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China MOFCOM: Consumption growth to remain robust in 2017

Reuters reports headlines from the Chinese Commerce Ministry (MOFCOM) on foreign investments and consumption growth.Key Points:Consumption growth outperforms goods consumption Consumption growth to remain robust in 2017Claims that foreign investment is leaving China are incorrectForeign trade environment to remain complex in 2017

05:46 21 February /2017 Forex

NZD/USD hit four-day low

The NZD / USD pair extended early losses to hit a four-day low of 0.7155 levels as sentiment around milk powder prices weakened ahead of today’s Global Dairy Trade (GDT) auction.Milk futures weakenWhole milk powder futures contracts for March, April and May dropped almost 5% over the last few days. Markets are expecting a 3% dec...

05:46 21 February /2017 Forex

GBP/USD flirts with lows near 1.2450, BOE eyed Dhwani Mehta

The GBP/USD pair fails once again to sustain near 1.2480 region in the Asian session, now breaking lower from an upside consolidative phase amid resurgent greenback demand across the board.BOE inflation report hearings in focusThe major is seen meandering near session lo...

05:46 21 February /2017 Forex

EUR/JPY - rejected at 5-DMA, holds above 120.00

EUR/JPY is working hard to avoid a dip below 120.00 levels after having faced rejection earlier today at the 5-DMA level of 120.32.EUR is at the mercy of Greece & political uncertaintyGreek issue could take an ugly turn as the agreement to unlock bailout payments got delayed. Moreover, creditors demand Athens institutes tax and labour reform...

05:23 21 February /2017 Forex

Japanese 30-yr yield stays at one-year high

The yield on 30-year Japanese government bonds holds at one-year high on view that the Bank of Japan (BOJ) would tolerate the rising yields at the long-end of the curve.The benchmark 10-yr yield is trading marginally positive around 0.095%.Despite the rise in the super long JGB, the Yen is having a tough time strengthening against the US dollar.

05:23 21 February /2017 Forex

USD/JPY extends the bullish break to 10-DMA Dhwani Mehta

The US dollar picks-up significant strength versus its main rivals over the last hours, allowing an extension of the rally in USD/JPY near the mid-point of 113 handle, where 10-DMA intersects.Ex-IMF’s Jen: Yen to hit bottom at 120 before rallying - BBG

05:23 21 February /2017 Forex

Yield curve proves hard to steer for nervous BOJ - Nikkei Dhwani Mehta

The Nikkei published an article overnight on BOJ’s efforts to control JGB yields, highlighting the following:The sharp moves in the 10-year Japanese government bond yield in early February (3rd), when the BOJ did not step in to buy as yields rose ... and then the Bank scrambled into the market, appearing to have lost control of what they were trying to control.Market doubt on what...

05:23 21 February /2017 Forex

Aussie PM Turnbull backs IMF call for infrastructure spending

Fiscalism is in the air and the era of unprecedented central bank domination may be coming to an end.As per Bloomberg report, “The IMF and Reserve Bank of Australia have urged the government to build roads, railways and ports that will boost productivity, increase hiring and stimulate the economy.”PM Turnbull agreed with the International Monetary Fund’s call for more spending on infrastructure, a...

04:46 21 February /2017 Forex

Ex-IMF’s Jen: Yen to hit bottom at 120 before rallying - BBG

In an interview with Bloomberg, former International Monetary Fund (IMF) economist Stephen Jen expressed its take on the BOJ monetary policy program and yen outlook in the coming six months.Key Points:The currency will rebound to 100 by early 2018 as the Bank of Japan’s policies of controlling yields and adding stimulus through b...

04:46 21 February /2017 Forex

EUR/USD dips below 50-DMA, clocks four-day low Omkar Godbole

EUR/USD dipped below 50-DMA to clock a four-day low of 1.0585 as markets continue to offer the common currency in response to Greek crisis and heightened political uncertainty in France.Greece needs to implement reformsEuro zone finance ministers poured cold water on Monday on a quick agreement that would unlock further aid payments to Greece. H...

