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Iceland's Jóhannesson Urges to Cut Interest Rates Benedikt Jóhannesson, minister of finance in Iceland, have affirmed that the nation’s central bank had to slash interest rates another time in order to ease the pressure weighed on Icelandic krona (ISK) together with the removal of capital controls.
Jóhannesson also mentioned that he does not have any “influence” regarding this decision as the government have taken these actions to lessen the pressure against the economy, as well as to prevent overheating, to the extent of rising of budget surplus.
On one side, the administration hopes that the steps to cool down pressure on krona will be sufficient to realize more foreign investments for the pension funds. The ISK increased by 17 percent versus the European currency on the previous year, it was able to climb higher due to burgeoning record of tourist inflow. On Monday, krona plummeted by 3 percent while bond yields rack up. The recovery of the currency was recorded on Tuesday in the capital city of Reykjavik with an increase of 0.6 percent.
The financial and legislative precautions were implemented as no one can say when will the country would experience the crisis again.
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Puerto Rico G.O. Bonds Dropped to its Lowest in 2 Months Puerto Rico’s General obligation (GO) bonds dropped after the financial recovery plan has been approved which is comprised less than a quarter of total unpaid debts. The revised proposal was granted by Governor Ricardo Rossello on Monday aiming to cut the chronic budget deficits.
Securities due 18 years from now which is the most traded has declined by 5 percent with an average of 67.5 cents on Tuesday, its lowest price in two months while those bonds due after 22 years fell to 60.2 cents from 63.8 cents on Monday.
This plan will mark as the benchmark as they talk through on minimizing its debts. Although the outcome is negative, the authorities are still sanguine with the end result. The governor commented that the as of now, the country has chances to deal with various bondholders at different levels and they are still in the process of evaluating the best most suited solutions in consideration of bondholders and the people of Puerto Rico.
Andrea ForexMart
Official Representative
Peruvian Economy Beef Up Reaching 4.81% Growth In January 2017, the economy of Peru rose up to 4.81% which indicates the progressive the country’s growth for 90 months. The surge was supported by the excellent performance from the primary sectors, particularly fisheries and mining based from the National Institute of Statistics and Informatics (INEI) report released on Wednesday.
Head of INEI, Anibal Sanchez have said that the GDP of Peru gained 4% for the past 12 months from the months of February 2016 until January 2017.
During the first month of the year, the hydrocarbons and mining industry grew by 14.75%, at the same time the fishing activity boosted by 42.17%.
The economic development exceeded analysts estimates of 4.5% based on the Reuters poll. The upbeat figures were underpinned by the growth in foreign demand which proves 8.09% increased for total exports.
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Canada’s Morneau to promote Canadian Economy in US Canadian Federal Finance Minister, Bill Morneau is preparing for disclosing the details regarding his second budget scheduled next Wednesday, March 22nd. The budget is tabled in the House of Commons by which senators and members of the parliaments from Canada are expected to attend the 3-day meeting in the US. The meeting will also be attended by more than 70 lawmakers from the United States with the purpose of boosting economic interest of Canada.
According to Wayne Easter, a member of the Liberal party and head of Canada-United States Interparliamentary group said that the trip is intended for discussing the plan for the two economies and not primarily for the budget date.
The 67-year old Easter also stated that they were able to make some progress, however, there are other relevant issues that deal with challenges.
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Germany and Japan Promotes Free Trade Deal German Chancellor Angela Merkel and Japan’s Prime Minister Shinzo Abe discussed free trade between countries on Sunday’s major technology fair. Both representatives would like to aim for a faster pace regarding this matter and wanted to have an agreement in this year while G20 finance ministers and central banks commented an open trade during their two-day conference in Germany. The issue of Protectionism was avoided by both leaders in the beginning of the CeBIT technology fair, implying that people are currently more open with regards to free trade and open borders with giving importance to democratic values.
Andrea ForexMart
Official Representative
The current Money Fall contest has already started on
March 20, 2017 and will end on March 24, 2017. You can register for the next competition which will take place from
March 27, 2017 to March 31, 2017 Note: Registration for the next competition finishes 1 hour before the contest starts.
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Denmark Repayment of Debt After 183 Years The Scandinavian country, Denmark is scheduled to pay off its latest foreign currency loans with an amount of $1.5bn at the present moment. Freeing the nation from any debt obligations regarding FX which will happen for the first time in 183 years.
Based on the records of the Danish central bank, the government almost paid the loan back in the year 1894, that was the time when the total of FX debt was lower than 1 percent of the GDP.
