Thread: Forex News from InstaForex

INDIA'S CENTRAL BANK LEAVES KEY RATES UNCHANGED



India's central bank left its key interest rates unchanged as widely expected as inflation remains elevated.

The Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to hold the policy repo rate at 4.00 percent. The reverse repo rate was retained at 3.35 percent.

The Marginal Standing Facility or MSF rate, and the Bank rate remained unchanged at 4.25 percent.

The last change in the benchmark rate was a 40 basis point cut in May, taking the cumulative reduction to 250 basis points since February 2019.

Das said the bank will continue with accommodative policy stance as long as necessary, at least for the current financial year and into the next year.

The bank projected real GDP to fall 7.5 percent in the financial year 2021-21. Das said inflation is likely to remain elevated. This constrains monetary policy at the current juncture.

News are provided by
InstaForex.

CHINA EXPORTS SURGE IN NOVEMBER



China's exports surged in November driven by robust global demand, data from the General Administration of Customs showed on Monday.

Exports advanced 21.1 percent year-on-year in November, much bigger than the economists' forecast of 12 percent.

At the same time, imports grew moderately by 4.5 percent annually, which was also faster than the 6.1 percent increase expected by economists.

As a result, the trade surplus increased to $75.4 billion in November. Economists had forecast the surplus to fall to $53.5 billion from $58.44 billion in the previous month.

News are provided by
InstaForex.

AUSTRALIA TOTAL DWELLING APPROVALS +3.8% ON MONTH IN OCTOBER



The total number of building permits issued in October was up a seasonally adjusted 3.8 percent on month in October, the Australian Bureau of Statistics said on Tuesday - standing at 16,584.

Permits for private sector house increased 3.1 percent on month to 10,692, while permits for private sector dwellings excluding houses jumped 6.2 percent to 5,529.

On a yearly basis, overall permits rose 14.3 percent, private sector houses surged 31.7 percent and private sector dwellings excluding houses dropped 10.6 percent.

The value of total building approved rose 26.1 percent on month in October. Non-residential building drove the increase, rising 58.6 percent, having fallen 35.4 percent in September. The value of total residential building increased 9.4 percent in October.

News are provided by
InstaForex.

EUROPEAN ECONOMICS PREVIEW: GERMANY'S FOREIGN TRADE DATA DUE



Foreign trade data from Germany is due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's foreign trade figures for October. Exports are forecast to climb 1.2 percent on month, slower than September's 2.3 percent increase. Meanwhile, imports are expected to rise 1 percent, reversing a 0.1 percent fall.

At 3.00 am ET, Spain's INE releases industrial production data for October. Economists expect the production to fall 2.6 percent on year, following a 3.4 percent decrease in September.

In the meantime, foreign trade from Austria, Slovakia and Hungary are due. Slovakia's trade surplus is seen at EUR 724.8 million in October versus EUR 707.9 million a month ago.

News are provided by
InstaForex.

PHILIPPINES OCTOBER TRADE DEFICIT $1,776 BILLION



The Philippines posted a merchandise trade deficit of $1.776 billion in October, the statistics office said on Thursday.

That follows the $1.707 billion shortfall in the previous month.

Exports were down 2.2 percent on year after rising 2.2 percent in September.

Imports plummeted an annual 19.5 percent after slipping 16.5 percent a month earlier.

News are provided by
InstaForex.

NEW ZEALAND FOOD PRICES FALL AS BORDER RESTRICTIONS DAMPEN EXPORTS



New Zealand food prices declined in November as the Covid-19 restrictions reduced exports, Stats NZ said Friday.

Food prices fell 0.9 percent month-on-month in November, bigger than the 0.7 percent drop posted in October.

Rising air freight costs since the coronavirus border closures has made exporting products much more expensive. Moreover, shortage of international workers in the fruit picking industry has meant that growers cannot pick their fields fast enough, data revealed.

"With less exports there is more supply available for domestic consumption, causing lower prices," consumer prices manager Katrina Dewbery said.

"Prices are lower than we typically see for a November month with December generally being when they are cheapest. Some people may be seeing even cheaper prices during the first half of December," Dewbery said.

Despite a sharp 43 percent decrease in strawberry prices, fruit prices advanced 5.2 percent, while vegetable prices dropped 9.9 percent.

News are provided by
InstaForex.

EUROPEAN ECONOMICS PREVIEW: EUROZONE INDUSTRIAL PRODUCTION DATA DUE



Industrial production data from euro area is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to release Germany's wholesale price figures for November. Economists forecast wholesale prices to rise 0.2 percent on month, in contrast to a 0.2 percent fall in October.

In the meantime, industrial production and retail sales reports are due from Turkey. Production is seen climbing 9 percent annually in October, faster than the 8.1 percent rise in September.

At 3.00 am ET, consumer price figures are due from Slovakia. Inflation is forecast to rise to 1.5 percent in November from 1.6 percent in October.

At 5.00 am ET, Eurostat is set to publish euro area industrial production data for October. Economists expect output to grow 2 percent on month, reversing a 0.4 percent fall in September.

At 6.00 am ET, Germany's central bank is slated to release its monthly report.

News are provided by
InstaForex.

CHINA DATA DUE ON TUESDAY



China is scheduled to release a batch of data on Tuesday, setting the pace for a busy day in Asia-Pacific economic activity. On tap are November numbers for industrial production, retail sales, fixed asset investment and unemployment.

In October, industrial production was up 6.9 percent on year, while retail sales were up 4.3 percent, fixed asset investment gained 1.8 percent and the jobless rate was at 5.3 percent.

The Reserve Bank of Australia will release the minutes from its December 1 monetary policy meeting. At the meeting, the board voted to maintained its key benchmark lending rate at the record low of 0.10 percent and likely will keep it there for at least three more years.

Indonesia will see November trade data and Q3 business confidence figures. In October, imports plummeted 26.93 percent on year and exports fell an annual 3.29 percent for a trade surplus of $3.61 billion. In Q2, the business confidence index came in with a score of 102.90.

News are provided by
InstaForex.

AUSTRALIA LEADING INDEX LOGS RECORD GROWTH IN NOVEMBER



Australia's leading index registered its strongest growth in the survey history in November signaling above trend growth, data from Westpac showed on Wednesday.

The six-month annualized growth rate in the Westpac Melbourne Institute leading index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to 4.38 percent in November from 3.77 percent in October.

The leading index growth rate has climbed an extraordinary 8.79 percentage points since June.

The Reserve Bank Board next meets on February 2. Bill Evans, chief economist at Westpac expects the central bank to introduce a second A$100 billion program following the expiry of the first one in late April/ early May.

News are provided by
InstaForex.

SINGAPORE NODX SLIDE IN NOVEMBER



Non-oil domestic exports in Singapore dropped 4.9 percent on year in November, Enterprise Singapore said on Thursday - missing forecasts for a gain of 2.0 percent following the 3.1 percent drop in October.

On a monthly basis, NODX slid 3.8 percent - again shy of expectations for a gain of 6.2 percent following the 5.4 percent decline in the previous month.

The decline was mainly due to decreases among petrochemicals, pharmaceuticals, non-monetary gold and electronics.

NODX to the top 10 markets as a whole decreased in November, although exports to the United States, Japan, Taiwan, Malaysia, Thailand and Hong Kong increased.


News are provided by
InstaForex.