04:23 21 February /2017 Forex

AUD/JPY printing fresh session highs post RBA minutes

Currently, AUD/JPY is trading at 87.02, up 0.08% on the day, having posted a daily high at 87.19 and low at 86.90.AUD/JPY has been better bid in Tokyo, moving up from the 87.00 level, taking a pause and a fade at 87.15 down to 87.06 ahead pf the RBA minutes. On the release of the minutes, the Aussie has picked up some demand and the cross has rec...

04:00 21 February /2017 Forex

USD/JPY: scoring fresh highs to 113.41 with equities bid in Tokyo Ross J Burland

Currently, USD/JPY is trading at 113.34, up 0.19% on the day, having posted a daily high at 113.41 and low at 113.09.USD/JPY has sprung into life in Asia, making tracks from out of the consolidation period between a couple of pips below the 113 handle and 113.16  the Us session high. The price has since climbed to aforementioned highs breaking th...

03:46 21 February /2017 Forex

Saudi Arabia boosted oil output & exports to record high in 2016 Omkar Godbole

As per Bloomberg report, Saudi Arabia boosted oil output and exports in 2016 to the highest monthly averages on record.Exports jumped to 7.65 million barrels a day (mbpd) from 7.39 million barrels a day. Production rose to 10.46 mbpd from 10.19 mbpd.

03:46 21 February /2017 Forex

Fed’s Harker – Won’t take March hike off the table Omkar Godbole

Philadelphia Federal Reserve President Patrick Harker reiterated that March should be considered for next rate hike.Harker has repeatedly said in the recent past that he is in support of three rate hikes this year and wants to make sure the central bank does not fall behind the curve.

03:46 21 February /2017 Forex

RBA minutes: Unchanged policy consistent with sustainable growth and inflation target Ivan Delgado

The minutes of the February RBA moneary policy meeting, when interest rates were held unchanged at 1.5%, have been released.As the RBA minutes notes: "In considering the stance of monetary policy, members viewed the near-term prospects for global growth as being more positive, although recognised the risks from policy uncertainty in the medium term."On the AUD, the RBA said: " The depreciation of ...

03:46 21 February /2017 Forex

AUD/USD remains flat lined following RBA minutes release Omkar Godbole

The bid tone around the Aussie dollar failed to gather pace, leaving the AUD/USD pair flat lined around 0.7680 even though RBA minutes showed policymakers see resource exports to boost GDP.Slack in the labor market ...

03:46 21 February /2017 Forex

Commodities on a positive note - ANZ Ross J Burland

Analysts at ANZ noted that commodities started the week on a positive note.​​Key Quotes:"With US exchanges closed, political developments in Europe drove sentiment in commodity markets.Crude oil prices nudged higher as investors continued the tug of war between supply around the world. With the US market closed for President’s Day, liquidity was significantly lower than normal in ...

03:00 21 February /2017 Forex

When are the RBA minutes and how could they affect AUD/USD?

Feb RBA Minutes OverviewThe Feb RBA minutes is due later today at 12.30GMT. The consensus is that the minutes will mirror the RBA's recent bullish rhetoric of the economy but are released, which should mirror recent upbeat commentary. How could the RBA Minutes affect AUD/USD?The Australian dollar has been on the rampage this year...

02:46 21 February /2017 Forex

NZD/USD: bearish bias, awaiting dairy auction as next catalyst

Currently, NZD/USD is trading at 0.7187, down -0.02% on the day, having posted a daily high at 0.7192 and low at 0.7184.NZ: Economy still has solid credentials - ANZNZD/USD has been consolidated overnight in quiet holiday markets, supported by the hourly ...

01:46 21 February /2017 Forex

AUD/NZD and rates outlook: bullish bais - Westpac

Analysts at Westpac offered their outlook for the antipodean cross and rates.Key Quotes:"AUD/NZD 1 day: The 1.0710 level has been a formidable obstacle. We expected further consolidation in a 1.0630-1.0710 range ahead of an eventual push higher.AUD/NZD 1-3 month: Higher to the 1.0770 area at least. The cross remains well below fair value estimates implied by interest rates, commod...

01:00 21 February /2017 Forex