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Forex Forex News from InstaForex

Discussion in 'Forex Forum' started by InstaForex Gertrude, Sep 5, 2015.

  1. InstaForex Gertrude

    InstaForex Gertrude Active Member

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    DUTCH INDUSTRIAL PRODUCTION CONTRACTS 4%

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    The Netherlands' industrial output decreased for the third straight month in March, largely due to a sharp fall in chemical output, figures from the Central Bureau of Statistics showed on Wednesday.

    Industrial production fell 4.0 percent year-on-year in March, after a 2.3 percent decline in February.

    Although total manufacturing output contracted, about half of all business classes produced more in March than in the same month a year earlier, the agency said.

    The chemical industry had the largest negative contribution of 17.6 percent, followed by rubber and plastic with a 9.5 percent fall.

    On the other hand, the transport equipment industry experienced the highest growth, rising by 12.9 percent yearly in March.

    On a monthly basis, industrial production decreased a seasonally and working-day adjusted 2.0 percent in March.

    Entrepreneurs in the manufacturing industry were less positive in April, as they were less upbeat about the order book and the expected activity.

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  2. InstaForex Gertrude

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    CHINA CPI SLIPS 0.1% ON MONTH IN APRIL

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    Overall consumer prices in China were down 0.1 percent on month in April, the National Bureau of Statistics said on Thursday.

    That missed expectations for a flat reading following the 0.3 percent decline in March.

    On a yearly basis, inflation rose 0.1 percent - also shy of forecasts for an increase of 0.4 percent and slowing from 0.7 percent in the previous month.

    The bureau also said that producer prices dropped 3.6 percent on year versus expectations for a decline of 3.2 percent following the 2.5 percent contraction a month earlier.

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  3. InstaForex Gertrude

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    JAPAN M2 MONEY STOCK CLIMBS 2.5% ON YEAR IN APRIL

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    The M2 money stock in Japan was up 2.5 percent on year in April, the Bank of Japan said on Friday - coming in at 1,232.4 trillion yen.

    That was in line with expectations and unchanged from the March reading following a downward revision from 2.6 percent.

    The M3 money stock was up an annual 2.1 percent to 1,580.3 trillion yen, steady from the March reading.

    The L money stock jumped 3.0 percent on year to 2,112.2 trillion yen, easing from 3.8 percent in the previous month.

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  4. InstaForex Gertrude

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    YEN DROPS AGAINST MAJORS

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    The Japanese yen weakened against other major currencies in the Asian session on Monday.

    The yen fell to nearly a 2-week low of 136.12 against the U.S. dollar and a 4-day low of 169.65 against the pound, from Friday's closing quotes of 135.74 and 168.93, respectively. Against the euro and the Swiss franc, the yen dropped to 5-day lows of 147.85 and 151.62 from last week's closing quotes of 147.27 and 151.04, respectively.

    Against the Australia and the Canadian dollars, the yen slipped to 4-day lows of 90.63 and 100.38 from Friday's closing quotes of 90.08 and 100.09, respectively.

    The yen edged down to 84.52 against the NZ dollar, from last week's closing value of 83.97.

    If the yen extends its downtrend, it is likely to find support around 137.00 against the greenback, 173.00 against the pound, 152.00 against the euro, 154.00 against the franc, 93.00 against the aussie, 102.00 against the loonie and 86.00 against the kiwi.

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  5. InstaForex Gertrude

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    AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

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    The Australian dollar weakened against other major currencies in the Asian session on Tuesday.

    The Australian dollar fell to a 4-day low of 1.0702 against the NZ dollar, from yesterday's closing value of 1.0733.

    Moving away from a recent 4-day high of 0.6709 against the U.S. dollar, the aussie slid to 0.6680.

    Against the euro and the yen, aussie edged down to 1.6271 and 90.82 from yesterday's closing quotes of 1.6223 and 91.18, respectively.

    The aussie dropped to 0.9004 against the Canadian dollar, from yesterday's closing value of 0.9021.

    If the aussie extends its downtrend, it is likely to find support around 1.04 against the kiwi, 0.65 against the greenback, 1.66 against the euro, 88.00 against the yen and 0.89 against the loonie.

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  6. InstaForex Gertrude

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    SINGAPORE TRADE SURPLUS SGD4.713 BILLION IN APRIL

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    Singapore posted a merchandise trade surplus of SGD4.713 billion in April, Statistics Singapore said on Wednesday.

