Forex Forex News from InstaForex

PHILIPPINE INFLATION EASES TO 6.1%, LOWEST IN 11 MONTHS



The Philippines' consumer price inflation eased for the fourth straight month in May to the lowest level in nearly a year, largely driven by a slowdown in prices for food products along with a fall in transport costs, data from the Philippine Statistical Authority showed on Tuesday.

The consumer price index, or CPI, climbed 6.1 percent year-over-year in May, slower than the 6.6 percent rise in April. Economists had forecast inflation to ease to 6.2 percent.

Moreover, this was the slowest inflation rate since June last year, when prices had risen the same 6.1 percent.

Nonetheless, the inflation was still above the central bank's target range of 2 to 4 percent.

The core inflation rate, which excludes prices of selected food and energy items, slowed marginally to 7.7 percent in May from 7.9 percent in April.

The annual price growth for food and non-alcoholic beverages moderated to a 5-month low of 7.4 percent in May from 7.9 percent a month ago. Meanwhile, utility costs rose at a stable rate of 6.5 percent.

Health costs were 4.1 percent higher compared to last year, and transport charges dropped by 0.5 percent.

On a monthly basis, consumer prices remained flat in May, while they were expected to increase slightly by 0.1 percent.

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AUSTRALIA GDP RISES 0.2% IN Q2



Australia's gross domestic product expanded by a seasonally adjusted 0.2 percent on quarter in the first quarter of 2023, the Australian Bureau of Statistics said on Wednesday.

That missed expectations for an increase of 0.8 percent and was down from 0.5 percent in the previous three months.

On an annualized basis, GDP was up 2.3 percent - again missing forecasts for a gain of 2,7 percent, which would have been steady from the three months prior.

Capital expenditure was up 1.8 percent on quarter, exceeding expectations for a decline of 5.6 percent following the 1.4 percent contraction in the previous quarter.

The GDP chain price index was up 1.8 percent on quarter, while final consumption rose 0.2 percent.

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JAPAN OVERALL BANK LENDING RISES 3.4% ON YEAR IN MAY



Overall bank lending in Japan was up 3.4 percent on year in May, the Bank of Japan said on Thursday - coming in at 602.335 trillion yen.

That exceeded expectations for an increase of 3.1 percent and was up from 3.2 percent in April.

Excluding trusts, lending climbed an annual 3.8 percent to 525.376 trillion yen - accelerating from 3.5 percent in the previous month.

Lending from trusts rose 1.1 percent on year to 76.959 trillion yen, steady from the previous month.

Lending from foreign banks spiked an annual 8.7 percent to 3.729 trillion yen, up from 8.1 percent a month earlier.

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CHINA INFLATION RISES 0.2% ON YEAR IN MAY



Consumer prices in China were up 0.2 percent on year in May, the National Bureau of Statistics said on Friday.

That was shy of expectations for an increase of 0.4 percent following the 0.1 percent increase in the previous month.

On a monthly basis, consumer prices fell 0.2 percent, missing expectations for a decline of 0.1 percent - which would have been unchanged from the April reading.

The NBS also said that producer prices dropped 4.6 percent on year, missing expectations for a decline of 4.0 percent following the 3.6 percent fall a month earlier.

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U.S. DOLLAR RISES AGAINST MAJORS



The U.S. dollar strengthened against other major currencies in the Asian session on Monday.

The U.S. dollar rose to 4-day highs of 1.0733 against the euro and 0.9044 against the Swiss franc, from last week's closing quotes of 1.0748 and 0.9031, respectively.

Against the pound and the yen, the greenback advanced to 1.2564 and 139.65 from Friday's closing quotes of 1.2577 and 139.35, respectively.

If the greenback extends its uptrend, it is likely to find resistance around 1.05 against the euro, 0.92 against the franc, 1.21 against the pound and 142.00 against the yen.

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NZ DOLLAR FALLS AGAINST MAJORS



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

The NZ dollar fell to nearly a 4-month low of 1.1049 against the Australian dollar, from yesterday's closing value of 1.1021.

Against the yen and the euro, the kiwi dropped to 4-day lows of 85.16 and 1.7641 from yesterday's closing quotes of 85.49 and 1.7565, respectively.

The kiwi edged down to 1.6106 against the U.S. dollar, from yesterday's closing value of 1.6121.

If the kiwi extends its downtrend, it is likely to find support around 1.11 against the aussie, 82.00 against the yen, 1.80 against the euro and 0.58 against the greenback.

