Tuesday, 19 September 2017

Forex - Aussie, Kiwi Move Higher Markets Focus on Fed Meeting-SapForex24

The Australian and New Zealand dollars moved higher against their U.S. counterpart on Tuesday, as market participants were looking ahead to the Federal Reserve's policy meeting, due to begin later in the day.

AUD/USD rose 0.24% to 0.7977.

The Fed is widely expected to leave interest rates unchanged this week. However the U.S. central bank could give indications on when it plans to begin unwinding its balance sheet, as well as on any future interest rate decisions.

Investors were also eyeing U.S. data on building permits and housing starts due later Tuesday, for further indications on the health of the housing market.

Earlier in the day, the minutes of the Reserve Bank of Australia's September meeting showed that policymakers remained favorable to low interest rates, saying that they allowed the economy to continue to strengthen.



The central bank also cautioned against the current strength of the Australian dollar, saying its “appreciation over recent months, driven in part by a broad depreciation of the U.S. dollar, was weighing on domestic growth” and that a further appreciation could “result in a slower pick-up in growth and inflation.”

NZD/USD advanced 0.44% to trade at 0.7290.

Meanwhile, concerns over tensions between the U.S. and North Korea remained subdued, although they were susceptible to pick up at any moment.

U.S. President Donald Trump was set to address the United Nations for the first time this week and Pyongyang was widely expected to be on the agenda.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.21%at 91.61 by 02:15 a.m. ET (06:15 GMT), just off a one-week low of 91.57 hit overnight.

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Monday, 18 September 2017

Forex - Aussie, Kiwi Move Higher Vs. Greenback in Late Trade-SapForex24

The Australian and New Zealand dollars moved higher on Monday, as Friday's downbeat U.S. economic reports continued to weigh on the greenback and as markets begn to focus on the Federal Reserve's policy meeting scheduled later in the week.

AUD/USD gained 0.30% to 0.8028.

The greenback came under pressure after data on Friday showed that U.S. industrial and manufacturing production unexpectedly fell in August.


In addition, the U.S. Commerce Department said retail sales unexpectedly fell by 0.2% in August.
Later this week, the Fed was expected to leave interest rates unchanged but it could give indications on when it plans to begin unwinding its balance sheet.

NZD/USD was up 0.36% at 0.7316.

Markets seemed to have recovered from news late Thursday that North Korea fired a missile over Japan into the Pacific Ocean. It was the peninsula's second missile launch over Japanese territory in just over two weeks.

Pyongyang was expected to be discussed as U.S. President was preparing to address the United Nations for the first time this week.

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Thursday, 14 September 2017

Commodities - Crude Oil Prices Ease But Hold on to Gains-SapForex24

Oil prices edged lower on Thursday, but held on the most of their gains from the previous session which came after data showing a record drop in gasoline inventories and indications that the oversupplied global market is starting to rebalance.

U.S. crude oil was trading at $49.27 a barrel after a 2.07% gain in the previous session.

Global benchmark Brent futures were at $55.09 a barrel after rising 1.49% in the previous session.
On Wednesday, the International Energy Agency said global oil supplies fell for the first time in four months in August, while also revising its 2017 oil demand estimate up to 1.6 million barrels a day from its July estimate of 1.5 million.

The data came a day after the latest OPEC report that showed oil production from the cartel fell last month for the first time since March.


The Organization of the Petroleum Exporting Countries said Tuesday that output declined by 79,000 barrels a day to 32.76 million in August, driven mainly by a drop in Libya, Gabon, Venezuela and Iraq.

Meanwhile, the U.S. Energy Information Administration reported that gasoline stockpiles fell by 8.4 million barrels last week, the largest weekly drop on record in EIA data going back to 1990.

Distillate stockpiles fell by 3.2 million barrels, also above expectations.

Crude oil inventories rose by 5.88 million barrels last week, the EIA said.

The build came after Hurricane Harvey shut production in some Gulf of Mexico fields and refineries in Texas as some domestic producers also trimmed output to avoid a larger glut at storage.

The reports from the IEA and OPEC offset concerns over the EIA stockpile build, supporting prices.
Elsewhere, gasoline futures fell 0.59% to $1.6347 a gallon and natural gas futures added 0.23%, to $3.064 per million British thermal units.


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Monday, 11 September 2017

Forex - Dollar holds onto modest gains vs. rivals in quiet trade- SapForex24

The dollar held onto modest gains against other majors on Monday, as the greenback began to recover from sharp losses posted the previous week amid concerns over the impact of a second incoming hurricane and sustained tensions with North Korea.

Trading was expected to remain quiet with no major U.S. data to be released throughout the day.
The dollar regained some strength following an official downgrading of Hurricane Irma’s strength to Category 1, as the storm pummeled Florida over the weekend after devastating much of the Caribbean.

Massive storm surges have flooded areas across South Florida, while downed trees and power lines have left over 2 million residents without power.

U.S. President Donald Trump said on Saturday that he will ask Congress to speed up its efforts to overhaul the U.S. tax code, citing the potential impact of Hurricane Irma.

The safe-haven yen and Swiss franc were lower, with USD/JPY up 0.55% at 108.41 and with USD/CHF climbing 0.51% to trade at 0.9489.



Market participants had been worried about a potential North Korean missile test on Saturday, to mark the anniversary of the founding of the nation.

However,investors were relieved to learn that Pyongyang chose to observe the 69th anniversary of its founding only by honoring the scientists behind the massive nuclear test it conducted last week.
Elsewhere, EUR/USD slipped 0.11% to 1.2023, while GBP/USD held steady at 1.3191.

The euro fell below the $1.20 level after European Central Bank Executive Board member Benoit Coeure said that persistent exogenous shocks to the exchange rate could lead to unwarranted tightening of financial conditions with undesirable consequences for inflation.

The remarks came after ECB President Mario Draghi indicated last week that the bank may start tapering its massive stimulus program this autumn.

The Australian dollar was steady, with AUD/USD at 0.8053, while NZD/USD rose 0.25% to 0.7281.
Meanwhile, USD/CAD slid 0.33% to 28-month low of 1.2120.

The Chinese yuan took a beating on Monday, as CNY/USD dropped 0.65% to 0.1533 after China’s central bank was reportedly planning to scrap reserve requirements for financial institutions settling foreign exchange forward yuan positions.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.13% at 91.43 by 05:20 a.m. ET (09:20 GMT), off Friday's 32-month low of 90.99.

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