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Forex News from InstaForex - 2

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Dear traders, participants and guests of the portal!

In this thread we present fresh Forex news. Our news contain exhaustive information about topical events and facts of the financial world; we offer international statistical data in order to help you correct and enhance your trading strategy. We also present video news from InstaForex-TV portal. InstaForex-TV channel provides the latest information about fluctuations of currency rates and forecasts their influence on the future movement of currencies. Our news will be especially useful if you prefer intraday trading and use fundamental analysis.

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Fxwirepro: Japanese Yen falls in Early Hours of Asia Despite Higher Than expected Ppi Data

USD/JPY is currently trading around 113.72 marks.   

It made intraday high at 113.79 and low at 113.22 levels.   

Intraday bias remains bullish till the time pair holds key support at 112.64 marks. 
  
A daily close above 113.22 will take the parity higher towards key resistances around 113.96, 114.95, 115.61, 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.   

On the other side, a sustained close below 113.22 will drag the parity down towards key supports around 112.64, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.   

Japan’s January corporate goods price y/y increase to 0.5 % (forecast 0.0 %) vs previous -1.2 %.   

Japan’s January corporate goods price m/m stays flat at 0.6 % (forecast 0.2 %) vs previous 0.6 %.   

BOJ increases purchase of superlong JGBs in Friday's operation.

News are provided by InstaForex
 

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Japan GDP Adds 0.2% On Quarter In Q4

Gross domestic product in Japan gained 0.2 percent on quarter in the fourth quarter of 2016, the Cabinet Office said on Monday. 

That missed expectations for an increase of 0.3 percent, which would have been unchanged from the previous three months. 

On a yearly basis, GDP gained 1.0 percent - also missing forecasts for 1.1 percent and down from 1.4 percent in the third quarter. 

Nominal GDP was up 0.3 percent on quarter, shy of expectations for 0.5 percent and up from 0.2 percent in the three months prior. 

The GDP deflator eased 0.1 percent on year - unchanged from the third quarter but beating estimates for a decline of 0.2 percent. 

Private consumption was flat on quarter, matching forecasts and down from 0.3 percent in Q3. Business spending was up 0.9 percent on quarter, missing forecasts for 12 percent following the 0.3 percent decline in the previous three months. 

Net exports, or shipments minus imports, added 0.2 percentage points to GDP. 

The Japanese economy has expanded in four straight quarters, the first such streak in more than three years.

News are provided by InstaForex
 

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Indian Government Bond Volatility Surges on RBI’s Unexpected Decision

The Reserve Bank of India's policy making committee ruled to keep interest rates unchanged on Wednesday and shifted from an accommodating stance towards a neutral gear, catching investors and traders off-guard. 

The unexpected decision caused India's 10-year yield to jump 31 bps on Wednesday and another 12 bps the following day as investors began to taper their bets for additional easing. A measure of 10-day volatility on noted has since risen to 26.7%, its highest since 2013 from the 4.6% on Thursday. Forex reserves of local government and corporate debt fell by 8.3 billion rupees or $124 million during the release of the policy statement, ending a six-day winning streak. 

RBI's decision marks the third time that the panel has taken the route contrary to market expectations since it was established in October. It prompted a fivefold surge in bond volatility and caused benchmark notes to record the biggest lost in almost four years. 

Authorities maintained borrowing costs despite stating that the economy was unlikely to rise beyond its inflation target of 5% in March. Consumer prices growth decelerated to 3.41% in December, the slowest since November 2014. RBI is eyeing 4% inflation through 2021 in the medium-term, while allowing it to move in a range between 2%-6%.

News are provided by InstaForex
 

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Australia Business Confidence Picks Up Steam - NAB

Business confidence in Australia gained momentum in January, the latest survey from National Australia Bank revealed on Tuesday with an index score of +10. 

That's up from +6 in December, and it marks the highest reading in almost three years. 

Business conditions also spiked in January with a reading of +16 - up from +10 and touching an almost 10-year high. 

