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  1. #1

    Important Forex News Daily

    Greenback clings to 13-1/2-year peak



    On Wednesday, the evergreen buck hovered close to a recent 13 1/2-year high, taking a breather after soaring on expectations that American interest rates will ascend further than earlier anticipated on prospects of increased fiscal stimulus under a Trump administration.
    Against a basket of six key currencies, the greenback last traded at 101.05. It leapt from Tuesday's minimum of 100.65 and also not too far from Friday's peak high of 101.48, that turned to be the highest value for the dollar index since April 2003.
    Data on Tuesday disclosed that in October, American home resales added to their highest level in more than 9-1/2 years, thus helping to back the greenback.
    Still, one factor, which has blunted the greenback’s momentum this week is a pull-back in benchmark American 10-year Treasury yields from recent peaks.
    The greenback’s ascend to the near six-month peak against the Japanese yen amounted to a revenue of 10% from its November 9 drop near 101 yen.
    The euro stood still at $1.0623, having reached a near one-year minimum of $1.0569 last week.

  2. #2

    Crude prices drop on renewed doubts on OPEC-led output cut

    On Wednesday, crude prices sagged during Asia trade, thus reversing earlier revenues, as doubts re-emerged over whether OPEC would agree to an oil output cut at a ministerial gathering next week.
    A strong greenback, trading close to the 13 1/2-year peak reached the previous week, also applied pressure on prices amid thin trading ahead of the American Thanksgiving holiday on Thursday.
    International Brent crude futures sank 8%, hitting $49.04 a barrel, having climbed to $49.42 earlier in Wednesday's trading session on optimism OPEC would agree to a production cut.
    Reuters commodities analyst Wang Tao told that Brent could ascend to $49.85 per barrel. The given level is marked by some technical resistance factors.
    Meanwhile, US West Texas Intermediate crude futures sagged 8% to $47.95 a barrel, having risen to $48.30 earlier on Wednesday.
    With crude output among OPEC members running at approximately 34 million barrels a day, the energy market is suddenly looking at considerable cuts to get back to the level of about 32 million to 33 million barrels a day when output curbs were first mooted earlier this year.

  3. #3

    Asian Session Forex Recap – Nov. 23, 2016

    Japan on Labor Thanksgiving Day holiday
    China’s MNI business sentiment up from 52.2 to 53.1 in November
    AU construction work done (q/q) fell by 4.9% vs. 1.5% decline expected, 3.1% slip in Q2 2016

    With our Japanese friends out on a market holiday, Asian session forex traders mostly extended economic themes from the previous sessions. Here’s what’s up!
    Major Events:

    Overall risk appetite – Since there weren’t a lot of economic reports scheduled during the Asian session, forex traders simply piggybacked from Wall Street’s consecutive gains. If you recall, market players have been buying U.S. assets like crazy since Trump won the elections.
    It is believed that his infrastructure and tax cut plans can only be good for Uncle Sam, which is probably why the U.S. indices have been clocking in back-to-back-to-back record highs and U.S. Treasury yields have been dominating most of its counterparts.
    Nikkei is out on a market holiday but Australia’s A SX 200 is up by 1.31%, Hang Seng also popped up by 0.19%, and the Shanghai index only saw a 0.05% slip throughout the day.
    PBoC back to devaluing the yuan – After breaking its 12-day streak yesterday, the People’s Bank of China (PBoC) is back to devaluing the yuan against the Greenback. China’s central bank set its USD/CNY mid-point fix at 6.8904 today, higher than yesterday’s 6.8779 figure. The move will likely inspire speculations that China will soon intervene in the markets to prevent even more capital flight over the next couple of days.
    AUD is king of pips – The Aussie was king of pips today even though Australia printed a weaker-than-expected quarterly construction report. One possible explanation is the continued increase in iron ore prices (it was up by 8% in China today) while the overall risk-friendly vibe didn’t hurt either.
    Major Market Movers:
    AUD – The Aussie enjoyed a one-two punch of higher iron ore prices and overall risk appetite.
    AUD/USD is up by 23 pips (+0.31%) to .7420, EUR/AUD fell by 41 pips (-0.29%) to 1.4321, AUD/JPY shot up by 16 pips (+0.20%) to 82.40, and AUD/CAD popped up by 29 pips (+0.29%) to .9972.
    NZD – The New Zealand dollar wasn’t far behind the Aussie, as overall risk appetite also boosted the high-yielding currency.
    NZD/JPY hit a session high of 78.59 before settling back down to 78.45, EUR/NZD slipped by 13 pips (-0.09%) to 1.5044, and GBP/NZD inched 11 pips lower (-0.06%) to 1.7579.

