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Thread: Forex news from InstaForex

  1. #1931
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    PERU: Government Signs US$ 200 Million Exploration Contracts With Anadarko



    The Peruvian government has signed three oil exploration and exploitation contracts evaluated at US$ 200 million. The contracts involve the state-owned oil company PeruPetro and the U.S. company Anadarko, that will jointly develop offshore blocks on the western Pacific coast.

    "In Peru, we have been slow in oil policy in the last 30 to 40 years, with contracts difficult to execute, and we are trying to improve it," said Peruvian President Pedro Pablo Kuczynski.

    He also stressed that this is the first time that deepwater hydrocarbon exploration will occur in the country.

    The three blocs range the provincial coasts of Chiclayo, Chep?n, Pacasmayo, Ascope, Trujillo, and Vir?.

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    Gold Prices Climb on Weaker Dollar



    Gold prices increased for a fourth day on Wednesday, after notching a two-week peak in the session earlier, as the dollar weakened.

    Spot gold rose 0.2 percent at $1,290.56 per ounce. It hit its highest level since Sept. 27 in the session earlier.

    U.S. gold futures for December delivery was flat at $1,293 an ounce.

    The dollar weakened against its peers and pulled back from a 10-week peak set recently amid speculation that U.S. President Donald Trump's tax overhaul plan would stall. A firm euro also weighed on the greenback.

    Fed funds futures showed that traders implied almost a 90 percent likelihood of a December rate hike.

    "The only news holding down the price of course are the impending rate hikes from the Federal Reserve but if these political issues grow much worse you can bet that $1,300 will not be the top," according to Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York, citing concerns surrounding Spain and North Korea.

    The London Metal Exchange sees three more clearing members to join its precious metals contract by the end of 2017 and is also looking to expand trading around its gold and silver reference prices, Chief Executive Matthew Chamberlain said.

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    Australia Home Loans Rise 1.0% In August



    The total number of home loans in Australia was up a seasonally adjusted 1.0 percent on month in August, the Australian Bureau of Statistics said on Thursday - coming in at 57,161.

    That beat forecasts for a gain of 0.5 percent following the downwardly revised 2.8 percent increase in July (originally 2.9 percent).

    Investment lending advanced 4.3 percent to A$12.633 billion after sliding 3.7 percent in the previous month.

    The value of loans gained 0.9 percent to A$21.265 billion after rising 1.3 percent a month earlier.

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  4. #1934
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    Fed Minutes show Policymakers’ Support for December Rate Hike



    The minutes of the Federal Reserve meeting on September 19-20 showed that members of the FOMC had a prolonged discussion regarding the prospects of inflation's growth and slowing the rate of future interest rate hikes if it failed to pick-up.

    Record of the most recent policy meeting showed that Fed officials see the economy growing at a steady rate. The minutes also show that policymakers expect inflation will reach the targeted 2 percent, with FOMC members anticipating that factors weakening inflation are temporary.

    Several members said that they would focus on the incoming inflation data over the next few months when deciding regarding the future of interest rate moves.

    It also indicated that an interest rate hike later this year is almost certain, despite some divisions regarding the outlook for the direction of inflation. According to the summary of the meeting, many members thought that another rate hike in the target range later this year, presumably in December, was likely to be warranted if the medium-term outlook continued to be unchanged.

    In the end, the FOMC ruled against an interest rate hike at the meeting, choosing instead to announced that in October it would start to reduce its massive balance sheet, which will be done by allowing small part of the proceeds from its maturing bonds to roll off.

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    Singapore GDP Surges 6.3% On Quarter In Q3



    Singapore's gross domestic product climbed a seasonally adjusted 6.3 percent on quarter in the third quarter of 2017, the Ministry of Trade and Industry said in Friday's advance estimate.

    That beat forecasts for an increase of 3.7 percent following the upwardly revised 2.4 percent gain in the second quarter (originally 2.2 percent).

    On a yearly basis, GDP jumped 4.6 percent - again exceeding expectations for 3.8 percent following the 2.9 percent increase in the three months prior.

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    U.S. Producer Prices Strengthens in September



    U.S. producer inflation increased in September as gasoline prices notched its biggest increase over two years amid hurricane-linked production issues at Texas oil refineries.

    At an annual rate, the PPI jumped 2.6 percent, the biggest jump since February 2012 and came after a 2.4 percent rise in August. The rise is driven by the strong increase in wholesale gasoline prices, which jumped 10.9 percent in September

    According to the Labor Department, the higher energy prices most likely resulted from the reduced refining capacity in refineries in the Gulf Coast area that was devastated by Hurricane Harvey. The increase in gasoline prices due to the storm is seen to be only temporary as a supply glut persists in the markets.

    The producer price index for final demand rose 0.4 percent, the Labor Department reported, also lifted by the rise in services. Wholesale prices in August rose 0.2 percent.