"These outcomes are certainly pointing to an improvement in the domestic economy after a soft patch through much of the second half of 2016," NAB chief economist Alan Oster said.

News are provided by InstaForex

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Greek finance chief chides IMF for delaying bailout deal

Greece's finance head lambasted the International Monetary Fund for wasting its time on internal disaccords, saying it defers a decision on their third rescue agreement. 

Greek Finance Minister Euclid Tsakalotos urged the global institution to decide on its participation in the country's €86 billion ($91 billion) bailout package as he reiterated the latter's demands were anchored on wrong figures. 

IMF Managing Director Christine Lagarde previously warned Greece won't secure a special sweet accord as she implied the international organization won't withdraw its demands for reforming pension and tax policies. 

She said the IMF needs to apply the principles which they apply to all nations since they lend money to the international community. It is determined to avoid repeating events which led to the country's first and second rescue deals.

News are provided by InstaForex
 

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Fxwirepro: Usd/sgd Consolidates Around 1.42 Mark, Bias Remains Neutral

USD/SGD is currently trading around 1.4219 marks.   

It made intraday high at 1.4232 and low at 1.4191 levels.   

Intraday bias remains neutral till the time pair holds key resistance at 1.4250 marks.   

A daily close above 1.4250 will test key resistances at 1.4297, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.   

Alternatively, a consistent close below 1.4200 will drag the parity down towards key supports at 1.4136/1.4083/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.   

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only. 

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being. 

News are provided by InstaForex

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Gold Prices Lower After Yellen Hints Rate Hike

Gold prices inched down on a higher dollar after U.S. Federal Reserve Chair Janet Yellen indicated a raise in interest rates in the upcoming meeting of the central bank. Spot gold dropped 0.24 percent to $1,225.20 an ounce and U.S. gold futures settled 0.11 percent higher at $1,226.7. 

According to Yellen, the Federal Reserve will likely hike interest rates in the upcoming meeting, however she indicated uncertainty regarding economic policy under the administration of U.S. President Donald Trump. Yellen responded to claims on global regulatory talks and said that the Fed holds the authority and has the responsibility to consult with foreign counterparts in order to benefit the United States. 

New York's SPDR Gold Trust GLD climbed 0.50 percent. The world's biggest gold-backed exchange-traded-fund (ETF) stated that it has been certified as shariah compliant. In an attempt to spur demand for bullion form investors in majority-Muslim countries.

News are provided by InstaForex

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Australia January Unemployment Rate Dips To 5.7%

The jobless rate in Australia came in at a seasonally adjusted 5.7 percent in January, the Australian Bureau of Statistics said on Thursday. 

That beat forecasts for 5.8 percent, which would have been unchanged from the December reading. 

The Australian economy added 13,500 jobs in January to 11,998,200, beating forecasts for 10,000 after collecting 13,500 jobs in the previous month. 

Full-time employment decreased 44,800 to 8,125,700 and part-time employment increased 58,300 to 3,872,500. 

"We are still seeing strong growth in part-time employment in January 2017, and in recent months, increasing growth in full-time employment," said the General Manager of ABS' Macroeconomic Statistics Division, Bruce Hockman. 

The participation rate slipped to 64.6 percent, shy of expectations for 64.7 percent, which would have been unchanged. 

Unemployment decreased 19,300 to 720,200. The number of unemployed persons looking for full-time work decreased 16,000 to 511,000 and the number of unemployed persons only looking for part-time work decreased 3,300 to 209,200. 

Monthly hours worked in all jobs increased 10.2 million hours to 1,682.7 million hours.

News are provided by InstaForex

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Yahoo and Verizon Nears Closing Revised Acquisition Agreement

Verizon Communications Inc. is on the verge of brokering a revised agreement to takeover Yahoo's core internet segment, sources said. 

The deal will be valued $250-$250 million less than the initially agreed price of $4.38 billion, according to people privy to the matter, as the internet group reportedly agreed to a price cut. 

