Dollar Rising Ahead Of FOMC Decision Tue, 12 Dec 2017 18:53:00 +0200

The dollar is up against its major European rivals Tuesday afternoon, but has given back its early gains against the Japanese Yen. The Federal Reserve kicked off its 2-day policy meeting this morning and will announce its decision tomorrow afternoon. The central bank is widely expected to hike interest rates by a quarter point.

Producer prices in the U.S. increased by slightly more than expected in the month of November, according to a report released by the Labor Department on Tuesday.

The Labor Department said its producer price index for final demand climbed by 0.4 percent in November, matching the increases seen in the two previous months. Economists had expected prices to rise by 0.3 percent.

The dollar has climbed to around $1.1735 against the Euro Tuesday afternoon, from an early low of $1.1792.

Germany's economic sentiment weakened more-than-expected in December amid political uncertainty, a closely-watched survey revealed Tuesday.

The ZEW Indicator of Economic Sentiment fell 1.3 points to 17.4 in December, the Mannheim-based think tank ZEW said. The indicator remained below its long-term average of 23.7 and the expected level of 17.6.

French payroll employment growth slowed in the third quarter, the statistical office Insee showed Tuesday. Net payroll job creation reached 44,500 in the third quarter. Employment increased 0.2 percent after rising 0.4 percent in the previous quarter.

The buck has risen to a 2-week high of $1.3315 against the pound sterling this afternoon, from an early low of $1.3380.

UK inflation accelerated unexpectedly to its highest level in more than five years in November, on airfares and computer games, official data showed Tuesday.

Inflation rose slightly to 3.1 percent in November from 3 percent in October, the Office for National Statistics said. Price growth was last higher in March 2012. The inflation rate was expected to remain at 3 percent.

British house price inflation eased for the second straight month in October, figures from the Office for National Statistics showed Tuesday.

The house price index climbed 4.5 percent year-over-year in October, slower than the 4.8 percent rise in September, which was revised down from a 5.4 percent increase reported earlier.

The greenback reached a high of Y113.749 against the Japanese Yen Tuesday, but has since retreated to around Y113.540.

Producer prices in Japan were up 0.4 percent on month in November, the Bank of Japan said on Tuesday. That exceeded forecasts for a gain of 0.2 percent and was up from 0.3 percent in October.

Japan's tertiary activity index increased at a faster-than-expected pace in October, after falling in the previous two months, data published by the Ministry of Economy, Trade and Industry showed Tuesday.

The tertiary activity index climbed 0.3 percent month-over-month in October, reversing a 0.2 percent decrease in September. Economists had expected a 0.2 percent rise for the month.


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Crude Oil Rally Fizzles On Production Outlook Tue, 12 Dec 2017 18:41:00 +0200

Crude oil prices tumbled Tuesday amid widespread expectations the Federal Reserve will raise interest rates and signal further monetary policy tightening is imminent.

The Fed makes its latest interest rate announcement tomorrow afternoon.

WTI light sweet oil was down 85 cents, or 1.5%, to settle at $57.14/bbl.

Also denting oil prices, the Energy Information Administration said it expects U.S. crude production to rise by an average of 800,000 barrels a day next year.

The EIA now anticipates U.S. oil prices could average $57 a barrel in 2018, about $2 per barrel higher than its previous forecast.

Producer prices in the U.S. increased by slightly more than expected in the month of November, according to a report released by the Labor Department on Tuesday.

The Labor Department said its producer price index for final demand climbed by 0.4 percent in November.

More importantly, excluding food and energy prices, the core producer price index rose by 0.3 percent in November after climbing by 0.4 percent in October.

Consumer price figures are out tommorow morning, followed by the Federal Reserve's interest rate decision at 2pm ET.


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TECHINT: Company To Develop US$ 1 Billion Steel Mill In Mexico Tue, 12 Dec 2017 18:40:00 +0200

The Italian-Argentinean multi-national Grupo Techint pitched to Mexican President Enrique Pe?a Nieto an investment project of more than US$ 1 billion to develop a hot-rolled steel mill in the industrial center that Techint launched in 2013.

