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Dollar Continues To Weaken Heading Into The Weekend
The dollar is losing ground against all of its major competitors at the end of the trading week. The U.S. currency has been falling since the release of the minutes from the July Federal Reserve policy meeting Wednesday afternoon. The minutes suggested that the Fed is moving closer to raising interest rates. In a strong sign that the Fed is considering a September rate hike, it said the pace of job gains had been "solid," with a range of labor market indicators suggesting that underutilization of labor resources had continued to diminish. Most members judged that the conditions for tightening had not yet been achieved, but they noted that conditions were "approaching that point." There were no U.S. economic reports released Friday, following the large number of releases yesterday. There were a number of reports released in Europe, where the data was largely positive. The dollar has dropped to a 2-month low of $1.1350 against the Euro Friday, from Tuesday's high of around $1.10. Eurozone consumer confidence strengthened for the first time in five months during August, preliminary data from the European Commission revealed Friday. The flash consumer confidence index for the euro area rose to -6.8 from July's -7.1. Economists had expected a -6.9 reading. Eurozone private sector growth improved in August underpinned by German activity, while the expansion in France eased to a four-month low, signaling the widening divergence between two largest euro area economies. At 54.1, the flash Purchasing Managers' Index ticked higher from July's final reading of 53.9 and remained at an expansionary level for the twenty-sixth successive month, preliminary data from Markit Economics showed Friday. The pace of increase was one of the fastest seen over the past four years and stayed above the expected level of 53.7. Germany's private sector grew at the fastest pace in four months in August, flash survey data from Markit revealed Friday. The flash composite output index rose to 54 in August from 53.7 in July. The reading reached a 4-month high in August. The French private sector growth slowed to a 4-month low in August, flash survey data from Markit Economics showed Friday. The composite output index fell to a 4-month low of 51.3 in August from 51.5 in July. German consumer sentiment is set to drop unexpectedly in September, as economic and income expectations floundered despite Greece reaching an agreement on a controversial debt deal. The forward-looking consumer sentiment index fell to 9.9 in September from 10.1 in August, survey data from market research group GfK showed Friday. Economists had forecast it to remain unchanged at 10.1. The buck also slipped to a 2-month low of $1.5722 against the pound sterling Friday, but has since bounced back to around $1.5695. The U.K. logged its first July budget surplus since 2012, the Office for National Statistics showed Friday. Public sector net borrowing excluding public sector banks decreased by GBP 1.4 billion to a surplus of GBP 1.3 billion or equivalent to -0.1 percent of gross domestic product in July. This was the first reported July surplus since 2012. Economists had forecast a surplus of GBP 1.1 billion. British households perceive that the value of their home increased in August, a survey from Knight Frank and Markit Economic showed Friday. The house price sentiment index, or HPSI, rose to 59.5 in August from 58.6 in the previous month. This marked the twenty-ninth successive month of the index remaining above 50. The greenback has fallen to a month and a half low of Y122.250 against the Japanese Yen Friday, from around $124.500 on Tuesday. The manufacturing sector in Japan continued to expand in August, and at a faster rate, a preliminary survey from Nikkei showed on Friday, with a Performance of Manufacturing Index score of 51.9. That's up from 51.2 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
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Korean Won Touches 1200 on Opening Trades
USD/KRW opens on Monday at 1198
Kospi down 0.8% but all eyes now on SSEC performance on Monday
JPY/KRW 9.83 (up 0.5%)
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New Zealand dollar rises as traders defer rate hike bets
The New Zealand dollar climbed Monday as traders held up their projections for the timing of the Federal Reserve's interest rate hikes. Bloomberg data shows investors predict a 34% chance the US central bank will raise rates next month from last week's nearly 50%. The kiwi closed at 58.82 euro cents from Friday's 58.68 euro cents, 67.07 US cents from 66.24 US cents, 42.42 British pence from 42.20 British pence, and ¥80.97 from ¥81.42. All year, investors have anticipated rates to climb. The problem is “they have got no inflation to justify it,” said Derek Rankin, Director at Rankin Treasury Advisor
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China Leading Index Rises 0.9% In July - Conference Board
A leading economic index for China remained positive in July, the latest survey from the Conference Board showed on Tuesday, advancing 0.9 percent. That follows the downwardly revised 0.6 percent increase in June (originally up 1.0 percent) and the 1.1 percent jump in May. The coincident jumped 1.1 percent, up sharply from the downwardly revised 0.2 percent increase in the previous month (originally up 0.4 percent).
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Japan Corporate Service Prices Rise 0.6% In July
Corporate service prices in Japan were up 0.6 percent on year in July, the Bank of Japan said on Wednesday.
That beat forecasts for an increase of 0.4 percent, which would have been unchanged from the June reading.
On month, prices added 0.2 percent following the flat reading a month earlier.
Among the individual components, advertising and transportation prices were up, while leasing prices were down.
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Volkswagen July vehicle sales down 3.7 percent on China, Russia
The vehicle sales of Volkswagen, a German carmaker, slipped 3.7% in July, and were down 1% over the January to July period, affected by weak markets in China, Russia, and Bazil. In a statement, Christian Klinger, carmaker's head of group sales, said the overall economic situations of those three countries remain difficult.
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NZ Dollar Advances Against Most Majors
The New Zealand dollar strengthened against most major currencies in the Asian session on Thursday. The NZ dollar rose to 0.6473 against the U.S. dollar, from yesterday's closing value of 0.6431. Against the yen and the euro, the kiwi edged up to 77.85 and 1.7498 from yesterday's closing quotes of 77.14 and 1.7555, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.67 against the greenback, 83.00 against the yen and 1.66 against the euro.
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Japanese yen weakens following Kuroda comments
The Japanese yen dwindled Thursday following Bank of Japan Governor Haruhiko Kuroda said the country can still attain inflation target. On Wednesday, the BOJ head mentioned he is depending on a tight labor supply to increase consumer inflation toward the bank's 2% target, as well as Chinese policy actions to bolster their sluggish exports. The yen finished at ¥136.28 per euro and ¥120.07 per US dollar. Kuroda added the Japanese central bank will assess both upside and downside perils to the economy and make adjustments, if needed.
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China Industrial Profits Fall In July
Profits earned by Chinese industrial enterprises decreased in July after rising in the previous month, figures from the National Bureau of Statistics showed Friday. Industrial profits fell 2.9 percent year-over-year to CNY 471.56 billion in July following a 0.3 percent rise in the preceding month. The agency said the fall in industrial profit for the month was impacted by a slowdown in industrial production and sales growth, a decline in industrial producer prices and raw material purchase price, and a fall in investment income. During the first seven months of the year, total industrial profits declined by 1.0 percent as compared to the corresponding period last year. Among sub sectors, profits earned by mining industry plunged 57.4 percent in the January to July period, while manufacturing sector registered profit growth of 5.7 percent.
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