The deal was put cast under doubt last year after the internet company disclosed two massive cyber attacks which compromised the information and data of millions of its users. Verizon is looking to combine Yahoo's internet assets and ad tech tools with its AOL unit. 

Since last year Verizon has been trying convince Yahoo to revise the sale terms agreement in order to mirror the economic damage from the cyber attacks. A source stated that the deal, which could be closed as early as this week, will the two parties sharing liability from possible lawsuits linked to the data breaches. 

Reports of the renegotiated terms of the deal was first seen on Bloomberg. A source said the price cut was likely to be close to $250 million. 

Shares of Yahoo advanced 1.5% to $44.69 in afternoon trading while Verizon shares edged down 0.7% $47.93. 

News are provided by InstaForex

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OPEC could prolong output curb pact if glut remains: sources

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OPEC could apply deeper cuts or prolong the production limit pact it struck with non-members should global oil inventories fail to hit its output goal, people familiar with the group disclosed. 

Sources said participating nations must fully adhere with the deal and the expansion in crude demand will need to remain strong in order for global crude stockpile to decline by around 300 million barrels to the five-year average. 

They added inventories will drop if everybody will adhere to the accord 100%. By around mid-year, sources noted it will reach close to the five-year median. 

The oil cartel will gather on May 25 to determine on supply rules. Non-members are invited to participate in the meeting as well. 

Last month, OPEC and non-OPEC members fulfilled 93% adherence with the committed cuts, with Saudi Arabia, the institution's de facto chief, contributing the largest portion. 

News are provided byInstaForex.
 

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Fxwirepro: Kiwi falls Against Major Peers As New Zealand’s Retail Sales, Core Retail Sales Data Fail to Meet Expectations

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AUD/NZD is currently trading around 1.0670 marks.   

Pair made intraday high at 1.0675 and low at 1.0655 marks.   

Intraday bias remains bullish till the time pair holds immediate support at 1.0634 marks.     

A daily close below 1.0662 will take the parity down towards key supports around 1.0594, 1.0552, 1.0516, 1.0460, 1.0412, 1.0370, 1.0326, 1.0237, 1.0184, 1.0109 and 1.0053 marks respectively.   

On the other side, a sustained close above 1.0662 will drag the parity higher towards key resistances at 1.0735/1.0754/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA) levels respectively.   

New Zealand’s Q4 s/adj real retail sales +0.8 pct q/q.   

New Zealand’s Q4 s/adj actual retail sales +4.2 pct y/y.   

New Zealand’s January month s/adj PMI 51.6.

News are provided byInstaForex.
 

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UK House Prices Rise 2.0% In February

The average asking price for a house in the United Kingdom was up 2.0 percent on month in February, the latest survey from property tracking website Rightmove showed on Monday. 

That was roughly in line with estimates, and up from 0.4 percent in January. 

On a yearly basis, house prices were up 2.3 percent - shy of forecasts for 2.8 percent and down from 3.2 percent in the previous month.

News are provided by InstaForex

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CNPC Purchases Stake in $22 Billion Oil Venture from Abu Dhabi

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China National Petroleum Corp. purchased a stake in Abu Dhabi's biggest oil concession as the emirate, which holds six percent of global crude reserves, resorts to Asia for investment in order to increase output capacity. Abu Dhabi National Oil Co. granted CNPC an eight percent stake in its onshore venture in exchange for a $1.8 billion signing bonus, according to Adnoc. 

CNPC will join the Abu Dhabi firm for the Onshore Petroleum Operations, or ADCO. Other companies like BP and Total respectively hold ten percent stakes in the venture, while South Korea's Energy Corp. owns three percent and Inpex Corp. of Japan holds five percent. Abu Dhabi is planning to keep a 60 percent stake in ADCO and is looking for an investor for the remaining four percent, according to a statement from Adnoc. 

Abu Dhabi intends to raise production capacity to 3.5 million barrels per day by 2018. ADCO produces nearly half of Abu Dhabi's approximately three million barrels of daily crude output. 

