Dollar Little Changed Following U.S. New Home Sales

Trading 14 mar 2019 Commentaire »

After the release of U.S. new home sales for January at 10:00 am ET Thursday, the greenback changed little against its major counterparts.

The greenback was trading at 1.1300 against the euro, 1.3242 against the pound, 111.55 against the yen and 1.0046 against the franc around 10:01 am ET.


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*U.S. New Home Sales Plunge 6.9% In January

Trading 14 mar 2019 Commentaire »

U.S. New Home Sales Plunge 6.9% In January


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Dollar Mixed Ahead Of U.S. New Home Sales

Trading 14 mar 2019 Commentaire »

The Commerce Department will release U.S. new home sales for January at 10:00 am ET Thursday. Economists expect the new home sales to rise by 622,000 from 621,000 in the previous month.

Ahead of the data, the greenback traded mixed against its major counterparts. While the greenback rose against the euro, it held steady against the rest of major counterparts.

The greenback was worth 1.1300 against the euro, 1.3245 against the pound, 111.59 against the yen and 1.0048 against the franc as of 9:55 am ET.


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Turkey Industrial Production Decline Slows In January

Trading 14 mar 2019 Commentaire »

Turkey's industrial production decreased for a fifth consecutive month in January, but the pace of decline slowed, data from the Turkish Statistical Institute showed on Thursday.

Industrial production fell calendar adjusted 7.3 percent year-on-year in January, after a 10.0 percent decline in December. Economists had expected production to fall 8.0 percent.

Among sectors, manufacturing fell by 7.5 percent annually in January following a 10.8 percent decline in mining and quarrying.

Production of intermediate goods, non-durable consumer goods, energy and capital goods decreased, while that of durable goods increased.

On a month-on-month basis, industrial production rose seasonally and calendar adjusted 1.0 percent in January, after falling 1.3 percent in the previous month. Output rose after falling for five months in a row.


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India Wholesale Price Index Rises More Than Expected

Trading 14 mar 2019 Commentaire »

India's wholesale price inflation rose slightly in February and exceeded expectations, data from the Ministry of Commerce & Industry showed on Thursday.

Wholesale price inflation rose to 2.93 percent year-on-year in February, following a 2.76 percent climb in January. That was above economists' expectation of 2.8 percent.

The build-up inflation rate in the financial year so far was 2.75 percent compared to a build up rate of 2.56 percent a year ago, the ministry said.

On a monthly basis, the wholesale price index rose 0.3 percent in February.

Prices in the primary articles group decreased 0.2 percent. Within that food prices fell 0.2 percent, while non-food prices rose 1 percent.

Fuel and power group registered price growth of 1.7 percent. Prices for manufactured products grew 0.2 percent.


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U.S. Import And Export Prices Climb More Than Expected In February

Trading 14 mar 2019 Commentaire »

A report released by the Labor Department on Thursday showed U.S. import and export prices both rose by more than anticipated in the month of February.

The Labor Department said import prices climbed by 0.6 percent in February after inching up by a revised 0.1 percent in January.

Economists had expected import prices to rise by 0.3 percent compared to the 0.5 percent drop originally reported for the previous month.

The bigger than expected increase in import prices came as prices for fuel imports surged up by 4.9 percent in February, extending the 4.1 percent spike in January.

The jump in prices for fuel imports, which was largest monthly advance since last May, reflected higher prices for both petroleum and natural gas.

Excluding fuel imports, prices for non-fuel imports showed no change in February after falling by 0.3 percent in the previous month.

The Labor Department said rising prices for consumer goods and non-fuel industrial supplies and materials offset declining prices for foods, feeds, and beverages and capital goods.

The report said export prices also increased by 0.6 percent in February after falling by a revised 0.5 percent in January.

Export prices had been expected to tick up by 0.1 percent compared to the 0.6 percent decrease originally reported for the previous month.

Prices for agricultural exports showed a modest rebound, rising by 0.3 percent in February after tumbling by 2.1 percent in January.

The Labor Department said prices for non-agricultural exports also climbed by 0.7 percent in February after slipping by 0.3 percent in January, reflecting higher prices for non-agricultural industrial supplies and materials.

Despite the monthly increase, import prices in February were down by 1.3 percent compared to the same month a year ago amid a 6.5 percent nosedive in fuel import prices and a 0.6 percent drop in non-fuel import prices.

Meanwhile, the report said exports prices were up by 0.3 percent year-over-year, as a 0.3 percent increase in non-agricultural export prices more than offset a 0.2 percent decrease in prices for agricultural exports.


