Forex News (from InstaForex) - page 61
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Euro At Near 3-month Low Against Pound
The euro drifted lower against the pound in Asian deals on Monday. The euro slipped to 0.8158 against the pound, a level unseen since February 17. If the euro extends slide, it may face support around the 0.81 area. The pair was worth 0.8165 at Friday's close.
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Australia Home Loans Dip 0.9% In March
he total number of home loans in Australia was down a seasonally adjusted 0.9 percent on month in March, the Australian Bureau of Statistics said on Tuesday, standing at 52,013. That was well shy of forecasts for an increase of 1.0 percent following the 2.3 percent gain in February. The value of housing loans was down 1.1 percent on month to A$27.346 billion. The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments surged 12.6 percent on month in March.
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South Korea Export Prices Dip 2.5% In April
Export prices in South Korea were down 2.5 percent on month in April, the Bank of Korea said on Wednesday, after easing 0.4 percent in March. On a yearly basis, export prices dropped 7.3 percent after shedding 4.3 percent in the previous month. Import prices also were down 2.5 percent on month following the 0.5 percent fall in the previous month. On a yearly basis, prices tumbled 7.0 percent after shedding 4.5 percent a month earlier.
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Yuan Rises To 8-day High Against U.S Dollar
The yuan strengthened against the U.S dollar in the early Asian session on Thursday. Against the greenback, the yuan rose to an 8-day high of 6.2250, up from yesterday's closing quote of 6.2292. The next possible upside target of the yuan is seen at 6.21. The People Bank of China set today's central parity rate for yuan at 6.1653. per dollar, compared to Friday's reference rate of 6.1640. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
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Yen Little Changed Following Japan Industrial Production Data
Japan's final industrial production data for March was released at 12:30 am ET Friday. Following the data, the Yen little changed against other major currencies. As of 12:32 am ET, the Yen was trading at 139.20 against the Euro, 170.38 against the Pound, 113.98 against the Swiss franc and 101.48 against the U.S dollar.
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Australian Dollar Falls Against Most Majors
The Australian dollar weakened against the most major currencies in the late Asian session on Monday. The Australian dollar fell to a 4-day low of 1.0160 against the Canadian dollar. The pair closed last week's deals at 1.0169. Against the yen, the Australian dollar slipped to 94.86, from early multi-day high of 95.20. The pair closed last week's deals at 95.04. The Australian dollar fell to 1.4652 against the euro and 0.9352 against the U.S dollar, from early multi-day highs of 1.4607 and 0.9376, respectively. The aussie closed last week's deals at 1.4625 against the euro and 0.9364 against the greenback. If the Australian dollar extends its fall, it is likely to find support around 1.00 against the Canadian dollar, 94.54 against the yen, 1.48 against the euro and 0.92 against the greenback.
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Yen Slides Against Majors
The Japanese yen weakened against the other major currencies in early Asian deals on Tuesday. The yen slipped to 113.88 against the franc, 170.81 against the pound and a session's low of 101.59 against the greenback. The yen hit 139.30 against the euro, its lowest since May 16. The yen fell to 93.41 against the loonie, compared to yesterday's closing quote of 93.29. If the yen extends slide, it may face support around 102.00 against the greenback, 172.00 against the pound, 140.00 against the euro, 114.6 against the franc and 93.6 against the loonie.
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Bank Of Japan Maintains Monetary Policy Unchanged
Following the conclusion of a 2-day monetary policy meeting, the Bank of Japan maintained status quo position with respect to its monetary policy. The Monetary Policy Board led by Governor Haruhiko Kuroda opted to persist with its policy of increasing the monetary base at an annual pace of 60-70 trillion yen despite cautioning of a reduction in demand and risk to economic growth due to the sales tax hike that came into effect in April.
The decision was adopted by an unanimous vote. The central bank continued to hold its economic assessment by repeating that the domestic economy is continuing to recover moderately as trend. At the same time, the bank indicated that demand has been hurt by the front-loaded increase before the tax hike. Among the changes observed in the commentary on growth was on public investment, which was termed as having leveled off at a high level.
The inflation commentary was also maintained unchanged. Going forward, the central bank expects the economy to continue a moderate recovery, as a trend, and the annual inflation, excluding the effects of the consumption tax hike, to be around 1.25 percent for some time. There was a dissension with respect to the time frame for the quantitative and qualitative easing, with the majority of the view that the measures have to be persisted as long as the 2 percent price stability target is maintained in a stable manner. Meanwhile, board member Takahide Kiuchi, who dissented, called for a time frame of about 2 years for the easing measures.
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Canadian Dollar Strengthens Against Most Majors
The Canadian dollar advanced against most major opponents in Asian deals on Thursday. The loonie hit a 2-day high of 93.12 against the yen, following a multi-week low of 92.47 touched on Wednesday. The loonie edged up to 1.0904 against the greenback and 1.4915 against the euro. If the loonie extends gain, it may seek resistance around 1.08 against the greenback, 94.00 against the yen and 1.48 against the euro.
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China Leading Index Slows In April - Conference Board
China's leading economic index, measuring the future economic conditions, continued to rise in April though at a slower rate, a report from the Conference Board showed Friday. The leading index, at 288.1, was up 0.9 percent month-over-month in April following a 1.1 percent increase in March. The coincident index that measures the current economic situation rose 0.4 percent in April after rising 1.3 percent in March. The slower rate of increase of the leading index was driven by a decrease in total industrial activity and retail sales, said the report. "Its overall expansion remains weaker than the latter half of 2013 and underlying volatility in the economy has increased. Subdued LEI growth, combined with growth rates in industrial activity and retail sales running at their lowest since 2004, suggest that the slower trend of economic growth will continue into the third quarter at least," said Andrew Polk, Conference Board economist.
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