Forex Forex News from InstaForex

AUSTRALIAN DOLLAR FALLS AFTER RBA RATE DECISION



At 12:30 am ET in the Asian session on Tuesday, the Reserve Bank of Australia announced its July monetary policy decision. In the meeting, the RBA kept its cash rate unchanged at 4.1 percent.

After the announcement, the Australian dollar fell against its major rivals.

As of 12:31 am ET, the Australian dollar was trading 0.6652 against the U.S. dollar, 96.17 against the yen, 1.6398 against the euro and 1.0816 against the NZ dollar.

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SINGAPORE PRIVATE SECTOR PMI SLIPS TO 54.1 IN JUNE - S&P GLOBAL



The private sector in Singapore continued to expand in June, albeit at a slower pace, the latest survey from S&P Global revealed on Wednesday with a services PMI score of 54.1.

That's down from 54.5 in May, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Driving the latest private sector expansion was a sustained improvement in new orders. Demand for Singaporean goods and services rose in June, extending the sequence of expansion that commenced at the start of 2023. Foreign demand remained subdued, however, registering a mild contraction in the latest survey period.

In turn, output rose at the fastest rate since last October. Sub-sector data indicated that the real estate & business services sector recorded the sharpest output growth in June.

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EURO FALLS AGAINST MAJORS



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

The euro fell to near 2-week lows of 0.9738 against the Swiss franc and 156.18 against the yen, from yesterday's closing quotes of 0.9753 and 156.99, respectively.

Moving away from a recent high of 0.8546 against the pound, the euro fell to nearly a 2-week low of 0.8536.

Against the U.S. and the New Zealand dollars, the euro dropped to 3-week lows of 1.0834 and 1.7504, from yesterday's closing quotes of 1.0854 and 1.7559, respectively.

The euro edged down to 1.6261 against the Australian dollar, from Wednesday's closing value of 1.6308.

Against the Canadian dollar, the euro dropped to 1.4409 from a recent high of 1.4422.

If the euro extends its downtrend, it is likely to find support around 0.95 against the franc, 154.00 against the yen, 0.82 against the pound, 1.06 against the greenback, 1.71 against the kiwi, 1.58 against the aussie and 1.41 against the loonie.

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GERMANY INDUSTRIAL PRODUCTION FALLS MORE THAN EXPECTED



Germany's industrial production declined more than expected in May, figures from Destatis revealed on Friday.

Industrial production posted a monthly fall of 0.2 percent in May in contrast to the 0.3 percent increase in April. Output was forecast to drop 0.1 percent.

The decline was largely driven by the sharp 13.1 percent fall in output of pharmaceutical products. Meanwhile, motor vehicles, trailers and semi-trailers logged a monthly growth of 4.9 percent.

Excluding energy and construction, industrial production gained 0.2 percent, data showed.

On a yearly basis, industrial production grew 0.7 percent, following a 1.7 percent rise in April.

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EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE SENTIX INVESTOR CONFIDENCE DUE



Investor confidence from Eurozone is the only major data due on Monday, headlining a light day for the European economic news.

At 1.00 am ET, Statistics Finland publishes industrial production data for May. Orders had dropped 2.4 percent annually in April.

At 2.00 am ET, consumer and producer price figures are due from Statistics Norway. Inflation is forecast to ease to 6.2 percent in June from 6.7 percent in May. Producer prices are forecast to plunge 36.4 percent annually.

At 2.30 am ET, the Hungarian Statistical Office releases foreign trade data for May. The trade surplus is expected to rise to EUR 446 million from EUR 366 million in April.

At 3.00 am ET, the Czech Statistical Office is set to release retail sales for May. At 4.30 am ET, Eurozone Sentix investor confidence data is due. The investor sentiment index is forecast to fall to -17.9 in July from -17.0 in June.

At 5.00 am ET, the Hellenic Statistical Authority is scheduled to issue Greece industrial production data for May.

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UK JOBLESS RATE RISES TO 4.0%



The UK unemployment rate increased in three months to May, data released by the Office for National Statistics showed on Tuesday.

The ILO jobless rate rose to 4.0 percent in three months to May from 3.8 percent in the preceding period.

