Forex News from InstaForex

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  1. #181
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    Forex News from InstaForex
    Brexit could cut UK GDP by 5.5% by 2030



    According to a study by the London School of Economics and King's College, UK GDP could be reduced by 5.5% by 2030 compared to what the United Kingdom could be in the European Union. Moreover, in the absence of a transaction, the growth of the British economy can be from 3.5% to 8.7%.

    By making such assumptions, the authors of the study paid attention to the likelihood of the emergence of trade barriers after Britain's withdrawal from the EU and the decline in immigration flow. At the same time, the study was carried out taking into account the preservation of Great Britain in the customs union, but exclusion from the single market.

    Experts also believe that Brexit will entail an increase in regulatory barriers to trade not only in goods but also in services. Also, the deal will mean a restriction of freedom of movement between countries, which will lead to a reduction in both skilled and unskilled workers from other countries.

    Together, all these factors will lead to the fact that the growth rate of the British economy will be lower than 1.9-5.5% , if the country remained in the EU.

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  2. #182
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    Australia Company Operating Profits Rise 1.9% In Q3



    Company operating profits in Australia were up a seasonally adjusted 1.9 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Monday.

    That missed expectations for an increase of 2.8 percent and was down from 2.0 percent in the three months prior.

    Inventories were flat on quarter, missing forecasts for an increase of 0.4 percent and down from 0.6 percent in the second quarter.

    On a yearly basis, company profits were up 13.5 percent and inventories gained 1.6 percent. Wages and salaries were up 0.9 percent on quarter and 4.3 percent on year.

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  3. #183
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    RBA Leaves Interest Rate Unchanged At Record Low



    The Reserve Bank of Australia on Tuesday decided to keep its benchmark interest rate on hold at a record low citing sluggish wage growth and low inflation.

    The board of the Reserve Bank of Australia, governed by Philip Lowe, voted to maintain the cash rate at 1.50 percent. The interest rate has remained at the current level since August 2016.

    "Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the bank said in a statement.

    Policymakers observed that the low level of interest rates is continuing to support the Australian economy. Policymakers expect further progress in the reduction of unemployment and inflation returning to target, but this progress is likely to be gradual.

    The Australian economy is performing well with the GDP growth expected to average around 3.5 percent for this year and next, the bank said.

    Inflation is forecast to pick up in the coming years, with the growth likely to be gradual. The central scenario is for inflation to be 2.25 percent in 2019 and a bit higher in the following year.

    Labour market remained strong with the unemployment rate declining to five percent over the past year. As the economy is expected to continue to grow above trend, a further reduction in the unemployment rate is likely, the bank noted.

    Concerning property market, the RBA said conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low.

    The outlook for household consumption remained as a source of uncertainty for the economy, the bank cautioned.

    Growth in household income remains low, debt levels are high and some asset prices have declined. Growth in credit extended to owner-occupiers has eased, while the demand by investors has slowed noticeably due to changing dynamics of the housing market, it added.

    The RBA statement sounded a little cautious by assessing external conditions to be less favorable, Marcel Thieliant, an economist at Capital Economics, said.

    Thieliant suggested that the Bank seemed to be getting a bit more worried about the downturn in the housing market.

    Given dovish outlook for the economy and prices, the economist believe that rates will not rise until late in 2020.

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    China Services PMI Surges In November - Caixin

    The services sector in China continued to expand in November, and at a greatly accelerated rate, the latest survey from Caixin revealed on Wednesday with a PMI score of 53.8.

    That beat expectations for 50.8, which would have been unchanged from the October reading. It also moves further above the boom-or-bust line of 50 that separates expansion from contraction.

    Also, the composite index jumped to 51.9 in November, up from 50.5 a month earlier.

    Individually, November marked the steepest increase in services activity in five months, while manufacturing production remained stable.

    Composite new businesses climbed at their quickest pace since June, while inflationary pressures cooled.

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    The European Commission presented a plan to reduce dependence on the US dollar



    The European Commission (EC) on Wednesday, December 5, published a plan to strengthen the global role of the euro in world markets.

    EC Vice President for the Euro and Social Dialogue Valdis Dombrovskis said that Brussels intends to make the euro a more attractive currency for international payments than the US dollar. In addition, it is planned to use the euro more for calculations on the global oil and gas markets, as well as in strategic sectors of the economy.

    According to officials, the euro must comply with the political, economic and financial level of the eurozone in order to act as a tool for legal regulation of the international political and economic order.

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    Australia Q3 House Price Index Drops 1.5%

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    House prices in Australia fell 1.5 percent on quarter in the third quarter of 2018, the Australian Bureau of Statistics said on Tuesday.

    That exceeded expectations for a decline of 1.6 percent following the 0.7 percent drop in the three months prior.

    On a yearly basis, house prices skidded 1.9 percent - again exceeding forecasts for a fall of 2.0 percent following the 0.6 percent decline in the previous three months.

    The capital city residential property price indexes fell in Melbourne (-2.6 percent), Sydney (-1.9 percent), Perth (-0.6 percent) and Darwin (-0.9 percent), and rose in Brisbane (+0.6 percent), Adelaide (+0.6 percent), Hobart (+1.3 percent) and Canberra (+0.5 percent).

    Annually, residential property prices fell in Sydney (-4.4 percent), Darwin (-4.4 percent), Melbourne (-1.5 percent), Perth (-0.5 percent) and rose in Hobart (+13.0 percent), Canberra (+3.7 percent), Adelaide (+2.0 percent) and Brisbane (+1.7 percent).

    The total value of residential dwellings in Australia was A$6.847 trillion at the end of the September quarter 2018, falling $70.148 billion over the quarter.

    The mean price of residential dwellings fell A$9,700 to A$675,000 and the number of residential dwellings rose by 40,900 to 10,143,700 in the September quarter 2018.

    Also on Tuesday, the business confidence index from NAB came in with a score of +3 in November - down from +4 in October. The index for business conditions slipped to +11 from +12 a month earlier.

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