Forex News from InstaForex

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  1. #641
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    Forex News from InstaForex
    AUSTRALIA CONSTRUCTION WORK FALLS 2.6% IN Q3



    The total value of construction work done in Australia was down a seasonally adjusted 2.6 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Wednesday - coming in at A$51.179 billion.

    That missed expectations for a fall of 2.0 percent following the 0.7 percent decline in the previous three months.

    On a yearly basis, the value of construction was down 4.2 percent.

    Building work was down 2.0 percent on quarter and 7.2 percent on year at A$28.971 billion.

    Residential work was down 1.0 percent on quarter and 8.9 percent on year, while non-residential work fell 3.4 percent on quarter and 4.5 percent on year. Engineering work sank 3.3 percent on quarter but gained 0.1 percent on year.

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    DOLLAR STAYS WEAK AGAINST PEERS



    The U.S. dollar was weak against most of its peers on Wednesday, reacting to recent updates on potential coronavirus vaccine and the latest batch of economic data.

    According to data released by the Labor Department, first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 21st, climbing to 778,000, an increase of 30,000 from the previous week's revised level of 748,000. Economists had expected jobless claims to drop to 730,000 from the 742,000 originally reported for the previous week.

    A report from the Commerce Department said durable goods orders jumped by 1.3% in October after spiking by 2.1% in September. Economists had expected durable goods orders to climb by 0.9%.

    Another report from the Commerce Department showed the spike in gross domestic product in the third quarter was 33.1%, unrevised from the initial estimate.

    Personal income in the U.S. fell by 0.7% in October after climbing by a downwardly revised 0.7% in September. Meanwhile, the report said personal spending rose by 0.5% in October after jumping by a revised 1.2% in September.

    Yet another report from the same department said new home sales in the U.S. unexpectedly dipped by 0.3% to an annual rate of 999,000 in October after inching up by 0.1% to a revised rate of 1.002 million in September.

    Revised data released by the University of Michigan on Wednesday showed consumer sentiment in the U.S. deteriorated by slightly more than expected in the month of November, with the index coming in at 76.9 down from a preliminary reading of 77.0.

    The dollar index, which fell to a low of 91.93 in the European session, continues to trade weak despite making a couple of attempts to pare losses. At 91.99, the dollar index is now down 0.25% from previous close.

    Against the Euro, the dollar weakened to $1.1914, despite firming up to $1.1883 in the Asian session.

    The Pound Sterling is stronger by 0.15%, fetching $1.3383 a unit, compared to $1.3363 on Tuesday.

    The Yen is little changed at 104.47 a dollar.

    The Aussie is roughly flat against the greenback, with the AUD-USD pair quoting at 0.7365.

    The Swiss franc is up at 0.9085 a dollar, more than 0.3% up from its previous close of 0.9113, while the Loonie is at 1.3008 a dollar, down from 1.2998.

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    CHINA'S INDUSTRIAL PROFITS SURGE IN OCTOBER



    China's industrial profits expanded strongly in October as the economy showed signals of robust rebound from the coronavirus driven downturn, data from the National Bureau of Statistics showed Friday.

    Industrial profits advanced 28.2 percent on a yearly basis in October. This was the sixth consecutive rise in profits.

    During January to October period, industrial profits gained 0.7 percent from the same period last year.

    Data revealed that profits of state-owned enterprises decreased 7.2 percent annually, while that of private firms climbed 1.1 percent in ten months ended October.

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    EUROPEAN ECONOMICS PREVIEW: GERMANY FLASH INFLATION DATA DUE



    Flash consumer prices from Germany and mortgage approvals from the UK are due on Monday, headlining a busy day for the European economic news.

    At 2.00 am ET, the Turkish Statistical Institute releases GDP data for the third quarter and trade data for October.

    At 3.00 am ET, Spain's INE releases flash consumer price data. EU harmonized prices are forecast to drop 0.8 percent on year in November, following a 0.9 percent decrease in October.

    In the meantime, producer prices and GDP figures are due from Austria.

    At 4.00 am ET, GDP data is due from Poland and Iceland.

    Half an hour later, the Bank of England releases mortgage approvals data for October. The number of mortgages approved fell to 84,490 from 91,450 in September.

    At 5.00 am ET, Italy's Istat releases preliminary consumer prices for November. Economists forecast prices to drop 0.4 percent on year, after easing 0.3 percent in October.

