Thread: Forex News from InstaForex

British Government Unveils $634 Billion Infrastructure-Investment Plan





The U.K. mapped out its infrastructure-investment plan, disclosing 500 billion pounds or $634 billion worth of projects slated to be launched in the following years.


Government investment constitutes around 40% of the infrastructure-investment pipeline after British Finance Minister Philip Hammond detailed plans for a National Productivity Investment Fund in November estimated to amount to 23 billion pounds. Infrastructure projects included are the Thames Tideway Tunnel, smart meters and upgrading the A14 highway located in eastern England.


Funding from the private represents more than half of the pipeline to 2020-2021, aiding in delivering projects varying from transport and internet connectivity to flood defenses and housing, according to the Treasury.


In a statement, Treasury Chief Secretary David Gauke said the spending plan is a clear indication that the government is intent on ensuring that U.K.'s infrastructure is up to date.


Enhancing productivity using targeted investments was the major goal laid out by Hammond during his Autumn Statement as he readies the British economy from any Brexit-induced shocks.


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Australia Q3 Current Account Deficit A$11.358 Billion





Australia's seasonally adjusted current account deficit narrowed to A$11.358 billion in the third quarter of 2016, the Australian Bureau of Statistics said on Tuesday - owing to higher export commodity prices.


That follows the A$15.943 billion shortfall in the three months prior.


The balance on goods and services marked a deficit of A$4.682 billion following the A$7.381 billion shortfall in Q2.


Net exports of GDP eased 0.2 percent, unchanged from the previous quarter. The net goods and services surplus fell A$871 million (61 percent) to A$561 million.


Exports of goods and services climbed A$2.860 billion (4 percent) and imports of goods and services gained A$162 million. The primary income deficit fell A$1.946 billion (24 percent).


Australia's net international investment position was a liability of A$1,043.3 billion at 30 September 2016, increasing 1 percent on the revised 30 June 2016 position of A$1,037.9 billion.


Australia's net foreign debt liabilities increased A$0.8 billion to a net liability position of A$1,048.5 billion.


Australia's net foreign equity assets tumbled A$4.6 billion (47 percent) to a net asset position of A$5.2 billion.


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Oil Prices Retreat as Supply Rises Ahead of 2017 Production Cut





Oil prices fell in early Asian trading as crude production in almost all major export regions despite a planned production cut by OPEC and Russia, raising fears that an oil glut that has persisted in the market for more than two years might extend into its third year in 2017.


International Brent crude oil futures traded down 39 cents at $54.44 per barrel, declining 0.7% from their last finish. Meanwhile, the U.S. WTI crude futures were down 47 cents or 0.9%, at $51.32 a barrel.


Traders said the decline in prices were caused by the increasing production from OPEC and Russia. The producer cartel's production has posted another record high in the previous month, scaling to 34.19 million bpd in November from the 33.82 million bpd in October. On Friday, Russia said its average daily production reached 11.21 million bpd last month, its highest daily output in nearly three decades.


Their combined output alone attributed for almost half of total global oil demand, which is currently at the 95 million bpd level.


The alarmingly high production figures comes just after OPEC and Russia struck a historic deal to cap output in 2017 which caused oil prices to rally, causing investors to worry that the planned cut will not be big enough to dent the oil glut.


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Fxwirepro: Eur/krw Rejects Key Resistance at 1,260 Mark, Downside Limited





EUR/KRW is currently trading around 1,253 mark.
Pair made intraday high at 1,255 and low at 1,252 levels.
Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1,254 mark.
A sustained close above 1,254 will take the parity higher towards key resistance around 1,260, 1,269 and 1,272 marks respectively.
Key supports are seen at 1,248, 1,242, 1,238, 1,227, 1,222 and 1,210 marks respectively.
Seoul shares open up 0.29 pct.
We prefer to go long on EUR/KRW around 1,250, with stop loss at 1,242 and target of 1,260/1,268/1,272.


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Oil Sinks on Skepticism Supply Cut Will Be Big Enough to End Glut





Prevailing apprehension that a planned crude output cut by OPEC and Russia would be strong enough to end the two-year oil glut in the market pulled down oil prices on Wednesday.


