Forex News (from InstaForex) - page 58

Philippine Imports Rise Fore Third Month

Philippines' merchandise imports increased for the third successive month in January, and at a significantly faster pace than in December, data published by the National Statistics Office showed Tuesday. The growth rate also far exceeded economists' expectations.

The value of imports climbed 21.8 percent on an annual basis to US$5.76 billion in January, which followed a 2.1 percent gain in December. Economists were looking for an 8.5 percent rise for January.

While nine of the top ten major commodities recorded growth during the month, the strong pick up was driven by an 11.1 percent rise in imports of electronic products. In December, the category had logged a 2.5 percent decline.

On a monthly basis, overall external purchases recorded a 6.4 percent growth in the beginning of the year, following December's 3.4 percent increase. Arrivals of electronics goods rose by 1.7 percent.

January's international trade resulted in a deficit of US$1.38 billion, which was notably higher than the US$716 million deficit recorded in the same month of last year. Expectations were for a lower shortfall of US$850 million.

News are provided by InstaForex.

Japan Corporate Service Prices Rise 0.7%

An index monitoring corporate service prices in Japan was up 0.7 percent on year in February, the Bank of Japan said on Wednesday, standing at 96.5.

That was unchanged from the January reading following a downward revision from 0.8 percent.

On a monthly basis, corporate service prices were up 0.3 percent following the 0.6 percent contraction in the previous month.

Among the individual components of the survey, prices were higher for civil engineering and software development - while they were lower for transportation, leasing and rental.

News are provided by InstaForex.

NZ Dollar Climbs To Multi-month High Against Euro

The New Zealand dollar strengthened against the euro and the US dollar in the Asian session on Thursday.

The NZ dollar rose to a multi-month high of 1.5973 against the euro and an 8-day high of 0.8631 against the US dollar, compared to yesterday's closing quotes of 1.6042 and 0.8591, respectively.

If the kiwi continues its uptrend, it may find target levels around 1.5920 against the euro and 0.8640 against the greenback.

News are provided by InstaForex

UK Consumer Confidence Index Rises To -5

An index measuring consumer confidence in the United Kingdom came in at -5 in March, the latest survey from GfK revealed on Friday.

That beat expectations for -6 and is up from -7 in February. It also marks the highest score since August 2007.

The index is also 22 points higher than it was a year earlier.

"People are now on balance more positive than negative about their own financial prospects over the next year," said Nick Moon, managing director for GfK's social research division. "It is unlikely that anything announced in the recent budget will reverse this."

News are provided by InstaForex

Japan Auto Production Continues To Expand

Japan's automobile production increased for the sixth consecutive month in February, data from the Japan Automobile Manufacturers' Association showed Monday.

Driven by huge domestic demand, auto production rose 7.1 percent or 57,186 units from a year ago to 863,397 units in February. Domestic sales surged 18.4 percent on a yearly basis, while exports declined 6 percent. At the same time, motorcycle production gained 9.6 percent annually to 56,348 units. This was the sixth consecutive rise in output. Domestic sales of motorcycle advanced 26.3 percent and exports climbed 21.1 percent.

News are provided by InstaForex.

Australia Leaves Key Rate Unchanged At 2.5%

The Reserve Bank of Australia left its key interest rate unchanged on Tuesday as widely expected by economists. Policymakers led by Governor Glenn Stevens decided to maintain the cash rate at 2.50 percent. Members assessed the most prudent course is likely to be a period of stability in interest rates, the central bank said in a statement. The bank expects inflation to be consistent with the 2-3 percent target over the next two years. In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. Looking ahead, the bank said continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time.

News are provided by InstaForex.

BoJ Tankan: Inflation Forecast 1.1% For Next Year

The expectation for inflation over the next year in Japan is 1.1 percent, the Bank of Japan said on Wednesday in the second half of its quarterly Tankan survey of consumer sentiment.

According to the all enterprise component, the inflation rate is expected to rise to 1.8 percent over the next three years, and then to 2.1 percent in five years.

However, among large manufacturers, inflation is expected to add just 0.2 percent over the next year, be flat in three years and then fall 0.3 percent in five years.

Among large non-manufacturers, inflation is called at 0.9 percent in the next year, 1.3 percent in three years and 1.5 percent in five years.

The first portion of the Tankan was released on Tuesday.

News are provided by InstaForex.

Swiss Franc Slides Against Most Majors

The Swiss franc weakened against most major currencies in the Asian session on Thursday. The Swiss franc fell to an 8-day low of 1.2210 against the euro and a 4-day low of 1.4777 against the pound, from yesterday's closing quotes of 1.2204 and 1.4733, respectively. Against the U.S dollar, the franc touched 0.8873, heading to pierce yesterday's multi-day low of 0.8874. If the Swiss franc continues its downtrend, it is likely to find support around the 1.23 against the euro, 1.48 against the pound and 0.89 against the greenback.

News are provided by InstaForex.

Malaysia's Export Growth Tops Expectations

Malaysia's exports grew more than expected in February, while imports rose less than estimated, data showed Friday.

Exports registered a double-digit growth of 12.3 percent in February from the prior year, the Department of Statistics reported. Shipments were expected to rise 11.9 percent.

Exports of manufactured goods accounted for 66.4 percent of total exports. The increase in demand was contributed mainly by higher exports of electrical and electronic products.

Meanwhile, imports rose 9.5 percent from last year, slower than the expected 14.4 percent increase.

The trade surplus surged 27.2 percent to MYR 10.44 billion in February, which was bigger than a MYR 8.45 billion expected surplus.

News are provided by InstaForex.

Contraction Slows For Australia Construction Sector

An index monitoring activity in Australia's construction sector saw a seasonally adjusted score of 46.2 in March, the Australian Industry Group and Housing Industry Association said on Monday in their Performance of Construction Index - up from 44.2 in February. Construction activity contracted for the third straight month, the survey showed, as a score below 50 signals decline and a score above 50 means expansion.

"As is the case with the broader economy, the rebalancing of the construction sector as mining-related activity slows still has a considerable way to go," said AiG Director of Public Policy Peter Burn in a release accompanying the data.

Among the individual components of the survey, the new orders sub-index saw its contraction slow dramatically, jumping from 39.5 in February to 48.3 in March.

The employment sub-index continued to weaken, falling from 46.0 in February to 42.7. The sub-index for construction climbed from 45.3 in February to 48.3 in March. House building dipped from 52.2 in the previous month to 50.8, while apartment building fell from 46.6 to 45.6.

Commercial construction tumbled from 59.9 to 56.5 points, and engineering construction surged from 39.7 to 45.5.

"What the sector and broader economy needs, however, is a sustained recovery in new home building commensurate with average construction levels being considerably higher over coming decades than those achieved over the past 20 years," said HIA chief economist Harley Dale.

News are provided by InstaForex.