Forex News (from InstaForex) - page 139
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Volkswagen Shares Slides on Media Report
Shares of Volkswagen fell over 4% after a Bloomberg report stated that the U.S. government is evaluating the size of the fine it will impose on the automaker without closing down its business.
U.S. Environmental Protection alleged the German automaker has been cheating on American air pollution tests last year in diesel vehicles issued between 2008 and 2015. A civil complaint was consequently filed by the Justice Department against Volkswagen after it admitted being guilty of the accusations.
Volkswagen agreed to pay a $16.5 billion civil litigation fine in the US. and now the two parties are looking to reach an agreement by January according to sources.
The carmaker's U.S.-listed stocks have lost 10% this year to date.
News are provided byInstaForex.
Fxwirepro: Japanese Yen falls on the Back of Lower Than expected Retail Sales Data
USD/JPY is currently trading around 101.35 marks.
It made intraday high at 101.40 and low at 100.65 levels. Intraday bias remains bullish till the time pair holds key support at 100.30 levels.
A daily close above 101.72 will take the parity higher towards key resistances around 102.65, 103.42, 104.13, 105.50, 106.12, 106.72, 107.49, 107.90 and 109.13 levels respectively.
On the other side, a sustained break below 100.30 will drag the parity down towards key supports at 99.27 and 98.78 levels respectively.
Japan?s August retail sales y/y decreases to -2.1 % (forecast -1.8 %) vs previous -0.2 %.
News are provided byInstaForex.
U.S. Stocks Gain as Oil Prices Rallied
U.S. stocks advanced while oil prices surged. The gains drove both oil and energy firms in the S&P 500 into positive territory for September.
The Dow Jones Industrial Average increased by 0.6 percent to 18339.24. The S&P 500 rose by 0.5 percent to 2171.37 while the Nasdaq Composite jumped by 0.2 percent to 5318.55. U.S.-traded crude oil surged by 5.3 percent to $47.05 a barrel after reports that the Organization of the Petroleum Exporting Countries had reached a deal to reduce crude-oil production in order to lift the price of petroleum. The S&P 500's energy firms jumped by 4.3 percent and has been the best-performing sector in the index. Shares of Exxon Mobil advanced by 4.4 percent to $86.90 while Chevron gained 3.2 percent to 102.15. Stocks of biotech declined which limited the advances of the Nasdaq Composite. The Nasdaq biotechnology index slid by 0.9 percent. Nike dropped by 3.8 percent and was the largest decliner in the Dow industrials.
Investors focus on the health of the European banking sector. Recent losses in shares of banks cause unease in Europe, since banks constitute a significant share of direct lending in the economy, according to the Harris Financial Group's managing director, Jamie Cox.
News are provided byInstaForex.
Malaysia Manufacturing PMI Continues To Contract
The manufacturing sector in Malaysia remained in contraction in September, albeit at a slower pace, the latest survey from Nikkei showed on Friday with a manufacturing PMI score of 48.6.
That's up from 47.4 in August, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.
Individually, production fell to its weakest rate in 11 months, while
new orders were at their slowest pace since May 2015.
Input price inflation fell to match the lowest figure on record for the survey.
News are provided byInstaForex.
Dollar Gains Against Yen After OPEC Deal
The U.S. dollar has reached an eight-day high against the Japanese yen due to the reduced appetite of investors for the safe-haven currency, following the OPEC deal where they agreed to cut the production of oil. OPEC has agreed to modest reduction of oil output as the group's leader, Saudi Arabia, softened its position on Iran.
The greenback last increased against the yen by 0.44 percent at 101.09 yen after it reached an eight-day high of 101.84 yen. The euro was last up at $1.1245 against the U.S. dollar, which reversed earlier losses as analysts claim that the reduced concerns regarding the European banking sector has boosted the currency. The dollar index, last decreased by 0.09 percent at 95.344. According to analysts, the gains followed higher chances that the Federal Reserve will increase rates in December.
