Tag Archives: forex trading

Dollar Gains Against Rivals On Strong Economic Data

The U.S. dollar exhibited strength against most major currencies on Friday, riding on fairly encouraging economic data from China and the U.S. Chinese economy expanded in line with expectations in the fourth quarter. Data released today showed GDP was up 6% year-on-year in the fourth quarter, the same rate as seen in the third quarter. It was in line with expectations as well. The data also showed that industrial production in China rose 6.9% in December, compared to the year-ago quarter. Retails sales surged up 8% in the month, over the same month in the previous year. According to the data released by the Commerce Department Friday morning, U.S. housing starts skyrocketed by 16.9% to an annual rate of 1.608 million in December after jumping by 2.6% to a revised rate of 1.375 million in November. Economists had expected housing starts to rise by 0.7% to a rate of 1.375 million. Building permits tumbled by 3.9% in December, after climbing 0.9% in November. A report from the University of Michigan showed a slight deterioration in U.S. consumer sentiment in the month of January. Preliminary data showed the consumer sentiment index edged down to 99.1 in January from the…

U.S. Consumer Sentiment Shows Slight Deterioration In January

A report released by the University of Michigan on Friday showed a slight deterioration in U.S. consumer sentiment in the month of January. Preliminary data showed the consumer sentiment index edged down to 99.1 in January from the final December reading of 99.3. Economists had expected the index to come in unchanged. The slight decrease by the headline index came as the index of consumer expectations dipped to 88.3 in January from 88.9 in December. On the other hand, the report said the current economic conditions index crept up to 115.8 in January from 115.5 in December. Surveys of Consumers chief economist Richard Curtin noted the impeachment of President Donald Trump was mentioned but just 1 percent of consumers. “While those that mentioned impeachment were also somewhat less optimistic than other consumers, the small numbers had a negligible impact on the overall level in consumer sentiment,” Curtin said. With regard to inflation, one-year inflation expectations rose to 2.5 percent in January from 2.3 percent in December, while five-year inflation expectations climbed to 2.5 percent from 2.2 percent. The University of Michigan noted the data was initially unavailable on its website due to an accidental cut of fiber networking on…

U.S. Housing Starts Skyrocket To 13-Year High In December

After reporting significant increases in new residential construction in the two previous months, the Commerce Department released a report on Friday showing U.S. housing starts saw an even more substantial spike in the month of December. The Commerce Department said housing starts skyrocketed by 16.9 percent to an annual rate of 1.608 million in December after jumping by 2.6 percent to a revised rate of 1.375 million in November. The surge came as a big surprise to economists, who had expected housing starts to rise by 0.7 percent to a rate of 1.375 million from the 1.365 million originally reported for the previous month. With the much bigger than expected increase, housing starts soared to their highest level since hitting a rate of 1.649 million in December of 2006. Single-family housing starts jumped by 11.2 percent to a rate of 1.055 million, while multi-family starts spiked by 29.8 percent to a rate of 553,000. Meanwhile, the report said building permits tumbled by 3.9 percent to an annual rate of 1.416 million in December after climbing by 0.9 percent to a revised rate of 1.474 million in November. Building permits, an indicator of future housing demand, had been expected to slide…

Dollar Rises Vs Most Majors Ahead Of U.S. Industrial Production

Fed’s Industrial production for December will be published at 9.15 am ET Tuesday. Ahead of the data, the greenback traded mixed against its major counterparts. While the greenback held steady against the pound, it rose against the rest of major counterparts. The greenback was worth 110.20 against the yen, 1.1100 against the euro, 1.3044 against the pound and 0.9685 against the franc at 9:10 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

U.S. Housing Starts Spike 16.9% In December

After reporting significant increases in new residential construction in the two previous months, the Commerce Department released a report on Friday showing U.S. housing starts saw an even more substantial spike in the month of December. The Commerce Department said housing starts skyrocketed by 16.9 percent to an annual rate of 1.608 million in December after jumping by 2.6 percent to a revised rate of 1.375 million in November. The surge came as a big surprise to economists, who had expected housing starts to rise by 0.7 percent to a rate of 1.375 million from the 1.365 million originally reported for the previous month. With the much bigger than expected increase, housing starts soared to their highest level since hitting a rate of 1.649 million in December of 2006. Meanwhile, the report said building permits tumbled by 3.9 percent to an annual rate of 1.416 million in December after climbing by 0.9 percent to a revised rate of 1.474 million in November. Building permits, an indicator of future housing demand, had been expected to slide by 0.9 percent to a rate of 1.468 million from the 1.482 million originally reported for the previous month. The material has been provided by…

Dollar Stronger On Upbeat U.S., China Economic Data

The U.S. dollar drifted higher against its most major trading partners in the European session on Friday, as solid economic data from China and the U.S. eased concerns about global growth. Official data showed that the Chinese economy expanded in line with expectations in the fourth quarter. Gross domestic product grew 6.0 percent year-on-year in the fourth quarter, the same rate as seen in the third quarter and in line with expectations. Chinese industrial production and retail sales beat forecasts in December, rising 6.9 percent and 8.0 percent, respectively year-on-year. Overnight data showed that U.S. retail sales rose 0.3 percent in December, in line with forecasts. Separate reports showed that weekly jobless claims unexpectedly fell in the week ended January 11 and NAHB housing market index came in near a 20-year high in January. The data reduced the possibility of further interest rate cuts from the Federal Reserve. Investors await U.S. industrial production, consumer confidence index, building permits and housing starts data due in the American session for more direction. The currency traded mixed against its major counterparts in the Asian session. While it rose against the yen and the franc, it held steady against the euro. Versus the pound,…

UK Retail Sales Fall Unexpectedly During Festive Season

UK retail sales declined unexpectedly even in festive season in December signaling that weak consumer spending weighed on economic growth in the last quarter of 2019. Retail sales volume, including auto fuel, dropped 0.6 percent month-on-month, following a 0.8 percent decrease in November, data from the Office for National Statistics showed Friday. This was the fifth consecutive month of no growth. Economists had forecast a monthly growth of 0.6 percent. Excluding auto fuel, retail sales fell 0.8 percent, the same pace of decline as logged in November and in contrast to the expected growth of 0.8 percent. Food store sales fell 1.3 percent, which was the largest drop since December 2016. At the same time, non-food store sales slid 0.9 percent in December. Meanwhile, automotive fuel sales advanced 1.6 percent. Annual growth in retail sales volume, including auto fuel, improved marginally to 0.9 percent from 0.8 percent a month ago. However, this was much slower than the expected growth of 2.7 percent. Similarly, excluding auto fuel, retail sales volume increased 0.7 percent after rising 0.6 percent in November. Economists had forecast an annual growth of 3 percent. In the fourth quarter, retail sales declined 1 percent….

Portugal Producer Prices Decline For Seventh Month

Portugal’s producer prices fell for the seventh month in a row in December, figures from Statistics Portugal showed on Friday. The producer price index fell 1.6 percent year-on-year in December, following a 1.9 percent decline in November. Excluding the energy group, producer prices fell 1.4 percent in December, following a 1.1 percent decrease in the previous month. Prices for intermediate goods and energy declined 3.3 percent and 2.6 percent, respectively, in December. Investment goods prices rose 0.1 percent. On a month-on-month basis, producer prices fell 0.6 percent in December, following a 0.5 percent drop in the prior month. The material has been provided by InstaForex Company – www.instaforex.com…