Thread: Forex News from InstaForex

Gold Prices Flat on U.S. Rate Hike Expectations





Gold prices were under pressure early on Monday, after slipping from a one-month peak the previous week on prospects of further interest rate hikes, as investors focus on more outlooks from the U.S. Federal Reserve. Spot gold was stable at $1,173.06 per ounce. U.S. gold futures were flat at $1,173.80 per ounce.


The dollar index inched up 0.1 percent at 102.27. The latest data showed that U.S. employment climbed less than expected in December however, a rebound in wages indicated sustained labor market momentum which sets the economy for robust growth and more interest rate hikes in 2017. Hedge funds and money managers trimmed their bullish position in COMEX gold contracts for the eighth consecutive week in the week to Jan. 3, according to the U.S. Commodity Futures Trading Commission (CFTC) data.


Gold demand in Asia picked up last week on wedding season purchases in India, as prices moved to a premium in the country for the first time in more than a month. Traders anticipate demand to strengthen as a result of the upcoming Chinese New Year.


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China CPI Rises 2.1% In December





Consumer prices in China were up 2.1 percent on year in December, the National Bureau of Statistics said on Tuesday.


That was shy of expectations for 2.2 percent, and down from 2.3 percent in November.


On a monthly basis, inflation added 0.2 percent after gaining 0.1 percent a month earlier.


The bureau also said that producer prices jumped an annual 5.5 percent versus expectations for 4.6 percent and up from 3.3 percent in the previous month.


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Alibaba Chairman Meets with Trump to Discuss U.S. Job Creation





Jack Ma, the chairman of Chinese giant Alibaba Group Holding Ltd. met with U.S. President-elect Donald Trump to talk on how the online retailer could aid in generating one million new jobs in America.


The e-commerce company said the posts would be created through Alibaba adding around one million small and medium-sized enterprises across its platforms. The additional commerce is estimated to add the matching number of employees.


Other top executives from other firms have met with the incoming U.S. leader in his headquarters in New York with a pledge to create jobs. However, Ma's sit-down with Trump comes after Trump threatened to slap high tariffs on trade with China and accused the country of stealing job opportunities from Americans. Alibaba has also been penciled back on the U.S. Notorious Markets list, after it was deemed that the company did not put in enough effort to tackle counterfeits in its Taobao website.


Alibaba is now attempting to grow a positive working tie with Trump as it looks to expand internationally.


The company's shares advanced 0.9% and closed at $94.72.


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Fxwirepro: Singapore Dollar Marginally Lower in Early Hours of Asia, Bias Remains Neutral





USD/SGD is currently trading around 1.4370 marks.


It made intraday high at 1.4373 and low at 1.4355 levels.

Intraday bias remains neutral for the moment.


A daily close above 1.4361 will test key resistances at 1.4392, 1.4437, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.


Alternatively, a consistent close below 1.4361 will drag the parity down towards key supports at 1.4317/1.4269/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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/SGD only above 1.4383, stop loss 1.4317 and target of 1.4500.


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U.S. Stock Closed Mixed Ahead of Trump Conference





U.S. stocks finished mixed, as the dollar weakened against the yen while investors were cautious ahead of U.S. President-elect Donald Trump's news conference. The Nasdaq Composite hit an intraday high, extending its rally as healthcare stocks advanced for the sixth consecutive session.


The Dow Jones industrial average edged down 0.2 percent to 19,855.53, the S&P 500 was little changed at 2,268.90 while the Nasdaq Composite climbed 0.4 percent to 5,551.82. Caution surrounded the financial markets as the elation regarding Trump's anticipated pro-growth policies faded with Congress holding hearings for his proposed cabinet members. Delta Air Lines Inc. is scheduled to begin the S&P 500 earnings season, with analysts predicting profits for firms in the index grew by 3.8 percent the last quarter.


Seven of the 11 major S&P sectors gained, led by advances of 0.69 percent in industrials. However, the 0.66 percent rise of the financials gave the largest boost. Healthcare stocks was 0.44 percent higher while biotechs climbed 0.5 percent. The Russell 2000 rose by one percent to pull up its post-election advances back towards 15 percent. The measure gained as much as 20 percent in the months following Trump's victory.


