Australian Dollar Extends Rally

Trading 18 oct 2019 Commentaire »

The Australian dollar continued to be higher against its major counterparts in the European session on Friday, as upbeat Chinese industrial production figures offset concerns over weak GDP data.

Data from the National Bureau of Statistics showed that Chinese industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations.

Nonetheless, GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, Growth was forecast to slow marginally to 6.1 percent.

Underlying sentiment was subdued amid doubts about the merits of Boris Johnson's Brexit deal and about the likelihood of the deal getting through the British parliament.

Speaking to a forum at the International Monetary Fund's annual meeting in Washington, Reserve Bank of Australia Governor Philip Lowe said negative interest rates are extraordinarily unlikely.

"I'm not going to speculate on negative interest rates or quantitative easing in Australia, other than to say negative interest rates are extraordinarily unlikely in my country."

The currency has been trading modestly higher against its most major counterparts in the Asian session.

The aussie strengthened to more than a 4-week high of 0.6842 against the greenback from Thursday's closing value of 0.6824. The currency may possibly challenge resistance around the 0.71 level.

The aussie rose to 74.35 against the yen, from a low of 74.07 hit at 7:45 pm ET. The aussie is seen locating resistance around the 79.00 level.

Japan's government lowered its economic assessment as exports are expected to remain weak for a longer period.

The cabinet office repeated that the economy is recovering at a moderate pace but said the "weakness lasting longer mainly in exports." In September, the report said the weakness is continuing mainly in exports.

The aussie edged higher to 1.6265 against the euro, following a decline to 1.6307 at 7:45 pm ET. If the aussie rallies further, it is likely to test resistance around the 1.60 mark.

The Australian currency was trading higher at 0.8986 against the loonie, up from Thursday's closing value of 0.8964. On the upside, 0.92 is possibly seen as its next resistance level.

The aussie rebounded to 1.0741 against the kiwi, from a 2-day low of 1.0716 seen at 12:15 am ET. The next possible resistance for the aussie is seen around the 1.08 level.

Looking ahead, the U.S. leading index for September is scheduled for release in the New York session.


The material has been provided by InstaForex Company - www.instaforex.com

Hong Kong Jobless Rate Steady In September

Trading 18 oct 2019 Commentaire »

Hong Kong's jobless rate remained stable during the July to September period, data from the Census and Statistics Department showed on Friday.

The unemployment rate was 2.9 percent during the July to September period, the same rate as seen during the June to August period.

The number of unemployed persons was 120,300 during the July to September period, broadly the same as seen in the previous three months.

Employment decreased by around 8,200 persons to 3.85 million.

"Weak local consumption and plunging visitor arrivals caused by local social incidents continued to weigh on the labor market," the Secretary for Labor and Welfare Law Chi-kwong said.

The unemployment rate of the consumption- and tourism-related segment, which includes retail, accommodation and food services sectors, increased further to 4.9 percent the highest in more than two years, the official said.

The unemployment rate of the food and beverage service activities sector rose sharply to a six-year high of 6.0 percent, Law said.

"Worsened economic conditions will put increasing pressure on the local labor market in the near term," the official added.


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Gold Prices Ease Despite Weak China Data

Trading 18 oct 2019 Commentaire »

Gold prices fell on Friday even as the downside remained limited after official data showed China's GDP growth dropped to its lowest level in nearly three decades.

Spot gold edged down 0.2 percent to $1,489.55 an ounce while U.S. gold futures were down 0.35 percent at $1,493.05.

Equity markets across Asia and Europe fell today after weak GDP data raised fresh worries over the health of the world's second-largest economy.

China's economy grew at the slowest rate in nearly three decades in the third quarter, raising pressure on policymakers to roll out more measures.

China's GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, the National Bureau of Statistics said. This was the slowest growth since early 1990s. Growth was forecast to slow marginally to 6.1 percent.

Industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August and 4.8 percent in July. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations. During January to September, fixed asset investment grew 5.4 percent, which was slightly slower than the forecast of 5.5 percent increase.

Meanwhile, doubts swirled both about the merits of Boris Johnson's Brexit deal and about the likelihood of the deal getting through the British parliament.

MPs have won a key parliamentary vote paving the way for a Commons bid to secure a second referendum on Saturday.


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Poland Producer Price Inflation Steady In September

Trading 18 oct 2019 Commentaire »

Poland's producer price inflation remained stable in September, data from the Central Statistical Office showed on Friday.

The producer price index rose 0.9 percent year-on-year in September, the same rate as seen in August. Economists had expected 0.5 percent rise.

Prices for electricity, gas, steam and air conditioning supply grew 4.0 percent annually in September and those of mining and quarrying rose 3.9 percent.

Prices for water supply and manufacturing increased by 2.7 percent and 0.3 percent, respectively.