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EUROPEAN ECONOMIC NEWS PREVIEW: UK GDP DATA DUE



Monthly GDP data from the UK and industrial output from the euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK monthly GDP, industrial output and foreign trade data. Gross domestic product is forecast to grow 0.2 percent on a monthly basis in April, reversing a 0.3 percent fall in March.

The UK visible trade deficit is expected to widen to GBP 16.5 billion in April from GBP 16.36 billion in March. In the meantime, Destatis is scheduled to publish Germany's wholesale prices for May. Wholesale prices are forecast to fall 3.3 percent annually, sharper than the 0.5 percent decrease in April.

Also, Statistics Sweden issues consumer price data for May. Economists forecast inflation to slow to 9.4 percent from 10.5 percent in April.

At 5.00 am ET, Eurozone industrial production data is due. Economists expect output to grow 1.0 percent on month in April, in contrast to the 4.1 percent fall in March.

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JAPAN HAS Y1,372.5 BILLION TRADE DEFICIT IN MAY



Japan posted a seasonally adjusted merchandise trade deficit of 1,362.5 billion yen in May, the Ministry of Finance said on Thursday.

That missed expectations for a shortfall of 1,331.9 billion following the 432.3 billion yen deficit in April.

Exports were up 0.6 percent on year to 7,292.6 billion yen, exceeding forecasts for a 0.8 percent decline following the 2.6 percent gain in the previous month.

Imports dropped an annual 9.9 percent to 8,665.1 billion yen versus expectations for a decline of 10.3 percent after slipping 2.3 percent a month earlier.

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YEN FALLS AFTER BOJ RATE DECISION



At 10:47 pm ET in the early Asian session on Friday, the Bank of Japan announced its announce its decision on interest rates.

After the data, the yen fell against its major rivals.

As of 10.50 pm ET, the yen was trading at 153.85 against the euro, 179.66 against the pound, 157.64 against the Swiss franc and 140.67 against the U.S. dollar.

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AUSTRALIAN DOLLAR FALLS AGAINST MAJORS



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

The Australian dollar fell to a 10-day low of 1.6003 against the euro, from Friday's closing value of 1.5902.

Against the U.S., the Canada and the New Zealand dollars, the aussie dropped to 4-day lows of 0.6834, 0.9040 and 1.1008 from last week's closing quotes of 0.6873, 0.9065 and 1.1019, respectively.

The aussie edged down to 96.73 against the yen, from more than a 9-month high of 97.67.

If the aussie extends its downtrend, it is likely to find support around 1.63 against the euro, 0.66 against the greenback, 0.89 against the loonie, 1.06 against the kiwi and 94.00 against the yen.

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YEN RISES AGAINST MAJORS



The Japanese yen strengthened against other major currencies in the Asian session on Tuesday.

The yen rose to 4-day highs of 154.59 against the euro and 181.15 against the pound, from yesterday's closing quotes of 155.02 and 181.48, respectively.

Against the U.S. dollar, the yen advanced to 141.58 from an early 7-month low of 142.25.

The yen edged up to 157.98 against the Swiss franc, from yesterday's closing value of 158.41.

If the yen extends its uptrend, it is likely to find resistance around 149.00 against the euro, 174.00 against the pound, 138.00 against the greenback and 153.00 against the yen.

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EUROPEAN ECONOMIC NEWS PREVIEW: UK INFLATION DATA DUE



Consumer prices and public sector finance from the UK are the top economic news due on Wednesday.

At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices and public sector finance data. Consumer price inflation is forecast to slow to 8.4 percent in May from 8.7 percent in April. Economists expect output prices to climb 3.6 percent after a 5.4 percent rise in April.

The UK budget deficit is seen narrowing to GBP 14.9 billion in May from GBP 24.7 billion in April.

In the meantime, Europe's new car registrations data is due for May. Registrations had increased 17.2 percent in April.

At 4.00 am ET, industrial production, producer prices and corporate sector wage figures are due. Economists forecast industrial output to fall 3 percent on a yearly basis, slower than April's 6.4 percent decrease.

At 6.00 am ET, the Confederation of British Industry publishes Industrial Trends survey results. The order book balance is seen unchanged at minus 17 percent in June.

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AUSTRALIAN DOLLAR FALLS AGAINST MAJORS



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

The Australian dollar fell to more than 2-week lows of 1.0927 against the NZ dollar and 1.6193 against the euro, from yesterday's closing quotes of 1.0952 and 1.6164, respectively.

