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South Korea Trade Data On Tap For Monday

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South Korea will on Monday release May figures for imports, exports and trade balance, highlighting a busy day for Asia-Pacific economic activity.

Imports are expected to sink 17.9 percent on year after falling 15.9 percent in April. Exports are called lower by an annual 22.1 percent after tumbling 24.3 percent in the previous month. The trade deficit is pegged at $1.1 billion following the $0.95 billion shortfall a month earlier.

Thailand will provide April figures for unemployment and retail sales. The jobless rate expected to rise to 1.1 percent from 1.0 percent in March, while sales are expected to fall 0.5 percent on year after rising 0.4 percent in the previous month.

The Philippines will see April numbers for retail sales; in March, retail sales were up 1.1 percent on year.

Hong Kong will provide April data for retail sales; in March, retail sales plummeted 43.8 percent on year.

Japan will see Q1 figures for capital expenditures; in the three months prior, capex was down 3.5 percent on quarter and capex excluding software sank 5.0 percent.

Several of the regional nations will see May results for their manufacturing PMIs from IHS Market, including Malaysia, Myanmar, the Philippines, South Korea, Taiwan, Thailand and Vietnam.

Japan will also see results from the Jibun Bank manufacturing PMI and Australia will see Performance of Manufacturing Index numbers from the Australian Industry Group. China will see PMI results from Caixin.

Finally, the markets in New Zealand and Indonesia are closed on Monday, for the queen’s birthday and for Pancasila Day, respectively. Both will reopen on Tuesday.

The material has been provided by InstaForex Company – www.instaforex.com

Japan Data To Be Released On Friday

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Japan is scheduled to release a batch of data on Friday, headlining a busy day for Asia-Pacific economic activity. On tap are April figures for unemployment, industrial production, retail sales and housing starts, plus May figures for consumer confidence and Tokyo inflation.

The jobless rate is expected to rise to 2.7 percent from 2.5 percent in March. Industrial production is tipped to fall 5.1 percent on month and 7.3 percent on year after sliding 3.7 percent on month and 5.2 percent on year in the previous month.

Retail sales are expected to sink 6.6 percent on month and 11.5 percent on year after dropping 4.5 percent on month and 4.6 percent on year a month earlier. Housing starts are tipped to tumbled an annual 12.1 percent after falling 7.6 percent in March.

Overall Tokyo inflation is called flat on year after adding 0.2 percent in April, while core CPI is tipped to fall 0.2 percent on year after easing 0.1 percent in the previous month. The consumer confidence index had a score of 21.6 in April.

South Korea will provide April data for industrial production and retail sales. Industrial production is tipped to fall3.2 percent on month and 0.5 percent on year after rising 4.6 percent on month and 7.1 percent on year in March. Retail sales were down 1.0 percent on month and 8.0 percent on year in the previous month.

Malaysia will see April figures for producer prices; in March, producer prices were down 3.0 percent on month and 1.9 percent on year.

Singapore will provide April figures for producer prices; in March, producer prices were down 6.1 percent on month and 9.4 percent on year.

Thailand will release April numbers for imports, exports and trade balance. In March, imports were worth $18.64 billion and exports were at $20.91 billion for a trade surplus of $2.27 billion.

Australia will see April figures for private sector credit, with forecasts suggesting an increase of 0.3 percent on month and 3.3 percent on year – slowing from 1.1 percent on month and 3.6 percent on year in March.

The Philippines will provide April numbers for producer prices and retail sales; in March, producer prices were down 5.4 percent on year and retail sales were up 1.1 percent on year.

The material has been provided by InstaForex Company – www.instaforex.com

Korea Rate Decision On Tap For Thursday

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The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The central bank is projected to trim its benchmark lending rate by 25 basis points, from 0.75 percent to 0.50 percent.

Australia will see Q1 numbers for capital expenditure and May figures for the business confidence index from ANZ. Capex is expected to sink 2.6 percent on quarter after falling 2.8 percent in the previous three months. The business confidence index had a score of -66.6 in April.

Taiwan will see May figures for its consumer confidence index; in April, the index score was 73.39.

