Forex News (from InstaForex) - page 115
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Kuroda: BOJ has capacity to slash rates to -0.5%
Bank of Japan Governor Haruhiko Kuroda said the central bank has enough legroom to lower interest rates to about -0.5%, countering speculations that their decision to implement negative rates will halt him from pushing through with their monetary policy. Addressing the parliament, Kuroda said he cannot determine the policy tools to be used in the event they decided to expand stimulus again based on prevailing economic conditions. The BOJ head added negative rates work to devitalize the yen but reiterated they are not targeting the exchange rate.
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Australia Jobless Rate Slips To 5.8% In February
The unemployment rate in Australia dropped to a seasonally adjusted 5.8 percent in February, the Australian Bureau of Statistics said on Thursday. That beat forecasts for 6.0 percent, which would have been unchanged from the January reading. The Australian economy added 300 jobs in February to 11,884,000 - well shy of forecast for an increase of 12,000 following the 7,500 decline in the previous month. Full-time employment increased 15,900 to 8,192,600 and part-time employment decreased 15,600 to 3,691,500. Unemployment decreased 27,300 to 732,600. The number of unemployed persons looking for full-time work decreased 18,200 to 525,200 and the number of unemployed persons only looking for part-time work decreased 9,100 to 207,400. Monthly hours worked in all jobs decreased 2.0 million hours to 1,652.6 million hours. The participation rate was 64.9 percent - also below forecasts for 65.2 percent and down from 65.1 following a 0.1 percent downward revision. The labor force underutilization rate decreased 0.1 percent to 14.2 percent. The male labor force underutilization rate fell 0.1 percent to 12.3 percent. The female labor force underutilization rate fell 0.3 percent to 16.4 percent.
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Fed downgrades rate hike projections on prevailing global perils
Federal Reserve policymakers refrained from escalating borrowing costs and lowered predictions for hiking interest rates this year, attributing their decision to the impact of financial market upheaval and weaker global growth on the US economy. The Federal Open Market Committee retained the benchmark rate at 0.25% to 0.5% following their two-day convention in Washington. At a press conference, Fed Chair Janet Yellen said there was an apparent shift this time, showing a somewhat slower projected trend for global growth and certain tightening in credit conditions by increasing spreads. Fed officials kept their estimations on how soon inflation will hit the central bank's 2% target but lowered their forecast to 1.2% from 1.6%.
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Aud/usd Jump With another Aggressive Official Cny Fix
Strongest fix since Nov 2
AUD responded from 0.7645/50 area to 0.7681 top
Technically opens towards 0.7739 1 Jul 15 top, last quoted 0.7664/66
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Fxwirepro:nikkei225 Faces Strong Resistance Around 17300, Good to Buy at Dips
Major resistance - 17300
The index has recovered after making a low of 16711.It is currently trading around 17111.Short term trend is bullish as long as support 16500 holds.
Nikkei is struggling to beak above 17300 and any further bullishness can be seen only above 17300.On the higher side any break above 17300 will take the index to next level till 17520/17750/17900.
The index major support is around 16450 and break below targets 16000/15500.
Short term bullish invalidation only below 15500.
It is good to buy at dips around 17000 with SL around 16700 for the TP of 17300/17520/17750.
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Chinese mutual funds resort to commodities, reforms
China's mutual fund industry is endeavoring to design investment instruments relative to local commodity futures, speculating the plans to overturn oversupply in the resource sector will bolster prices for raw materials. The funds seek to move out of fixed-income and stocks, which have no outright return in the light of turmoil last year, which led to more than 50% plunge on share markets and recording multi-year lows on bond yields. In August 2015, UBS-SDIC Fund Management unveiled the first Chinese mutual fund investing in domestic commodities, tied to silver futures on the Shanghai Futures Exchange.
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Japan Retail Sales Advance 0.5% In February
Retail sales in Japan were up 0.5 percent on year in February, the Ministry of Economy, Trade and Industry said on Tuesday. That was well shy of expectations for an increase of 1.6 percent following the 0.2 percent decline in January. Sales from large retailers advanced an annual 2.2 percent, beating forecasts for 1.6 percent following the 0.9 percent gain in the previous month. On a monthly basis, retail sales slid a seasonally adjusted 2.3 percent - missing forecasts for a fall of 0.9 percent following the 0.4 percent contraction in January.
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Gold retains gain as investors mull over Fed rate hike, inflation
Gold held an advance from a one-month low as traders weighed the view for interest rates this year as figures showed the Federal Reserve's choice of inflation gauge slowed in February. Bullion for immediate delivery, which previously ended 0.4% higher in a recovery from $1,208.38, its lowest since February 23, ended at $1,220.88 per ounce from $1,221.71 Monday. There are speculation the US central bank may refrain from tightening interest rates as inflation has slowed below their 2% goal.
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Japan Industrial Production Slides 6.2% In February
Industrial production in Japan was down a seasonally adjusted 6.2 percent on month in February, the Ministry of Economy, Trade and Industry said in Wednesday's preliminary reading - marking the largest single-month decline in five years. The headline figure missed expectations for a decline of 5.9 percent following the 3.7 percent increase in January. On a yearly basis, industrial production fell 1.5 percent - beating forecasts for a decline of 1.7 percent following the 3.8 percent contraction in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it has been fluctuating indecisively.
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Asian shares soar as Yellen's dovish remarks boost risk appetite
Asian stocks escalated following Federal Reserve Chair Janet Yellen implied the central bank may raise interest rates with caution, citing threats to economic growth from a sluggish global economy. Addressing the Economic Club of New York, the Fed head said it is appropriate for policymakers to become careful in increasing rates given heightened perils around the globe. The MSCI Asia Pacific Index closed at 128.34, up 0.5%, on track for its biggest monthly surge since October. South Korea's Kospi added 0.5%, but Japan's Topix slipped 0.5%. Markets in China and Hong Kong are yet to resume trading.
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