Paolo Rocca, Techint's chairman, said that the development should take the steel company Ternium into operations in the second half of 2020. The plant's annual output capacity is estimated at 3.7 million metric tons.

According to the company, the plant is intended to meet the demand of both the automotive industry and the sectors of household appliances, machinery, energy and construction.


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Gold In A Rut As Inflation Picks Up Tue, 12 Dec 2017 17:39:00 +0200

Gold prices inched down Tuesday, extending 4-month lows after inflation data cemented expectations for an interest rate hike tomorrow.

Gold was down $5 at $1241.80 an ounce, the lowest since July.

Producer prices in the U.S. increased by slightly more than expected in the month of November, according to a report released by the Labor Department on Tuesday.

The Labor Department said its producer price index for final demand climbed by 0.4 percent in November.

More importantly, excluding food and energy prices, the core producer price index rose by 0.3 percent in November after climbing by 0.4 percent in October.

Consumer price figures are out tommorow morning, followed by the Federal Reserve's interest rate decision at 2pm ET.


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*EIA Raises Crude Oil Price Forecasts Tue, 12 Dec 2017 17:01:00 +0200

EIA Raises Crude Oil Price Forecasts


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Dollar Advances As Producer Prices Beat Forecasts; FOMC Decision In Focus Tue, 12 Dec 2017 13:35:00 +0200

The U.S. dollar strengthened against its most major opponents in the European session on Tuesday, as U.S. producer prices increased slightly more than expected in November and investors focus on the Federal Reserve's two-day policy meeting beginning today, which is almost certain to end up with a third rate hike of this year.

The Fed is widely expected to hike benchmark rate by a quarter point to 1.5 percent when it concludes meeting on Wednesday. The FOMC will publish its updated economic projections, including the individual 'dot plot' projections of the Federal Funds rate for two years ahead.

Following the decision, outgoing Fed Chair Janet Yellen will hold a press conference, which will provide clues about the outlook for future rate hikes.

Data from the Labor Department showed that the producer price index for final demand climbed by 0.4 percent in November, matching the increases seen in the two previous months. Economists had expected prices to rise by 0.3 percent.

Excluding food and energy prices, the core producer price index rose by 0.3 percent in November after climbing by 0.4 percent in October. Core prices had been expected to edge up by 0.2 percent.

The greenback held steady against its major rivals in the Asian session, with the exception of the yen.

The greenback recovered to 0.9923 against the franc, from a 5-day low of 0.9890 hit at 4:30 am ET. If the greenback extends rise, 1.00 is possibly seen as its next resistance level.

The greenback reversed from an early low of 113.37 against the yen, bouncing off to 113.54. On the upside, 115.00 is possibly seen as the next resistance for the greenback.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index increased at a faster-than-expected pace in October, after falling in the previous two months.

The tertiary activity index climbed 0.3 percent month-over-month in October, reversing a 0.2 percent decrease in September. Economists had expected a 0.2 percent rise for the month.

The greenback advanced to a 4-day high of 1.1742 against the euro, after having fallen to 1.1793 at 3:45 am ET. Continuation of the greenback's uptrend may see it challenging resistance around the 1.16 region.

Survey data from the Mannheim-based think tank ZEW showed that Germany's economic sentiment weakened in December.

The ZEW Indicator of Economic Sentiment fell 1.3 points to 17.4 in December. The indicator remained below its long-term average of 23.7 and the expected level of 17.6.

The greenback bounced off to 1.2855 against the loonie, from its early 4-day low of 1.2813. The next possible resistance for the greenback is seen around the 1.30 mark.

On the flip side, the greenback held steady against the pound, after having eased to 1.3361, from an early 2-week high of 1.3311. The pair was valued at 1.3337 when it finished deals on Monday.

Data from the Office for National Statistics showed that UK inflation accelerated to a more than five year high in November.

