Thread: Forex News from InstaForex

Fxwirepro: Usd/krw Trading in Tight Range, Intraday Bias Remains Neutral





USD/KRW is currently trading around 1164 levels.
Intraday bias remains neutral till the time pair holds key support at 1162 marks.
Pair is trading in tight range from 1162 to 1172 marks.
A break of either side will provide further direction to the parity.
A daily close above 1172 will drag the parity up towards key resistances at 1176/1180/1193 (20, 30 and 55D EMA crossover)/1211 marks.
A sustained close below 1162 will test key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.


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Cameron unveils UK property rule amendments





Seeking to topple corruption worldwide, Prime Minister David Cameron announced foreign entities with properties in the United Kingdom are mandated to publicly declare their assets, saying they need to be on a new register. The British premier made the announcement as world leaders are heading to a the Lancaster House summit in London aimed at bolstering measures to eradicate money laundering. Cameron is hosting the gathering. No list of participants has been released. But Afghan President Ashraf Ghani and US State Secretary John Kerry are awaited to join the convention. Also, the details of the event are not yet published. However, organizers disclosed the event will find ways to unmask corruption.


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Fxwirepro: Kiwi falls on the Back of Lower Than expected Retail Sales Data





AUD/NZD is trading around 1.0726 marks.
Pair made intraday high at 1.0743 and low at 1.0717 marks.
Today New Zealand released retail sales data with negative numbers at 0.8% q/q vs 1.1% q/q previous release.
In addition, core retail sales falls to 1.0% q/q vs 1.1% q/q previous release. Intraday bias remains neutral for the moment.
A daily close below 1.0725 will take the parity down towards 1.0670 (February 26, 2016 low) and 1.0574 (February 12, 2016 low) marks.
On the other side, reversal from key support will drag the parity higher towards 1.0886, 1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 (March 23, 2016 high) levels respectively.
We prefer to take short position in AUD/NZD only below 1.0725, stop loss 1.0823 and target 1.0651/1.0574 marks.


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Brazil's Temer assures integrity of Petrobras investigation





New Brazilian President Michel Temer vowed to protect probes into state oil company Petrobras corruption scandal from any political intervention. In his first address as the country's new leader, Temer also pledged to curb increasing budget deficit and retain social welfare spending for the poor by scaling down government jobs. Temer said Lava Jato must continue and safeguard its integrity by thwarting any attempts to weaken the probe. Lava Jato is a Portuguese term for the ongoing investigation, which means Car Wash. The PMDB party is greatly implicated in the scandal encompassing the state-owned firm, with some of its significant party officials and Temer's allies accused of receiving bribes.


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Fxwirepro:asx200 Faces Strong Support at 5300, Good to Buy at Dips





Major resistance - 5380
Major Support - 5307 (10 day EMA)
ASX200 pares early losses made today and slightly jumped till 5372 at the time of writing. It is currently trading at 5368.
Short term trend is slightly bullish as long as support 5300 holds.
On the higher side any break above 5380 will take the index to 5430/5500/5525.
The major intraday support is around 5300 and any break below major support targets 5250/5200.
It is good to buy at dips around 5340 around 5300 for the TP of 5300/5250/5200


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Most G7 nations agree to taking fiscal measures, says Abe





Japanese Prime Minister Shinzo Abe said most Group of Seven heads recognized the necessity to implement fiscal stimulus steps in order to bolster global demand.
The Asian country will host the convention of central bankers and finance ministers on May 20-21. Some have expressed their inhibitions regarding the progress made by policymakers in shaping the global economy in the wake of economic slowdown and low inflation.
The Japanese premier earlier met G7 leaders ahead of the scheduled summit, which comes at a vital period for his country as inflationary pressure is losing its traction and the economy is experiencing difficulty.


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Fxwirepro: South Korean Won Gains in Early Asia, Intraday Bias Remains Bearish





USD/KRW is currently trading around 1172 levels.
It made intraday high at 1175 and low at 1172 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1180 marks.
A daily close above 1178 will drag the parity up towards key resistances at 1182/1193 (20, 30 and 55D EMA crossover)/1211 marks.
A sustained close below 1172 will test key supports at 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
We prefer to take short position in USD/KRW only below 1172, stop loss 1182 and target 1153 marks.


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Libyan officials agree to ease crude production despite rift





Amid division, Libyan officials agreed to enable petroleum to be transported between the western pact and pact group of the nation.
But they are slated to deliberate on how to conclude the crisis which has been halting exports. The factions, which oversee the Libyan east, will permit oil to be delivered to refineries in the west, taking the first step towards settling a dispute between both groups.
Following the United Nations stopped the east from exporting crude, the group has been halting all shipments in the Marsa al-Hariga port. The blockade will remain until the two sides have struck more deals to resolve the issue.


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Moody's: Global Growth to Remain muted As Emerging Markets Weigh on Us, advanced Economies





Weak growth in emerging markets, driven by low commodity prices and weak export demand, will continue to act as a drag on the global economy this year, says Moody's Investors Service. Moody's has lowered its 2016 growth forecasts for Argentina, Brazil, Mexico and Turkey, as the effects of the weaker external demand and lower commodity prices have compounded domestic structural and political challenges. Moody's currently forecasts G20 emerging markets growth at 4.2% for 2016 compared to 4.4% in 2015. For G20 advanced markets growth is predicted to slide to 1.7% for 2016 from 1.9% in 2015.


"The global recovery has weakened further and the outlook across countries remains uneven and largely weaker than over the past two decades," said Elena Duggar, an Associate Managing Director at Moody's. "Global trade remains subdued, while spillovers from emerging markets shocks to financial markets globally have increased substantially."


Moody's has lowered its growth projection for the US to 2.0% from 2.3% for 2016, to reflect weakness in the first quarter, followed by 2.3% growth in 2017. The strong recent pick-up in consumer confidence and spending, and the continued strength of the services industry underlines the resilience of the US economy.


"Consumption should pick up through the remainder of the year as the labor market continues to improve and wages rise," said Madhavi Bokil, a Vice President and Senior Analyst at Moody's "Nonetheless, the drag on the US economy exerted by the combination of subdued global demand and weak business investment is likely to remain."


Moody's expects that the Federal Reserve will raise its benchmark interest rate at most twice this year. Policy makers will raise rates gradually, giving investors ample forward guidance as they seek to minimize the negative impact that higher borrowing costs will have on growth and the potential disruption they could cause to global capital markets.


A more pronounced slowdown in China's economy than anticipated is currently one of the biggest risks to the global economy. Slower growth in China, the world's second-biggest economy, could have a significant knock-on effect on global growth by increasing risk aversion, ramping up financial market stress, and souring sentiment.


China's economy will slow gradually from 6.9% in 2015 to around 6.3% in 2016, guided by policies intended to bolster growth, according to the report "Global Macro Outlook 2016-17: Further Weakness in Emerging Markets Amid Persistent Downside Risks."


"The fears of a Chinese hard landing have eased in recent months with first quarter data suggesting that the economy is stabilizing," added Bokil. "However, the government's focus on achieving specific growth targets, could come at a cost to the quality of growth."


China's growth continues to be supported by increased borrowing, which ultimately will increase longer-term risks, particularly within the banking system.


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Japan March core machinery orders rise 5.5 percent month/month





Japanese March core machinery orders jumped 5.5% from the last month, data from the Cabinet Office showed, but companies see a fall in investment in April-June. A survey conducted by the Cabinet Office showed that companies predict that core orders would decline by 3.5% in the April-June quarter. Core orders rose 6.7% in Jan-March from the last three months.


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