Forex News from InstaForex

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  1. #791
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    Forex News from InstaForex
    DUTCH Q1 GDP FALLS MORE THAN ESTIMATED



    The Dutch economy contracted more than initially estimated in the first quarter, revised data from the Central Bureau of Statistics showed on Thursday.

    Gross domestic product declined 0.8 percent sequentially, bigger than the -0.5 percent estimated on May 18. GDP had remained flat in the fourth quarter of 2020.

    The expenditure-side breakdown of GDP showed that household spending decreased 3.5 percent and government expenditure was down 2 percent. At the same time, gross investment in fixed assets advanced 3 percent.

    Import of goods and services gained 0.8 percent and exports of goods and services grew 1.1 percent.

    On a yearly basis, GDP contracted 2.4 percent annually, after falling 2.9 percent in the fourth quarter. The decline for the first quarter was revised from -2.8 percent.

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    UK CONSUMER CONFIDENCE REMAINS STABLE IN JUNE: GFK



    UK consumer sentiment remained unchanged in June, survey results from market research group GfK showed on Friday.

    The consumer confidence index held steady at -9.0 in June, while it was forecast to rise to -7.0.

    "A repetition of last month's score doesn't mean confidence is about to nose-dive," Joe Staton, client strategy director at GfK, said.

    The upwards trajectory for the Index since the dark days at the start of the pandemic is currently still on track, Staton said. However, forecasts for rising retail price inflation could weaken consumer confidence quickly.

    Four measures of the index were up in comparison to the previous month, while one measure was down.

    The index measuring past changes in personal finances gained four points to zero. The forecast for personal finances over the next year rose only one point to +11.

    The measure for the general economic situation over the last year edged up one point to -47, while the expectations for the general economic situation over the coming twelve months dropped by six points to -2.

    The Major Purchase Index improved by two points to -5 and the Savings Index was down one point to +21 in June.

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    DOLLAR RECOVERS AFTER MID SESSION SETBACK



    The U.S. dollar depreciated against its most major counterparts in the European session on Friday, as the nation's personal income slumped in May, easing fears over a faster tightening of monetary policy by the U.S. Federal Reserve. .

    The currency recovered from lows post noon and even managed to gain some ground against some of its rivals.

    In economic news today, a report from the Commerce Department showed the annual rate of core consumer price growth in May matched economist estimates. The reading on inflation said to be preferred by the Fed showed the annual rate of core consumer price growth accelerated to 3.4% in May from 3.1% in April.

    According to the data released by the Commerce Department, personal income slumped by 2% in May after plunging by 13.1% in April. Economists had expected personal income to tumble by 2.5%.

    Meanwhile, the report showed personal spending was virtually unchanged in May after climbing by 0.9% in April. Personal spending was expected to rise by 0.4%.

    A report from the University of Michigan said that its consumer sentiment reading for the US was revised lower to 85.5 in June from a preliminary reading of 86.4. Although market had expected to score to come in at 87.4, it still remained the second-highest since start of the pandemic.

    The currency was further weighed by stimulus optimism, after President Joe Biden announced that the White House has reached an infrastructure deal with U.S. Senators worth $579 billion.

    The agreement proposes spending to rebuild roads, bridges and other traditional infrastructure over the next five years.

    The package is expected to generate "millions" of jobs and will be funded through unused coronavirus aid money and returned state jobless benefits.

    The dollar index dropped to 91.53 around mid morning, but rallied to 91.88 later on in the day. It was last seen at 91.80, down slightly from the previous close.

    Against the Euro, the dollar was slightly weak at $1.1937, after recovering from $1.1977.

    Against Pound Sterling, the dollar firmed to $1.3879, gaining from $1.3922.

    The Yen gained marginally at 110.79 a dollar.

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    BOJ SUMMARY: INFLATION LIKELY TO RISE IN H2 2021



    Japan's inflation is likely to rise in the second half of 2021 as pent-up demand starts materializing, Bank of Japan policymakers said at the monetary policy meeting held on June 17 and 18.

    According to the summary of opinions, inflation is set to be around zero percent in the short run.

    Inflation is expected to increase gradually, mainly on the back of continued improvement in economic activity, a rise in energy prices, and a dissipation of the effects of a reduction in mobile phone charges.

    Nonetheless, inflationary pressure is expected be only transitory due to an entrenched deflationary mindset.

    As vaccinations have been progressing rapidly of late, Japan's economy is expected to recover to a certain extent in the short run, a member said.

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    EUROPEAN ECONOMICS PREVIEW: EUROZONE ECONOMIC CONFIDENCE DATA DUE



    Economic confidence data from euro area and mortgage approvals from the UK are due on Tuesday, headlining a busy day for the European economic news.

    At 1.30 am ET, the French statistical office Insee publishes unemployment data for the first quarter. The jobless rate is forecast to rise to 8.1 percent from 8 percent in the fourth quarter.

    At 2.00 am ET, the UK Nationwide house price data is due. House prices are forecast to rise 13.7 percent on year in June, faster than the 10.9 percent increase in May.

    At 2.45 am ET, the French statistical office Insee is scheduled to issue monthly consumer confidence survey results. The consumer sentiment index is forecast to rise to 100 in June from 97 in May.

    At 3.00 am ET, Sweden's economic tendency survey data is due.

    In the meantime, flash consumer prices and retail sales figures are due from Spain. EU harmonized inflation is seen unchanged at 2.4 percent in June.