Against the U.S. dollar and the yen, the aussie dropped to 0.6787 and 96.15 from early 2-day highs of 0.6806 and 96.52, respectively.

The aussie edged down to 0.8929 against the Canadian dollar, from Wednesday's closing value of 0.8943.

If the aussie extends its downtrend, it is likely to find support around 1.06 against the kiwi, 1.66 against the euro, 0.65 against the greenback, 91.00 against the yen and 0.87 against the loonie.

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ANTIPODEAN CURRENCIES FALL AMID RISK AVERSION



Antipodean currencies such as the Australia and the New Zealand dollars weakened against their major rivals in the Asian session on Friday amid risk aversion, as investors react to interest rate hikes by the Bank of England, the Norges Bank and the Swiss National Bank as well as inflation concerns that triggered growth worries.

U.S. Fed Chair Jerome Powell also reiterated plans to continue raising interest rates during his second day of testimony on Capitol Hill.

Powell made it clear that inflationary pressures continue to run high and the fight against inflation has "a long way to go." CME Group's FedWatch Tool currently indicates a 74.4% chance the Fed will raise rates by another quarter point following its next meeting in late July.

In economic news, the manufacturing sector in Australia continued to contract in June, albeit at a slower pace, the latest survey from Judo Bank revealed on Friday with a manufacturing PMI score of 48.6. That's up from 48.4 in May, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the services PMI fell from 52.1 in May to 50.7 in June, while the composite index slipped from 51.6 in May to 50.5 in June.

Crude oil prices fell, as interest rate hikes and inflation concerns raised concerns about the outlook for fuel demand, while a stronger greenback also weighed. West Texas Intermediate Crude oil futures for August ended lower by $3.02 or 4.1 percent at $69.51 a barrel.

In the Asian trading today, the Australian dollar fell to a 3-day low of 95.74 against the yen, from a recent 3-day high of 96.84. On the downside, 92.00 is seen as the next support level for the aussie.

In economic news, overall consumer prices in Japan were up 3.2 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday. That was well shy of estimates for 4.1 percent and down from 3.5 percent in April. On a monthly basis, consumer prices rose 0.1 percent - slowing from 0.6 percent a month earlier.

Against the U.S., the Canada and the New Zealand dollars, the aussie dropped to more than a 2-week low of 0.6691, more than a 3-week low of 0.8826 and nearly a 3-week low of 1.0897 from yesterday's closing quotes of 0.6755, 0.8883 and 1.0929, respectively. If the aussie extends its downtrend, it may find support around 0.65 against the greenback, 0.86 against the loonie and 1.07 against the kiwi.

The aussie slipped to a 3-week low of 1.6333 against the euro from yesterday's closing value of 1.6214. The aussie may test support around the 1.65 region.

The NZ dollar fell to a 3-day low of 0.6137 against the U.S. dollar and more than a 3-week low of 1.7812 against the euro, from yesterday's closing quotes of 0.6177 and 1.7725, respectively. If the kiwi extends its downtrend, it is likely to find support around 0.60 against the greenback and 1.79 against the euro.

Against the yen, the kiwi edged down to 87.82 from an early 8-year high of 88.59. The next possible downside target for the kiwi is seen around the 85.00 area.

Meanwhile, the safe-haven U.S. dollar rose against other major currencies in the Asian session.

The U.S. dollar rose to 143.44 against the yen for the first time since 10th November 2022. At yesterday's close, the greenback was trading at 143.11. The greenback may find resistance around the 146.00 region.

Against the euro, the pound, the Swiss franc and the Canadian dollar, the greenback advanced to 2-day highs of 1.0921, 1.2696, 0.8983 and 1.3197 from yesterday's closing quotes of 1.0956, 1.2747, 0.8946 and 1.3150, respectively. If the greenback extends its uptrend, may find resistance around 1.07 against the euro, 1.24 against the pound, 0.92 against the franc and 1.35 against the loonie.

Looking ahead, PMI reports from different European economies and U.K. for June are due to be released in the European session.

At 5:15 am ET, Federal Reserve Bank of St. Louis President James Bullard is scheduled to give "Optimal Macroeconomic Policies in a Heterogeneous World" presentation before the Central Bank of Ireland and International Journal of Central Banking Research Conference, in DUBLIN, Ireland.