  4. #4

    European stocks rise

    On Wednesday, European stocks rose, as markets were mainly focusing on a string of manufacturing as well as service sector data from the euro zone due throughout the morning.
    During European morning trade, the EURO STOXX 50 added 0.19%, French CAC 40 gained 0.18% and German DAX 30 earned 0.23%.
    The preliminary reading of Markit’s French services purchasing managers’ index demonstrated 52.6 this month, rising from 51.4 in October. It turned to be the highest outcome in two months and it was better than economists’ predictions for an uptick to 51.9.
    The French manufacturing PMI edged down to a two-month low of 51.5, compared to hopes for 51.4 and down from 51.8 in October.
    Financial stocks were mostly lower, as French lenders BNP Paribas and also Societe Generale dropped 0.79% and 0.96% respectively, though Germany’s Deutsche Bank as well as Commerzbank lost 0.47% and 1.75%.
    Among peripheral lenders, Italian Intesa Sanpaolo and Unicredit lost 1.65% and 2.53% respectively, Spanish bank Banco Santander declined 0.39%.

    [Only registered and activated users can see links. ]Important Forex News Daily

  5. #5

    ECB looking at lending bonds to stave off a market freeze

    On Wednesday, European stocks rose, as markets were mainly focusing on a string of manufacturing as well as service sector data from the euro zone due throughout the morning.
    During European morning trade, the EURO STOXX 50 added 0.19%, French CAC 40 gained 0.18% and German DAX 30 earned 0.23%.
    The preliminary reading of Markit’s French services purchasing managers’ index demonstrated 52.6 this month, rising from 51.4 in October. It turned to be the highest outcome in two months and it was better than economists’ predictions for an uptick to 51.9.
    The French manufacturing PMI edged down to a two-month low of 51.5, compared to hopes for 51.4 and down from 51.8 in October.
    Financial stocks were mostly lower, as French lenders BNP Paribas and also Societe Generale dropped 0.79% and 0.96% respectively, though Germany’s Deutsche Bank as well as Commerzbank lost 0.47% and 1.75%.
    Among peripheral lenders, Italian Intesa Sanpaolo and Unicredit lost 1.65% and 2.53% respectively, Spanish bank Banco Santander declined 0.39%.

  6. #6

    Asia stocks slip on specter of higher U.S. rates, dollar is 'a freight train'