The material has been provided by InstaForex Company – www.instaforex.com

Oil Futures Settle Lower On Demand Concerns

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Crude oil prices drifted lower on Wednesday as worries about outlook for energy demand resurfaced due to rising tensions between the U.S. and China, and on reports of a likely move by Russia to increase crude output next month.

West Texas Intermediate crude oil futures for July ended down $1.54, or about 4.5%, at $32.81 a barrel.

Brent crude futures shed about 4%, or $1.43, to settle at $34.74 a barrel.

Tensions between the U.S. and China have escalated following China’s move to impose new security laws into Hong Kong that would end country’s autonomy.

With U.S. Secretary of State Mike Pompeo tweeting this morning that he told the Congress that Hong Kong is no longer autonomous from China, it now looks very likely that U.S. may revoke the special treatment meted out to Hong Kong with regard to exemptions from tariff.

Meanwhile, investors were looking ahead to weekly oil data from Energy Information Administration (EIA) and the American Petroleum Institute (API). While API’s report will be out later today, the EIA will release its data Thursday morning.

The reports are delayed by a day this week due to holiday on Monday for Memorial Day.

The material has been provided by InstaForex Company – www.instaforex.com

Australia Construction Data Due On Wednesday

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Australia will on Wednesday see Q1 numbers for construction work completed, highlighting a light day for Asia-Pacific economic activity. Work is expected to sink 1.5 percent on quarter after falling 3.0 percent in the three months prior.

China will release April figures for industrial profits; in March, profits plummeted 36.7 percent on year.

Thailand will provide April figures for industrial production and unemployment. Output is expected to tumble 19.55 percent on year after sliding 11.25 percent in March. The jobless rate was 1.0 percent in the previous month.

Finally, the markets in Indonesia remain closed on Wednesday for Eid-ul-Fitr and will reopen on Thursday.

The material has been provided by InstaForex Company – www.instaforex.com

Dollar Exhibits Weakness Against Major Currencies

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The U.S. dollar was weak against its major rivals on Tuesday as risk sentiment improved significantly amid gradual reopening of businesses across the world after several weeks of lockdown.

While Spain decided to remove a two-week mandatory confinement for all travelers from overseas starting July, Greece reopened restaurants and cafes by imposing new social distancing rules and other health safety measures.

The Japanese government fully lifted the state of emergency on Monday and urged people to adapt to a “new normal”.

U.K. Prime Minister Boris Johnson announced plans to reopen outdoor markets and car showrooms on June 1 and non-essential shops from mid-June.

The state of California lifted restrictions on houses of worship and mall, but personal services such as hair salons, nail salons and barbershops will remain closed.

News that US biotech firm Novavax had begun trials for an experimental coronavirus vaccine also bolstered sentiment.

The dollar index dropped to a low of 98.86 in late afternoon trades, and was last seen at 99.00, down nearly 0.9% from previous close.

The Euro was stronger against the dollar with a unit fetching $1.0986, compared to previous close of $1.0899.

Against Pound Sterling, the dollar weakened to $1.2338 from $1.2187, and against the Japanese currency, it was down marginally at 107.54 yen a dollar.

The Aussie was stronger with a unit fetching $0.6659 as against $0.6546 on Friday.

Against the Swiss franc, the dollar was down at CHF 0.9655, lower by about 0.65% from previous close of CHF 0.9719.

The Loonie was pretty stronger at C$1.3776, firming up from C$1.3985.

In U.S. economic news, new homes sales unexpectedly rose 0.6% month-over-month to an annualized rate of 623,000, beating forecasts of a 21.9% drop.

The material has been provided by InstaForex Company – www.instaforex.com

Crude Oil Futures End Sharply Higher

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Crude oil prices moved higher on Tuesday amid rising optimism that relaxation in lockdown restrictions in several countries across the world will help fuel energy demand.

Also, with the Organization of the Petroleum Exporting Countries (OPEC) and its allies committed to a significant reduction in crude outputs, concerns about demand-supply mismatch appear to be easing now.

West Texas Intermediate Crude oil futures for July ended up $1.10, or about 3.3%, at $34.35 a barrel.

Brent Crude futures closed up $0.64, or 1.8%, at $36.17 a barrel today.

In April, the OPEC member countries and their allies, termed as OPEC+, agreed to cut their combined output by nearly 10 million barrels per day in May and June to stabilise the oil market.