News are provided byInstaForex.
 

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Announcement: Moody's: Singapore Banks' Under Cost and Net Interest Margin Pressures, But Should Subside in 2017

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Moody's Investors Service says that the full year and Q4 2016 (October-December 2016) financial results of the three largest banks in Singapore by assets reveal a further decline in profitability and mixed asset quality performance, but pressure on credit costs and net interest margins (NIMs) should subside in 2017, providing support to profitability. 

"The continued asset quality challenges at DBS Bank Ltd. (DBS, Aa1/Aa1 stable, a1) and Oversea-Chinese Banking Corp Ltd (OCBC, Aa1/Aa1 stable, a1) are in line with our expectations, and were mainly driven by their exposures to the embattled oil & gas service industry," says Eugene Tarzimanov, a Moody's Vice President and Senior Credit Officer. 

"By contrast, asset performance at United Overseas Bank Limited (UOB, Aa1/Aa1 stable, a1) has improved, and was better than we had expected, driven by fewer new nonperforming loans (NPLs) related to the oil & gas industry, as well as recoveries and write-offs," adds Tarzimanov. 

Moody's conclusions were contained in a just-released report on banks in Singapore, "Banks - Singapore: Full Year and Q4 2016 Results Reflect Mixed Asset Quality and Lower Profitability". 

Moreover, return on assets continued to decline for the three banks in 2016, due to elevated credit costs and weaker revenue growth, with revenue pressured by NIM compression. The banks' asset quality and profitability challenges were key drivers behind our downgrade of their baseline credit assessments in December 2016. 

"Despite these challenges, the three banks' loss-absorption buffers have remained robust; specifically, they recorded higher fully loaded Common Equity Tier 1 ratios (CET1) during 2016 — due to slow growth in risk-weighted assets (RWAs) — which provide support to their very high credit ratings," says Tarzimanov. 

While we expect asset quality challenges posed by the troubled oil & gas service companies to persist over the next few quarters, we note that new non-performing asset formation rates fell in Q4 2016 from their peaks in Q2 2016, signaling a potential stabilization in asset quality metrics for the banks in 2017. 

Furthermore, even if oil market conditions deteriorate, we see the banks as more resilient in coping with such a situation, because many weak firms in the oil and gas service industry have either already defaulted, or restructured their liabilities. The banks had also mostly trimmed their exposure to oil & gas service companies during 2016, and related loans now represent only 2% of their total loans. 

Outside their oil & gas exposure, the quality of the banks' remaining loan portfolio, including their regional exposures, was fairly stable in 2016. 

As for events overseas that will affect the banks, we expect around three interest rate increases by the US Federal Reserve Board in 2017. This development will have a pass-through effect on interest rates in Singapore through the currency channel. According to the banks in Singapore, the pass-through effect could be in the 40%-60% range. 

Capital strengthening measures — such as the application of scrip dividend schemes where shareholders receive shares instead of cash dividends — will also help the banks maintain their current capital levels. We note that DBS and UOB will offer scrip dividends for 2016. 

Moreover, the banks have indicated that the incremental increase to RWAs resulting from the impending changes to Basel regulatory rules (Basel 3.5) would be fairly small. DBS and OCBC have indicated that the changes will result in an increase in RWAs of around 2%-4%, while UOB has put the impact at less than 1%.

News are provided byInstaForex.
 

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Fxwirepro: Eur/krw Hovers Around Key Support at 1,200 Mark, sustained Close Below Targets 1,184

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EUR/KRW is currently trading around 1,201 mark.   

Pair made intraday high at 1,202 and low at 1,199 levels.   

Intraday bias remains neutral till the time pair holds key support at 1,200 mark.   

A daily close below 1,200 will drag the parity down towards key supports around 1,184, 1,178 and 1,163 marks respectively.   

Alternatively, a sustained close above 1,200 will take the parity higher towards key resistances around 1,209, 1,221, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.   

Seoul shares open up 0.17 pct at 2106.42. 

