3 percent - again exceeding expectations for 1.0 percent following the 0.5 percent increase in the three months prior.

The bureau also noted that industrial production was up 4.5 percent on year, beating forecasts for 4.3 percent and unchanged from the August reading.

Retail sales rose an annual 5.5 percent, topping expectations for a gain of 4.5 percent and up from 4.6 percent in the previous month.

Fixed Asset Investment rose 3.1 percent on year, missing forecasts for 3.2 percent, which would have been unchanged from August.

The jobless rate came in at 5.0 percent, below forecasts for 5.2 percent, which would have been unchanged.

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InstaForex Gertrude · Guru

AUSTRALIA UNEMPLOYMENT RATE SLIPS TO 3.6% IN SEPTEMBER

The jobless rate in Australia came in at a seasonally adjusted 3.6 percent in September, the Australian Bureau of Statistics said on Thursday.

That beat forecasts for 3.7 percent, which would have been unchanged from the August reading.

The Australian economy added 6,700 jobs last month, shy of expectations for an increase of 18,000 following the addition of 64,900 jobs in the previous month.

The participation rate was 66.7 percent, below forecasts for 67.0 percent, which would have been unchanged.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: UK RETAIL SALES, PUBLIC SECTOR FINANCE DATA DUE

Retail sales and public sector finances from the UK are the top economic news due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales and public sector finance figures. Retail sales are forecast to fall 0.2 percent on month in September, reversing a 0.4 percent rise in August. The UK budget balance is forecast to post a surplus of GBP 17.6 billion in August.

Also, the European Automobile Manufacturers' Association or ACEA publishes Europe's new car registrations for September. Sales had increased 21.0 percent annually in August.

In the meantime, Destatis is scheduled to issue Germany's producer prices for September. Economists forecast prices to fall 14.2 percent annually after easing 12.6 percent in August.

At 4.00 am ET, retail sales data is due from Poland. Sales are expected to decline 2.0 percent annually in September, slower than the 2.7 percent fall in August.

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InstaForex Gertrude · Guru

TURKEY CONSUMER CONFIDENCE IMPROVES TO 74.6

Turkey's consumer confidence improved for the second straight month in October, a survey conducted in cooperation with the Turkish Statistical Institute and the Central Bank of the Republic of Turkey showed on Monday.

The consumer confidence index rose to a 3-month high of 74.6 in August from 71.5 in the previous month. However, a reading below 100 signals a pessimistic outlook.

All four sub-indices of consumer confidence improved in October from the previous month. The index measuring the current financial situation of households climbed to 59.7 from 56.2.

Similarly, their own financial situation in the next twelve months rose from 68.9 to 72.6.

Expectations regarding the general economic situation over the year strengthened in October, with the index rising to 72.9 from 68.0.

The indicator measuring spending money on durable goods over the coming twelve months increased to 93.2 from 92.7.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE FLASH PMI DATA DUE

Flash Purchasing Managers' survey results from the euro area and unemployment data from the UK are the top economic news due on Tuesday.

At 2.00 am ET, the Office for National Statistics publishes UK unemployment data for August. The jobless rate is forecast to remain unchanged at 4.3 percent in three months to August.

In the meantime, Germany's Gfk consumer confidence survey data is due. The forward-looking consumer sentiment index is seen at -26.5 in November, the same reading as in October.

At 3.15 am ET, S&P Global publishes France's flash PMI data. Economists forecast the composite indicator to edge up to 44.2 in October from 44.1 in September.

At 3.30 am ET, Germany's flash PMI data is due. The HCOB composite output index is forecast to climb marginally to 46.7 in October from 46.4 in September.

Half an hour later, Eurozone flash composite PMI survey results are due. The indicator score is seen at 47.4 in October, up from 47.2 a month ago.

At 4.30 am ET, S&P Global is scheduled to issue the UK composite PMI data. Economists forecast the composite index to rise to 48.8 in October from 48.5 in September.

At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey data.

At 8.00 am ET, Hungary's central bank announces its monetary policy decision. The bank is likely to cut the base rate by 50 basis points to 12.5 percent.

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InstaForex Gertrude · Guru

AUSTRALIAN DOLLAR RISES AGAINST MAJORS

The Australian dollar strengthened against other major currencies in the Asian session on Wednesday.

The Australian dollar rose to nearly a 1-1/2-month high of 1.0915 against the NZ dollar, from yesterday's closing value of 1.0871.

Against the U.S. and the Canadian dollars, the aussie advanced to nearly a 2-week high of 0.6400 and nearly a 2-month high of 0.8789 from yesterday's closing quotes of 0.6355 and 0.8730, respectively.