In June, the payrolled employment showed a monthly fall of 9,000 to 30.0 million.

In April to June, the number of vacancies decreased 85,000 sequentially to 1.03 million. This was the 12th consecutive decline.

Average earnings including bonus grew 6.9 percent in three months to May from the last year, slightly slower than economists' forecast of 6.8 percent.

Excluding bonuses, average earnings moved up 7.3 percent compared to the expected increase of 7.1 percent.

About 128,000 working days were lost because of labor disputes in May, marking the lowest since July 2022, data showed.

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SOUTH KOREA JOBLESS RATE RISES UNEXPECTEDLY TO 2.6%



South Korea's unemployment rate increased unexpectedly in June, though marginally, data from Statistics Korea showed on Wednesday.

The unemployment rate rose to a seasonally adjusted 2.6 percent in June from 2.5 percent in May. Meanwhile, economists had expected the rate to remain stable at 2.5 percent.

In the same month last year, the unemployment rate was 2.9 percent.

On an unadjusted basis, the jobless rate held steady at 2.7 percent at the end of the second quarter.

The number of unemployed people rose to 807,000 in June from 787,000 in the previous month.

At the same time, the number of employed people increased by 33,000 year-on-year to 28.812 million in June.

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U.S. DOLLAR FALLS AGAINST MAJORS



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

The U.S. dollar fell to an 8-1/2 year low of 0.8651 against the Swiss franc and nearly a 2-month low of 138.07 against the yen, from yesterday's closing quotes of 0.8669 and 138.49, respectively.

Against the euro and the pound, the greenback dropped to near 1-1/2-year lows of 1.1149 and 1.3019 from yesterday's closing quotes of 1.1130 and 1.2987, respectively.

The greenback edged down to 1.3166 against the Canadian dollar, from Wednesday's closing value of 1.3186.

If the greenback extends its downtrend, it is likely to find support around 0.84 against the franc, 133.00 against the yen, 1.13 against the euro, 1.33 against the pound and 1.29 against the loonie.

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EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE FOREIGN TRADE DATA DUE



Foreign trade from the euro area is the top economic news due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's wholesale prices for June. Economists forecast wholesale prices to drop 1.2 percent annually after a 2.6 percent decrease in May.

In the meantime, consumer prices from Sweden and foreign trade data from Norway are due. Sweden's inflation is expected to slow to 9.1 percent in June from 9.7 percent in May.

Half an hour later, the Federal Statistical Office releases Swiss producer and import prices for June. Producer and import prices are forecast to fall 1.2 percent annually after easing 0.3 percent in May.

At 4.00 am ET, external trade data is due from Italy. The trade surplus is expected to rise to EUR 1.45 billion in May from EUR 0.3 billion in April.

At 5.00 am ET, Eurostat is scheduled to issue euro area foreign trade data for May. The trade deficit is seen at EUR 7.6 billion compared to a EUR 11.7 billion shortfall a month ago.

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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 5-day low of 1.6493 against the euro, from Friday's closing value of 1.6411.

Against the U.S. dollar and the yen, the aussie slipped to 4-day lows of 0.6806 and 94.36 from last week's closing quotes of 0.6836 and 94.86, respectively.

The aussie edged down to 0.9001 against the Canadian dollar, from last week's closing value of 0.9032.

Moving away from an early high of 1.0750 against the NZ dollar, the aussie slipped to 1.0724.

If the aussie extends its downtrend, it is likely to find support around 1.68 against the euro, 0.65 against the greenback, 91.00 against the yen, 0.88 against the loonie and 1.05 against the kiwi.

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BTC update for July 18,.2023 - Key support cluster on the test

Technical analysis:



BTC/USD has been trading downside and the key support cluster at the price of $30.000 is on the test. I see 2 scenarios that can be in the play.

In case of the rejection of the support zone at $29.600, I see potential for the rally towards upper extreme of the trading range at $31.400

In case of the downside breakout of the support zone at $29.600, I see potential for the further drop towards $28.000

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NEW ZEALAND INFLATION CLIMBS 6.0% ON YEAR IN Q2



New Zealand's consumer prices rose 6.0 percent on year in the second quarter of 2023, Statistics New Zealand said on Wednesday.