    That was shy of expectations for a surplus of SGD6.346 billion following the SGD6.207 billion surplus in March.

    Non-oil domestic exports were up 2.7 percent on month, beating forecasts for a decline of 3.0 percent following the 18.4 percent surge in the previous month.

    On a yearly basis, non-oil domestic exports slumped 9.8 percent, missing forecasts for a drop of 9.4 percent after sinking 8.3 percent a month earlier.

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  7. InstaForex Gertrude

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    Technical Analysis of ETH/USD for May 18, 2023

    Crypto Industry News:

    The NFT market is developing very dynamically in the crypto ecosphere. It is quite easy to use which makes it suitable for many applications. The popularity of NFT leaves room for abuse. Therefore, it is recommended to exercise extreme caution in conjunction with continuous education.

    China's national law enforcement agency published a new set of guidelines for non-fungible tokens (NFTs) on May 15. The agency warned that NFTs are being used as proxies for illicit securities and speculative digital assets.

    The guidelines of the Supreme People's Prosecutor's Office of the People's Republic of China recommend stronger "risk testing and assessment" to distinguish NFT "true innovation" from quasi-crypto "pseudo innovation". They stress the need to "punish crimes thoroughly".

    "While NFT enjoys great popularity, it is very likely to result in financial risk, management risk, network security risk, etc. and especially legal risk," they wrote.

    Since China decided to outlaw cryptocurrencies in September 2021, NFTs have been moving in a "legal gray area". As a result, China's domestic NFT market largely self-regulates the industry.

    "What consumers benefit from is the exclusive right to prohibit others from tampering with NFT property stored on the blockchain."

    This stance on NFT ownership appears to be at odds with the landmark ruling of the Hangzhou Internet Court on December 5, 2022. The court in the ruling stated that non-fungible tokens (NFTs) constitute online virtual property and are recognized under Chinese law.

    Technical Market Outlook:
    The ETH/USD pair has bounced from the short-term trend line support around the level of $1,783 an is heading higher towards the last swing high seen at $1,848. The intraday technical resistance is seen at $1,848 and then at $1,885. The momentum is strong and positive, so the temporary outlook for the ETH on the H4 time frame chart is bullish, but the bears are still in charge of the market and the next target for bears is seen at $1,687. If the market would have manage to trade above the local trend line support and broke above the last high seen at $1,848, then the bull would have a chance to extend the rally even higher.

    analytics6465d063398ce.jpg

    Weekly Pivot Points:
    WR3 - $1,913
    WR2 - $1,886
    WR1 - $1,844
    Weekly Pivot - $1,814
    WS1 - $1,795
    WS2 - $1,764
    WS3 - $1,712

    Trading Outlook:
    The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.

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  8. InstaForex Gertrude

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    US stock market closes higher, Dow Jones gains 0.34%

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    US initial jobless claims for the week ending May 13 fell by 22,000 from the previous week to 242,000. Analysts, in turn, were waiting for the indicator to decrease to 254 thousand. Thus, the decrease in applications may signal a positive direction for the US dollar.

    At the close in the New York Stock Exchange, the Dow Jones was up 0.34%, the S&P 500 was up 0.94% and the NASDAQ Composite was up 1.51%.

    The leading gainer among the components of the Dow Jones index today was Intel Corporation (NASDAQ:INTC), which gained 0.81 points or 2.81% to close at 29.68. Salesforce Inc (NYSE:CRM) rose 3.94 points or 1.88% to close at 213.32. Nike Inc (NYSE:NKE) rose 1.89 points or 1.62% to close at 118.87.

    The least gainers were Procter & Gamble Company (NYSE:pG), which shed 2.55 points or 1.64% to end the session at 152.53. UnitedHealth Group Incorporated (NYSE:UNH) was up 5.58 points or 1.15% to close at 479.23, while Merck & Company Inc (NYSE:MRK) was down 0.76 points ( 0.66%) and finished trading at 114.00.

    Among the top performers in the S&P 500 index today were Take-Two Interactive Software Inc (NASDAQ:TTWO), which rose 11.69% to 139.63, Bath & Body Works Inc. (NYSE:BBWI), which gained 10.73% to close at 37.67, and Netflix Inc (NASDAQ:NFLX), which gained 9.22% to close at 371.29.

    The least gainers were Lumen Technologies Inc (NYSE:LUMN), which shed 4.92% to close at 2.51. Shares of Target Corporation (NYSE:TGT) shed 4.21% to end the session at 154.18. Newmont Goldcorp Corp (NYSE:NEM) was down 3.31% to 43.27.

