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Japan Has Y569.659 Billion Deficit In August





Japan had a merchandise trade deficit of 569.659 billion yen in August, the Ministry of Finance said on Thursday. That missed forecasts for a shortfall of 542.5 billion yen following the 268.4 billion yen deficit in July. Exports gained 3.1 percent on year, shy of forecasts for an increase of 4.4 percent and down from the 7.6 percent jump in the previous month. Imports dipped an annual 3.1 percent versus expectations for a fall of 2.5 percent following the 3.2 percent contraction a month earlier.


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British pound bolsters as UK wages hit fastest pace in 6 years





The British pound escalated Wednesday as official figures showed British wages picked up speed in more than six years. According to the Official for National Statistics, the average pay throughout the United Kingdom rose by 2.9%, the fastest pace since 2009. Sterling finished at 72.93 pence per euro. Against the US dollar, the pound stood at $1.5445. With inflation still stuck around zero and oil prices slumping, traders have scaled back into next year their expectations on the Bank of England's timing of interest rate hikes. BOE Governor Mark Carney banged his recent remarks China-ignited market turmoil should not change the central bank's supposition.


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BoJ Minutes: Modest Economic Recovery Remains On Track





The members of the Bank of Japan's monetary policy board felt that the country's economic recovery continued, minutes from the central bank's meeting on August 6 and 7 revealed on Friday. Private consumption was resilient and housing investment was also making progress, the board noted, while inflation expectations appear to be rising. "Quantitative and qualitative monetary easing has been exerting its intended effects, and the bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate," the minutes said. At the meeting, the BoJ decided to keep its monetary policy unchanged and also maintained its inflation and economic growth outlook. It also held its benchmark lending rate steady at 0 to 0.10 percent. By an 8-1 vote, the policy board decided to maintain its target of raising the monetary base at an annual pace of about JPY 80 trillion. Downside risks include commodity exporters and emerging markets, the bank said, as well as the pace of the economic recovery in the United States. "Risks to the outlook include developments in the emerging and commodity-exporting economies, the prospects regarding the debt problem and the momentum of economic activity and prices in Europe, and the pace of recovery in the U.S. economy," the minutes said. Inflation is likely to be about zero percent for the time being, due to the effects of the decline in energy prices. Core inflation was at meager 0.1 percent in June. Renewed fall in oil prices could weigh on inflation. Nonetheless, the bank aims to achieve its 2 percent inflation target by September next year. "With regard to the outlook, Japan's economy is expected to continue recovering moderately. The year-on-year rate of increase in the CPI is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices," the minutes said.


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China Home Prices Rise In August





Home prices in majority of the Chinese cities increased in August, figures from the National Bureau of Statistics showed Friday. On a monthly basis, home prices climbed 35 out of 70 cities surveyed by the government. Prices declined in 26 cities but remained flat in 9 months. The biggest hike in prices was noted in Shenzhen, by 5.1 percent and the steepest decreases were seen in Dandong, Jining and Xiangyang, by 0.5 percent. Compared with the same month of the previous year, home prices fell 61 out of the 70 cities during August.


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Taiwan Jobless Rate Remains Stable In August





Taiwan's unemployment rate held steady in August, defying economists' expectations for an increase, figures from the Directorate General of Budget and Statistics, or DGBAS, showed Tuesday. The seasonally adjusted jobless rate came in at 3.74 percent in August, the same rate as in the previous month. Economists had expected the jobless rate to rise to 3.77 percent. In the corresponding month of the previous year, the unemployment rate was 3.93 percent. The number of unemployed people remained unchanged at 435,000 during August. A year ago, the jobless figure totaled 453,000. At the same time, the number of persons in employment increased to 11.21 million in August from 11.20 million a month ago. The labor force participation rate rose marginally to 58.65 percent in August from 58.64 percent in July. On an unadjusted basis, the unemployment rate climbed to 3.90 percent in August from 3.82 percent in the previous


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Canadian Dollar Drops Against Most Majors





The Canadian dollar weakened against most major currencies in the Asian session on Wednesday. The Canadian dollar fell to more than a 2-week low of 90.04 against the yen, from yesterday's closing value of 90.51. Against the U.S. dollar and the euro, the loonie dropped to 1.3294 and 1.4797 from yesterday's closing quotes of 1.3271 and 1.4751, respectively. If the loonie extends its downtrend, it is likely to find support around 87.00 against the yen, 1.33 against the greenback and 1.54 against the euro.


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New Zealand Trade Deficit NZ$1.03 Billion In August





New Zealand posted a merchandise trade deficit of NZ$1.03 billion in August, Statistics New Zealand said on Thursday - representing 28 percent of exports. The headline figure missed forecasts for a shortfall of NZ$875 million following the NZ$649 million deficit in July. Exports were worth NZ$3.73 billion, down from NZ$4.20 billion in the previous month. On a yearly basis, exports climbed NZ$197 million or 5.6 percent. Beef exports continued to rise, up 46 percent on year (NZ$61 million) in August. The beef export season runs from 1 October to 30 September. "With one month to go in the 2014-15 beef export season, beef exports are at a new high of NZ$3 billion," international statistics senior manager Jason Attewell said. "So far this season, 404,000 tons of beef have been exported, and if we export at least 18,000 tons next month we'll surpass the peak 2003-04 season for quantity exported." The United States remains the top beef export destination this season, for both value and quantity. Beef export values to the U.S. have hit a record high of NZ$1.6 billion (up 64 percent) for the season to date, with quantities up 21 percent on year. Beef export values to China continued to increase, up 88 percent for the season to date, to NZ$394 million, with quantities up 52 percent on year. "International shortages, rising production, and a falling New Zealand dollar have contributed to this record beef season," Attewell said. Imports were worth NZ$4.77 billion, down from NZ$4.85 billion a month earlier. On a yearly basis, imports jumped 19.0 percent.


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Japan Producer Prices Climb 0.7% In August





Producer prices in Japan were up 0.7 percent on year in August, the Bank of Japan said on Friday. That topped expectations for an increase of 0.5 percent following the 0.6 percent gain in July. On a monthly basis, prices fell 0.2 percent after gaining 0.2 percent in the previous month. Among the individual components, prices for leasing, advertising and employment services were up, while communications and real estate prices were down.


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NZ Dollar Rises Against Majors





The New Zealand dollar strengthened against the other major currencies in the Asian session on Monday. The NZ dollar rose to near 3-week highs of 1.7491 against the euro and 1.0984 against the Australian dollar, from Friday's closing quotes of 1.7530 and 1.0990, respectively. Against the U.S. dollar, the kiwi advanced to a 10-day high of 0.6402 from last week's closing value of 0.6376. The kiwi edged up to 77.01 against the yen, from Friday's closing value of 76.93. If the kiwi extends its uptrend, it is likely to find resistance around 1.70 against the euro, 1.08 against the aussie, 0.65 against the greenback and 78.00 against the yen.


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Canadian dollar plummets on lower oil prices, market gloom





The Canadian dollar declined Monday as crude oil prices took a negative turn and an overall gloom over global growth ignited woes in markets. US crude prices ended at $44.43, partially affected by huge losses on Wall Street. Also, markets have been anxious over the condition of the Chinese economy along with other emerging markets. The loonie stood at 74.66 US cents from Friday's 75.10 US cents. Generally speaking, it is oil and risk appetite. Not a bunch of figures or information last weekend “really justifies the declines, but it's there and it's very troubling to asset markets,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets. Traders will expect Canadian gross domestic product data for July due Wednesday.


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