We prefer to take short position in EUR/KRW only below 1,200, stop loss at 1,210 and target of 1,190/1,184.

News are provided byInstaForex.
 

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Fxwirepro: Aussie falls Against Major Peers As Australia’s Private Capital Expenditure Data Fails to Meet Expectations

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AUD/NZD is currently trading around 1.0673 marks.   

Pair made intraday high at 1.0721 and low at 1.0673 marks.   

Intraday bias remains bearish till the time pair holds immediate resistance at 1.0748 marks.     

A daily close below 1.0710 will take the parity down towards key supports around 1.0648, 1.0594, 1.0552, 1.0516, 1.0460, 1.0412, 1.0370, 1.0326, 1.0237, 1.0184, 1.0109 and 1.0053 marks respectively.   

On the other side, a sustained close above 1.0710 will drag the parity higher towards key resistances at 1.0735/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA) levels respectively.   

Australia’s Q4 capital expenditure increases to -2.1 % (forecast -0.4 %) vs previous -3.3 % (revised from -4 %).   

Australia’s Q4 building capex decreases to -4.1 % vs previous -3.6 % (revised from -5.7 %). 

 Australia’s Q4 plant/machinery capex increases to 0.4 % vs previous -3 % (revised from -1.9 %).

News are provided byInstaForex.
 

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Dollar Recovers After Initial Fed Minutes Jolt

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The dollar rebounded from overnight lows and steadied, as the market digested the minutes of the Federal Reserve's last policy meeting, which held the possibility of a March rate hike in play. The minutes of the Fed's Jan. 31-Feb. 1 meeting noted several policy makers saying that it was appropriate to hike interest rates again “fairly soon”, given that the jobs and inflation data come in line with expectations. 

Dollar bulls were disappointed as they were hoping for a more hawkish tone from Fed Chair Janet Yellen. The greenback also weakened as policymakers brought up the downside economic consequences of a firmer dollar. The dollar index versus a basket of six major currencies climbed from overnight losses and was 0.15 percent higher at 101.380. The greenback dropped to a low of 112.905 yen overnight in an automatic response to the Fed minutes meeting but eventually pulled back to 113,420 for a gain of 0.1 percent. 

The euro edged down 0.1 percent at $1.0548, as it retreated from a 1-½ month low of $1.094 the previous day. Sterling was flat at $1.2450 after slipping the day earlier as latest data showed that the UK business investment declined during the fourth quarter of 2016.

News are provided byInstaForex.
 

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Singapore Industrial Production On Tap For Friday

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Singapore will on Friday release January figures for industrial production, highlighting a light day for Asia-Pacific economic activity. 

Output is expected to gain 2.8 percent on month and 7.5 percent on year after spiking 6.4 percent on month and 21.3 percent on year in December. 

Taiwan will see January figures for unemployment, with the jobless rate expected to ease to 3.8 percent from 3.82 percent in December.

News are provided byInstaForex.
 

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Trump Uncertainty Drives Bitcoin to Historic High

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Bitcoin scaled a historic high as investors' risk aversion and impetus to hedge was triggered by the global uncertainty linked to President Donald Trump's policies and due to speculations that the new administration will ease regulations that governing the cryptocurrency. 

The digital currency surged 3.1 percent and ended at $1,164.10 in New York trading, beating the record high of $1,137 notched in November 2013. 

Prices of the e-currency has been volatile in the previous weeks. It nosedived as low as $789 earlier on January as Chinese regulators imposed stricter management and regulation of the domestic bitcoin exchanges, where global majority of bitcoin trading occurs. It has now remained above the $1,000 level for its longest-ever period, CoinDesk stated. 

The latest rally was prompted by the political uncertainty stemming from President Trump's remarks and directives, analysts said. They added that the surge may be due to some investors driving digital currency prices up on hopes that the administration will loosen financial-industry rules and in turn make bitcoin more flexible to utilize.

News are provided byInstaForex.
 

