Thread: Forex News from InstaForex

Dollar Edges Down on Flat U.S. Growth Data





The dollar edged down on Monday, retreating from a one-week peak against a basket of currencies as Treasury yields fell on data which showed that the U.S. expanded at a slower-than-expected pace. The greenback fell 0.35 percent at 114.660 against the Japanese yen after climbing to 115.380, its highest since Jan 20.


The latest data released showed that U.S. gross domestic product expanded at a 1.9 percent annualised pace in the last three months of 2016, in comparison to a 3.5 percent rate in the third quarter. The dollar index against a basket of major currencies declined to a seven-week low of 99.793 before climbing to a one-week peak of 100.820 a day after. The index was last 0.2 percent off at 100.350. Focus on the market is between U.S. President Donald Trump's protectionist angle, perceived as negative for the dollar, and prospects of fiscal stimulus under the new administration, seen as positive for the greenback.


The euro strengthened and was last 0.3 percent higher at $1.0733. The pound rose 0.3 percent at $1.2593 versus a relatively weaker dollar while the Australian dollar climbed 0.1 percent at $0.7555.


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Australia Business Conditions Index Jumps In December - NAB





Business conditions in Australia improved sharply in December, the latest survey from National Australia Bank showed on Tuesday with an index score of +11.


That's up from +5 in November, and it moves further into positive territory.


The index for business confidence also improved, moving up to +6 from +5 a month earlier.


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Fitbit Shares Sink Following Unsatisfactory Quarterly Results





Shares of Fitbit tumbled by as much as 18% after it announced trimming its workforce and it reported lower-than-anticipated financial results during the fourth quarter.


The stock managed to reverse some of its losses, but still closed the session almost 16% down.


In a release issued on Monday, the wearable fitness device maker said its layoffs will impact 110 people within its workforce across different divisions which makes up around 6% of the company's total global labor force. The expenses of the reorganization are anticipated to cost around $4 million, which will be included during the first quarter of 2017.


The firm added that it projects to post 6.5 million sales of devices and revenue during the Q4 of 2016 to be within the range of $572 million- $580 million, a steep drop from the company's initially issued guidance range of $725 million-$750 million.


Revenue growth for the previous business year is seen to be around 17% from the prior projected expansion of 25% to 26%.


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China Manufacturing PMI Slips To 51.3 In January





The manufacturing sector in China continued to expand in January, albeit at a slightly slower pace, the National Bureau of Statistics said on Wednesday with a manufacturing PMI score of 51.3.


That exceeded expectations for 51.2, although it was down from 51.4 in December.


The bureau also said that its non-manufacturing PMI came in at 54.6 in January, in line with forecasts and up from 54.5 in the previous month.


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Gold Notches Week High on Trump Comments





Gold prices advanced to a one-week peak as rattled investors purchased bullion after U.S. President Donald Trump's comments on currency devaluation by other countries caused the dollar to decline. Spot gold was up 1.4 percent to $1,211.15 per ounce after hitting its highest level since Jan. 24 at $1,215.37.


U.S. gold futures were 1.3 percent higher at $1,208.60. The dollar plunged as stocks sealed their largest loss in six weeks as Trump added uncertainty to the market after bans on travel to the United States. The weaker dollar helped raise bullion, while traders focused on the two-day Federal Reserve meeting that kicked off during the session. Funds have been reduced out of the $30 billion SPDR Gold ETF for 10 out of the 11 weeks since the Nov. 8 elections, which includes a one percent loss in the week ended on Jan. 25, according to data from Lipper.


In other metals, spot silver rose 2.6 percent at $17.55 per ounce after tapping its highest since Nov. 11 at $17.61. Platinum climbed 0.8 percent to $993.40, and is set for its highest monthly performance since July, and palladium gained 1.9 percent at $754.20.


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Australia December Trade Surplus A$3.511 Billion





Australia had a merchandise trade surplus of A$3.511 billion in December, the Australian Bureau of Statistics said on Thursday.


That exceeded forecasts for A$2.00 billion and was up from the upwardly revised A$2.040 billion surplus in November (originally A$1.234 billion).


Exports were up 5.0 percent on month to A$32.630 billion, while imports added 1/0 percent to A$29.120 billion.


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Facebook Shares Jump on Strong Fourth Quarter Results





Facebook Inc. posted solid financial results during the fourth quarter. Earnings and revenue surpassed expectations, driven by strong growth in its mobile advertising business as companies continue their push to reach consumers on mobile phones.


The company showed no indications of slowdown in growth, as quarterly profit came in at $3.57 billion, more than twofold of the $1.56 billion it posted a year ago. The social media firm also reported sales rose 51% to $8.81 billion, surpassing analyst estimates.


Monthly active users on Facebook also rose 17% on-year to 1.86 billion, with 1.23 billion checking their accounts daily and 1.74 billion users accessing it through their mobile phones.


Facebook has now solidified its position as the number 2 in the mobile advertising market, following Alphabet Inc.'s Google.


In November, the company cautioned that ad growth would slow significantly due to ad load limits . But the results showed little indication of this flagged slump as revenue jumped to $8.81 billion from $5.84 billion a year prior.


Adjusted profit is at $1.41 per share, higher than the estimated $1.31 average by analysts. Facebook shares jumped as much as 3.6% in late hours trading after the report and settled at $133.23 in NY trading


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New Zealand Commodity Prices Fall In January





New Zealand's commodity prices decreased for the first time in nine months in January, though slightly, the results of a survey by ANZ showed Friday.


The ANZ commodity price index edged down 0.1 percent month-over-month in January, reversing a 0.7 percent increase in December.


Dairy prices dropped 0.4 percent over the month, due entirely to weaker whole milk powder.


Across all products, the largest fall was again in wool prices, which declined 8.6 percent in January from a month ago.


At the same time, beef and lamb prices climbed by 1.9 percent and 1.6 percent, respectively at the start of the year. Seafood prices registered an increase of 0.9 percent.


The NZD ANZ commodity price index slid 1.1 percent from December, when it grew by 2.0 percent.


On an annual basis, the NZD ANZ commodity price index rose 8.6 percent in January, following a 9.4 percent spike in the preceding month.


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Technical analysis of EUR/USD for Feb 03, 2017





When the European market opens, some Economic Data will be released, such as Retail Sales m/m, Italian Prelim CPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the economic data, too, such as Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.


TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0813.
Strong Resistance:1.0806.
Original Resistance: 1.0796.
Inner Sell Area: 1.0786.
Target Inner Area: 1.0761.
Inner Buy Area: 1.0736.
Original Support: 1.0726.
Strong Support: 1.0716.
Breakout SELL Level: 1.0709.


More analysis - at instaforex.com

Australia Retail Sales Dip 0.1% In December





The total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in December, the Australian Bureau of Statistics said on Monday - coming in at A$25.611 billion.


That missed forecasts for an increase of 0.3 percent following the downwardly revised 0.1 percent gain in November (originally 0.2 percent).


For the fourth quarter of 2016, retail sales advanced 0.9 percent on quarter to A$74.985 billion.


That was in line with expectations following the 0.1 percent contraction in the three months prior.


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