Inflation rose unexpectedly to 3.1 percent in November from 3 percent in October. Inflation was last higher in March 2012. The rate was expected to remain at 3 percent.

The greenback held steady at 0.6940 against the kiwi and 0.7564 against the aussie, following an early multi-week low of 0.6953 and a 6-day low of 0.7580, respectively. The greenback ended Monday's trading at 0.6911 against the kiwi and 0.7526 against the aussie.

U.S. monthly budget statement for November is due later in the session.


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Poland Core Inflation Accelerates In November Tue, 12 Dec 2017 13:04:00 +0200

Poland's core inflation accelerated in November after easing in the previous month, figures from the National Bank of Poland showed on Tuesday.

The consumer price index net of food and energy prices rose 0.9 percent year-on-year following 0.8 percent in October.

Core inflation was in line with economists' expectations.

On a month-on-month basis, the core CPI edged up 0.1 percent in November after rising 0.3 percent in October.

Overall CPI inflation accelerated to 2.5 percent from 2.1 percent in November.

The NBP targets inflation at 2.5 percent + or - a percentage point.


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India Inflation Climbs To 15-month High In November Tue, 12 Dec 2017 12:52:00 +0200

India's retail inflation accelerated to its highest level in fifteen months in November, as food price growth surged and fuel prices increased, preliminary data from the Central Statistics Office showed on Tuesday.

The consumer price index rose 4.88 percent year-on-year after 3.58 percent in October.

Inflation exceeded economists' consensus of 4.29 percent and the Reserve Bank of India's 4 percent target.

Food price inflation accelerated to 4.42 percent from 1.90 percent. Fuel inflation climbed to 7.92 percent.

On a month-on-month basis, the CPI edged up 1.10 percent and food prices rose 1.58 percent.

Separately, the statistical office released industrial production data that showed a 2.2 percent growth for October, slower than the 2.9 percent gain economists had expected.

Manufacturing grew 2.5 percent and mining output rose 0.2 percent. Electricity output increased 3.2 percent.

Accelerating inflation leaves little room for the RBI to reduce interest rates. Last week, the bank left all its key interest rates unchanged and raised its inflation projection for October to March to 4.3-4.7 percent.

The next policy session is in February.

India's economic growth regained momentum in the three months to September as the dust settled after the roll out of the Goods and Sales Tax that led to the slowest expansion in three years in the previous quarter.

Gross domestic product grew 6.3 percent year-on-year following 5.7 percent increase in the three months to June.

The RBI has projected real gross value added growth for 2017-18 at 6.7 percent.

In November, Moody's Investors Service raised the sovereign ratings of India for the first time since 2004, citing economic and institutional reforms.

However, Standard & Poor's maintained the country's sovereign ratings at the lowest investment grade with a 'stable' outlook, citing sizable fiscal deficits, a high general government debt burden and low per capita income. The agency last raised the ratings on India to 'BBB-' in January 2007.


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U.S. Producer Prices Climb More Than Expected In November Tue, 12 Dec 2017 12:43:00 +0200

Producer prices in the U.S. increased by slightly more than expected in the month of November, according to a report released by the Labor Department on Tuesday.

The Labor Department said its producer price index for final demand climbed by 0.4 percent in November, matching the increases seen in the two previous months. Economists had expected prices to rise by 0.3 percent.

Excluding food and energy prices, the core producer price index rose by 0.3 percent in November after climbing by 0.4 percent in October. Core prices had been expected to edge up by 0.2 percent.


The material has been provided by InstaForex Company - www.instaforex.com

Dollar Rises Further Vs Most Majors After U.S. PPI Tue, 12 Dec 2017 12:37:00 +0200

Following the release of U.S. producer price index for November at 8:30 am ET Tuesday, the greenback traded mixed against its major rivals. While the greenback changed little against the pound, it rose further against the rest of major rivals.

The greenback was trading at 1.1760 against the euro, 113.53 against the yen, 0.9920 against the franc and 1.3360 against the pound around 8:34 am ET.


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