    Most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher U.S. interest rates, while the dollar's bull run continued with U.S. bond yields propelled to multi-year highs.
    Japanese stocks swam against the tide and rose to a near 11-month high as the yen weakened.
    Spreadbetters saw a mixed opening for European stocks, forecasting a slightly lower open for Britain's FTSE .FTSE, a marginally higher open for Germany's DAX .GDAXI and a flat start for France's CAC .FCHI.
    The dollar index against major currencies rose 0.1 percent to 101.78 .DXY, not far from a 13-1/2-year high of 101.91 touched overnight.
    The greenback drew support from a further rise in U.S. Treasury yields.
    The two-year yield US2YT=RR hit its highest levels since April 2010 on Wednesday on further bets the Trump administration will increase debt-funded spending and spur growth and inflation.
    Such a view - which has also lifted expectations for more U.S. rate hikes next year - was reinforced on Wednesday after new orders of U.S. manufactured capital goods rebounded in October. Consumer sentiment also jumped in November.
    "It (the U.S. dollar) is a freight train that seems over limit at the moment, but it may have a long way to go before what looks and feels like a structural adjustment settles down," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
    The dollar was up 0.1 percent at 112.650 yen JPY= after touching an eight-month high of 112.980 overnight. It has gained roughly seven big figures since Trump's victory earlier this month.
    The euro was down 0.1 percent at $1.0543 EUR= after touching $1.0526 overnight, its lowest since December 2015. The common currency has dropped nearly 4 percent in November.
    The firm dollar kept most emerging market currencies on the ropes, with China's yuan nearing the 7 per dollar level for the first time since May 2008.
    State banks or foreign exchange authorities in China, India, Indonesia and the Philippines were all suspected of intervening to slow the slide in their currencies on Thursday.
    MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS pared Wednesday's gains and lost 0.4 percent as focus returned to the United States. Facing the prospect of higher U.S. interest rates diverting money from emerging markets, it has lost 3.5 percent this month.
    Hong Kong's Hang Seng .HSI shed 0.2 percent while higher metals prices lifted China's blue-chip CSI300 index .CSI300 0.4 percent. South Korea's Kospi .KS11 fell 0.7 percent amid receding foreign investor appetite.
    "The amount of foreign stock-dumping is likely to increase during the session due to the strong dollar and the absence of any momentum for the South Korean market to rebound," said Ha Keon-hyeong, a foreign exchange analyst at Shinhan Investment Corp.
    Japan's Nikkei .N225 was up 1.1 percent, touching its highest level since early January.
    Equities in emerging and developed economies have headed in different directions since Trump's win.

    Higher U.S. yields have pulled those of other developed economies from rock-bottom levels, with investor money now expected to flow back from emerging markets which had offered relatively higher rates.
    The Dow .DJI marked a record closing high overnight. Germany's DAX has gained nearly 2 percent since the victory by the Republican candidate. On the other hand, MSCI's emerging markets index .MSCIEF has fallen 5.8 percent this month.
    Japan's 30-year bond yield JP30YTN=JBTC rose to an eight-month peak of 0.650 percent. The German 10-year bund DE10YT=TWEB yielded around 2.6 percent on Wednesday, having climbed from a record low of minus 0.2 percent struck in July.
    Oil prices were little changed amid uncertainty ahead of a planned OPEC-led crude production cut at a meeting on Nov. 30.
    U.S. crude was up 3 cents at $47.99 a barrel CLc1 and Brent LCOc1 was flat at $48.95.
    London zinc CMZN3 hit an 8-year high and copper jumped for a fourth day in a row as funds poured into metals on expectations of growing strength in the U.S. manufacturing sector.

  7. #7

    Crude prices are static on uncertainty over planned output cut

    On Thursday, crude prices were little changed, as uncertainty ahead of a planned OPEC-led crude output cut as well as thin liquidity because the American Thanksgiving holiday kept market participants from making big new bets on markets.
    International Brent crude futures were trading at $48.90, tumbling 5 cents from their last close. American West Texas Intermediate crude futures were at $47.94 per barrel, descending 2 cents from their last settlement.
    Investors told that market activity was low due to the American holiday, and also there was a reluctance to take on big price directional bets because of uncertainty as for a planned crude production cut, led by the Organization of the Petroleum Exporting Countries.
    OPEC is due to have a meeting on November 30 to coordinate a cut together with non-OPEC member Russia, though there’s also disagreement within the producer cartel as to which member states needs to cut and by how much.

    [Only registered and activated users can see links. ]Important Forex News Daily

  8. #8

    European stocks mostly higher, sentiment remains positive; DAX up 0.34%

    European stocks were mostly higher on Thursday, as market sentiment remained broadly supported since Donald Trump’s electoral win and as investors eyed the release of German business climate data later in the day.

