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Eur/jpy on Back Foot in Large Way Overnight, down from 133.89 to 132.41, Await Ecb
Some stops sub-132.50, 132.00, key downside support 130.16 1/26 spike low
News are provided by InstaForex.
Contraction Accelerates For Australia Construction Sector
The construction sector in Australia contracted at a faster pace in February, the latest survey from the Australian Industry Group showed on Friday, with a Performance of Construction Index score of 43.9. That's down significantly from 45.9 in January, and it moves further beneath the boom-or-bust reading of 50 that separates expansion from contraction. Overall, it's the fourth straight month of decline. Among the individual components of the survey, new orders, activity, employment and deliveries from suppliers all continued to contract. By industry, the heaviest declines came in mining and commercial building - although apartment building swung higher to expansion.
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Japan Has Y61.4 Billion Current Account In January
Japan had a current account surplus of 61.4 billion yen in January, the Ministry of Finance said on Monday. That missed forecasts for a surplus of 270.4 billion yen following the 187.2 billion yen surplus in December. The trade balance showed a deficit of 864.2 billion yen - which beat expectations for a shortfall of 936.0 billion yen following the 395.6 billion yen deficit in the previous month. Exports climbed 15.3 percent on year to 6.332 trillion yen, the data showed, while imports shed 8.9 percent to 7.196 trillion yen. The adjusted current account surplus was 1,058.1 billion yen - below expectations for 1,179.6 billion yen following the 852.8 billion yen surplus a month earlier.
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Japan Core Machine Orders Dip 1.7% In January
Core machine orders in Japan contracted 1.7 percent on month in January, the Cabinet Office said on Wednesday - worth 838.9 billion yen. The headline figure beat expectations for a decline of 4.0 percent following the 8.3 percent surge in December. On a yearly basis, core machine orders added 1.9 percent - also topping forecasts for a decline of 1.0 percent following the 11.4 percent spike in the previous month. The total number of machinery orders, including those volatile ones for ships and from electric power companies, gained 14.2 percent on month and 8.2 percent on year. Manufacturing orders shed 11.3 percent on month but gained 7.3 percent on year to 351.8 billion yen in January, while non-manufacturing orders added 3.7 percent on month but lost 1.9 percent on year to 494.5 billion yen. Government orders gained 25.8 percent on month and 37.4 percent on year to 346.7 billion yen. Orders from overseas climbed 24.2 percent on month and 8.2 percent on year to 990.6 billion yen. Orders from agencies tumbled 13.9 percent on month and 6.3 percent on year to 99.3 billion yen. For the first quarter of 2015, core machine orders are forecast to have risen 1.5 percent on quarter but lost 0.9 percent on year to 2,455.2 billion yen. Also on Thursday, the Bank of Japan said that its index measuring producer prices was unchanged on month in February, the Bank of Japan said, standing at 103.3. That was in line with expectations following the 1.3 percent contraction in January. On a yearly basis, prices added 0.5 percent - beating forecasts for a gain of 0.4 percent following the 0.3 percent increase in the previous month. Export prices lost 0.8 percent on month and 5.2 percent on year, the data showed, while import prices tumbled 4.9 percent on month and 17.9 percent on year.
News are provided byI nstaForex.
Usd/jpy Bounce Back After Spike down to 120.65 After US Retail Sales Miss
USD/JPY spikes down to 120.65 after large US retail sales miss Pair bounce back to 121.42 in New York, range again in Asia
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Australia New Motor Vehicle Sales Rise 2.9% In February
The total number of new motor vehicle sales in Australia was up a seasonally adjusted 2.9 percent on month in February, the Australian Bureau of Statistics said on Monday, standing at 95,737. That follows the downwardly revised 1.9 percent decline in January (originally -1.5 percent). On a yearly basis, new motor vehicle sales advanced 4.1 percent - accelerating from 0.2 percent in the previous month. By category, sales of passenger vehicles dipped 0.9 percent on month, while other vehicles eased 0.3 percent and sport utility vehicles surged 10.5 percent. By region, the Northern Territory saw the largest percentage increase (22.4 percent) followed by South Australia (8.8 percent) and the Australian Capital Territory (5.9 percent).
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Aud/usd Move Lower from 0.7638 to 0.7611 on Dovish Rba Minutes
RBA considered rate cut at March meet but decided to pause for more data AUD/USD back to 0.7626 last and down 0.15% on the day
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Fed Likely to Remove ‘patient’ Guidan
Markets eagerly await Wednesday's FOMC decision (post-meeting statement and updated projections: 14:00 ET, Chair Yellen's press conference: 14:30 ET). Standard Chartered research notes: We think the Fed will remove the "patient" guidance from the statement as it seeks to move towards a more flexible, data-dependent framework. We do not think the softer recent data (e.g., housing, manufacturing production, Michigan consumer survey) changes this picture as the Fed is likely to blame recent weaker data on the harsh weather and emphasize strong payroll growth data. Payroll additions have averaged a solid 293,000/month in the past six months. We do not think the removal of 'patient' automatically means a June rate hike, which Chair Yellen is likely to underscore in her press conference. We think the Fed is likely to wait until September, after core PCE inflation troughs and with more signs that wage growth is on a sustainable uptrend. The Fed may also see more evidence of improving growth in Q2 to support its view that soft Q1 data was weather-related. The shape of the tightening cycle will be an important topic: we expect Yellen to say it is likely to be very gradual, and remain data-dependent. We do not think Yellen will 'talk down' the US dollar's recent strength as, although a headwind, she may emphasise it may be offset by the boost to consumption from lower oil prices and the ongoing underlying improvement in domestic demand.
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Usd/jpy to 119.29 Post fED Taking Out Longs, Bounce to 120.1 Since
Some large 120.00 option expiries too, USD447 million
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New Zealand Consumer Confidence Index Ticks Higher In March - ANZ
Consumer confidence in New Zealand inched slightly higher in March, the latest survey from ANZ Bank showed on Friday - gaining 0.5 percent on month to a score of 124.6. That follows the 3.8 percent tumble in February to a reading of 120.0. "(The result is) a positive sign for a sustainable trend in retail spending," ANZ said in a statement accompanying the data. "The underlying message remains one of optimism."
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