    Leading gainers among the components of the NASDAQ Composite in today's trading were Enveric Biosciences Inc (NASDAQ:ENVB), which rose 136.18% to 3.59, AVROBIO Inc (NASDAQ:AVRO), which gained 45.33%. , to close at 0.84, and WANG & LEE GROUP Inc (NASDAQ:WLGS), which edged up 44.70% to close at 1.91.

    The least gainers were Aptinyx Inc (NASDAQ:APTX), which shed 39.00% to close at 0.06. Shares of NanoString Technologies Inc (NASDAQ:NSTG) shed 29.02% to end the session at 6.04. Rigel Pharmaceuticals Inc (NASDAQ:RIGL) was down 28.57% to 1.30.

    On the New York Stock Exchange, the number of securities that rose in price (1686) exceeded the number of those that closed in the red (1243), while quotes of 102 shares remained virtually unchanged. On the NASDAQ stock exchange, 1927 companies rose in price, 1617 fell, and 170 remained at the level of the previous close.

    The CBOE Volatility Index, which is based on S&P 500 options trading, fell 4.86% to 16.05.

    Gold futures for June delivery lost 1.26%, or 24.95, to hit $1.00 a troy ounce. In other commodities, WTI crude for June delivery fell 1.14%, or 0.83, to $72.00 a barrel. Brent futures for July delivery fell 1.22%, or 0.94, to $76.02 a barrel.

    Meanwhile, on the Forex market, EUR/USD fell 0.62% to hit 1.08, while USD/JPY edged up 0.72% to hit 138.68.

    Futures on the USD index rose 0.65% to 103.39.

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  9. InstaForex Gertrude

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    EUR/USD. What did Powell say?

    Federal Reserve Chairman Jerome Powell put pressure on the U.S. currency at the end of the trading week. The head of the Fed spoke at a conference on the outlook for monetary policy. The very subject of the event said that Powell could voice his stance on the future prospects of the tightening of the monetary policy. These expectations were largely justified. As a rule, the head of the regulator is rather cautious in his statements, but in this case he, surprisingly, voiced very transparent hints.

    analytics6468ef46d6f8f.jpg

    And these hints did not sit well with the dollar bulls. On Friday, the US dollar index could not hold the height it had reached (103.49) and fell into the area of the 102nd figure (although then the greenback was able to regain some of the lost positions, ending the week at 103.07). Such a reaction of the dollar is quite justified, as the de facto head of the Federal Reserve questioned the expediency of further interest rate increases. Responding to such rhetoric, buyers of EUR/USD managed to return to the area of the 8th figure, closing Friday's trading at 1.0804.

    False growth of hawkish expectations

    Before returning to Jerome Powell's Friday speech, it is worth remembering that the dollar strengthened its positions last week not only due to the rise in risk-off sentiment, but also due to the strengthening of hawkish expectations regarding the Fed's further actions. The recent statements of several Federal Reserve officials were clearly "hawkish" in tone, supporting the greenback. Despite the slowdown in inflation in the United States, some central bank officials did not rule out further monetary policy tightening, lamenting the still high level of the core consumer price index.

    In particular, the head of the Dallas Fed, Lori Logan, recently stated that incoming data "support an interest rate hike at the next meeting". This position was voiced in one interpretation or another by other representatives of the US regulator - for example, Loretta Mester, Thomas Barkin, Raphael Bostic, and John Williams.

    The market reacted to the toughening rhetoric in a corresponding manner: according to the CME FedWatch Tool, the probability of a 25-point rate increase in June rose to almost 40%. For comparison, it is worth noting that at the beginning of May, the chances of implementing a 25-point scenario were estimated at 5-8%.

    Therefore, Jerome Powell's messages yesterday indeed served as a "cold shower" for the dollar bulls.

    A cold shower for dollar bulls

    In essence, the Fed Chair once again "highlighted" the relevance of the banking crisis in the US, linking recent events to the aggressive policy of the American regulator. According to him, the recent "banking stress" has led to tighter credit standards and weakened the need for interest rate hikes. In this context, he stated that he does not consider it necessary to bring the rate to the previously planned value. To quote him verbatim, the phrase sounded like this: "The interest rate, perhaps, should not be raised as much as we wanted earlier." At the same time, he expressed concern about the consequences of the decisions already made. According to Powell, there is currently uncertainty regarding the "delayed consequences of the measures already taken," as well as the degree of credit tightening as a result of the recent banking crisis.

