Forex News from InstaForex

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  1. #781
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    Forex News from InstaForex
    EUROPEAN ECONOMICS PREVIEW: UK GDP DATA DUE



    Monthly GDP, industrial production and foreign trade figures are due from the UK on Friday, headlining a light day for the European economic news.

    At 2.00 am ET, the Office for National Statistics releases UK GDP data. The economy is forecast to grow 2.2 percent on month in April, following a 2.1 percent rise in March.

    The visible trade deficit is seen at GBP 12.1 billion compared to -GBP 11.7 billion in March. Economists expect UK industrial output to grow 1.2 percent on month in April, slower than the 1.8 percent increase in the previous month. At 3.00 am ET, Spain's INE publishes final consumer price data for May. In the meantime, industrial production and retail sales from Turkey are due.

    At 4.00 am ET, Italy's Istat releases quarterly unemployment data.

    At 6.30 am ET, Russia's central bank announces its interest rate decision. Economists expect the bank to lift its key rate to 5.50 percent from 5.00 percent.

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    NEW ZEALAND SERVICES INDEX SLIPS TO 56.1 IN MAY - BUSINESSNZ





    The services index in New Zealand continued to expand in May, albeit at a slower pace, the latest survey from BusinessNZ showed on Monday with a Performance of Services Index of 56.1.

    That's down from 61.2 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

    Among the individual components of the survey, new orders (62.1), sales (58.7), employment (54.3) and stocks (51.6) all were in expansion territory, while supplier deliveries (45.1) contracted.

    "While the current strength in the PSI and PMI says good things for economic growth over coming quarters, the obvious supply side stresses suggests significant upward pressure is building on inflation," said BNZ Senior Economist Doug Steel.

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    EUROPEAN ECONOMICS PREVIEW: UK UNEMPLOYMENT DATA DUE





    Unemployment data from the UK and revised consumer price data from Germany are due on Tuesday, headlining a light day for the European economic news.

    At 2.00 am ET, the Office for National Statistics releases UK unemployment data for April. The jobless rate is seen at 4.7 percent in three months to April versus 4.8 percent in three months to March.

    In the meantime, Destatis is set to publish Germany's final consumer prices for May. According to flash estimate, consumer price rose to 2.5 percent in May from 2 percent in April.

    At 2.45 am ET, France's statistical office Insee is scheduled to release revised consumer price data. Inflation is seen at seen at 1.4 percent, in line with flash estimate, versus 1.2 percent in April.

    At 3.00 am ET, the Swiss State Secretariat for Economic Affairs is slated to issue economic forecasts.

    At 4.00 am ET, Italy's revised consumer price data for May is due. The statistical office is expected to confirm 1.3 percent rise in consumer prices in May.

    At 5.00 am ET, Eurostat publishes euro area foreign trade data for April. The trade surplus totaled EUR 15.8 billion in March.

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    EUROPEAN ECONOMICS PREVIEW: UK CONSUMER PRICE DATA DUE





    Consumer and producer prices from the UK are due on Wednesday, headlining a light day for the European economic news.

    At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for May. Consumer price inflation is forecast to rise to 1.8 percent from 1.5 percent in April. Output price inflation is seen at 4.5 percent versus 3.9 percent in the previous month.

    At 3.00 am ET, the Czech producer price data for May is due. Producer price inflation is expected to remain unchanged at 4.6 percent.

    At 4.30 am ET, the Office for National Statistics is scheduled to issue UK house price data.

    At 5.00 am ET, Eurostat releases euro area labor cost data for the first quarter.

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    SINGAPORE NON-OIL DOMESTIC EXPORTS DIP 0.1% IN MAY




    The value of Singapore's non-oil domestic exports were down a seasonally adjusted 0.1 percent on month in May, Enterprise Singapore said on Thursday - coming in at SGD15.4 billion.

    That was well shy of expectations for an increase of 4.7 percent following the 8.8 percent decline in April.

    On a yearly basis, NODX climbed 8.8 percent - missing forecasts for an increase of 16.0 percent following the 6.0 percent increase in the previous month.

