South Korea Q1 GDP Revised Up To -1.3%

South Korea’s gross domestic product contracted a seasonally adjusted 1.3 percent on quarter in the first three months of 2020, the Bank of Korea said in Tuesday’s preliminary reading. That’s an upward revision from last month’s advance estimate that suggested a decline of 1.4 percent on quarter following the 1.3 percent quarterly increase in the three months prior. On a yearly basis, GDP was revised up to 1.4 percent from last month’s figure of 1.3 percent following the 2.3 percent increase in the previous three months. Real gross national income fell 0.8 percent on quarter in Q1. On the production side, manufacturing fell by 1.0 percent, mainly in transportation equipment, coke and refined petroleum products. Construction expanded by 0.2 percent, owing to increases in civil engineering and specialized construction. Services contracted by 2.4 percent, with decreases in wholesale and retail trade, accommodation and food services, transportation and storage and cultural and other services. On the expenditure side, private consumption went down by 6.5 percent, as expenditures on goods and services both decreased. Government consumption rose by 1.4 percent, mainly due to increased expenditures on goods. Construction investment grew by 0.5 percent, as building construction and civil engineering increased. Facilities investment…

Forecast for AUD/USD on June 2, 2020

AUD/USD
The Australian dollar showed a solid increase of 130 points on Monday, barely reaching the first target level of 0.6825 (October 2016 low). But the aussie is upbeat and ready to continue growth to the next goal along the price channel in the area of 0.6935. The Marlin oscillator in the zone of positive values.
The signal line of the Marlin oscillator is looking down on the four-hour chart, but a more significant pattern is needed for a reversal sign. Possible consolidation of the price (about a day) under the level of 0.6825, after which we expect continued growth to 0.6935.
This morning Australia’s optimistic balance of payments for the first quarter has already been released: 8.4 billion against the forecast of 6.3 billion and 1.7 billion in the previous period, the investor has to wait for the comments of the Reserve Bank of Australia after its meeting on monetary policy, which will be a little later, at 6:30 London time. GDP for the first quarter will be published tomorrow – the forecast is -0.4%, but there is already hope for a better indicator.
The material has been provided by InstaForex Company – www.instaforex.com…

Forecast for USD/JPY on June 2, 2020

USD/JPY
There was no decisive breakout of the pair up, which we expected yesterday, did not happen. The price remained at the signal level of 107.78. The day’s low tested the support of the price channel, the closing of the day took place above the balance indicator line (daily). But the price still does not give up. Today we are waiting for a second attempt to go above the signal level and further growth of the dollar against the yen. Target at 108.30.
The price currently overcomes the resistance of the MACD indicator line (blue line) on the four-hour chart, the signal line of the Marlin oscillator is in the zone of positive values – in the growth trend zone. Patiently waiting for the price to increase.
The material has been provided by InstaForex Company – www.instaforex.com…

Economic Optimism Continues To Weigh On U.S. Dollar

With continued optimism about the economy reducing the appeal safe havens like the U.S. dollar, the greenback has moved to the downside on Monday. Currently, the dollar is trading at 107.59 yen versus the 107.83 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1132 compared to Friday’s $1.1101. The U.S. dollar index has also moved to the downside on the day, sliding by 0.6 percent to its lowest levels in well over two months. The continued weakness in the value of the dollar came following the release of a report from the Institute for Supply Management showing U.S. manufacturing activity contracted at a slower rate in the month of May. The ISM said its purchasing managers index rose to 43.1 in May from 41.5 in April, coming in just below economist estimates for a reading of 43.6. While the index rebounded from its lowest level since April of 2009, a reading below 50 still indicates a contraction in manufacturing activity. Nonetheless, Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee, said the latest figure indicates expansion in the overall economy after April’s contraction. The report from…

Crude Oil Closes Slightly Lower Following Lackluster Session

Crude oil prices turned in a relatively lackluster performance during trading on Monday before ending the session modestly lower. After spiking $1.78 to $35.49 a barrel last Friday, crude for July delivery edged down $0.05 to $35.44 a barrel on the day. The choppy trading on the day came as traders looked ahead to an upcoming meeting of the OPEC+ group as early as Thursday to discuss their output policy. Reuters reported that OPEC and Russia were moving closer to an agreement on extending current output cuts and were now discussing a proposal to rollover supply curbs for one to two months. Meanwhile, Beijing has warned Washington of retaliation after U.S. President Donald Trump announced that the United States would ban some Chinese graduate students and start reversing Hong Kong’s special status in customs and other areas. The material has been provided by InstaForex Company – www.instaforex.com…

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