Thread: Forex News from InstaForex

South Korea GDP Bumped Up To 0.5% In Q4





South Korea's gross domestic product expanded a seasonally adjusted annualized 0.5 percent on quarter in the fourth quarter of 2016, the Bank of Korea said in Tuesday's revised reading.


That was moved up from 0.4 percent in January's preliminary reading and was unchanged from the three months prior.


On a yearly basis, GDP was revised up to 2.4 percent from January's 2.3 percent. In the third quarter, GDP had expanded 2.6 percent.


For all of 2016, GDP was moved up to 2.8 percent - up from 2.7 percent in the preliminary read and from 2.6 percent in 2015. The growth in real GDP was mainly due to increases in private and government consumption, and the expansion of construction investment growth.


The growth of facilities investment meanwhile shifted to negative.


Real gross national income climbed 4.0 percent on year.


Agriculture, forestry & fishing fell 2.9 percent in 2016, mainly due to deteriorating weather conditions.


Manufacturing jumped 2.3 percent. While transportation equipment contracted, the growth in petroleum & chemical products and electrical & electronic equipment expanded.


Construction advanced 10.5 percent. While civil engineering fell 1.9 percent, residential & non-residential building construction increased.


Services showed a slower expansion of 2.3 percent. While the growth in wholesale & retail trade and transportation & storage expanded, the growth of finance & insurance showed a sluggish growth rate.


Private consumption gained 2.5 percent in 2016, with increases in the consumption of non-durable and durable goods.


Gross fixed capital formation climbed 5.2 percent. Construction investment gained 10.7 percent, mainly owing to the growth in residential building construction.


Facilities investment lost 2.3 percent, driven by investment in machinery and transportation equipment. Intellectual property products investment was up 2.3 percent.


Exports of goods & services went up 2.1 percent, as the exports of semiconductor and chemical products increased


In 2016 gross domestic product at current prices rose 4.7 percent to 1,637.4 trillion won. GNI per capita in US dollar terms marked a year-on-year increase of 1.4 percent to $27,561 in 2016.


The GDP deflator climbed 1.8 percent in 2016.


The gross saving ratio picked up 0.2 percentage point, from 35.6 percent in 2015 to 35.8 percent in 2016. The gross domestic investment ratio gained 0.4 percentage point, from 28.9 percent to 29.3 percent.


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Fed Official Says Firmer Inflation Needed for Four Rate Hikes in 2017





Inflation is not that strong and it would need a firmer lift for four raise interest hikes in America this year, according to a Federal Reserve official policymaker.


When asked whether he saw a formidable case for an additional rate increase in 2017, Chicago Fed President Charles Evans said Monday he is not confident and that he does not see the figures. He added a much firmer inflation would entail a crucial rise in long-term inflation projections.


Evans did not indicate when he believed the Fed would begin slashing its balance sheet. But he noted there was an ongoing discussion about the timing and the rate of rolling out assets, saying it should be done in a controlled and disciplined manner.


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Japan Retail Sales Gain 0.2% On Month In February





Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in February, the Ministry of Economy, Trade and Industry said on Wednesday.


That missed forecasts for 0.3 percent but was unchanged from the January reading following a downward revision from 0.5 percent.


On a yearly basis, retail sales added just 0.1 percent - again shy of expectations for 0.7 percent and down from 1.0 percent in the previous month.


Sales from large retailers sank an annual 2.7 percent versus forecasts for a fall of 1.8 percent after sliding 1.1 percent a month earlier.


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U.S. Stocks Rise on Upbeat Consumer Data





Wall Street closed sharply higher, snapping its eight-day losing streak, with energy and financial shares soaring as latest data showed U.S. consumer confidence surging to over a 16-year peak. The S&P 500's best day in almost two weeks came following a record-setting rally for stocks in the aftermath of President Donald Trump's election. The Dow Jones industrial average advanced 0.73 percent to finish at 20,701.50, as Apple led gains while Johnson & Johnson being the top decliner. The S&P 500 climbed 0.73 percent at 2,358.57, with financials leading all 11 sectors up. The Nasdaq composite rose 0.60 percent at 5,875.14.


The financial sector gained 1.4 percent, as Bank of America and JPMorgan both lifted the S&P 500. Energy shares were up 1.3 percent, buoyed by higher oil prices. The Dow Jones Transport Average, which is acknowledged by some as a barometer of the economy, added 1.8 percent for its second-best day of 2017. Shares of Apple jumped 2.1 percent and gave the largest boost to the S&P and the Nasdaq, notching an all-time peak.