That exceeded expectations for an increase of 5.9 percent and was down from 6.7 percent in the previous three months.

On a seasonally adjusted quarterly basis, inflation rose 1.1 percent - again topping forecasts for 1.0 percent and easing from 1.2 percent in the three months prior.

The quarterly tradeable inflation rate was 0.8 percent and the non-tradeable inflation rate was 1.3 percent.

The annual tradeable inflation rate was 5.2 percent and the non-tradeable inflation rate was 6.6 percent.

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JAPAN TRADE SURPLUS Y43.05 BILLION IN JUNE



Japan posted a merchandise trade surplus of 43.048 billion yen in June, the Ministry of Finance said on Thursday.

That beat forecasts for a deficit of 46.7 billion following the downwardly revised 1,381.9 billion yen shortfall in May (originally -1,372.5 billion yen).

Exports rose 1.5 percent on year to 8.744 trillion yen, missed expectations for an increase of 2.2 percent following the 0.6 percent gain in the previous month.

Imports slumped an annual 12.9 percent to 8.701 trillion yen versus expectations for a decline of 11.3 percent following the upwardly revised 9.8 percent gain a month earlier (originally -9.9 percent).

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EUROPEAN ECONOMIC NEWS PREVIEW: UK RETAIL SALES & PUBLIC SECTOR FINANCE DATA DUE



Retail sales and public sector finances from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales and public sector finances figures. Retail sales are forecast to grow 0.2 percent on month in June, slower than the 0.3 percent increase in May. The budget deficit is expected to widen to GBP 27.5 billion in June from GBP 19.2 billion in the previous month.

At 4.00 am ET, retail sales data is due from Poland. Economists forecast sales to fall 4.7 percent annually in June after easing 6.8 percent in May.

At 6.30 am ET, Russia's central bank announces its monetary policy decision. The bank is expected to raise its key interest rate by 50 basis points to 8.00 percent.

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JAPAN MANUFACTURING PMI SLIPS TO 49.4 IN JUL7 - JIBUN



The manufacturing sector in Japan continued to contract in July, and at a faster pace, the latest survey from Jibun Bank revealed on Monday with a manufacturing PMI score of 49.4.

That's down from 49.8 in June, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

Both output and new orders were scaled back further in the latest survey period, with the rate of reduction in incoming business accelerating to the strongest seen for four months. There was further evidence of easing cost pressures as indicated by the rate of input price inflation dipping to the lowest since February 2021, though manufacturers looked to pass higher cost burdens to clients to a greater extent for the first time since April. Concurrently, business sentiment eased from June yet remained at the joint-second highest level seen since the start of 2022.

The survey also showed that the services PMI fell from 54.0 in June to 53.9 in July.

The expansion in incoming business was modest, and the slowest recorded for six months. Moreover, July data indicated that activity growth was often fueled by the completion of existing orders, as the level of outstanding business at Japanese service providers reduced for the first time in a year and at the fastest pace since April 2022.

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EUROPEAN ECONOMIC NEWS PREVIEW: GERMAN IFO BUSINESS CONFIDENCE DATA DUE



Business confidence from Germany and bank lending survey results from the euro area are the top economic news due on Tuesday.
At 2.00 am ET, producer price data is due from Statistics Sweden. Economists forecast producer prices to fall 5.9 percent on a yearly basis in June, bigger than the 2.1 percent fall in May.
At 4.00 am ET, the ifo Institute is scheduled to publish Germany's business confidence survey data. The business climate index is forecast to fall to 88.0 in July from 88.5 in the previous month.
In the meantime, the European Central Bank releases bank lending survey results.
Also, unemployment data is due from Poland. Economists expect the jobless rate to fall to 5.0 percent in June from 5.1 percent in May.
At 6.00 am ET, the Confederation of British Industry is set to release Industrial Trends survey data for July. The order book balance is seen at -17 compared to -15 in June.

