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Dollar Trims Losses Following Janet Yellen Comments





The dollar pared losses after Federal Reserve Chairwoman Janet Yellen restated her confidence in the U.S. job market. The WSJ Dollar Index rose 0.2 percent to 93.22.


Yellen has recently discussed the developments in the labor market which have pulled down the unemployment rate to 4.6 percent. The central bank has improved its projections for the interest-rate hike in 2017. The optimism of the Fed drove the dollar to a 14-year peak as higher rates make U.S. assets more appealing to yield-seeking investors. The dollar was lower against the Japanese yen at 0.6 percent to ¥117.145. It follows a sharp drop in the Japanese yen in recent weeks that has helped boost Japanese exports and inflation expectations.


The Turkish lira and Russian rouble both declined to session lows versus the greenback on reports that the Russian ambassador to Turkey was assassinated in a gun attack at an art gallery in the Turkish capital of Ankara. The lira last fell by nearly 0.6 percent at 3.525 a dollar and the rouble reached a session low of 62.045 a dollar before backtracking to 61.854, as stated in the Reuters data.


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Dollar Climbs to 14-Year High

The dollar soared to a fresh 14-year peak, as the Japanese yen fell after the Bank of Japan's decision to leave its monetary policy unchanged. The dollar index rose more than 0.1 percent at 103.31 after reaching 103.65, its highest since December 2002.


The BOJ's upbeat outlook follows amid an 11 percent decline in the yen since the U.S. presidential election and the earlier week's Federal Reserve meeting which sent the dollar surging. The benchmark 10-year Treasury yield rose beyond two basis points at 2.562 percent. The dollar rebounded against the yen after the Bank of Japan left policy unchanged as predicted.


The euro edged down 0.1 percent versus the dollar and the British pound slipped 0.2 percent. The greenback rose 0.6 percent at 117.72. The Turkish lira was stable at 3.5300 liras per dollar.




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New Zealand GDP Expands 1.1% In Q3





New Zealand's gross domestic product was up 1.1 percent on quarter in the third quarter of 2016, Statistics New Zealand said on Thursday.


That beat forecasts for an increase of 0.8 percent following the 0.7 percent gain in the previous three months.


Business services advanced 2.0 percent on quarter, due to scientific, architectural and engineering services, the bureau said.


Transport was up 3.7 percent, due to increases in road, air, and transport support services.


Manufacturing was up 1.2 percent, due to food, beverage, and tobacco manufacturing; and transport equipment, machinery and equipment manufacturing.


Construction was up 2.1 percent, due to increases in all the construction sub-industries. In all, 13 of the 16 GDP industries saw an increase in the third quarter.


Expenditure on gross domestic product grew 1.4 percent in Q3.


Household consumption expenditure was up 1.6 percent, driven by spending on services and non-durable goods.


Investment in fixed assets was up 1.4 percent, due to increased investment in transport equipment and residential building. Exports of goods and services fell 0.7 percent.


Imports of goods and services added 1.2 percent, due to imports of transport equipment, including aircraft purchases.


Inventories ran down $200 million, due to a decrease in manufacturing inventories.


Also on Thursday, the bureau said that New Zealand posted a seasonally adjusted current account deficit of NZ$1.899 billion in the third quarter of 2016.


The services surplus fell NZ$16 million to NZ$1,006 million in the third quarter. The investment income deficit added NZ$71 million to NZ$2,040 million in the latest quarter.


The balance of goods was a NZ$686 million deficit (NZ$190 million larger than Q2 deficit).


For the year ended September 2016, the current account deficit was NZ$7.5 billion.


New Zealand's external debt position was NZ$148.5 billion (58.0 percent of GDP) at 30 September 2016, up from a revised NZ$141.4 billion (55.9 percent of GDP) at 30 June 2016.


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Dollar Loses Ground Ahead of Holidays





The dollar fell from its 14-year peak against a basket of currencies, ahead of the holidays and the release of a batch of U.S. economic data. The dollar index was last at 103.02.


The greenback's retreat was limited as the Federal Reserve indicated further rate hikes next year, somewhat on expectations for speedy economic growth under the upcoming Trump Administration. The market is currently focused on the huge batch of U.S. economic data, which includes revised GDP for July-Sept, weekly initial unemployment claims and durable goods orders. The euro climbed 0.4 percent to $1.0424 and the yen rose 0.25 percent to 117.55 a dollar.


The Swedish crown tracked its largest gains in around ten months against the euro after the central bank of Sweden voted to extend its bond buying programme. The euro was down nearly one percent to 9.6077 crowns, its largest one-day decline since February.


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Fxwirepro: Usd/krw Remains Well supported Above 1,200 Mark, sustained Close Above 1,206 Targets 1,220





USD/KRW is currently trading around 1,203 levels.


It made intraday high at 1,203 and low at 1,201 marks.


