Forex News (from InstaForex) - page 124
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Oil glides near eight-month peaks on woes over Nigeria's crude industry
Oil prices inched closer to its highest in around eight months, bolstered by anxieties over Nigeria's oil industry and data indicating bigger than anticipated drawdown in US crude inventories. An American Petroleum Institute data showed commercial oil inventories declined by 3.6 million barrels in the previous week. Analysts noted worries regarding global supply disruptions boosted the market, which surfaced when militants assaulted southern Delta swamps in Nigeria. Brent crude for August settlement remained at $51.44 per barrel, while NYMEX crude for July settlement closed at $50.40 per barrel, up 4 cents.
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Fxwirepro: South Korea's Won Turns Weaker After Surprise Central Bank Rate Cut
USD/KRW is currently trading around 1154 levels. It made intraday high at 1160 and low at 1152 marks.
Today BOK cuts base rate by 25 bps to record-low 1.25 pct vs 1.50 pct previous release.
Intraday bias remains bullish till the time pair holds key support at 1152 marks.
A sustained close below 1152 will tests key supports at 1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively. Alternatively, reversal from key support will drag the parity higher towards key resistances at 1168, 1176, 1182, 1196 (June 01, 2016 high), 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
In addition, South Korea?s finance minister said, ?BOK rate cut seen positive for economy?.
We prefer to take long position in USD/KRW only above 1158, stop loss 1152 and target 1176/ 1182 marks.
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Nike stands pat on Sharapova amid two-year suspension
Nike Inc. announced it would continue sponsoring Maria Sharapova although she got a two-year suspension as a drug test found her positive for using a prohibited medicine. The sports company stressed it would stay behind Russian-born tennis player, reiterating the International Tennis Federation ascribed to a faulty procedure to decide on the issue. Earlier this year, the Tennis Anti-Doping Programme found Sharapova positive for using the banned drug. The endorser will attempt to appeal the decision. Nike initially held off its relations with Sharapova to watch the probe. But the firm noted the tribunal believed the endorser did not intentionally breached the regulations. Sharapova earlier admitted she only used meldonium for medical reasons and had already apologized for overlooking the new rule.
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Fxwirepro: Japanese Yen Gains in Early Hours Despite Lower Than expected Bsi Manufacturing Index Data
USD/JPY is currently trading around 106.43 marks.
It made intraday high at 106.84 and low at 106.36 levels.
Intraday bias remains bearish till the time pair holds key resistance at 107.38 marks.
A daily close above 107.38 is required to take the parity higher towards key resistances around 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
On the other side, a sustained break below 106.25 will drag the parity down towards key supports at 105.71, 105.45 and 104.55 levels respectively.
Today Japan released BSI manufacturing index with negative numbers at -11.1% q/q vs -7.9% q/q previous release.
News are provided byInstaForex.
Chinese investment growth abates in May, factory output steady
China's fixed-asset investment and retail sales growth cooled in May, but factory output growth remained stable.
The National Bureau of Statistics said fixed-asset investment growth dropped to 9.
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Fxwirepro: Usd/jpy Hovers Around 106.00 Mark in Early Hours, a Sustain Close Below Targets 105.19
USD/JPY is currently trading around 106.05 marks. It made intraday high at 106.42 and low at 105.93 levels. Intraday bias remains bearish till the time pair holds key resistance at 107.38 marks. A daily close above 107.38 is required to take the parity higher towards key resistances around 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
On the other side, a sustained close below 106.00 will drag the parity down towards key supports at 105.19 (October 15, 2014 low) and 104.55 levels respectively.
Today Japan will release revised industrial production data at 0430 GMT. Market expects a rise to 0.4% m/m vs 0.3% m/m previous release.
News are provided byInstaForex.
Venezuela halts two-day work week, mitigates power disbursement
Venezuela alleviated energy distribution, which led to removing a two-day work week for almost 3 million employees in the public sector. Electricity Minister Luis Motta said increasing water supply at the Guri reservoir led to the government's decision. According to officials, the administration implemented the measures in response to drought this year and have helped lower power consumption in the country. But critics reiterated the government should be blamed, saying such moves fail to resolve electricity scarcity since people would simply use appliances in another place.
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Australia Consumer Confidence Slips In June - Westpac
Consumer confidence is Australia was down slightly in June, the latest survey from Westpac Bank showed on Wednesday as its index slipped 1.0 percent to a score of 102.2.
That's a somewhat natural correction after the previous month's spike, which saw an 8.5 percent jump to 103.2 - largely on enthusiasm over a rate cut from the Reserve Bank of Australia.
"Coming after an 8.5 per cent surge in May, the small decline in June mostly represents a consolidation at improved levels," Westpac senior economist Matthew
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Mitsubishi Utilized Inappropriate Mileage Data for Additional Models: Media
Japan's local media reports Mitsubishi Motors Corp. has used inaccurate fuel economy data for supplemental models that are outmoded and intends to divulge the issue soon to Japan's transport ministry. The automaker confessed in April of exaggerating the fuel economy on four of its mini-vehicles. Two models involved were made for Nissan Motor Co. and has stated that their own probing has verified that improper mileage calculations were utilized for nine other models. Asahi newspaper said Mitsubishi Motors forged data for 3 additional models and that the carmaker made hypothetical calculations for the mileage of 10 additional models that are obsolete.
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Fxwirepro: Asx200 Struggles to Break Above 5200, Good to Buy at Dips
Major resistance - 5205 (21 4H MA)
Major Support - 5130 (200 day MA)
ASX200 has recovered till 5198 at the time of writing from the low of 5143 made yesterday .The index has not able break above 5200 and has started to decline from the high made today. It is currently trading at 5170.
Short term trend is slightly bullish as long as support 5130 holds. Any violation below major support will drag the index down till 5075/5000 in the short term.
On the higher side any break above 5205 will take the index to 5250 (55 day EMA)/5300/5337 (21 day MA). It is good to buy at dips around 5160-65 with SL around 5130 for the TP of 5250
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