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JAPAN PRODUCER PRICES RISE 1.2% ON YEAR IN JUNE



Producer prices in Japan were up 1.2 percent on year in June, the Bank of Japan said on Wednesday.

That missed expectations for an increase of 1.4 percent and was down from the upwardly revised 1.7 percent gain in May (originally 1.6 percent).

On a monthly basis, producer prices eased 0.2 percent following the flat reading in the previous month.

Excluding international transportation, producer prices rose 1.7 percent on year and fell 0.2 percent on month.

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EUROPEAN ECONOMIC NEWS PREVIEW: ECB MONETARY POLICY ANNOUNCEMENT DUE



The European Central Bank is slated to announce its monetary policy decision later today after the U.S. Federal Reserve hiked its benchmark rate by a quarter-point on Wednesday.

Markets widely expect the ECB to raise the main refi rate again by 25 basis points, to 4.25 percent. The outcome of the governing council meeting held in Frankfurt is due at 8.15 am ET.

ECB Chief Christine Lagarde is likely to repeat that the interest rates are set to remain high for an extended period.

Consumer sentiment from Germany and Italy are the other major economic reports due on Thursday.

At 2.00 am ET, the market research group Gfk is scheduled to issue Germany's consumer confidence survey data. The forward-looking sentiment index is seen at -24.7 in August, up from -25.4 in July.

At 3.00 am ET, Spain's statistical office INE releases retail sales and unemployment data. Sales are expected to grow 0.6 percent annually but much weaker than the 6.0 percent rise in May. The jobless rate is forecast to fall to 13.00 percent in the second quarter from 13.26 percent in the first quarter.

At 4.00 am ET, Italy's ISTAT publishes business and consumer confidence survey results. The consumer confidence index is seen falling to 107.8 in July from 108.6 in the previous month. The business sentiment index is expected to drop to 99.8 from 100.3 a month ago.

At 6.00 am ET, the Confederation of British Industry is set to publish Distributive Trades survey results.

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EUROPEAN ECONOMIC NEWS PREVIEW: GERMANY GDP, INFLATION DATA DUE



Quarterly national accounts and flash inflation data from Germany, France and Spain are due on Friday, headlining a hectic day for the European economic news. At 1.30 am ET, the French statistical office INSEE is slated to issue quarterly GDP and household consumption data. The economy is forecast to grow 0.1 percent in the second quarter after rising 0.2 percent a quarter ago.

At 2.00 am ET, retail sales and household consumption from Norway, and GDP, retail sales and unemployment figures from Sweden are due.

At 2.45 am ET, flash inflation data is due from France. Economists forecast consumer price inflation to ease to 4.3 percent in July from 4.5 percent in June.

At 3.00 am ET, flash GDP and inflation figures are due from Spain. The economy is expected to grow 0.4 percent in the second quarter after rising 0.6 percent in the first quarter. Consumer price inflation is seen at 1.6 percent in July compared to 1.9 percent in June.

At 4.00 am ET, Destatis is slated to release Germany's flash GDP data. Economists forecast the economy to grow 0.1 percent in the second quarter after a 0.3 percent drop in the preceding period.

In the meantime, producer prices from Italy and consumer prices from Poland are due. At 5.00 am ET, the European Commission publishes euro area economic sentiment survey results. The economic confidence index is expected to drop to 95.0 in July from 95.3 in June.

At 8.00 am ET, Destatis publishes Germany's flash inflation data for July. Economists expect consumer price inflation to slow to 6.2 percent from 6.4 percent in June.

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JAPAN RETAIL SALES SINK 0.4% IN JUNE



The value of retail sales in Japan was down 0.4 percent on month in June, the Ministry of Economy, Trade and Industry said on Monday - coming in at 13.225 trillion yen.

That missed expectations for an increase of 0.2 percent following the upwardly revised 1.4 percent gain in May (originally 1.3 percent).

On a yearly basis, retail sales climbed 5.9 percent, matching forecasts and up from 5.8 percent in the previous month.

Commercial sales were down 0.3 percent on month and up 0.2 percent on year at 49.001 trillion yen, while wholesale sales slipped 0.6 percent on month and 1.8 percent on year at 35.776 trillion yen.

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