Among other shares active on corporate news, Tesla climbed 2.7 percent after announcing that Tencent Holdings has taken a five percent stake in the company for $1.78 billion. General Motors gained 2.4 percent after investor David Einhorn's Greenlight Capital advised the automaker to divide its stock into two classes.


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Wall Street Finished Mostly Higher as Brexit Process Eyed





U.S. equities ended mostly higher, as energy led gains, while investors priced in recent economic data and the beginning of the U.K.'s exit from the European Union. Strength in the energy and consumer sectors counterbalanced losses in financial shares while investors also looked ahead to first-quarter earnings season.


The Dow Jones industrial average slipped 0.2 percent at 20,659.32, as UnitedHealth led losses while Chevron was the top gainer. The S&P 500 climbed 0.11 percent at 2,361.13, with energy leading five sectors up while financials lagged behind. The Nasdaq composite advanced 0.38 percent at 5,897.55.


The energy sector was up 1.2 percent after Energy Information Administration data revealed a smaller-than-expected crude inventory build. The consumer discretionary sector climbed 0.6 percent, with retailers like Kohl's and Nordstrom soaring. Shares of Amazon.com gained 2.1 percent to notch an all-time peak, providing the largest lift to the S&P 500 and Nasdaq. Financial shares retreated 0.5 percent a day after leading the rally.


Among stocks active on corporate news, Vertex Pharmaceuticals surged 20.5 percent after its cystic fibrosis treatment was a success in a study. The stocks lifted the S&P and helped propel the Nasdaq Biotechnology index to climb 0.9 percent.


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Fxwirepro: Usd/thb Rejects Key Resistance at 34.55 After Bot Kept Interest Rate Steady





USD/THB is currently trading around 34.48 marks.


It made intraday high at 34.49 and low at 34.41 marks.


Intraday bias remains neutral till the time pair holds key resistance at 34.55 mark. On the top side, key resistances are seen at 34.55, 34.61, 34.72, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.


Alternatively, a daily close below 34.41 will drag the parity down towards key supports around 34.32, 34.20 and 34.01 marks respectively.


Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.


We prefer to take short position in USD/THB only below 34.41, stop loss at 34.55 and target of 34.32.


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New Zealand Business Confidence Index Slips In March





Business confidence in New Zealand receded in March, the latest survey from NBNZ Bank showed on Friday with an index score of +11.3.


That's down from 16.6 in February, although it remains in positive territory - which signals that optimists outnumber pessimists.


The bank also said that its activity outlook had a score of 38.8, up from 37.2 in the previous month.


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Dudley: Fed Rate Hikes Suitable to Counter Overheating Risk





Interest rate rises are appropriate to curb the threat of overheating, according to a Federal Reserve official.


New York Fed President William Dudley said Thursday it deems suitable to cut down on monetary policy accommodation gradually to lower the peril of the economy overhearing as well as avert a substantial inflation overshoot in the medium-term.


He noted the federal funds rate are still unusually low even after the Fed increased rates this month.


Noting significant uncertainties and risks overseas, the Fed official said the economic view abroad seems to improve and the dangers are largely lower than before.


Dudley also said the American economy has continued to grow moderately above its attainable long-term rate. He added inflation and growth threats are off to the upside.


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Australia Retail Sales Slip 0.1% In February





The total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in February, the Australian Bureau of Statistics said on Monday - coming in at A$25.691 billion.


That missed forecasts for an increase of 0.3 percent following the 0.4 percent gain in January.


By category, food retailing was up 0.3 percent, followed by cafes, restaurants and takeaway food services (0.1 percent), and other retailing (0.1 percent).


Clothing, footwear and personal accessory retailing was unchanged (0.0 percent). Household goods retailing (-0.1 percent), and Department Stores (-0.1 percent) were down.


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Gold Prices Steady, Bolstered by Lacklustre U.S. Data





Gold prices were steady after posting their best quarter in a year, buoyed by tepid economic data from the U.S. and dovish comments from Federal Reserve officials on Friday.


Spot gold was mostly flat at $1,2480.50 an ounce while U.S. gold futures settled at $1,251. Spot gold touched a quarterly gain of nearly 8.4 percent on Friday, posting its best quarter in a year.


The U.S. mint sold 21,000 ounces of American Eagle gold coins in March, lower by 23.6 percent from the month earlier, according to new data. The demand for the precious metal in India increased this week as a result of a festival and as local prices adjusted to an appreciating rupee, while higher prices held demand elsewhere in Asia.


Hedge funds and money managers increased their net long position in COMEX gold for the second consecutive week in the week to March 28, and raised it slightly in silver, according to U.S. Commodity Futures Trading Commission data on Friday.


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