Intraday bias remains neutral till the time pair holds key support at 1,195 levels.


A daily close above 1,206 will drag the parity higher towards key resistances at 1,209 (20D EMA), 1,220 (March 03, 2016 high) and 1,244 marks respectively.


On the other side, a sustained close below 1,195 will test key supports at 1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.


Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.


We prefer to take long position in USD/KRW around 1,201, stop loss at 1,195 and target of 1,220/1,228.


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Gold Steady as Traders Focus on Fed Rate Hikes





Gold prices eased as the dollar gained in thin trading and on expectations that the U.S. Federal Reserve will raise interest rates more in 2017. Spot gold edged down 0.27 percent at $1,128.4 an ounce.


U.S. gold futures for February delivery settled down 0.22 percent at $1,130.70 an ounce. Recent evidence of U.S. economic strength could incite the Fed to tighten credit again sooner than later. Higher rates tends to discourage purchasing of non-interest paying bullion, that is priced in dollars. SPDR Gold Trust said that holding were down 0.43 percent to 824.54.


Silver fell 0.94 percent at $15.78 per ounce. Platinum slipped 0.78 percent to $907.80 while palladium dropped for the seventh consecutive session, by 0.57 percent to $653.72 per ounce.


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Japan Inflation Jumps 0.5% In November





Consumer prices in Japan were up 0.5 percent on year in November, the Ministry of Internal Affairs and Communications said on Tuesday 0 accelerating from the 0.1 percent gain in October.


But core CPI, which excludes food prices, sank 0.4 percent on year for the second straight month.


On a monthly basis, both overall and core CPI were flat.


Overall inflation for the Tokyo region, considered a leading indicator for the nationwide trend, was flat on year in December after rising 0.5 percent in November.


Core CPI slid 0.6 percent on year in December after falling 0.4 percent in November.


On a monthly basis, overall inflation fell 0.4 percent and core CPI shed 0.1 percent.


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Super Mario Run's Reign as Highest-Grossing App Ends





As of December 24, Nintendo Co.'s debut mobile smartphone game, Super Mario Run was no longer the highest-growing iOS application in any country, researcher App Annie reported.


Since its release on December 12, Super Mario Run held the top spot as the most profitable app in 49 countries. While the top is still the top free app downloaded in 88 countries, it has declined from a peak of 138 logged in December 17.


The decline in ranking may reflect the issue of consumers with the app's price. While it can be downloaded free of charge, users are required to pay $10 in order to progress beyond the first three levels of Super Mario Run.


This is contrary to the industry's standard, where majority of mobile games can be played for free but encourages its players to purchase in-game items, a system generally preferred by fans. The steep $10-dollar price tag is also criticized by many gamers, and according to Apptopia Inc., only 1% to 2% of people who have downloaded the app will acquire the full version.


Still, the company's shares surged as high as 4.8% on Monday as investors are perceived to have priced in most of the negative feedback. Nintendo's share los as much as 20% from December 12 until last week as the game's troublesome launch raised concerns regarding the company's capacity to continue its push into the mobile platform.


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EU business groups under pressure to support free trade pact





Brexit supporters urged European business groups to push their respective governments for a sensible free trade pact with the United Kingdom.


In a letter to the association of businessmen in other EU countries, Leave Means Leave asked them to seek a sensible accord about the provisions of the UK's exit from the bloc. It reiterated trade hurdles would create an adverse impact.


The group, which also pressed for continuous trade and near-zero tariffs, noted several significant elections taking place in different EU nations in 2017.


Advocates added companies throughout Europe will want trade with Britain to remain the same following Brexit and any implication of hindrances will be refuted.


Former British Chambers of Commerce head John Longworth and Leave Means Leave co-chair Richard Tice signed the letter.






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Fxwirepro: South Korean Won Almost Flat Against Major Peers Despite Robust Industrial Output, Service Sector Output Data





EUR/KRW is currently trading around 1,259 mark.
Pair made intraday high at 1,260 and low at 1,258 levels.
Intraday bias remains neutral for the moment.
A sustained close above 1,260 will take the parity higher towards key resistances around 1,266, 1,272, 1,280 and 1,287 marks respectively.
On the other side, a consistent close below 1,260 will drag the parity down towards key supports around 1,253, 1,242, 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Seoul kospi shares open down 0.20 pct at 2020.42.
South Korea’s Jan BOK manufacturing BSI decreases to 73 vs previous 74.
South Korea’s November industrial output growth increases to 3.4 % (forecast 1.0 %) vs previous -1.7 %.
South Korea’s November industrial output y/y increases to 4.8 % (forecast 2.2 %) vs previous -1.3 % (revised from -1.6 %).
South Korea’s November service sector output growth increases to 0.1 % vs previous -0.3 % (revised from -0.2 %).
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on EUR/KRW around 1,260 with stop loss at 1,266 and target of 1,252/1,248.


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