In the New York session, Canada manufacturing and wholesales preliminary data for May, U.S. flash PMI reports for June and U.S. Baker Hughes oil rig count data are slated for release.

At 8:00 am ET, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in conversation on relevant topics to the finance community and business before the University of Georgia Terry College of Business CFO Roundtable, in Atlanta, U.S.

45 minutes later, ECB board member Fabio Panetta will participate in a panel discussion on future of crypto at 22nd BIS Annual Conference on central banks, macro-financial stability and the future of the financial system in Basel, Switzerland.

At 1:40 pm ET, Federal Reserve Bank of Cleveland President Loretta Mester will give closing remarks before the Policy Summit 2023: Communities Thriving in a Changing Economy" conference hosted by the Federal Reserve Bank of Cleveland, in Cleveland, Ohio, U.S.

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CANADIAN DOLLAR RISES AGAINST MAJORS



The Canadian dollar strengthened against other major currencies in the Asian session on Monday.

The Canadian dollar rose to a 7-1/2-month high of 0.8783 against the Australian dollar and nearly an 8-month high of 109.13, from Friday's closing quotes of 0.8795 and 108.99, respectively.

Against the euro and the U.S. dollar, the loonie advanced to 1.4347 and 1.3156 from recent lows of 1.4372 and 1.3181, respectively.

If the loonie extends its uptrend, it is likely to find resistance around 0.85 against the aussie, 112.00 against the yen, 1.41 against the euro and 1.29 against the greenback.

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EURO RISES AGAINST MAJORS



The euro strengthened against other major currencies in the Asian session on Monday.

The euro rose to a 5-day high of 156.84 against the yen, from yesterday's closing value of 156.47.

Against the U.S. dollar and the Swiss franc, the euro advanced to 4-day highs of 1.0935 and 0.9779 from yesterday's closing quotes of 1.0906 and 0.9767, respectively.

The euro edged up to 0.8586 against the pound, from a recent low of 0.8573.

If the euro extends its uptrend, it is likely to find resistance around 159.00 against the yen, 1.11 against the greenback, 0.99 against the franc and 0.87 against the pound.

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CANADIAN DOLLAR DROPS AGAINST MOST MAJORS



The Canadian dollar weakened against most major currencies in the Asian session on Wednesday.

The Canadian dollar fell to a 6-day low of 1.4470 against the euro and a 5-day low of 1.3219 against the U.S. dollar, from yesterday's closing quotes of 1.4458 and 1.3191, respectively.

Against the yen, the loonie edged down to 108.79 from yesterday's closing value of 109.20.

If the loonie extends its downtrend, it is likely to find support around 1.47 against the euro, 1.35 against the greenback and 105.00 against the yen.

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SINGAPORE DOLLAR FALLS TO 4-WEEK LOW AGAINST U.S. DOLLAR



The Singapore dollar weakened against the U.S. dollar in the late Asian session on Thursday.

Against the greenback, the Singapore dollar fell to a 4-week low of 1.3548 from a recent high of 1.3513. At yesterdya's close, the Singapore dollar was trading at 1.3528.

If the Singapore dollar extends its downtrend, it is likely to find support around the 1.37 area.

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AUSTRALIAN DOLLAR RISES AGAINST MAJORS



The Australian dollar strengthened against other major currencies in the Asian session on Friday.

The Australian dollar rose to 2-day highs of 96.08 against the yen and 1.6382 against the euro, from yesterday's closing quotes of 95.76 and 1.6416, respectively.

Against the U.S. and the Canadian dollars, the aussie advanced to 0.6636 and 0.8789 from Thursday's closing quotes of 0.6616 and 0.8764, respectively.

If the aussie extends its uptrend, it is likely to find resistance around 99.00 against the yen, 1.57 against the euro, 0.68 against the greenback and 0.89 against the loonie.

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NZ DOLLAR RISES AGAINST MAJORS



The New Zealand dollar strengthened against other major currencies in the Asian session on Monday.
The NZ dollar rose to 6-day highs of 1.7749 against the euro and 88.89 against the yen, from Friday's closing quotes of 1.7765 and 88.51, respectively.
Against the U.S. and the Australian dollars, the kiwi advanced to 5-day highs of 0.6146 and 1.0826 from last week's closing quotes of 0.6135 and 1.0845, respectively.
If the kiwi extends its uptrend, it is likely to find resistance around 1.74 against the euro, 90.00 against the yen, 0.65 against the greenback and 1.05 against the aussie.

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