    NODX to the top 10 markets as a whole rose in May, mainly due to China, Hong Kong and Malaysia - although NODX to the United States, Japan and the EU 27 declined.

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    EURO LITTLE CHANGED FOLLOWING GERMAN PPI



    Germany's producer price data has been released at 2.00 am ET Friday. The euro changed little against its major counterparts after the data.

    The euro was trading at 130.01 against the yen, 1.0927 against the franc, 0.8564 against the pound and 1.1903 against the greenback around 2:05 am ET.

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    DOLLAR EXTENDS GAINS AGAINST RIVALS



    The U.S. dollar turned in another fine performance, gaining significant ground against its major rivals on Friday, as it continued to benefit from a hawkish policy outlook from the Federal Reserve.

    While announcing its monetary policy on Wednesday, the Fed signaled that it would raise interest rates by 2023, and also likely taper its bond-buying plan sometime sooner than expected.

    Fed Chairman Jerome Powell indicated during his post meeting press conference on Wednesday that the members have started discussions about scaling back the bond purchase program given higher inflation and faster economic growth.

    The dollar index rose to 92.41, its highest level since mid-April. Despite paring some gains subsequently, the index remains quite high up at 92.28, more than 0.4% up from the previous close.

    Against the Euro, the dollar firmed to $1.1867, gaining about 0.35%. The euro area current account surplus totaled EUR 23 billion in April versus EUR 18 billion surplus in the previous month, the European Central Bank reported.

    The Pound Sterling was down too, fetching $1.3808 a unit, compared to $1.3926 on Thursday. Data from the Office for National Statistics showed that retail sales in the UK dropped 1.4% month-on-month in May, reversing a 9.2% rise in April and confounding expectations for an increase of 1.6%.

    On a yearly basis, the retail sales volume growth moderated to 24.6% in May from 42.4% a month ago. This was also slower than the expected expansion of 29%.

    Against the Yen, the dollar was slightly weak at 110.19.

    The dollar strengthened to 0.7490 against the Aussie, gaining from 0.7552 a unit.

    Against Swiss franc the dollar gained, fetching CHF 0.9224 a unit, as against CHF 0.9175 Thursday evening.

    The Loonie weakened to 1.2440 a dollar, declining from 1.2358.

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    CHINA KEEPS BENCHMARK LENDING RATES UNCHANGED



    China kept its benchmark lending rates unchanged, as widely expected, on Monday.

    The one-year loan prime rate was maintained at 3.85 percent and the five-year loan prime rate was retained at 4.65 percent.

    The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

    As the People's Bank of China had kept the rate on its medium-term lending facility unchanged early this month, markets widely expected the rates to remain on hold today.

    The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank's traditional benchmark lending rate in August 2019. The PBoC has now fully reversed last year's credit acceleration using quantitative controls, Sheana Yue and Mark Williams, economists at Capital Economics, said. Accordingly, policy rate hikes that could prompt LPR increases are unlikely in the near future.

    The key point for the economy is that the tighter credit conditions will act as a headwind over the coming quarters even in the absence of any rate changes, the economists added.

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    FINLAND JOBLESS RATE FALLS IN MAY



    Finland's jobless rate decreased in May, figures from Statistics Finland showed on Tuesday.

    The unemployment rate for the 15 to 74 age group fell to 9.6 percent in May from 10.9 percent in the same month last year. In April, jobless rate was 9.0 percent.

    The number of unemployed persons decreased by 25,000 to 275,000 in May from 300,000 in the last year.

    The employment rate rose to 73.0 percent in May from 69.1 percent in the same month last year.

    The number of employed persons grew by 138,000 from a year ago to 2.58 million.

    On a seasonally adjusted basis, unemployment rate remained unchanged at 7.6 percent in May.

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    in ro ham eslah kon:
    POUND LITTLE CHANGED AFTER U.K. PMI DATA



    At 4.30 am ET Wednesday, UK IHS Markit/CIPS composite Purchasing Managers' survey results have been released. The pound changed little against its major rivals after the data.

    The pound was trading at 154.93 against the yen, 1.3972 against the greenback, 0.8548 against the euro and 1.2823 against the franc around 4:35 am ET.

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