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Australia Q4 Company Operating Profits Soar 20.1%

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Company operating profits in Australia climbed a seasonally adjusted 20.1 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Monday. 

That easily beat forecasts for an increase of 8.0 percent following the 1.0 percent gain in the previous three months. 

Profits spiked 26.2 percent on year. 

Company inventories gained just 0.3 percent on quarter in Q4, shy of expectations for 0.5 percent and down from 0.8 percent in the three months prior. 

Inventories were up 1.6 percent on year. 

Sales of manufacturing goods and services added 0.1 percent on quarter but fell 2.4 percent on year. 

Sales in wholesale trade gained 3.1 percent on quarter and 9.0 percent on year. 

Wages and salaries dipped 0.5 percent on quarter but climbed 1.0 percent on year. 

News are provided byInstaForex.
 

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Samsung Hints at Release of Galaxy S8 Release

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Samsung Electronics Co. has hinted on the upcoming release of its Galaxy S8 smartphone and launched new tablets that target video-gamers and professionals as the firm seeks to regain ground lost after its previous disadvantage of pulling out the Note 7. The defeat cost the Korean company an estimated $6 billion and caused a severe blow to the firm. 

The Galaxy Tab S3 has a 9.7 inch Amoled screen, quad-stereo speakers and allows users to play 4K video, according to Samsung ahead of the annual Mobile World Congress event in Barcelona. The Galaxy Book, is directed towards professionals, comes in with 10.6-inch and 12-inch models and runs the Windows 10 operating system. Samsung has finally confirmed a March 29 release date for the next smartphone. 

For the time being, Samsung will launch the new tablets as well as a new virtual-reality viewer which the company has showed. The tablet portfolio “is built with premium technology that delivers a productive and versatile experience to consumers,” according to D.J. Koh, the head of Samsung's mobile communications business.

News are provided byInstaForex.
 

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Fxwirepro: South Korean Won Marginally Higher Against Euro on Robust Manufacturing Bsi Index

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EUR/KRW is currently trading around 1,197 mark.   

Pair made intraday high at 1,199 and low at 1,197 levels.   

Intraday bias remains bearish till the time pair holds key resistance at 1,205 mark.  

A daily close below 1,198 will drag the parity down towards key supports around 1,191, 1,184, 1,178 and 1,163 marks respectively.   

Alternatively, a sustained close above 1,198 will take the parity higher towards key resistances around 1,205, 1,221, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.   

Seoul shares open up 0.08 pct at 2087.26.   

South Korea’s BOK manufacturing BSI index increases to 79 vs previous 78. 

We prefer to take short position in EUR/KRW around 1,199, stop loss at 1,205 and target of 1,184.

News are provided byInstaForex.
 

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Dow Jones closes at 12th consecutive record high

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US shares ended slightly higher while the Dow Jones ended at a 12th straight record close as traders are anticipating President Donald Trump's first speech to a joint session later on Tuesday. 

Investors seek to search hints about the Trump government's policies for tax reform and easing regulations. He previously implied he wanted to beef up army spending by over 9%. 

On Monday, the Dow Jones Industrial Average traded at 20,837.44, up 0.08%. The S&P 500 stood at 2,369.73, up 0.10%. The Nasdaq Composite closed at 5,886.90, up 0.28%. 

The key stock indexes logged fresh record highs in the previous week but did not record advances as sturdy as the week before. 

Trump's pledge of a breakthrough tax announcement helped revitalize the post-election surge, gliding the key US stocks to post new records.

News are provided byInstaForex.
 

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Myanmar Manufacturing PMI Jumps To 51.9 - Nikkei

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The manufacturing sector in Myanmar continued to expand in February, and at a faster rate, the latest survey from Nikkei showed on Wednesday with a manufacturing PMI score of 51.9. 

That was up from 51.7 in January, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. 

Individually, the growth was spurred by solid growth of output and new work although optimism weakened to a survey-record low. 

The exchange rate fluctuations contributed to another steep rise in input costs.

News are provided byInstaForex.
 

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