Traders see a 57.4 percent likelihood that the Fed will raise rates in December, according to CME Group's FedWatch program.
News are provided byInstaForex.
South Korea Posts $5.51 Billion Current Account Surplus
South Korea landed a current account surplus of $5.51 billion in August, the Bank of Korea said on Tuesday - following the $8.67 billion surplus in July. The goods account surplus narrowed to $7.30 billion, compared to $10.78 billion in July. The services account deficit shrank to $1.45 billion, from $1.53 billion the month before. The primary income account surplus widened from $0.05 billion in July to $0.61 billion in August, in line with an improvement in the income on equity account. The secondary income account saw a $0.94 billion deficit. The financial account showed a $7.70 billion increase in net assets in August. There was a $2.16 billion expansion in assets in the direct investment, after their $2.20 billion growth in July. Direct investment liabilities increased by $1.66 billion compared to the $1.25 billion increase in the month previous. Portfolio investment assets grew by $8.37 billion in August, up from their $4.62 billion expansion in July. Portfolio investment liabilities meanwhile showed an increase of $1.62 billion, down from $4.53 billion the month before. Financial derivatives posted a net decrease of $1.18 billion. In the other investment there were increases of $1.84 billion in assets and $3.31 billion in liabilities. Reserve assets expanded by $3.09 billion.
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Dollar Firms Buoyed by Manufacturing Data
The U.S. dollar rose after it received a boost from an upbeat U.S. economic data which showed that the manufacturing sector rebounded in September. The WSJ Dollar Index increased by 0.3 percent to 86.61.
The Institute for Supply Management report has shown that factory activity in the U.S. rebounded in September after it shrank in August. The ISM manufacturing index was at 51.5 percent for the month. Fed-fund futures have shown a 62 percent likelihood that the Fed would increase interest rates by the December meeting, according to CME Group data.
The British pound declined by 1.1 percent to $1.2826 as U.K. Prime Minister Theresa May has finally set a March date to go ahead with leaving the European Union and claims that controlling immigration is a higher priority than full access to its biggest trading partner.
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Euro Rises Against Majors
The euro strengthened against the other major currencies in the Asian session on Wednesday.
The euro rose to more than a 3-1/2-year high of 0.8814 against the pound and a 3-week high of 115.49 against the yen, from yesterday's closing quotes of 0.8799 and 115.22, respectively.
Against the U.S. dollar and the Swiss franc, the euro edged up to 1.1228 and 1.0974 from yesterday's closing quotes of 1.1201 and 1.0964, respectively.
If the euro extends its uptrend, it is likely to find resistance around 0.89 against the pound, 118.00 against the yen, 1.13 against the greenback and 1.10 against the franc.
News are provided byInstaForex.
Oil Prices Jump on U.S. Crude Supply Data
Oil prices rose following a report that U.S. crude stocks may have dropped for the fifth week in a row, however, contracts continued to be close to the $50-per-barrel mark where most traders presently perceive a fair price for crude.
U.S. WTI oil futures traded up 49 cents or 1% from their previous finish at $49.18 a barrel while the benchmark Brent crude futures were up 42 cents or 0.8% at $51.29 a barrel.
Traders state that the surge in prices was mostly due to a report by the American Petroleum Institute on Tuesday, revealing that U.S. crude supplies most likely dropped for the fifth consecutive week, falling by 7.6 million barrels. The U.S. EIA is scheduled to release official inventory figures on Wednesday. Analysts are expecting a supply accumulation of 2.6 million barrels during the previous week.
News are provided byInstaForex.
Australia Has A$2.010 Billion Trade Deficit In August
Australia had a merchandise trade deficit of A42.010 billion in August, the Australian Bureau of Statistics said on Thursday - up 5.0 percent on month.
The headline figure exceeded forecasts for a shortfall of A$2.30 billion following the A$2.41 billion deficit in July.
Exports were roughly flat on month, coming in at A$26.856 billion.
Imports also were essentially unchanged at A$28.866 billion.
News are provided byInstaForex.