The aussie climbed to more than a 3-week high of 95.89 against the yen and a 1-week high of 1.6559 against the euro, from Tuesday's closing quotes of 95.27 and 1.6658, respectively.

If the aussie extends its uptrend, it is likely to find support around 1.10 against the kiwi, 0.65 against the greenback, 0.88 against the loonie, 97.00 against the yen and 1.64 against the euro.

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InstaForex Gertrude · Guru

SINGAPORE INDUSTRIAL OUTPUT FALLS 2.1%, LESS THAN FORECAST

Singapore's industrial production continued to decline in September, though the pace of decrease has eased considerably since August, data from the Economic Development Board revealed on Thursday.

Industrial production dropped 2.1 percent year-on-year in September, following an 11.6 percent plunge in the prior month. That was also below the 4.8 percent decrease expected by economists. Production has been falling since October last year.

Excluding bio-medical manufacturing, industrial production rebounded 0.1 percent annually in September after a 12.7 percent slump in the previous month.

On a monthly basis, industrial production surged 10.7 percent in September, reversing a sharp 10.8 percent fall in August.

Among major clusters, production in the biomedical manufacturing industries fell the most, by 18.9 percent in September, as the pharmaceutical segment contracted 41.4 percent from last year.

The second-most significant decrease was observed in the chemicals cluster, which declined 12.9 percent.

At the same time, electronics output registered a double-digit annual growth of 10.2 percent, and that of the transport engineering segment posted an increase of 13.2 percent.

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InstaForex Gertrude · Guru

EUROPEAN ECONOMIC NEWS PREVIEW: FRANCE CONSUMER CONFIDENCE DATA DUE

Consumer sentiment survey data from France and business confidence from Italy are the major economic data due on Friday.

At 2.00 am ET, retail sales figures are due from Norway and Sweden.

At 2.45 am ET, France's statistical office INSEE publishes consumer confidence survey results for October. The consumer sentiment index is seen unchanged at 83.0.

At 3.00 am ET, Spain's INE is set to issue advance GDP estimates for the third quarter and retail sales for September. The economy is forecast to grow at a slower pace of 0.2 percent sequentially in the third quarter after rising 0.5 percent in the second quarter.

At 4.00 am ET, Italy's statistical office ISTAT releases business and consumer sentiment survey results. The business confidence index is seen at 96.0 in October, down from 96.4 in the previous month.

In the meantime, manufacturing Purchasing Managers' survey results are due from Austria.

At 6.30 am ET, Russia's central bank announces its monetary policy decision. The bank is set to raise its benchmark rate by 100 basis points to 14.00 percent.

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InstaForex Gertrude · Guru

AUSTRALIA RETAIL SALES JUMP 0.9% IN SEPTEMBER

The value of retail sales in Australia was up a seasonally adjusted 0.9 percent on month in September, the Australian Bureau of Statistics said on Monday - coming in at A$35.874 billion.

That blew away forecasts for an increase of 0.3 percent and was up sharply from the upwardly revised 0.3 percent in August (originally 0.2 percent).

Individually, sales rose for food, household goods, clothing, department store items, and other retail; sales were flat for cafes and restaurants.

On a yearly basis, retail sales rose 2.0 percent.

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InstaForex Gertrude · Guru

YEN FALLS AFTER BOJ RATE DECISION

At 11:28 pm ET in the early Asian session on Tuesday, the Bank of Japan announced its decision on interest rates to remain unchanged at -0.10 percent.

After the BoJ rate decision, the yen fell against its major rivals.

As of 11:30 pm ET, the yen was trading at 159.05 against the euro, 182.23 against the pound, 166.26 against the Swiss franc and 150.09 against the U.S. dollar.

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InstaForex Gertrude · Guru

NZ DOLLAR FALLS AGAINST MAJORS

The New Zealand dollar weakened against other major currencies in the Asian session on Wednesday.

The NZ dollar fell to 6-day lows of 0.5789 against the U.S. dollar and 1.8256 against the euro, from yesterday's closing quotes of 0.5825 and 1.8153, respectively.

Against the Australian dollar, the kiwi dropped to a 2-day low of 1.0922 from Tuesday's closing value of 1.0875.

The kiwi edged down to 87.56 against the yen, from yesterday's closing value of 88.35.

If the kiwi extends its downtrend, it is likely to find support around 0.56 against the greenback, 1.83 against the euro, 1.10 against the aussie and 86.00 against the yen.

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