    At 4.30 am ET, the Bank of England is set to release mortgage approvals data for May. The number of mortgages approved in May is forecast to fall to 85,900 from 86,920 in April.

    At 5.00 am ET, European Commission is slated to release euro area economic confidence survey data. The economic sentiment index is seen rising to 116.5 in June from 114.5 in May.

    At 8.00 am ET, Germany's flash consumer price data is due. Consumer price inflation is forecast to ease to 2.3 percent in June from 2.5 percent in May.

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    UK SHOP PRICES CONTINUE TO FALL IN JUNE: BRC



    UK shop prices continued to fall in June, data from the British Retail Consortium showed on Wednesday.

    The shop price index slid 0.7 percent year-on-year in June, after easing 0.6 percent in May. Non-food prices were down 1 percent in June.

    Non-food prices, particularly for fashion, remained deflationary as businesses tried to prolong the recent pickup in consumer spend, Helen Dickinson, chief executive at BRC, said.

    Food prices also fell, which is a testament to supermarkets battling to keep prices low for their customers.

    The fact that shop prices remain in negative territory despite the recent rise in CPI is indicative of the competitive retail landscape in the UK and keeping prices low for as long as possible is good news for shoppers, said Mike Watkins, Head of Retailer and Business Insight, NielsenIQ.

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    EUROPEAN ECONOMICS PREVIEW: EUROZONE UNEMPLOYMENT, FACTORY PMI DATA DUE



    Unemployment and factory Purchasing Managers' survey results from euro area are due on Thursday, headlining a busy day for the European economic news.

    At 2.00 am ET, Destatis is slated to issue Germany's retail sales data for May. Economists expect sales to climb 5 percent on month versus -5.5 percent in April.

    Half an hour later, Swiss retail sales and consumer price figures are due. Inflation is seen rising to 0.7 percent in June from 0.6 percent in May.

    At 3.00 am ET, Purchasing Managers' survey results are due from Poland and Turkey. Also, unemployment data is due from Austria.

    At 3.15 am ET, IHS Markit publishes Spain's manufacturing PMI survey results. Economists expect the index to fall marginally to 59.3 in June from 59.4 in May.

    At 3.30 am ET, Sweden's central bank announces the result of the monetary policy meeting.

    At 3.45 am ET, Italy's manufacturing PMI survey data is due. The factory PMI is seen at 62.2 in June versus 62.3 in the previous month.

    Thereafter, final PMI survey reports are due from France and Germany at 3.50 and 3.55 am ET, respectively.

    At 4.00 am ET, IHS Markit publishes euro area final manufacturing PMI data. The reading is expected to match the flash estimate of 63.1 in June.

    Also, Italy's Istat is scheduled to issue unemployment data for May.

    At 4.30 am ET, UK Markit/CIPS manufacturing PMI survey data is due. The score is seen falling to 64.2 in June, as initially estimated, from 65.6 in May.

    At 5.00 am ET, Eurostat is scheduled to issue euro area unemployment data for May. The jobless rate is seen unchanged at 8 percent in May.

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    AUSTRALIA HOUSING LOAN COMMITMENTS RISE TO RECORD HIGH



    Australia's new housing loan commitments increased to a new high in May, data released today by the Australian Bureau of Statistics showed Friday.

    New housing loan commitments rose 4.9 percent in May to a new high of A$32.6 billion, driven by investor housing loan commitments.

    The value of new loan commitments for investor housing rose 13.3 percent to A$9.1 billion, which was the highest level since June 2015.

    New loan commitments for owner occupiers grew 1.9 percent to A$23.4 billion, the highest level since the series began.

    However, for the third consecutive month there were falls in the value of loan commitments for residential land and the construction of new dwellings, ABS said.

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    CHINA SERVICE SECTOR EXPANDS AT SLOWER PACE IN JUNE



    China's service sector expanded at a much slower pace in June as the recent uptick in COVID-19 cases and reduced travel dampened overall new business, survey results published by IHS Markit showed on Monday.

    The Caixin services Purchasing Managers' Index fell notably to 50.3 in June from 55.1 in May. Nonetheless, the index has remained above the neutral 50 mark for the fourteenth successive month. The slower upturn in business activity coincided with a softer increase in overall new work. New work from abroad meanwhile increased only marginally.

    Employment across the service sector fell for the first time in four months.

    On the price front, the survey showed that input price inflation eased to the lowest since September 2020. Services companies lowered their average output charges for the first time in nearly a year in June.

    Although services companies remained strongly upbeat regarding the year-ahead outlook for activity, the resurgence of the COVID-19 virus dampened overall optimism in June. Moreover, the degree of positive sentiment slipped to a nine-month low.

    The composite output index that measures the overall performance of manufacturing and services, slipped to 50.6 in June from 53.8 in May. The rate of growth was the softest seen in the current 14-month period of expansion and only marginal.

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    in ro ham eslah kon:
    AUSSIE ADVANCES FURTHER AFTER RBA DECISION



    As expected, the Reserve Bank of Australia left benchmark lending rate and the 3-year Australian Government bond yield target unchanged at 10 basis points. Following the announcement, the aussie rose further against its major rivals.

    The aussie was trading at 83.87 against the yen, 1.5696 against the euro, 0.7566 against the greenback and 1.0670 against the kiwi around 12:35 am ET.

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