Benchmark Brent crude oil futures traded down 24 cents or 0.45% at $53.69 per barrel, while U.S. WTI crude futures slipped 19 cents or 0.37% from their last finish at $50.74 per barrel.


Oil prices rallied as high as 19% after OPEC and Russia struck a deal to jointly limit output in 2017 in a move to support the oil market.


However, skepticism have since surfaced about whether the planned production cuts will be strong enough to end oversupply as both parties involved in the agreement reported record production volumes in the previous month.


With virtually almost every crude exporting region producing at record amounts, there is persisting skepticism in the market how both parties will be able to commit to the Vienna production cut targets, analysts said, adding that the higher their production, the higher the starting point of the cut will be.


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China CPI +2.3% On Year In November





Consumer prices in China were up 2.3 percent on year in November, the National Bureau of Statistics said on Friday.


That exceeded expectations for 2.2 percent and was up from 2.1 percent in October.


On a monthly basis, inflation added 0.1 percent after easing 0.1 percent a month earlier.


The bureau also said that producer prices surged an annual 3.3 percent versus forecasts for 2.3 percent following the 1.2 percent gain in the previous month.


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Dollar Climbs as Euro Falls on ECB Decision





The dollar climbed against the yen and euro, as the common currency plunged overnight after the European Central Bank's move to extend the debt-purchasing programme. The ECB announced that it would cut its monthly asset purchases to 60 billion euros as of April.


The euro shortly increased to almost a one-month high, with the decision seen as a form of policy tapering. However, the common currency retraced its advances as the central bank's move offset any increase from the reduction of its debt purchasing amount. The euro stood flat at $1.0616. The dollar strengthened at 114.070 yen. Investors are currently focused on the Federal Reserve. The likelihood of a Fed rate hike next week has nearly been fully priced in the market.


The dollar index was steady at 101.100 and is on track to climb 0.3 percent this week. The Australian dollar was flat at $0.7458.


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Japan Core Machine Orders Jump 4.1% In October





Core machine orders in Japan were up 4.1 percent in October, the Cabinet Office said on Monday - coming in at 878.3 billion yen.


That beat forecasts for a gain of 1.1 percent following the 3.3 percent decline in September.


On a yearly basis, core machine orders tumbled 5.6 percent - shy of expectations for a fall of 4.9 percent following the 4.3 percent gain in the previous month.


The total number of machinery orders, including those volatile ones for ships and from electric power companies, added 1.2 percent on month but tumbled 15.8 percent on year to 984.2 billion yen.


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Iran-Boeing Deal Valued at $16.6 Billion





The agreement between Iran's national carrier and Boeing Co. regarding a purchase of 80 aircrafts that is valued at $16.6 billion, will eventually force both the Congress and President-elect Donald Trump to balance their diplomatic priorities with U.S. job expansion. According to a company statement, the deal will include 50 737 MAX 8s, 15 7777-300ERs and 15 777-9s.


The Islamic Republic News Agency has reported that the aircraft will be delivered over ten years and will start in 2018. The report has also cited Iran Air Chief Executive Officer Farhad Parvaresh. Boeing has remarked that the deal was acquired under the conditions of a U.S. government license that was issued in September and will also support nearly 100,000 jobs in the U.S. aerospace industry. The bill regarding the deal was recently approved by the House in November and currently awaits Senate action.


The value of the deal worth $16.6 billion is based on list prices ahead of large discounts that have been established for major airlines.


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China Industrial Output Jumps 6.2% In November





Industrial production in China was up 6.2 percent on year in November, the National Bureau of Statistics said on Tuesday.


That exceeded expectations for an increase of 6.1 percent, which would have been unchanged from the October reading.


The bureau also said that retail sales jumped an annual 10.8 percent - again topping forecasts for 10.2 percent and up from 10.0 percent in the previous month.


Also, fixed asset investment advanced 8.3 percent on year - in line with expectations and unchanged from the previous month.


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