Thread: Forex News from InstaForex

JPMorgan Asset Management Fund Outperforms as it Kept Shorter-Maturity Securities





JP Morgan's own $2.4 billion Global Bond Opportunities Fund has trimmed its average duration in U.S. securities to three years from more than five in July, and has leaped into the domestic debt of Russia and Brazil. Bond investors are facing some hurdles since the global-reflation trades that ignited following the November U.S. presidential election victory for a fiscal-stimulus proposal by Donald Trump.


The firm is upbeat on the local-currency bonds of Russia and Brazil as their economies are expected to rebound, according to Stealey. The domestic debt issued by Russia returned 2.2 percent while Brazil returned 4.7 percent in the previous month as of Jan. 12, as shown by indexes compiled by Bloomberg. Brazil's 10-year notes offer a yield of nearly 11 percent while Russia's is at almost eight percent, in comparison with nearly 2.4 percent for similar-maturity U.S. debt.


The fund's strategy includes the mix of both local currency and dollar-denominated emerging-market bonds which have been increased to 15 percent of the portfolio from 12 percent.


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Australia Home Loans Advance 0.9% In November





The total number of new home loans in Australia issued in November climbed a seasonally adjusted 0.9 percent on month, the Australian Bureau said on Tuesday - standing at 54,603.


That beat forecasts for a flat reading following the 0.8 percent decline in October.


Loans for the purchase of established dwellings gained 0.6 percent to A$46.139 billion, while loans for the purchase of new dwellings jumped 3.3 percent to A$2.755 billion and loans for the construction of new dwellings gained 2.3 percent to A$5.710 billion.


The number of first home buyer commitments jumped 13.4 percent to 8,281 in November from 7,302 in October. The number of first home buyers as a percentage of total owner occupier commitments rose from 13.7 percent to 13.8 percent.


The value of loans was up 0.4 percent on month to A$19.930 billion after sliding 0.8 percent in the previous month.


Investment lending advanced 4.9 percent to A$13.269 billion after gaining 0.7 percent a month earlier.


The total value of dwelling finance commitments excluding alterations and additions gained 2.2 percent to A$33.199 billion.


Also on Tuesday, the ABS said that the total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.3 percent on month in December, standing at 97,305. That follows the 0.6 percent decline in November.


By category, sales for passenger vehicles shed 0.2 percent on month, while and Sports utility vehicles fell 1.0 percent and sales for other vehicles gained 0.3 percent.


By region, sales fell 1.4 percent on month in Western Australia and advanced 1.7 percent in the Australian Capital Territory.


On a yearly basis, new car sales were up 0.2 percent after slipping 1.1 percent in the previous month.


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High-Speed Traders Drive 80% of Bitcoin Trading


Professional traders loaded with cutting-edge technology currently drive nearly 80 percent of bitcoin trading, resembling strategies done by some of the major players on Wall Street. Volumes followed by Bitcoinity.org have soared to a record high in January, which raises the chances for high-speed traders to gain profit.


The market structure of the cryptocurrency provides arbitrage opportunities across multiple exchanges, zero transaction costs on Chinese venues, day and night trading, and co-location services which allow individuals to place their servers right next to the exchange. Chen Zhenguo, who founded China's biggest platform for facilitating bitcoin strategies, claimed he's generated annualized gains of 50 percent for his own account. The cryptocurrency's price fluctuations have impeded some high-speed companies, as the increasing dominance of trades raises the question of how long the opportunities will last.


Bitcoin's current market value is around $13.5 billion, against $6.5 trillion for Chinese equities. The cryptocurrency climbed 0.1 percent to $833.92.


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Fxwirepro: Eur/krw Hits Fresh 4-Week Low at 1,239, Upside Limited





EUR/KRW is currently trading around 1,246 mark.
Pair made intraday high at 1,246 and low at 1,239 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,257 mark.
A consistent close below 1,241 will drag the parity down towards key supports around 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Alternatively, a sustained close above 1,241 will take the parity higher towards key resistances around 1,257, 1,262, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open up 0.09 pct at 2073.77.
We prefer to take short position on EUR/KRW around 1,248, stop loss at 1,257 and target of 1,239/1,232.


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PM May Outlines Clean Break from EU in Brexit Speech





British Prime Minister Theresa May declared during her anticipated speech that the UK will leave the EU single market when it departs from the European Union, setting the path for a clean break from the 27-nation trading bloc.


May laid out her 12-point plan enumerating Britain's priorities as they seeking a deal with EU during Brexit, which is scheduled to be triggered by the end of March.


The premier said her negotiating priorities includes regaining control of UK's immigration and borders, leaving the European Court of Justice's jurisdiction and ending ties with the customs union, which enables the tariff-free movement of goods and services in the EU region.