    As a "cherry on top" - a summarizing phrase from the Fed Chair that the Federal Reserve can now afford to assess the effectiveness of the measures taken, "to draw conclusions about the future prospects of monetary policy."

    I remind you that back in March, after the crash of the largest bank in Silicon Valley in the US (Silicon Valley Bank), and the subsequent bankruptcies of Signature Bank and Silvergate Capital Corp, First Republic, rumors arose in the market that the Federal Reserve might refrain from raising interest rates at subsequent meetings. Moreover, some experts voiced cautious assumptions about a possible step back, in the context of a rate cut.

    But contrary to "dovish" forecasts, the American regulator still raised the rate - both at the March meeting and in May. Core inflation, which unexpectedly resumed its growth, forced the Federal Reserve to take countermeasures, despite existing risks.

    As of today, judging by the tonality of Powell's rhetoric, the Federal Reserve is once again concerned that a further increase in the interest rate will cause a new wave of bankruptcies of American banks. By the way, the situation with PacWest is another "alarm bell" - another bank in the US is on the verge of closure.

    Conclusions

    The head of the Federal Reserve "sobered up" traders who were too trustful of the hawkish statements of some Federal Reserve representatives (many of whom, by the way, do not have voting rights this year). The likelihood of a rate hike at the June meeting has dropped sharply - from 40% (before Powell's speech) to 17% (after the speech).

    Overall, the greenback has lost an important trump card. The dollar strengthened its positions thanks to two factors: the growth of risk-averse sentiments (threat of US default) and the increase of hawkish expectations (likelihood of a rate hike at the June meeting). On Friday, dollar bulls essentially lost one "flank" - and quite an important one under the circumstances. After all, as soon as US politicians resolve the issue of raising the US debt ceiling (which I personally do not doubt), the market will, first, see increased interest in risk, and second, "classic" fundamental factors will come to the fore, many of which are not on the greenback's side.

    Therefore, Powell's Friday speech will still play its role in the fate of EUR/USD - but only when the negotiating saga in Washington finally ends with a traditional happy ending.

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  10. InstaForex Gertrude

    InstaForex Gertrude Active Member

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    US stock market closed mixed, Dow Jones down 0.42%

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    Traders are monitoring the development of the situation around the country's public debt. The White House and Republicans, who control the House of Representatives in Congress, continue negotiations to raise its maximum ceiling. Speaker of the US House of Representatives Kevin McCarthy said earlier that he would meet with President Joe Biden on Monday for talks on this topic.

    At the close of the New York Stock Exchange, the Dow Jones was down 0.42%, the S&P 500 was up 0.02% and the NASDAQ Composite was up 0.50%.

    3M Company (NYSE:MMM) was the top gainer among the components of the Dow Jones Index today, up 2.68 points or 2.71% to close at 101.71. American Express Company (NYSE:AXP) rose 2.56 points or 1.67% to close at 155.51. Intel Corporation (NASDAQ:INTC) rose 0.35 points or 1.17% to close at 30.28.

    The least gainers were Nike Inc (NYSE:NKE), which shed 4.58 points or 3.99% to end the session at 110.18. Procter & Gamble Company (NYSE:pG) was up 4.01 points or 2.62% to close at 149.16, while Coca-Cola Co (NYSE:KO) was down 1.32 points. (2.10%) and finished trading at 61.51.

    Among the S&P 500 index components gainers today were Match Group Inc (NASDAQ:MTCH), which rose 6.72% to 33.98, EPAM Systems Inc (NYSE:EPAM), which gained 6.66 % to close at 263.99, and Pfizer Inc (NYSE:pFE), which rose 5.38% to close at 38.75.

    The least gainers were Signature Bank (OTC:SBNY), which shed 11.37% to close at 0.12. Shares of Lumen Technologies Inc (NYSE:LUMN) shed 7.23% to end the session at 2.18. Quotes of First Republic Bank (OTC:FRCB) decreased in price by 6.02% to 0.36.

    The leading performers in the NASDAQ Composite Index today were Microbot Medical Inc (NASDAQ:MBOT), which rose 159.35% to 3.19, Hepion Pharmaceuticals Inc (NASDAQ:HEPA), which gained 117.51 % to close at 19.38, and AVROBIO Inc (NASDAQ:AVRO), which rose 69.01% to close at 1.31.