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Japan Has Y1.415 Trillion Current Account Surplus





Japan had a current account surplus of 1.415 trillion yen in November, the Ministry of Finance said on Thursday - up 28.0 percent on year.


The headline figure was shy of expectations for a surplus of 1.460 trillion yen and down from 1.719 trillion yen in October.


The trade balance showed surplus of 313.4 billion yen - exceeding forecasts for 254.4 billion yen and down from 587.6 billion yen in the previous month.


Exports were down 0.8 percent on year to 5.890 trillion yen, while imports tumbled 10.7 percent to 5.577 trillion yen.


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Gold Edged Higher After Trump Conference





Gold inched higher to hold near 7-week peaks it hit in the previous session, while the dollar fell after Donald Trump gave some form of clarity regarding future fiscal policies during his first press conference as U.S. president-elect. U.S. gold futures were down 0.2 percent to $1,193.70 an ounce. Spot gold climbed 0.2 percent at $1,193.31 an ounce.


Bullion hit a peak of $1,198.40, its best since Nov. 23. Trump's campaign calls for lower taxes and further infrastructure spending have boosted the dollar, along with a driving selloff in Treasuries, however, his protectionist remarks and the series of off-the-cuff Tweets kept many investors from adding to risky positions. Meanwhile, investors expect palladium to gain benefit from tax cuts and higher government spending in the major car markets of the U.S. and China to raise auto sales.


Silver climbed 0.5 percent at $16.70, however, remained below Tuesday's four-week peak of $16.90. Platinum was down 0.4 percent to $974.50 from a previous two-month high at 982.60 while palladium fell 1.3 percent to $754.20 per ounce, slightly near Monday's five-week peak of $768.10.


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Yen Falls Against Majors





The Japanese yen weakened against the other major currencies in the Asian session on Friday.


The yen fell to 122.14 against the euro, 139.93 against the pound and 113.85 against the Swiss franc, from yesterday's closing quotes of 121.72, 139.45 and 113.42, respectively.


Against the U.S. and the Canadian dollars, the yen dropped to 115.11 and 87.54 from yesterday's closing quotes of 114.71 and 87.25, respectively.


If the yen extends its downtrend, it is likely to find support around 124.00 against the euro, 146.00 against the pound, 115.00 against the franc, 119.00 against the greenback and 89.00 against the loonie.


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US court renews battle over iPhone apps monopoly





Apple Inc. is facing a renewed battle claiming it attempted to dominate the market for iPhone applications between 2007 and 2013.


On Thursday, a San Francisco-based appeals court in rekindled the planned class-action suit following a lower federal court judge rejected it. The panel stipulated the judge committed a mistake in stating the consumers hold insufficient standing to file a case as direct buyers of apps.


A spokesperson for the tech giant refused to shed light on the court's verdict. Initially lodged in 2011, consumers argued Apple breached the US antitrust legislation by obligating iPhone apps to be sold at the App Store and restricting independent app developers from advertising the software outside the platform.


Plaintiffs' lawyer Mark Rifkin said million of customers should manage to regain most of the company's 30% cut from sales in the app store.


Although it has not yet secure a class-action status, Rifkin said they may attempt to expand the scope of the lawsuit to include those who have purchase iPhone apps to the present.


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Fxwirepro: Usd/jpy Trades in Narrow Range After Japan’s Core Machinery Orders, Ppi Data





USD/JPY is currently trading around 114.33 marks.
It made intraday high at 114.45 and low at 114.09 levels.
Intraday bias remains neutral till the time pair holds key support at 114.00 levels.
A daily close above 115.50 will take the parity higher towards key resistances around 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 113.98 will drag the parity down towards key supports around 113.13, 112.05, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.
Japan’s November machinery orders m/m decreases to -5.1 % (forecast -1.7 %) vs previous 4.1 %. Japan’s November machinery orders y/y increases to 10.4 % (forecast 8.1 %) vs previous -5.6 %. Japan’s December corporate goods price m/m increases to 0.6 % (forecast 0.3 %) vs previous 0.4 %.


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