The PM said that leaving the market was the inevitable consequence, stating that a 'no deal' was in the interest of Britain compared to a 'bad deal'.


But she assured that the U.K.would look to secure the best possible access to European markets. She also said that she would seek to strike a new trade deal with the customs union.


For the first time, PM May also announced the plan to put the final terms of the Brexit deal to a vote in the houses of the British parliament. This means that members of the parliament could block the deal, causing markets to rally.


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New Zealand Consumer Confidence Jumps In January - ANZ





Consumer confidence in New Zealand spiked in January, the latest survey from ANZ Bank revealed on Thursday as its index jumped 3.4 percent to a score of 128.7.


That follows the 2.1 percent decline in December to 124.5, and the January reading marks a 21-month high.


Confidence is higher on good news on the labor market, although low inflation persists, ANZ said. The GDP gauge continues to show growth at greater than 4 percent.


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Gold Prices Drop on Yellen Remarks





Gold prices remained under pressure following Federal Reserve Chair Janet Yellen's remarks that supported gradual U.S. interest rate hikes. Spot gold was little changed at $1,203 an ounce. The bullion previously reached an eight-week peak of $1,218.64, however, it dropped one percent in the earlier session as the dollar firmed.


U.S. gold futures were 0.7 percent lower at $1,203.50 an ounce. Several Fed officials were seen supporting the case for a gradual increase in U.S. interest rates. The precious metal extended losses following the latest release of the Fed's Beige Book which indicated a rise in manufacturing and tight labor markets showing upbeat U.S economic health. According to Capital Economics analyst Simona Gambarini, higher rates will likely add pressure to gold, as it is highly sensitive to increasing interest rates which raise the opportunity cost of holding non-yielding bullion.


Prices of Silver were higher as March silver added 0.7 percent to $17.274 per ounce while palladium shed 0.3 percent to $751 per ounce. In ETF trading, the SPDR Gold Trust retreated 0.6 percent while the iShares Silver Trust edged down 0.1 percent.


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Fxwirepro: Aud/jpy Breaks Channel Top, Intraday Bias Higher, Stay Long





AUD/JPY has broken major channel top resistance at 86.60, intraday bias higher.
Momentum with the bulls, RSI strong at 67 levels with further room to run.
Stochs and MACD suggest further upside, with directional support from ADX.
87.53 (Dec 15 high) is next target for bulls. Break higher could see test of 87.64 (50% Fib retrace of 102.844 to 72.437 fall) and then 89.89 (weekly 200-MA).
Support levels - 86.06 (5-DMA), 85.19 (converged trendline and 20-DMA), 84.63 (50-DMA) Resistance levels - 87.53 (Dec 15 high), 87.64 (50% Fib), 88.20 (Dec 31 high) ​


Call update:
Our previous call (http://www.econotimes.com/FxWirePro-...g-setup-495949) has hit TP1&2.


Recommendation:
Book partial profits at highs. Raise trailing stops to 86, hold for further upside.


FxWirePro Currency Strength Index:
FxWirePro's Hourly AUD Spot Index was at 13.4926 (Neutral), while Hourly JPY Spot Index was at -118.345 (Highly Bearish) at 0150 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.


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New Puerto Rico leader eyes sealing amicable debt agreement





Puerto Rico and its lenders have resumed negotiations this week. But Governor Ricardo Rosselló wants to reset talks following a rancorous two years between the two parties.


The new governor, who succeeded Alejandro García Padilla after winning the election in November, said Thursday he was aiming for a rational change from the previous administration's management of discussions and assert their willingness to repay debts.


Rosselló mentioned officials are willing to sit down and to employ an actual fiscal oversight. He added they are steps to implement bold reforms.


Since he assumed office on January 2, the Puerto Rican leader has enacted executive orders which will pressure government agencies to slash operating expenditures by 10% this year and cut political appointees by a fifth.


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Fxwirepro: Thai Baht Gains in Early Hours of Asia, Faces Strong Support at 35.27





USD/THB is currently trading around 35.32 marks.
It made intraday high at 35.41 and low at 35.31 marks.
Intraday bias remains bearish till the time pair holds key resistance at 35.44 marks.
On the top side key resistances are seen at 35.44, 35.61, 35.74, 35.84, 35.93, 36.01, 36.08, 36.39 and 36.66 marks respectively.
Alternatively, a daily close below 35.27 will drag the parity down towards key supports around 35.04, 34.83, 34.64, 34.51 and 34.20 marks respectively.
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 take short position in USD/THB around 35.35, stop loss 35.44 and target of 35.22/35.04.


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