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PALM FXMart
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#51
05.09.2018, 07:28

Australian Economy Strengthen Due to High Consumer Spending

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The resilient economy of Australia showed robust growth during the Apr-Jun quarter this year, along with the growing exports, consumer expenditure, and government spending, based on the official data issued on Wednesday.

The Australian economy grew by 0.9 percent for the second quarter, after the 0.7 percent expansion in the first quarter, to take the annual growth rate to 3.4 percent. However, the quarterly reading was way far than the market forecasts of 2.8 percent, following the yearly reading of 3.1 percent on Q1. The increase had pushed the Australian currency to reach nearly half a cent to 72.17 US cents.

Moreover, household spending escalated to 0.7 percent which added 0.4 percentage points of growth, as net exports contributed 0.1 percentage points. On the other hand, the government expenditure was up by 1.0 percent to extend its highest growth throughout the year.
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PALM FXMart
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#52
07.09.2018, 07:54

Germany’s Growth Outlook Raises to 1.9 pc, says Ifo

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On Thursday, the Ifo economic institute announced its increased on 2018 economic growth outlook for Germany to 1.9 percent versus 1.8 percent in the previous, indicating a better-than-expected growth during the first half of the year.

Ifo economist Timo Wollmershauser stated that there is an ongoing strong upswing in the German economy, which will be mainly driven by personal consumption for the current year and in 2019. He added that this will be supported by the employment expansion and stable income growth.

The Ifo expects that the GDP growth rates will reach 1.9 percent next year and 1.7 percent in 2020.
(This post was last modified: 07.09.2018, 08:05 by PALM FXMart.)
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PALM FXMart
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#53
14.09.2018, 03:08

Japanese Manufacturers’ Confidence Dropped in September as Trade Tension Continues

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Japanese manufacturers’ confidence dropped this month, following a seven-month high in August. The survey shows the possibility of worsening trade war between China and the US that puts exporters hesitant. 

The monthly survey of BOJ Tankan also indicates bouncing up in September from a two-year low in August driven by retail spending from summer bonuses and high heat.  

Unlike three months earlier, m manufacturers’ sentiment remained unchanged and the service-sector sentiment to slightly behind, signifying the BOJ Tankan on 1st of October to be positively holding steadily the business confidence. 

The government also shows the economy to be growing at the fastest pace since 2016, overshadowing capital expenditures of the economy amid the trade tensions and natural disasters, based on the reports by Tankan on Monday. 

Although, the business morale is anticipated to recover in the next three months but not the service-sector which is slightly declining. 

Reuters survey also shows exporters of cars and metal products or machinery raised concerns on the effect of the trade war tensions as they react on putting tariffs, influencing shipments and capital expenditure.

Manufacturers’ index remained the same with the figures three months ago but this is expected to recover in December. 

Meanwhile, the service sector index grew to 33 from 25 last month, driven by retailers. In comparison, it dropped by 2 points from June data of 35 points. This is once again presumed to go down in December. 

Figures slid down for the second consecutive quarter primarily due to higher costs as an after-effect of US trade protectionism that affect negatively Japan, being an export-reliant nation. 

On the other hand, the revised government data showed a boost in capital spending, resulting in a growth of 3.0 percent annually in the second quarter. This has exceeded economists’ forecast of 2.6 percent gain and the fastest growth so far since the first three months of 2016.
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KostiaForexMart
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#54
26.12.2019, 16:52

26.12. Oil is on the way to new highs

Oil prices continue their upward movement. Growth is supported by expectations of a Washington and Beijing trade deal, as well as data on a decrease in US inventories.

Futures for Brent crude this morning are trading at $67.40 per barrel. February quotes for WTI crude oil are $61.35 per barrel.

According to the American Petroleum Institute data (API), US commercial oil inventories fell 7.9 million barrels last week. API is a private company that receives information from refinery operators, oil storage facilities and pipelines on a voluntary basis. However, these statistics do not always coincide with official data from the US Department of Energy. This data will be released this week on Friday.

We also note that on Wednesday the market was closed in connection with the celebration of Catholic Christmas. The oil market continues to get support from the optimism about the trade agreement between the US and China. US Treasury Secretary Steven Mnuchin confirmed that an agreement with China will be signed soon.

Analysts note that oil prices are likely to change little over the next year, as OPEC+ actions to reduce production will be balanced by production growth in other countries, and the prospects for demand are still unclear. Experts predict a rise in oil prices in the middle of the year amid rising demand from developing countries and OPEC+ measures.
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KostiaForexMart
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#55
27.12.2019, 16:47

27.12. Russian authorities are considering the possibility of exit from the OPEC +

The head of the Ministry of Energy of the Russian Federation, Alexander Novak, said that the Russian authorities will soon consider the issue of a possible withdrawal from the OPEC+ agreement.