Russian energy minister Alexander Novak estimates that the current global crude surplus has fallen to 7mn-12mn barrels per day and that the global oil market will return to balance in June-July.

Supply has already dropped by 14 million to 15 million barrels per day owing to a coordinated production cut by the Opec+ alliance and output declines in other countries, according to Novak.

Moscow estimates the current global surplus at between 7 million and 12 million barrels per day.

The consistent decline in U.S. oil rigs count for the past several weeks too has raised hopes the supply level will come down soon.

The material has been provided by InstaForex Company – www.instaforex.com

Gold Futures Settle Sharply Lower As Risk Sentiment Improves

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Gold prices drifted lower on Tuesday as riskier assets such as equities rallied amid optimism about a potential coronavirus vaccine, and economic recovery after several countries implemented plans to further relax lockdown restrictions and reopen businesses.

The dollar too fell amid an improvement in risk sentiment. The dollar index slipped to 98.96, losing nearly 1%. It was last seen at 99.00, down 0.85% from previous close.

Gold futures for June ended down $29.90, or about 1.7%, at $1,705.60 an ounce.

Silver futures for July settled lower by $0.098 at $17.595 an ounce, while Copper futures for July ended at $2.4185 per pound, gaining $0.0320 for the session.

Stock markets across Asia and Europe closed higher and U.S. stocks moved up as well, as more countries prepare easing restrictions on social, commercial and travel activities.

The pandemic death toll approached the horrific milestone of 100,000 in the U.S. Meanwhile, photos and videos of Memorial Day weekend celebrations across the U.S. showed plenty of people going to beaches and parks.

In Paris, parks and cafe terraces have reopened, and people are reportedly turning out in large numbers to enjoy an early-morning stroll in sun in Madrid’s famous Retiro Park.

Spain and Germany too have reopened gyms and swimming pools. Many other countries, including Greece, Iceland and Italy are also reopening businesses.

Meanwhile, U.S. biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine and that it expects initial results on safety and immune responses in July.

The material has been provided by InstaForex Company – www.instaforex.com

Pound Higher On U.K Lockdown Easing, Haldane’s Comments

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The pound drifted higher against its key counterparts in the European session on Tuesday, after the Bank of England’s Chief Economist remarked that the latest economic data were “a shade better” than the scenario published by the central bank earlier this month and as the EU reportedly prepared to grant concessions to the UK on fisheries’ stance.

Speaking in an webinar organised by the Confederation of British Industry, BOE Chief Economist Andy Haldane said that the UK central bank has not reached remotely a view on taking interest rate negative so far.

The latest surveys suggest a modest recovery in consumer spending and business sentiment.

“This is perhaps still a V-recovery but a lopsided V and risks are of protracted recovery,” he added.

Media reports suggested that the European Union is willing to shift its demands on fisheries in negotiations with Britain next week.

The EU is prepared for a potential compromise on fisheries in talks next week, it said.

Prime minister Boris Johnson on Monday said that he will allow outdoor markets and car showrooms to reopen from June 1, if they put appropriate safety measures in place.

The restrictions on non-essential shops will be lifted from June 15, unless the outlook worsens on the spread of virus.

The pound appreciated to 2-week highs of 1.2351 against the greenback and 132.82 against the yen, after falling to 1.2177 and 131.18, respectively in early deals. The currency is likely to face resistance around 1.25 against the greenback and 135.00 against the yen.

The pound approached a 1-week high of 1.1933 against the franc and near a 2-week high of 0.8883 against the euro, compared to its early lows of 1.1829 and 0.8941, respectively. The currency is seen finding resistance around 1.21 against the franc and 0.86 against the euro.

The material has been provided by InstaForex Company – www.instaforex.com

Dollar Little Changed After U.S. Housing Reports

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The Federal Housing Finance Agency’s house price index and S&P/Case-Shiller home price index for March have been released at 9:00 am ET Tuesday. Following the data, the greenback changed little against its major counterparts.

The greenback was trading at 107.45 against the yen, 0.9660 against the franc, 1.2345 against the pound and 1.0974 against the euro around 9:02 am ET.

The material has been provided by InstaForex Company – www.instaforex.com

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