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British pound retains gains as inflation climbs





The British pound held its advances Wednesday following UK inflation rate surged in July, retaining bets the Bank of England will raise interest rate soon. The Office for National Statistics reported the Consumer Price Inflation climbed 0.1% last month from 0% in June, while core inflation rose 1.2% last month from 0.8% in June. Sterling stood at 70.24 pence per euro. Against the US dollar, the pound finished at $1.5661. More surprises in core inflation prints, specifically services inflation, can make hawkish policymakers “more comfortable in pulling the trigger for voting for a hike,” said analysts at Credit Suisse.


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Eur/usd Recovers After Dovish Fomc Minutes, Targets 1.12150





EUR/USD recovers from low of 1.1016 after dovish FOMC minutes has broken short term resistance 1.1130 and is trading at 1.11320. On the higher minor resistance is around 1.1150 and break above would extend gains till 1.1178/1.1210. Overall trend reversal only above 1.1215 and break above would target 1.1348/1.1468. On the downside minor support is around 1.1070 and break below will drag the pair further down 1.1045/1.1000. It is good to buy at dips around 1.1100 with SL around 1.1050 for the TP of 1.1215


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Australian dollar holds earlier advances


The Australian dollar retained its earlier gains Thursday, levelling off earlier following a volatile session. The currency also lost momentum in the light of slumping oil prices, but surged following the minutes of the Federal Reserve's July policy meeting showed apprehensions about increasing interest rates in September. The Aussie finished at 66.03 euro cents from Wednesday's 66.45 euro cents, and 73.52 US cents from 73.53 US cents.


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Japan Manufacturing Sector Picks Up Steam In August - Nikkei





The manufacturing sector in Japan continued to expand in August, and at an accelerated pace, a preliminary survey from Nikkei revealed on Friday, with a Performance of Manufacturing Index score of 51.9. That's up from 51.2 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, the output index slipped to 51.9 from 52.2 in July. Growth in production was little changed from July's five-month high.


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Canadian Dollar Extends Slide Against Majors





The Canadian dollar extended its early decline against the other major currencies in New York deals on Friday. The loonie fell to 1.4840 against the euro, lowest since June 2014. The loonie dropped to 0.9646 against the aussie and 1.3142 against the greenback, off early 8-day high of 0.9536 and a 2-day high of 1.3058, respectively. The loonie declined to near a 9-month low of 93.28 against the yen, from an early high of 94.45. The next possible support for the loonie is seen around 1.33 against the greenback, 1.49 against the euro, 0.97 versus the aussie and 92.00 against the yen.


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Dollar Continues To Weaken Heading Into The Weekend





The dollar is losing ground against all of its major competitors at the end of the trading week. The U.S. currency has been falling since the release of the minutes from the July Federal Reserve policy meeting Wednesday afternoon. The minutes suggested that the Fed is moving closer to raising interest rates. In a strong sign that the Fed is considering a September rate hike, it said the pace of job gains had been "solid," with a range of labor market indicators suggesting that underutilization of labor resources had continued to diminish. Most members judged that the conditions for tightening had not yet been achieved, but they noted that conditions were "approaching that point." There were no U.S. economic reports released Friday, following the large number of releases yesterday. There were a number of reports released in Europe, where the data was largely positive. The dollar has dropped to a 2-month low of $1.1350 against the Euro Friday, from Tuesday's high of around $1.10. Eurozone consumer confidence strengthened for the first time in five months during August, preliminary data from the European Commission revealed Friday. The flash consumer confidence index for the euro area rose to -6.8 from July's -7.1. Economists had expected a -6.9 reading. Eurozone private sector growth improved in August underpinned by German activity, while the expansion in France eased to a four-month low, signaling the widening divergence between two largest euro area economies. At 54.1, the flash Purchasing Managers' Index ticked higher from July's final reading of 53.9 and remained at an expansionary level for the twenty-sixth successive month, preliminary data from Markit Economics showed Friday. The pace of increase was one of the fastest seen over the past four years and stayed above the expected level of 53.7. Germany's private sector grew at the fastest pace in four months in August, flash survey data from Markit revealed Friday. The flash composite output index rose to 54 in August from 53.7 in July. The reading reached a 4-month high in August. The French private sector growth slowed to a 4-month low in August, flash survey data from Markit Economics showed Friday. The composite output index fell to a 4-month low of 51.3 in August from 51.5 in July. German consumer sentiment is set to drop unexpectedly in September, as economic and income expectations floundered despite Greece reaching an agreement on a controversial debt deal. The forward-looking consumer sentiment index fell to 9.9 in September from 10.1 in August, survey data from market research group GfK showed Friday. Economists had forecast it to remain unchanged at 10.1. The buck also slipped to a 2-month low of $1.5722 against the pound sterling Friday, but has since bounced back to around $1.5695. The U.K. logged its first July budget surplus since 2012, the Office for National Statistics showed Friday. Public sector net borrowing excluding public sector banks decreased by GBP 1.4 billion to a surplus of GBP 1.3 billion or equivalent to -0.1 percent of gross domestic product in July. This was the first reported July surplus since 2012. Economists had forecast a surplus of GBP 1.1 billion. British households perceive that the value of their home increased in August, a survey from Knight Frank and Markit Economic showed Friday. The house price sentiment index, or HPSI, rose to 59.5 in August from 58.6 in the previous month. This marked the twenty-ninth successive month of the index remaining above 50. The greenback has fallen to a month and a half low of Y122.250 against the Japanese Yen Friday, from around $124.500 on Tuesday. The manufacturing sector in Japan continued to expand in August, and at a faster rate, a preliminary survey from Nikkei showed on Friday, with a Performance of Manufacturing Index score of 51.9. That's up from 51.2 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.


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Korean Won Touches 1200 on Opening Trades





USD/KRW opens on Monday at 1198
Kospi down 0.8% but all eyes now on SSEC performance on Monday
JPY/KRW 9.83 (up 0.5%)


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New Zealand dollar rises as traders defer rate hike bets





The New Zealand dollar climbed Monday as traders held up their projections for the timing of the Federal Reserve's interest rate hikes. Bloomberg data shows investors predict a 34% chance the US central bank will raise rates next month from last week's nearly 50%. The kiwi closed at 58.82 euro cents from Friday's 58.68 euro cents, 67.07 US cents from 66.24 US cents, 42.42 British pence from 42.20 British pence, and ¥80.97 from ¥81.42. All year, investors have anticipated rates to climb. The problem is “they have got no inflation to justify it,” said Derek Rankin, Director at Rankin Treasury Advisory.


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China Leading Index Rises 0.9% In July - Conference Board





A leading economic index for China remained positive in July, the latest survey from the Conference Board showed on Tuesday, advancing 0.9 percent. That follows the downwardly revised 0.6 percent increase in June (originally up 1.0 percent) and the 1.1 percent jump in May. The coincident jumped 1.1 percent, up sharply from the downwardly revised 0.2 percent increase in the previous month (originally up 0.4 percent).


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Japan Corporate Service Prices Rise 0.6% In July





Corporate service prices in Japan were up 0.6 percent on year in July, the Bank of Japan said on Wednesday.
That beat forecasts for an increase of 0.4 percent, which would have been unchanged from the June reading.
On month, prices added 0.2 percent following the flat reading a month earlier.
Among the individual components, advertising and transportation prices were up, while leasing prices were down.


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