Thread: Forex News from InstaForex

Toshiba Tec Rallies on Reported Stake Sale





Toshiba Tec Corp. shares advanced more than 6% in early Asian trading, lifted by a report that Toshiba Corp., its owner company, is mulling to sell shares in the firm. Toshiba Tec shares were last seen trading at 645 yen, rising 5.2% from its finish on Friday.


Toshiba Corp. denounced a Nikkei business daily report that it was eyeing to share shares in the cash register systems maker, as it looks to raise cash for an upcoming $6.3 billion massive writedown for its U.S. nuclear business unit.


The Japanese conglomerate reportedly chose an advisory company to help seek out a buyer for Toshiba tec, Nikkei said. According to the paper, the seen sale of 50.02% stake in the company would be valued around 100 billion yen or $870 million.


Toshiba is currently laying the groundwork for the sale of a majority or the entirety of its stake in its memory chips business, which is currently valued by the company at $13 billion. Earlier this March, the company has also sold all of its shares in its subsidiary Toshiba Machine Co. for $134 million to raise money.


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Australia Business Confidence Slide In February





Business confidence in Australia deteriorated in February, the latest survey from the National Australia Bank revealed on Tuesday with an index score of +7.


That's down from +10 in January.


Business conditions also slipped in February, with the index dropping to +9 from +16 in the previous month.


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China’s Economy Opens Year on Strong Footing





China's economy managed to maintain its strong pace of growth at the start of the year as the second-largest economy's traditional growth engines begin to gather momentum.


Industrial output rose at an annual rate of 6.3 percent in January and February combined, higher than the average estimate of 6.2 percent growth.


Fixed-asset investment also gained 8.9 percent during the period, boosted primarily by infrastructure projects. Infrastructure is seen by economists to be generally robust this 2017 due to the public-private tie-ups.


In an indication that the economy's pace of growth is sustained, private fixed-asset investment rose to 6.7 percent growth year-on-year during the first two months of the year. Property development also rose 8.9 percent, while a gauge of services production advanced 8.2 percent during the period.


Retail sales advanced 9.5 percent during the first two months of 2017, missing estimates. Auto sales also showed signs of slowing down following a tax hike on small engine cars.


The National Bureau of Statistics said that despite the weakness in retail sales and auto sales, the data showed that the economy started the year on a strong footing.


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Australia New Motor Vehicle Sales Sink 2.7% In February





New motor vehicle sales in Australia were down a seasonally adjusted 2.7 percent on month in February, the Australian Bureau of Statistics said on Wednesday - standing at 94,786.


That follows the 0.6 percent increase in January.


By category, sales for passenger vehicles fell 0.6 percent, while sports utility vehicles were down 0.5 percent and other vehicles shed 0.3 percent.


By region, the largest downward movement was in Tasmania (-2.6 percent), while the biggest gain came in the Northern Territory (0.1 percent).


On a yearly basis, sales dropped 4.1 percent after falling 0.9 percent in the previous month.


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Gold Prices Steady Ahead of Fed Announcement





Gold prices held firm on Wednesday ahead of the conclusion of the two-day Federal Reserve meeting, with the U.S. central bank broadly expected to hike interest rates. With a rate increase by the Fed already seen as a done deal, investors turn their focus on what message the central bank will announce.


Spot gold rose 0.1 percent to $1,199.34 an ounce. U.S. gold futures settled 0.3 percent lower at $1,199 an ounce. Investors also shifted their focus on Wednesday's Dutch elections, which has boosted the precious metal's safe-haven demand. Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund was up 0.36 percent to 834.99 tonnes on Tuesday from Monday.


British peer-to-peer gold-and-silver-bullion exchange company BullionVault is now offering clients a facility to buy, sell and store physical platinum held in bars that weigh between one kilogram and six kilograms denominated in dollars, euros and sterling.


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Australia Unemployment Rate Jumps To 5.9%





The unemployment rate in Australia climbed to a seasonally adjusted 5.9 percent in February, the Australian Bureau of Statistics said on Thursday.


That missed forecasts for 5.7 percent, which would have been unchanged from January.


The Australian economy lost 6,400 jobs last month to 11,998,800 versus expectations for the addition of 16,000 jobs following the gain of 13,700 in January.


Full-time employment increased 27,100 to 8,158,900 and part-time employment decreased 33,500 to 3,840,000.


Unemployment increased 26,000 to 748,100. The number of unemployed persons looking for full-time work increased 10,800 to 523,800 and the number of unemployed persons only looking for part-time work increased 15,100 to 224,300.


The participation rate was 64.6, matching forecasts and unchanged from the previous month.


Monthly hours worked in all jobs decreased 20.5 million hours to 1,661.9 million hours. The labor force underutilization rate increased 0.4 pts to 14.6 percent.


The male labor force underutilization rate increased 0.3 pts to 12.6 percent and the female labor force underutilization rate increased 0.6 pts to 16.8 percent.


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Fed Lifts Benchmark Interest Rate as Confidence in Economy Grows





At the end of its two-day policy review, the U.S. Federal Reserve took a step to tighten monetary policy for the second time in three months.


The 0.25 percentage point hike in the U.S. central bank's overnight interest rate was a move prompted by the steady economic growth, solid and consistent job gains and increasing confidence that inflation will move in accordance with the Fed's target, Fed Chair Janet Yellen said.


The move was also perceived by the market as a strong indication that the Fed is entering a new period where they are looking to return the monetary policy to a more normal condition. Yellen indicated that the shift is due to the growing confidence in the economy's progress, which has grown according to the Fed's expectations in the last few months.


The Fed also retained its outlook for two additional rate hikes this year and three more in the following year, in line with the number of rate increases they penciled in last year.


The FOMC also noted that inflation was nearing the target of 2% and that capex has somehow improved following months of weakness.


However, the Fed did not drop hints regarding its plans to accelerate the rate of monetary tightening.


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New Zealand Consumer Confidence Ebbs In March - ANZ





Consumer confidence in New Zealand slowed in March, the latest survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.


That follows the 1.0 percent decline in February to 127.4.


However, it remains well above the boom-or-bust line of 100 that separates optimists from pessimists.


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New Zealand Consumer Confidence Ebbs In March - ANZ





Consumer confidence in New Zealand slowed in March, the latest survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.


That follows the 1.0 percent decline in February to 127.4.


However, it remains well above the boom-or-bust line of 100 that separates optimists from pessimists.


News are provided byInstaForex.

Fxwirepro: South Korean Won falls in Early Asia on the Back of Lower Than expected Ppi Data





EUR/KRW is currently trading around 1,213 mark.


Pair made intraday high at 1,213 and low at 1,208 levels. Intraday bias remains bullish till the time pair holds key support at 1,208 mark.


A daily close below 1,208 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.


Alternatively, a sustained close above 1,208 will take the parity higher towards key resistances around 1,219, 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.


Seoul shares open down 0.20 pct at 2160.32.


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


South Korea’s February PPI growth m/m decreases to 0.3 % vs previous 1.4 % (revised from 1.3 %).


South Korea’s February PPI growth y/y increase to 4.2 % vs previous 3.9 % (revised from 3.7 %).


We prefer to take long position in EUR/KRW around 1,210, stop loss at 1,205 and target of 1,219.


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