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2016-11-25 04:16

Aussie Strengthens On Syria Deal, Summers Withdrawal From Fed Chairman Contest

The Australian dollar advanced against other major currencies in Asian deals on Monday, as sentiment improved after the U.S. and Russia reached deal to remove Syria's chemical weapons and Lawrence Summers pulled out from race to Fed's top post.

Summers on Sunday notified President Barack Obama that he was withdrawing his name from consideration to replace Fed Chairman Ben Bernanke when the latter's term expires at the end of January.

"I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the administration or ultimately, the interests of the nation's ongoing economic recovery," Summers wrote.

Vice Chair Janet Yellen, who favor a slower reduction of asset purchases, now becomes the clear-cut favorite for the job.

Over the weekend, the U.S. and Russia agreed on a deal to eliminate Syria's chemical weapons by mid-2014.

The framework deal requires Syria to furnish full details of its stockpile within a week. The U.S said that non-compliance, including unauthorized transfer, or any use of chemical weapons by anyone in Syria, the UN Security Council should impose measures under Chapter VII of the UN Charter.

The aussie appreciated to 0.9390 against the greenback, highest since June 19. The next resistance for the aussie-greenback pair lies at the 0.95 level. The pair was worth 0.9244 at yesterday's close.

The aussie that ended Friday's trading at 1.1369 against the NZ dollar advanced to a 4-day high of 1.1419. The aussie may face resistance around the 1.15 level.

New Zealand house sales dipped 3.4 percent to 6,548 in August, compared to the previous month, the Real Estate Institute of New Zealand said today. That follows the 0.5 percent contraction in July.

The aussie advanced to a 4-day high of 92.76 against the yen, up by 1.2 percent from last week's multi-day low of 91.69. On the upside, the aussie may probably seek resistance at the 93.6 level.

The aussie spiked up to more than 2-month high of 0.9680 against the loonie, which is up from Friday's closing quote of 0.9569. The aussie is likely to test resistance at the 0.98 level.

The aussie reached 1.4236 against the euro, a level unseen since July 24 and an increase of 1 percent from last week's close of 1.4381. The next upside target for the aussie lies at the 1.41 level.

Looking ahead, Eurozone final inflation for August is due in the European session.

The U.S. industrial production and Canada existing home sales for August are set for release in the New York session.

news.instaforex.com »

2013-9-16 09:49

Euro Down Against Dollar, Pound As ECB Stands Pat

The euro was trading lower against the dollar and the pound on Thursday after the European Central Bank decided to hold its interest rate unchanged at a record of 0.50 percent.

The European Central Bank left its interest rates unchanged for the third consecutive month in August amid some improvement in economic indicators, which is in line with its expectation of a gradual recovery later this year.

The Governing Council led by ECB President Mario Draghi left the main refinancing rate steady at a record low 0.50 percent as expected. The rate was slashed by quarter-basis point in May, the first rate cut in nine months.

The bank also held the marginal lending facility rate at 1 percent, following a 50 basis points cut in May. The zero deposit rate was also left unchanged.

At the same time, the Eurozone manufacturing sector expanded for the first time since July 2011, survey data from Markit Economics showed today. The Purchasing Managers' Index rose to 50.3 in July, from 48.8 in June and above the flash estimate of 50.1.

As widely expected, the Monetary Policy Committee headed by Mark Carney retained the asset purchase facility at GBP 375 billion and interest rate at a record low 0.50 percent.

In the U.K., the seasonally adjusted Markit/Chartered Institute of Purchasing & Supply Purchasing Manager's Index rose more-than-expected to 54.6 in July from a revised reading of 52.9 in June. The index reading was forecast to improve to 52.8 from June's originally estimated level of 52.5.

The U.S. Federal Reserve on Wednesday kept its ultra-loose monetary policy intact, voicing concerns over the recent rise in mortgage rates and low inflation. There was no language in the Fed's post-statement meeting that would suggest that the $85 billion a month asset-purchase program may be scaled back in the next few months.

The official purchasing managers' index (PMI) in China rose to 50.3 in July from 50.1 in the previous month, while a separate HSBC PMI survey showed factory activity shrank for a third straight month to its lowest level in 11 months. The headline PMI index fell to 47.7 from 48.2 in June.

The U.S. weekly jobless claims report showed that initial jobless claims fell to 326,000, a decrease of 19,000 from the previous week's revised figure of 345,000. The decrease surprised economists, who had expected jobless claims to edge up to 345,000 from the 343,000 originally reported for the previous week.

The euro slipped to a 2-day low of 0.8678 against the pound around 8:30 am ET, pulling back from Asian session's fresh 4-month high of 0.8768. The near-term support for the euro is seen around the 0.8660 level, at which the 10-day EMA lies in the currency cross.

The euro dropped below the key 1.32 level against the US dollar, falling to a weekly low of 1.3192 by 8:30 am ET. The euro-greenback pair is presently hovering around the 1.32 level with 1.3165 seen as the next likely support level.

The common currency held steady against the Swiss franc and the yen after the ECB rate decision. The euro-franc pair was trading in a range of 1.2310 and 1.2330 and the euro-yen pair was trading between 130.80 and 130.40.

news.instaforex.com »

2013-8-1 17:47

Chinese Yuan Spikes Up To More Than 3-month High Against U.S. Dollar

The Chinese yuan strengthened against the U.S. dollar in late Asian deals on Wednesday, as the People's Bank of China set the currency's reference rate at the highest level since January 15.

The yuan reached 6.2123 per dollar, the level not seen since December 14, 2012. The yuan thus appreciated 0.13 percent against the greenback from yesterday's close of 6.2202. If the yuan advances further, it will break last year's peak of 6.2087.

The PBOC set today's central parity rate for the yuan at 6.2716 per dollar, up from Tuesday's daily reference rate of 6.2758. The Chinese central bank sets the central parity rate every morning and allows the currency to fluctuate up to 1 % from the level.

news.instaforex.com »

2013-3-20 10:32