    At 8.00 am ET, Destatis is scheduled to issue Germany's flash consumer prices for November. Consumer prices are seen falling 0.1 percent annually versus a 0.2 percent decrease a month ago.

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    RBA KEEPS POLICY UNCHANGED



    Australia's central bank maintained its key interest rate and vowed to keep the record low rate for at least three years.

    The policy board of the Reserve Bank of Australia headed by the governor Philip Lowe decided on Tuesday to leave its key rate unchanged at a record low of 0.10 percent.

    The central bank holds the target for the yield on the 3-year Australian Government bond at around 0.1 percent and the parameters of the Term Funding Facility and the government bond purchase program.

    The board will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range, the bank said. Given the outlook, the board is not expecting to increase the cash rate for at least three years.

    The board will keep the size of the bond purchase program under review, particularly in light of the evolving outlook for jobs and inflation. The board said it is prepared to do more if necessary.

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    SOUTH KOREA INFLATION CLIMBS 0.6% ON YEAR IN NOVEMBER



    Consumer prices in South Korea were up 0.6 percent on year in November, Statistics Korea said on Wednesday.

    That missed forecasts for an increase of 0.9 percent but was up from 0.1 percent in the previous month.

    On a monthly basis, inflation eased 0.1 percent - again shy of expectations for an increase of 0.2 percent but improving from the 0.6 percent contraction in October.

    Core CPI, which excludes volatile food costs, gained an annual 0.6 percent after slipping 0.3 percent a month earlier.
    utlook for jobs and inflation. The board said it is prepared to do more if necessary.

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    CHINA SERVICES SECTOR PICKS UP STEAM IN NOVEMBER - CAIXIN



    The services sector in China continued to expand in November, and at a faster rate, the latest survey from Caixin showed on Thursday with a services PMI score of 57.8.

    That's up from 56.8 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

    Individually, there was a substantial rise in business activity amid the quickest increase in new work since 2010.

    Employment growth was also at its strongest in 10 years, as were input costs. The survey also showed that its composite index improved to 57.5 in November from 55.7 in October.

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    INDIA'S CENTRAL BANK LEAVES KEY RATES UNCHANGED



    India's central bank left its key interest rates unchanged as widely expected as inflation remains elevated.

    The Monetary Policy Committee, led by Governor Shaktikanta Das, voted unanimously to hold the policy repo rate at 4.00 percent. The reverse repo rate was retained at 3.35 percent.

    The Marginal Standing Facility or MSF rate, and the Bank rate remained unchanged at 4.25 percent.

    The last change in the benchmark rate was a 40 basis point cut in May, taking the cumulative reduction to 250 basis points since February 2019.

    Das said the bank will continue with accommodative policy stance as long as necessary, at least for the current financial year and into the next year.

    The bank projected real GDP to fall 7.5 percent in the financial year 2021-21. Das said inflation is likely to remain elevated. This constrains monetary policy at the current juncture.

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    CHINA EXPORTS SURGE IN NOVEMBER

    China's exports surged in November driven by robust global demand, data from the General Administration of Customs showed on Monday.

    Exports advanced 21.1 percent year-on-year in November, much bigger than the economists' forecast of 12 percent.

    At the same time, imports grew moderately by 4.5 percent annually, which was also faster than the 6.1 percent increase expected by economists.

    As a result, the trade surplus increased to $75.4 billion in November. Economists had forecast the surplus to fall to $53.5 billion from $58.44 billion in the previous month.

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    in ro ham eslah kon:
    AUSTRALIA TOTAL DWELLING APPROVALS +3.8% ON MONTH IN OCTOBER

    The total number of building permits issued in October was up a seasonally adjusted 3.8 percent on month in October, the Australian Bureau of Statistics said on Tuesday - standing at 16,584.

    Permits for private sector house increased 3.1 percent on month to 10,692, while permits for private sector dwellings excluding houses jumped 6.2 percent to 5,529.

    On a yearly basis, overall permits rose 14.3 percent, private sector houses surged 31.7 percent and private sector dwellings excluding houses dropped 10.6 percent.

    The value of total building approved rose 26.1 percent on month in October. Non-residential building drove the increase, rising 58.6 percent, having fallen 35.4 percent in September. The value of total residential building increased 9.4 percent in October.

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