    During European morning trade, the EURO STOXX 50 rose 0.20%, France’s CAC 40added 0.26%, while Germany’s DAX 30 gained 0.34%.

    Market sentiment has remained supported amid expectations that President-elect Donald Trump’s plans to ramp up fiscal spending and cut taxes will spur economic growth and inflation.

    Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) rose 0.25% and 0.46%, although Germany’s Deutsche Bank(DEBKGn) and Commerzbank (DE:CBKG) added 0.08% and 0.59%.

    Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) gained 0.47% and 1.10% respectively, while Spanish bank Banco Santander (MC:SAN) inched up 0.05%.

    ThyssenKrupp (DE:TKAG) added to gains, with shares rising 0.32% even as the German company reported a smaller-than-expected increase in operating profit and announced more cost-cutting.

    Volkswagen (DE:VOWG_p) advanced 0.96% after CEO Herbert Diess said the company will no longer offer diesel vehicles in the U.S.

    In London, FTSE 100 edged down 0.14%, weighed by Vodafone (LON:VOD), whose shares tumbled 1.64% after the telecom operator launched on Thursday a data offer for its existing customers in Mumbai to upgrade to a 4G SIM with 2 GB free data.

    Financial stocks were also mostly lower, as Lloyds Banking (LON:LLOY) slipped 0.15% and the Royal Bank of Scotland (LON:RBS) fell 0.22%, while HSBC Holdings (LON:HSBA) dropped 0.53%. Barclays (LON:BARC) overperformed however, with shares up 0.12%.

    Meanwhile, mining stocks were mixed on the commodity-heavy index. Shares in Rio Tinto(LON:RIO) declined 0.66% and Randgold Resources (LON:RRS) plummeted 1.94%, while Glencore (LON:GLEN) gained 0.31% and Antofagasta (LON:ANTO) jumped 1.43%.

    Earlier Thursday, Rio Tinto announced plans to raise its cash flow by $5 billion over the next five years.

    In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% uptick, S&P 500 futures showed a 0.01% gain, while the Nasdaq 100 futures indicated a 0.03% dip.

    [Only registered and activated users can see links. ]Important Forex News Daily

  9. #9

    Oil companies shoulder pain of downturn with lower output

    The world’s listed oil companies have slashed oil output by 2.4 percent so far this year during one of the industry’s worst downturns as OPEC battles to agree on its first production cut since 2008.

    The aggregated production of 109 listed companies that produce more than a third of the world’s oil fell in the third quarter of 2016 by 838,000 barrels per day from a year earlier to 33.88 million bpd, data provided by Morgan Stanley (NYSE:MS) showed.

    By comparison, the Organization of the Petroleum Exporting Countries produced 33.64 million bpd in October. OPEC has struggled to agree on a joint production freeze or cut to support oil prices before its Nov. 30 meeting in Vienna.

    In the second quarter of 2016, the companies reduced production by nearly 930,000 bpd, according to Morgan Stanley.

    The firms include national oil champions of China, Russia and Brazil, international producers such as Exxon Mobil (N:XOM) and Royal Dutch Shell (L:RDSa), as well as U.S. shale oil producers like EOG Resources (N:EOG) and Occidental Petroleum (N:OXY).

    The drop in oil companies’ output is particularly compelling given the increase in 2015, when third-quarter production rose by some 1.9 million bpd.

    “Clearly, we have seen a large swing in the year-on-year trend in production, from strong growth as recent as a year ago, now to steep decline. This is the outcome of the strong cutbacks in investment,” Morgan Stanley equity analyst Martijn Rats said.

    Capital expenditure for the companies combined more than halved from $136 billion in the third quarter of 2014 to $58 billion in the same period this year, according to Rats.

    Oil executives and the International Energy Agency have warned that a sharp drop in global investment in oil and gas would result in a supply shortage by the end of the decade.

