Hungary’s C.bank Could Continue to Use Unconventional Tools to Keep Borrowing Costs Low – Deputy Governor Nagy Tells Newspaper

HUNGARY’S C.BANK COULD CONTINUE TO USE UNCONVENTIONAL TOOLS TO KEEP BORROWING COSTS LOW – DEPUTY GOVERNOR NAGY TELLS NEWSPAPER VILAGGAZDASAG
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U.s. Home Prices rise Further in October, Likely to Maintain Pace Through 2017

Home prices in the United States further rose during the month of October, at levels near to post-financial crisis and are also expected to maintain the pace through the rest of this year and 2017. However, this signaled the continuing pace of growth momentum in the world’s largest economy.

The U.S. S&P CoreLogic Case-Shiller 20-city Home Price Index rose 0.6 percent m/m in October, coming in a touch above market expectations of 0.5 percent m/m). However, the annual rate of price appreciation remained steady at 5.1 percent, consistent with trends in other home price indices.

Prices increased in all the 20 cities covered for the second consecutive month in a sign that underlying momentum in home price appreciation remains firm.  Furthermore, all the cities barring three recorded price gains of 0.5 percent or more on the month.

Meanwhile, the September print was revised higher to 0.5 percent m/m, compared to previous 0.4 percent m/m. 

“Overall, we expect home prices to continue appreciating at a steady pace for the rest of 2016 and 2017, driven mainly by growth in disposable income,” Barclays commented in its recent research report.

Meanwhile, the dollar index traded at 102.96, down -0.06 percent, while at 4:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -44.76 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex

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Boj Offers to Lend Y 42.7 Bln of Jgbs on Spot Basis Through 12/29 As a Secondary Source of Jgbs (offer in the Afternoon)

BOJ offers to lend Y 42.7 bln of JGBs on spot basis through 12/29 as a secondary source of JGBs (Offer in the afternoon)
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Australian Bonds Waver As Markets Remain muted in Thin Trading

The Australian government bonds were drifting between small gains and losses in quiet Wednesday trading session. Also, trading activity to resume after New Year celebrations, probably from the second week of January, 2017 as global market receives no more important data till then.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 2-basis points to 2.86 percent, the yield on 15-year note also dipped 2 basis points to 3.33 percent, while the yield on short-term 2-year bounced 1/2 basis point to 2.00 percent by 04:40 GMT.

On Tuesday, the minutes from the December board meeting demonstrated their range of concerns as well as highlighting the positives within current conditions. The board was rightly concerned about the potential harm to global economic growth if the US were to enact policies that restrict trade. The board lists this issue as one of uncertainty and one that will unfold over 2017. Trade is not a zero-sum game and misguided policy has the potential to harm living standards in the US as well as in its trading partners.

Despite these areas of softness, the board is still of the belief that inflation will return to the RBA’s target band over time. The RBA remains overly optimistic regarding economic activity and inflation. If activity and inflation remain below their forecasts ‘over time’ then there is a strong chance the RBA is not done cutting rates in this cycle.

However, we expect that the easier monetary policy has helped to bolster country’s demand, as the Reserve Bank of Australia reacted to sub-target inflation by cutting the official rate by 50 basis points during the last year to 1.50 percent. Additionally, the RBA’s policy stance in 2017 will completely depend on the developments in consumer inflation and in the event that the Australian dollar appreciates. The RBA's first monetary policy meeting for 2017 is scheduled to be held on Tuesday, February 7.

Meanwhile, the benchmark Australia's S&P/ASX 200 index traded 0.71 percent higher at 5,636 by 04:40 GMT. While at 04:00 GMT, the FxWirePro's Hourly Australian Dollar Strength Index stood neutral at +53.84 (higher than +75 represent a bullish trend).

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Fxwirepro: Xag/usd Hovers Around $16.00 Mark, Bias Remains Bullish

  • XAG/USD is currently trading around $16.01 marks.
     
  • It made intraday high at $16.05 and low at $15.90 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at $15.66 levels.
     
  • A daily close above $15.92 will test key resistances at $16.08/$16.19/$16.25/$16.32/$16.46/$16.62/$16.76 marks respectively.
     
  • On the other side, a daily close below $15.92 will take the parity down towards key supports at $15.82/$15.74/$15.66/$15.54/$15.32/$15.01 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go long on XAG/USD around $15.98 with stop loss at $15.69 and target of $16.11/$16.32.

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

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Japan Auto Production Rebounds In November

Automobile production in Japan increased in November after falling in the previous month, figures from the Japan Automobile Manufactures Association showed Wednesday.

Production volume of vehicles grew 6.6 percent year-over-year to 840,330 units in November, reversing a 3.9 percent fall in October.

Motor vehicles exports rose 2.0 percent annually in November, slower than the 1.7 percent climb in the preceding month.

Motorcycle production totaled 65,411 in November, surged by 40.6 percent from the same month of the previous year. Similarly, motorcycle exports increased by 26.9 percent to 41,989 units during the month.

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Fxwirepro: Aud/cad on Track to Test 200-Dma at 0.9833, Good to Buy on Dips

  • AUD/CAD has broken above major trendline resistance at 0.9745.
     
  • Technical indicators have turned bullish in the short term.
     
  • RSI and Stochs have rolled over from oversold territory and MACD has shown a bullish crossover on signal line.
     
  • We see scope for test of 20-DMA at 0.98 and further bullishness could see test of 200-DMA at 0.9833.
     
  • Support levels – 0.9734 (5-DMA), 0.97, 0.9682 (Dec 20 low), 0.96, 0.9578 (June 30 low)
     
  • Resistance levels – 0.98 (20-DMA), 0.9833 (200-DMA), 0.9846 (23.6% Fib 1.0397 to 0.9676 fall)
     

Recommendation: Good to buy on dips around 0.9760/70, SL: 0.9730, TP: 0.98/ 0.9830/ 0.9845
​

FxWirePro's Hourly AUD Spot Index was at 53.8433 (Neutral), while Hourly CAD Spot Index was at -83.367 (Highly Bearish) at 0440 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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Boj Offers to Lend Y 4.2843 Trln of Jgbs on Spot Basis Through 12/29 As a Secondary Source of Jgbs (offer in the Morning)

BOJ offers to lend Y 4.2843 trln of JGBs on spot basis through 12/29 as a secondary source of JGBs (Offer in the morning)
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Fxwirepro: Usd/sgd Trades in Narrow Range, Downside Limited

  • USD/SGD is currently trading around 1.4484 marks.
     
  • It made intraday high at 1.4504 and low at 1.4479 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.4469 marks.
     
  • A sustained close above 1.4501 will test key resistances at 1.4568, 1.4686 and 1.4851 levels respectively.
     
  • Alternatively, a consistent close below 1.4469 will drag the parity down towards key supports at 1.4410/1.4357/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go long on USD/SGD only above 1.4501, stop loss at 1.4450 and target of 1.4568.

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