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U.S. Jobless Claims Rise More Than Expected To 229,000

Trading 14 mar 2019 Commentaire »

First-time claims for U.S. unemployment benefits increased by more than expected in the week ended March 9th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims rose to 229,000, an increase of 6,000 from the previous week's unrevised level of 223,000. Economists had expected jobless claims to edge up to 225,000.

Meanwhile, the Labor Department said the less volatile four-week moving average fell to 223,750, a decrease of 2,500 from the previous week's unrevised average of 226,250.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, climbed by 18,000 to 1.776 million in the week ended March 2nd.

The four-week moving average of continuing claims still dipped to 1,766,250, a decrease of 1,000 from the previous week's revised average of 1,767,250.

Last Friday, the Labor Department released a separate report showing U.S. job growth nearly ground to a halt in the month of February.

The report said non-farm payroll employment edged up by 20,000 jobs in February after jumping by an upwardly revised 311,000 jobs in January.

Economists had expected employment to increase by about 180,000 jobs compared to the spike of 304,000 jobs originally reported for the previous month.

Despite the much weaker than expected job growth, the unemployment rate dropped to 3.8 percent in February from 4.0 percent in January. The unemployment rate had been expected to dip to 3.9 percent.


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South Africa Manufacturing Output Rises In January

Trading 14 mar 2019 Commentaire »

South Africa's manufacturing output rose in January, after remaining unchanged in the previous month, preliminary data from Statistics South Africa showed on Thursday.

Manufacturing output rose a non-adjusted 0.3 percent year-on-year in January after remaining stable in December. In November, output rose 0.9 percent.

The biggest positive contribution was from food and beverages, and petroleum, chemical products, rubber and plastic products in January.

The largest negative contribution came from basic iron and steel, non-ferrous metal products, metal products and machinery.

On a monthly basis, manufacturing output declined 2.0 percent in January, reversing a 1.0 percent rise in the previous month.


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Australian, NZ Dollars Weaken On U.S-China Trade Talk Uncertainty

Trading 14 mar 2019 Commentaire »

The Australian and the NZ dollars declined against their major counterparts in the European session on Thursday, following a media report that Trump-Xi meeting is unlikely to take place this month, dampening hopes for resolving trade tensions anytime soon.

Bloomberg reported that U.S.-China summit that have been scheduled to complete a trade pact later this month has been postponed. It may be scheduled in April at the earliest.

U.S. President Donald Trump on Wednesday said that he is in no hurry to conclude a comprehensive trade deal with China amid spat over protection of intellectual property of U.S. companies.

Investors digested a slew of economic data from China.

China's industrial output grew an annual 5.3 percent in the first two months of 2019, a government report showed.

This marked the slowest pace of growth in 17 years and fell short of expectations for a score of 5.5 percent.

At the same time, retail sales climbed 8.2 percent and fixed asset investment rose 6.1 percent in the same period, beating expectations.

The aussie slipped to a 3-day low of 0.7041 against the greenback, from a high of 0.7098 hit at 6:30 pm ET. The aussie is seen finding support around the 0.68 level.

The Australian currency declined to a weekly low of 1.6058 against the euro and near a 2-week low of 0.9386 against the loonie, reversing from its early highs of 1.5961 and 0.9437, respectively. If the aussie slides further, 1.62 and 0.92 are likely seen as its next support levels against the euro and the loonie, respectively.

After rising to an 8-day high of 78.98 against the yen at 6:00 pm ET, the aussie reversed direction and edged down to 78.57. The next key support for the aussie is seen around the 76.00 level.

The NZ currency hit a weekly low of 1.6600 against the euro and a 3-day low of 0.6811 against the greenback, coming off from its early high of 1.6509 and a 2-day high of 0.6865, respectively. The kiwi is poised to find support around 1.69 against the euro and 0.67 against the greenback.

The kiwi dropped to 76.00 against the yen, down from a 2-day high of 76.47 touched at 11:15 pm ET. Continuation of the kiwi's downtrend may see it challenging support around the 74.00 region.

The kiwi reversed from an early high of 1.0320 against the aussie, pulling back to 1.0347. The kiwi is likely to find support around the 1.05 region.

Looking ahead, U.S. new home sales for January are scheduled for release shortly.


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U.S. Import And Export Prices Climb 0.6% In February

Trading 14 mar 2019 Commentaire »

A report released by the Labor Department on Thursday showed U.S. import and export prices both rose by more than anticipated in the month of February.

The Labor Department said import prices climbed by 0.6 percent in February after inching up by a revised 0.1 percent in January.

Economists had expected import prices to rise by 0.3 percent compared to the 0.5 percent drop originally reported for the previous month.

The report said export prices also increased by 0.6 percent in February after falling by a revised 0.5 percent in January.

Export prices had been expected to tick up by 0.1 percent compared to the 0.6 percent decrease originally reported for the previous month.


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