    Other data released by the government agency showed filings for unemployment benefits declined to a more than one-month low in the previous week as the boost to the applications in Texas and Florida due to Hurricane Harvey and Irma continued to decline.

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    China CPI Slows To 1.6% In September



    Consumer prices in China were up 1.6 percent on year in September, the National Bureau of Statistics said on Monday.

    That was in line with expectations, and down from 1.8 percent in August.

    On a monthly basis, consumer prices were up 0.5 percent - accelerating from 0.4 percent a month prior.

    The bureau also said that producer prices jumped an annual 6.9 percent - exceeding forecasts for 6.4 percent and up from 6.3 percent in the previous month.

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    Gold Prices Slip Amid Strong Dollar



    Gold prices eased slightly on Monday, pulled down by a strong dollar and Asian equities.

    Spot gold fell 0.1 percent at $1,303.42 per ounce. It gained almost 0.9 percent in the session earlier on lower-than-expected U.S. inflation data.

    U.S. gold futures for December delivery increased 0.1 percent at $1,305.70 an ounce.

    The dollar index, which measures the U.S. currency versus a basket of peers, stood steady at 93.101. Asian shares climbed to fresh peaks on Monday following a strong lead from Wall Street.

    The U.S. economy continues to be strong and the labour market's strength calls for gradual hikes in rates despite subdued inflation, according to Federal Reserve Chair Janet Yellen.

    Wages and inflation in the euro zone will eventually rise but more slowly than initially expected, requiring continued patience from policymakers, European Central Bank President Mario Draghi said.

    Senior Trump administration officials recently said that the United States was committed to remaining part of the Iran nuclear accord as of the moment, despite President Donald Trump's criticisms of the deal and warnings that his country might pull out.

    Hedge funds and money managers trimmed their net long position in COMEX gold contracts for the fourth consecutive week in the week to Oct. 10, according to data from the U.S. Commodity Futures Trading Commission.

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    RBA Minutes: Australian Economy Continues To Expand As Expected



    Members of the Reserve Bank of Australia said that the country's economy was growing in line with expectations, minutes from the bank's October 3 meeting revealed on Tuesday. Price pressure remained broadly subdued, the minutes said, thanks in part to a strengthening Australian dollar and a softening greenback. At the meeting, the bank kept its benchmark lending rate unchanged at the record low 1.50 percent, as expected. The interest rate has been at this level since September 2016. The bank had reduced the rate by 25-basis points each in August and May last year. "Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the minutes said. The bank reiterated that the low level of interest rates is continuing to support the Australian economy. Policymakers also noted more consistent signs of non-mining business investment picking up. The bank expects inflation to pick up gradually as the economy strengthens. According to RBA, the unemployment rate will decline only gradually over the next couple of years. An appreciating exchange rate would be expected to result in a slower pick-up in economic activity and inflation than currently forecast. It is also weighing on the outlook for output and employment. "In Australia, financial conditions for companies remained accommodative, with price-to-earnings ratios above average and corporate bond spreads at a decade low," the minutes said. On housing market, the bank observed conditions vary considerably around the country. Housing prices have been rising briskly in some markets, while in others they have been declining. Following some tightening in credit conditions, growth in borrowing by investors slowed a little recently, the bank said. "The strengthening in global economic conditions had reduced some near-term risks to financial stability arising from rare or extreme events. However, low interest rates and low financial market volatility had promoted financial risk-taking," the minutes said. Also on Tuesday, the Australian Bureau of Statistics said that the total number of new motor vehicle sales in Australia was down a seasonally adjusted 0.5 percent on month in September, standing at 98,882. That follows the flat reading in August. On a yearly basis, new motor vehicle sales were down 0.8 percent after climbing 1.7 percent in the previous month. By individual component, sales for passenger vehicles sank 1.0 percent on month, while sports utility vehicle sales eased 0.1 percent and other vehicle sales advanced 0.7 percent.

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    Gold Steady Amid Strong Dollar



    Gold prices held steady early on Tuesday after dropping below $1,300 per ounce in the session earlier, while the dollar was firm on strong U.S. Treasury yields.

    Spot gold was flat at $1,293.60 per ounce. The precious metal declined 0.8 percent in the session earlier.

    U.S. gold futures for December delivery dropped to $1,296 an ounce. The dollar held gains versus the yen and the euro on Tuesday, buoyed by an increase in Treasury yields following a report that U.S. President Donald Trump preferred a policy hawk as the next head of the Federal Reserve. He is set to meet with Fed Chair Janet Yellen on Thursday as part of his search for a new candidate for her position, according to a source familiar with the matter.

    Among other metals, palladium previously tumbled 1.6 percent at $972.10 per ounce after hitting its highest since February 2001 at $1,010.50.

    Some investors had been wary when the metal, mostly used for auto catalysts to clean pollution from exhaust fumes, broke above $1,000 on Sept. 6, as a result of concern regarding weak global auto sales.

    However, these concerns have been put aside after the world's largest auto market China recently posted sales growth of 5.7 percent in September.

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