    The least gainers were Rain Therapeutics Inc (NASDAQ:RAIN), which shed 87.71% to close at 1.22. Shares of Monogram Orthopedics Inc (NASDAQ:MGRM) shed 36.22% to end the session at 8.61. Volcon Inc (NASDAQ:VLCN) dropped 33.20% to 0.73.

    On the New York Stock Exchange, the number of securities that rose in price (1,788) exceeded the number of those that closed in the red (1,178), and quotes of 101 shares remained virtually unchanged. On the NASDAQ stock exchange, 2267 companies rose in price, 1315 fell, and 121 remained at the level of the previous close.

    The CBOE Volatility Index, which is based on S&P 500 options trading, rose 2.38% to 17.21.

    Gold futures for June delivery lost 0.37%, or 7.35, to hit $1.00 a troy ounce. In other commodities, WTI crude for July delivery rose 0.60%, or 0.43, to $72.12 a barrel. Brent futures for July delivery rose 0.62%, or 0.47, to $76.05 a barrel.

    Meanwhile, in the Forex market, the EUR/USD pair remained unchanged 0.06% to 1.08, while USD/JPY rose 0.42% to hit 138.56.

    Futures on the USD index rose 0.04% to 103.12.

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  11. InstaForex Gertrude

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    AUSTRALIAN DOLLAR SLIDES AGAINST MAJORS

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    The Australian dollar weakened against other major currencies in the Asian session on Wednesday.

    The Australian dollar fell to a 1-week low of 1.6351 against the euro and a 6-day low of 91.19 against the yen, from yesterday's closing quotes of 1.6284 and 91.59, respectively.

    Against the U.S. and the Canadian dollars, the aussie dropped to nearly a 4-week low of 0.6585 and a 6-month low of 0.8897 from yesterday's closing quotes of 0.6609 and 0.8922, respectively
    .
    If the aussie extends its downtrend, it is likely to find support around 1.67 against the euro, 87.00 against the yen, 0.63 against the greenback and 0.86 against the loonie.

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    Last edited: May 24, 2023
  12. InstaForex Gertrude

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    SINGAPORE GDP SLIPS 0.4% IN Q1

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    Singapore's gross domestic product dropped a seasonally adjusted 0.4 percent on quarter in the first three months of 2023, the Ministry of Trade and Industry said on Thursday.

    That beat forecasts for a decline of 0.7 percent following the 0.1 percent increase in the previous three months.

    On an annualized basis, GDP rose 0.4 percent, exceeding expectations for a gain of 0.1 percent, which would have been unchanged from the previous reading.

    Upon the release of the data, the MTI announced that its 2023 GDP growth forecast for Singapore has been maintained at 0.5 to 2.5 percent, with growth likely to come in at around the mid-point of the range.

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  13. InstaForex Gertrude

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    CANADIAN DOLLAR SLIDES AGAINST MAJORS

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    The Canadian dollar weakened against other major currencies in the Asian session on Friday.

    The Canadian dollar fell to nearly a 1-month low of 1.3654 against the U.S. dollar and a 9-day low of 1.4648 against the euro, from yesterday's closing quotes of 1.3639 and 1.4627, respecively.

    Against the yen and the Australian dollar, the loonie dropped to 102.38 and 0.8885 from yesterday's closing quotes of 102.65 and 0.8873, respecively.

    If the loonie extends its downtrend, it is likely to find support around 1.37 against the greenback, 1.49 against the euro, 99.00 against the yen and 0.91 against the aussie.

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  14. InstaForex Gertrude

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    CANADIAN DOLLAR SLIDES AGAINST MAJORS

    4.jpg

    The Canadian dollar weakened against other major currencies in the Asian session on Friday.

    The Canadian dollar fell to nearly a 1-month low of 1.3654 against the U.S. dollar and a 9-day low of 1.4648 against the euro, from yesterday's closing quotes of 1.3639 and 1.4627, respecively.

    Against the yen and the Australian dollar, the loonie dropped to 102.38 and 0.8885 from yesterday's closing quotes of 102.65 and 0.8873, respecively.

    If the loonie extends its downtrend, it is likely to find support around 1.37 against the greenback, 1.49 against the euro, 99.00 against the yen and 0.91 against the aussie.

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  15. InstaForex Gertrude

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    SINGAPORE PRODUCER PRICES DECLINE 4.6%

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    Singapore's producer prices decreased for the third straight month in April, largely due to a slump in the oil index, data from the Department of Statistics showed on Monday.