Despite the effectiveness of the deal to reduce global oil production, A. Novak believes that Russia will need to gradually make a decision to exit in order to maintain market share and enable Russian companies to implement their promising projects.

The minister also noted that the market responds very well to such agreements to reduce production: volatility has decreased, investment in the industry has returned, and current oil prices satisfy both producers and consumers.

At the moment, the agreement provides for a reduction in production by 1.2 million barrels per day from the level of October 2018 until the end of 2019 and by 1.7 million barrels – in the first quarter of 2020.
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KostiaForexMart
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#56
30.12.2019, 17:45

30.12. Beijing authorities urged to abandon cryptocurrency trading

Several municipalities in Beijing, including the Financial Supervision and Administration Service, the People’s Bank of China Business Administration Division, the Banking and Insurance Regulatory Service, and the Securities Market Regulatory Service, have called on businesses to abandon cryptocurrency trading activities.

The regulatory authorities noted that some cryptocurrency platforms have already seriously violated the rules prohibiting ICOs issued in 2017. Moreover, the institutions called on Chinese companies to impede the promotion of cryptocurrency projects and platforms, as well as to report on all violations of the relevant rules.

It is worth noting that such policy of the Chinese authorities is conducted in parallel with the development of a national cryptocurrency. As you know, the People's Bank of China is preparing to test the electronic payment system in digital currency (DC / EP) in the cities of Shenzhen and Suzhou.

Seven state enterprises were selected as a platform for testing the digital renminbi: four commercial banks and three telecommunications giants (China Mobile, China Telecom and China Unicom). The pilot program will affect the field of transport, education, trade and medical services.
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KostiaForexMart
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#57
31.12.2019, 14:35

31.12. Experts predict global economic growth in 2020

Analysts positively assess the prospects for the development of the global economy in 2020.

Economists expect the active phase of the US-China trade war to end and consumer spending to remain high, which will contribute to economic growth despite low investment in business.

According to Goldman Sachs experts, the risk of a global recession will decrease and unemployment will drop to the lowest level since the Korean War. In 2020, the global economy will reach 2.25–2.5%, while the unemployment rate will reach 3.25% by the end of the year.

Analysts also expect key Fed rates to remain unchanged. Regulatory officials made it clear that a significant and constant increase in inflation was needed before considering the issue of raising rates.
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KostiaForexMart
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#58
07.01.2020, 16:18

07.01. Gold rolled back from seven-year highs

On Tuesday, the price of gold in Asia fell back from seven-year highs in the $1,582.59 area after tensions in the Middle East declined slightly. Earlier, the metal demonstrated skyrocketing amid the news of escalating tensions in the US and Iran after the assassination of Iranian General Qassem Suleimani by the US military. Today, gold prices fell to around $1,558.45 per troy ounce.

According to experts, the reduction of geopolitical risks occurred due to the lack of an immediate response from Iran. In addition, some profit taking is observed in the markets.

However, market participants continue to exercise caution in their actions. We believe that the conflict between the United States and Iran is at its starting point, so further measures by Tehran and Washington could significantly aggravate the situation.
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KostiaForexMart
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#59
08.01.2020, 15:53

08.01. US Senate Profile Committee approves USMCA Trade Agreement

The United States Senate Committee on Finance has approved the U.S.-Mexico-Canada Trade Agreement Implementation Act (USMCA). The document was adopted by a majority vote (25 votes in favor / 3 against).

A further trade agreement process will include a vote in the US Senate and the final signature of President Donald Trump. Previously, the agreement was approved by the House of Representatives.

The revised agreement includes the rules for participants to access the domestic markets of the three countries, tariffs and some labor laws. The new standards are expected to enter into force in June 2020.

Recall that work on revising the provisions of the North American Free Trade Agreement began in 2017. The parties faced many contradictions and conflicts during the negotiations between the USA, Canada and Mexico.
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KostiaForexMart
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#60
09.01.2020, 16:50

09.01. U.S. weekly jobless claims fall, ranks of unemployed swelling

According to the US Department of Labor, the number of Americans applying for unemployment benefits for the first time fell to the lowest level in 5 weeks. The indicator decreased by 9 thousand – up to 214 thousand. A week earlier, the number of applications was 223 thousand.

Analysts predicted that the number of applications will decrease by only 3 thousand -– up to 220 thousand.

The average number of applications for unemployment benefits over the past 4 weeks (a less volatile indicator) decreased from 233.5 thousand to 224 thousand. The number of people continuing to receive unemployment benefits increased by 75 thousand – to 1.803 million, which was the highest since April 2018.
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