US initial jobless claims 236K vs 245K estimate

4 week average comes in at 243.50k vs 243.0K
The US initial jobless claims came in at 236K vs 245K estimate. That was slightly below the 238K from the prior week. The 4 -week MA came in at 243.50K. That is up 0.5K from the prior week. 

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April 2017 US PPI final demand 0.5% vs 0.2% exp m/m

Details from the April 2017 US PPI data report 11 May 2017
– 2.5% vs 2.2% exp y/y. Prior 2.3%
– Ex-food & energy 0.4% vs 0.2% exp m/m. Prior 0.0%
– 1.9% vs 1.7% exp y/y. Prior 1.6%
I originally posted 0.2% for the headline, apols.

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BoE to keep rates unchanged today

Today the Bank of England will decide about its interest rate that should likely remain around 0.25% against the backdrop of political uncertainties. Indeed, the 8th of June New General Election will take place, after Theresa May asked the Queen Elizabeth to dissolve the parliament. UK Prime Minister is attempting to gain a stronger majority before negotiation on the article 50 with the EU.

This is why the British central bank should favour today the wait-and-see mode. Political uncertainties regarding the 2-year negotiation period prevail. Anyway, the BoE has gained some time since last year as the UK economy had clearly benefited from pound devaluation after the Brexit vote. The inflation is now standing at 2.3% y/y. Yet the growth seems still a bit slow (0.3% for Q1 GDP). The unemployment rate keeps declining and is now standing at a 12-year low.

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NZD tumbles amid dovish RBNZ

The New Zealand dollar tumbled 1.20% during the Asian session after the RBNZ surprised the market with a dovish statement. The Kiwi slid to 0.6718 against the greenback, its lowest level since June 3rd last year. The central bank held the Official Cash Rate (OCR) at record low 1.75%, as broadly expected by market participants. The disappointment stems from the fact that Governor Wheeler failed to acknowledge the recent positive developments in both inflation levels and the Kiwi trade-weighted value (-5% since the February meeting).

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النفط يواصل ارتفاعه مع ترقب اجتماع “أوبك” القادم

واصلت أسعار النفط ارتفاعها بعد أن خففت بيانات المخزونات الأمريكية من المخاوف التي أدت إلى انخفاض الأسعار إلى ادني مستوياتها منذ ستة أشهر في الأسابيع الأخيرة . وانخفضت مخزونات النفط الخام في الولايات المتحدة بمقدار 5.2 مليون برميل وهو أكبر انخفاض أسبوعي منذ ديسمبر/كانون الأول وتراجع نشاط التكرير من مستويات مرتفعة مؤخرا وانخفضت واردات النفط بمقدار […]

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Fundamental Analysis of AUD/JPY for May 11, 2017

AUD/JPY has been trading in a bullish bias as it remained above 82.90 support level. Fundamentally, AUD is quite stronger than JPY that is displayed in the chart as well. Today Japan’s Bank Lending report was published with the unchanged score at 3.0% which was expected to increase to 3.2%. Japan’s Current Account report also showed a downward figure at 1.73trln which was expected to be at 1.75trln. Besides, Economic Watchers statement showed a minor increase to 48.1 which was expected to be at 47.9. On the other hand, Australia does not have any economic events today but the Retail Sales negative report which was published on Tuesday, has not affected the AUD gain against JPY recently. Currently, AUD is expected to advance further against JPY if Japan does not post any negative fundamental data in the coming days.

Now let us look at the technical chart. The price is currently above 20 EMA and 82.90 support level which signals that the bulls are quite strong against bears above these levels. Currently we are expecting bullish move with a target towards the next resistance at 85.50-86.00. As the price remains above 82.90, the bullish bias is expected to continue the journey towards 85.50-86.00 resistance area. If the price breaks below 82.90 with a daily close, then we will change our bullish bias to bearish. Until then we are in bullish bias in this pair.

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

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USD/CAD: amid rising oil prices

According to data provided yesterday by the US Department of Energy, commercial oil reserves in the US fell by 5.247 million barrels in the week of April 29-May 5. Oil reserves in the US declined for the fifth week in a row, and this is the largest weekly decline this year. The forecast assumed a drop in inventories of 1.786 million barrels. The prices for oil in response to this message reacted with a sharp increase.

Commodity currencies, and above all, the Canadian dollar, have been supported by rising oil prices. The pair USD / CAD lost 40 points at the time of publication of this data, and the end of yesterday’s trading day was already near the mark of 1.3650, which is almost 0.5% lower than the level of yesterday’s trading day opening. At the beginning of today’s trading day, the pair USD / CAD again rose, largely recouping yesterday’s decline.

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