    The manufacturing producer price index fell 4.6 percent year-on-year in April, slightly faster than the 4.4 percent rise in the prior month.
    The oil index plunged 21.0 percent annually in April, and the non-oil index showed a comparatively smaller decrease of 1.1 percent.
    Domestic supply prices were 11.4 percent lower in April from a year ago, after an 11.3 percent drop in March. This was the fourth successive monthly fall.

    On a monthly basis, producer prices moved up 0.3 percent in April versus a 0.9 percent rise in the previous month.
    Separate data from the statistical office revealed that import prices fell at a faster pace of 11.0 percent yearly in April, following a 10.1 percent decline in the prior month.

    Monthly, import prices increased 1.2 percent from March, when they grew by 0.4 percent.
    Data showed that export prices registered a decrease of 12.4 percent yearly in April, while they rose 0.7 percent compared to a month ago.

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  16. InstaForex Gertrude

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    AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

    5.jpg

    The Australian dollar weakened against other major currencies in the Asian session on Tuesday.
    The Australian dollar fell to a 4-day low of 0.6510 against the U.S. dollar, from an early 6-day high of 0.6559.
    Against the yen and the Canadian dollar, the aussie dropped to a 4-day low of 91.28 and more than a 6-month low of 0.8856 from yesterday's closing quotes of 91.80 and 0.8883, respectively.
    Against the euro and the NZ dollar, the aussie edged down to 1.6444 and 1.0788 from an early 6-day high of 1.6351 and a 4-week high of 1.0825, respectively.
    If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 88.00 against the yen, 0.86 against the loonie, 1.68 against the euro and 1.05 against the kiwi.

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  17. InstaForex Gertrude

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    AUSTRALIA PRIVATE SECTOR CREDIT CLIMBS 0.6% IN APRIL

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    Private sector credit in Australia was up 0.6 percent on month in April, the Reserve Bank of Australia said on Wednesday - accelerating from 0.2 percent in March.

    On a yearly basis, credit climbed 6.6 percent.

    Housing credit was up 0.3 percent on month and 5.2 percent on year, while personal credit rose 0.1 percent on month and fell 0.3 percent on year and business credit jumped 1.1 percent on month and 10.6 percent on year.

    Broad money added 0.4 percent on month and 6.5 percent on year.

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  18. InstaForex Gertrude

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    SOUTH KOREA TRADE DEFICIT $2.10 BILLION IN MAY

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    South Korea posted a merchandise trade deficit of $2.10 billion in May, the Customs Office said on Thursday.

    That exceeded expectations for a shortfall of $2.89 billion following the $2.70 billion deficit in April.

    Exports dropped 15.2 percent on year, missing forecasts for a decline of 13.5 percent following the 14.3 percent fall in the previous month.

    Imports were down 14.0 percent on year versus expectations for a drop of 10.6 percent after sinking 13.3 percent a month earlier.

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  19. InstaForex Gertrude

    InstaForex Gertrude Active Member

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    JAPAN MONETARY BASE DECLINES 1.1% ON YEAR IN MAY

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    The monetary base in Japan was down 1.1 percent on year in May, the Bank of Japan said on Friday - coming in at 672.732 trillion yen.

    That beat expectations for a decline of 1.4 percent following the upwardly revised 1.7 percent contraction in April (originally -1.9 percent).

    Banknotes in circulation was up 1.3 percent on year, while coins in circulation fell an annual 3.1 percent.

    Current account balances dropped 1.6 percent on year, including a 2.1 percent fall in reserve balances.

    The adjusted monetary base was down 0.7 percent.

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  20. InstaForex Gertrude

    InstaForex Gertrude Active Member

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    HONG KONG PRIVATE SECTOR PMI FALLS TO 50.6 IN MAY - S&P GLOBAL

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    The private sector in Hong Kong continued to expand in May, albeit at a slower pace, the latest survey from S&P Global showed on Monday with a private sector PMI score of 50.6.

    That's down from 52.4 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

    Despite being driven by a surge in new business to Mainland China, new order growth slowed to the weakest since January. Lower new sales led to a softer rise in business activity and a reduction in inventory holdings. At the same time, staffing levels fell for the first time since November 2022.

    That said, overall input cost inflation quickened as supplier performance deteriorated for the first time in seven months, thereby adding pressure to firms' margins. Less robust demand conditions also weighed on business confidence.

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