On a monthly basis, producer prices rose 0.4 percent in September, following a 0.3 percent in the previous month. A similar growth was seen in April.


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October 18, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

Trading 18 oct 2019 Commentaire »

analytics5da9ddf3358a1.jpg

On September 12, another episode of bullish advancement was expressed inside the depicted bullish channel towards 1.2550 where a short-term Wedge-Pattern was demonstrated.

The reversal wedge-pattern was confirmed to the downside on September 23 demonstrating a successful bearish closure below 1.2450.

On September 25, the depicted bullish channel was invalidated as well with significant full-body bearish candlesticks which managed to achieve bearish closure below 1.2400.

Bearish persistence below 1.2400-1.2440 (Reversal-Pattern Neckline) allowed more bearish decline to occur towards the price levels of 1.2210 where a recent Double-Bottom reversal pattern was originated with neckline located around 1.2400.

Last week, the price zone of 1.2400-1.2415 (double-bottom pattern neckline) was breached to the upside allowing further bullish advancement to occur towards 1.2680 then 1.2846 where 161% Fibonacci Expansion level is located.

However, This week, signs of bearish rejection are being demonstrated around 1.2850-1.2900 (upper limit of the depicted movement channel) where the GBP/USD pair is failing to achieve a successful bullish breakout outside the channel.

That's why, sideway consolidations are expected to be demonstrated around the current price levels down to 1.2680-1.2620 until breakout occurs in either directions (More probably to the downside).

Initially, Bearish persistence below 1.2850 is needed to bring further bearish decline towards 1.2680-1.2620 where the lower limit of the current bullish movement comes to meet the pair.

Trade Recommendations:

Intraday traders are advised to wait for a bearish breakout below 1.2780 (Intraday Key-Level) for a valid SELL entry.

T/P levels to be placed around 1.2680 and 1.2620 while S/L should be placed above 1.2920.

The material has been provided by InstaForex Company - www.instaforex.com

Oil Prices Edge Up In Cautious Trade

Trading 18 oct 2019 Commentaire »

Oil prices edged up slightly on Friday but remained on track for a weekly loss amid signs that the U.S.-China trade war is taking a toll on global growth.

Benchmark Brent crude rose 0.25 percent to $60.05 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.8 percent at $54.36 per barrel.

Signs of rising U.S. crude inventories, disappointing Chinese data and uncertainty about final approval of the draft Brexit deal kept investors nervous ahead of the weekend.

Equity markets across Asia and Europe fell today after weak GDP data raised fresh worries over the health of the world's second-largest economy.

China's economy grew at the slowest rate in nearly three decades in the third quarter, raising pressure on policymakers to roll out more measures.

China's GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, the National Bureau of Statistics said. This was the slowest growth since early 1990s. Growth was forecast to slow marginally to 6.1 percent.

Industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August and 4.8 percent in July. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations. During January to September, fixed asset investment grew 5.4 percent, which was slightly slower than the forecast of 5.5 percent increase.

On the Brexit front, doubts swirled both about the merits of Boris Johnson's Brexit deal and about the likelihood of the deal getting through the British parliament.

Adding to the downward pressure, U.S. crude inventories rose by 9.3 million barrels in the week through Oct. 11, the EIA data showed on Thursday, beating analyst estimates for a 3 million-barrel gain.


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Japan Govt Lowers Economic Assessment

Trading 18 oct 2019 Commentaire »

Japan's government lowered its economic assessment as exports are expected to remain weak for a longer period.

The cabinet office repeated that the economy is recovering at a moderate pace but said the "weakness lasting longer mainly in exports." In September, the report said the weakness is continuing mainly in exports.

The government downgraded its assessment of industrial production saying it is in a weak tone recently.

Concerning short-term prospects, weakness remains for the time being, but the economy is expected to continue recovering, supported by the effects of the policies, while employment and income situation is improving, the report said.

The cabinet office said consumer prices are rising at a slower tempo recently. Last month, the office said prices are rising moderately in recent months.

Official data released, earlier in the day, showed that Japan's inflation eased to the lowest level in more than two years in September, raising pressure on the central bank to ease policy further.

Excluding fresh food, inflation eased to 0.3 percent in September from 0.5 percent a month ago.


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*Australian Dollar Rises To More Than 4-week High Of 0.6842 Against U.S. Dollar

Trading 18 oct 2019 Commentaire »

Australian Dollar Rises To More Than 4-week High Of 0.6842 Against U.S. Dollar


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*Australian Dollar Gain To 74.35 Vs Yen, 1.6265 Vs Euro

Trading 18 oct 2019 Commentaire »

Australian Dollar Gain To 74.35 Vs Yen, 1.6265 Vs Euro


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*Japan Govt Cuts Economic Assessment

Trading 18 oct 2019 Commentaire »

Japan Govt Cuts Economic Assessment


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