    Large oilfields, such as deepwater developments off the coasts of the United States, Brazil, Africa and Southeast Asia, typically take three to five years and billions in investment to develop.

    Cost reductions and increased efficiencies have only partly offset the drop in production as a result of the lower investment. Technological advancements have also helped boost onshore U.S shale production.

    “These declines should temporarily soften in 2017 as new fields are coming on-stream in Canada, Brazil, the former Soviet Union and U.S. tight oil probably stabilizes,” Rats said.

    “Still, unless investment rebounds relatively soon, this steep downward trend is likely to resume in 2018 and beyond.”

    [Only registered and activated users can see links. ]Important Forex News Daily

  10. #10

    Russia to OPEC: Oil Freeze Is All You Get

    Facing pressure from OPEC to make a significant output reduction, Russia reiterated its readiness to freeze oil production at current levels, arguing that the offer amounted to a cut compared with next year’s plans.
    A production cap would mean Russia pumping 200,000 to 300,000 barrels a day less than planned in 2017, Energy Minister Alexander Novak told reporters in Moscow on Thursday. That means a freeze would be “quite a difficult and harsh situation for us as our plans envisioned an output growth next year,” he said.
    OPEC, which is seeking to finalize its own supply cuts of as much as 1.1 million barrels a day next week, has asked non-members to cooperate by cutting daily production by 880,000 barrels for six months starting January, Azerbaijan’s Energy Minister Natig Aliyev said in a newspaper article.
    The Organization of Petroleum Exporting Countries reached a preliminary agreement in September to reduce collective output to 32.5 million to 33 million barrels a day, compared with the group’s estimate of 33.6 million in October. Talks on individual production quotas continued this week with the aim of securing a final pact by the ministerial meeting in Vienna on Nov. 30. It will meet with non-OPEC producers to discuss cooperation on Nov. 28.

    While Russia, the largest crude supplier outside OPEC, has reiterated its preference for a freeze over a cut for several months, members of the group including Saudi Arabia had been expecting the nation would eventually join a cut, according to people briefed on the matter. If Russia and other non-OPEC producers balk at the idea of cutting output, the exporters’ group could reconsider pushing ahead, the people said.
    Russia’s position “has remained unchanged and consistent,” Novak said Thursday. “As our president said earlier, we are ready to freeze production at the current levels.” Russian President Vladimir Putin on Monday reaffirmed Russia is willing to freeze, adding he sees no obstacles to an OPEC agreement this month after the group made major progress in overcoming differences.

    Russia drafts its 2017 budget using an oil-production estimate at about 11 million barrels a day compared to an average 10.9 million expected this year. Output increased to a record 11.205 million barrels a day in November, near a post-Soviet record. The country has raised its production forecasts several times a year since 2015.

    A delegation from Moscow is scheduled to meet OPEC experts in Vienna on Monday. Azerbaijan and Mexico are also set to participate, according to people familiar with the arrangements. Azerbaijan’s Aliyev co-chaired similar talks last month.

    "While there’s actually nothing new from Russia today, Moscow is changing its rhetoric to show its commitment to a deal,” said Alexander Kornilov, an analyst at Aton LLC in Moscow. “The new wording shows Russia is trying to convince OPEC partners.”
    A delegation from Moscow is scheduled to meet OPEC experts in Vienna on Monday. Azerbaijan and Mexico are also set to participate, according to people familiar with the arrangements. Azerbaijan’s Aliyev co-chaired similar talks last month.

    "While there’s actually nothing new from Russia today, Moscow is changing its rhetoric to show its commitment to a deal,” said Alexander Kornilov, an analyst at Aton LLC in Moscow. “The new wording shows Russia is trying to convince OPEC partners.”

    [Only registered and activated users can see links. ]Important Forex News Daily
    [Only registered and activated users can see links. ]Important Forex News Daily

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