Denmark had its first foreign debt during 1757 with a half a million worth of rigsdaler issued by Netherlands and Germany. Moreover, the external debt owed by the country expanded in order to finance 19th-century wars. Despite the repayment, the sovereign state is not fully clear from debt, except for all krone-denominated concerns.
The debt-to-GDP ratio of the state as a whole is considered one of the least among the list of major economies in the European region, accumulated 38 percent and projected to drop about 36 percent for next year announced by the European Commission.
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Launch of “Analytical Reviews” Section Dear clients!
We are glad to inform you about the launch of “Analytical Reviews” section on our website. Since then you won’t have to look for financial analytics on third-party resources – you just need to visit the relevant section on the ForexMart website.
In this new analytical section it will be possible to find up-to-date information about popular currency pairs, trade ideas and recommendations, as well as analytical reviews, forecasts, charts and overall description of the current market situation.
We hope that this innovation makes your trade more convenient and pleasant. Stay tuned and remain abreast of the latest economic trends with ForexMart!
Andrea ForexMart
Official Representative
South Korea’s Economic Expansion Remained Slow Amid Recovery in the Global Market In spite of signs of improvement in the global economy, Yongmaan Park, Korea Chamber of Commerce & Industry (KCCI), affirmed that South Korea still lack momentum for the early recovery. The KCCI chairman announced this in a National Assembly with the four of the main South Korean political parties held in Seoul.
It became evident that the country is continuously suffering from a growth failure with the Bank of Korea based on the forecast of economic development at 2.5 percent for the current year, including an increase in jobless rate, high household debts and the penalties imposed by China with regards to missile row.
Moreover, Park also mentioned that they are currently sustaining a growth rate with a range of two percent.
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Slew of Scandal Involvements Prompts Samsung to Apologize to its Investors Tech giant Samsung Electronics Co. issued an apology last Friday following the firm’s involvement in several national scandals that eventually led to the impeachment and eventual ouster of former South Korean president Park Geun-hye as well as the infamous recall of the company’s flagship smartphone, the Samsung Galaxy Note 7. In addition to the said apology, Samsung has also promised to improve its internal governance amid pressure from its investors. Samsung Vice Chairman Kwon Oh-hyun delivered the said apology during its annual shareholders’ meeting. Samsung heir Jay Lee was not present at the said meeting as he is currently facing several bribery and embezzlement charges.
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ForexMart App is Now Available on Mobile You can now use the ForexMart application on mobile.
We are launching ForexMart application on 11 january. It can be downloaded from both App store for Apple and Play Store for Android users. This allows users to trade anytime and anywhere at their own convenience by just connecting to an Internet service provider.
More and more consumers are shifting toward mobile platforms with continuous improvement in technology. Forex trading apps simplifies trading and allows accessibility through mobile phone that makes it more convenient. There is still wide range of options in placing orders from mobile devices such as iPhone or Android.
ForexMart app offers different features. Traders can access multiple charts that give real-time quotes as well as relevant economic news and latest forex analysis. Exchange rates over 100 different currencies are also available with buy and sell options. The application is especially designed for forex trading that is easy to navigate and works glitch-free for more efficient trading.
Forex traders will find this app very useful and handy. Check out this new app from your App Store or Play Store!
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Nigeria and Norway Seek Opportunities to Non-oil Sector investments Stakeholders from Nigeria and Norway looked for opportunities outside to increase direct foreign investments from the non-oil sector to uplift its economy and improve bilateral ties. The Nigerian Export Promotion Council (NEPC) assumed possible earnings as much as $18 billion by 2019 if properly executed.
The Nigerian-Norwegian Chamber of Commerce (NNCC) was established to promote trade and investment to lessen the barrier and limit transaction risks between countries.
Norway has an advanced industrial sector while Nigeria presents opportunities with high capital, agricultural sector, infrastructure, vast mineral resources and value added manufacturing. They complement each other moving towards the same goal of economic diversification from the conventional growth driver which is the energy sector.
Andrea ForexMart
Official Representative
POBA Acquires Brederode Worth W130b Public Officials Benefit Association (POBA), a local authority that manages the retirement funds of functionaries, were considered to be the bidder for Belgium-based venture company, Brederode worth 130 billion won (US$117 million), as mentioned by some sources on Tuesday.
POBA is said to acquire 100 percent stake of the company from an unnamed real estate investment trust (REIT) for 74 billion won (US$66 million). While the other 56 billion won (US$50 million) will be used to finance a loan from a local financial organization.
The association expects to obtain a 5% annual return derived from the transaction after six years.
The office complex is made up of three 6-floor buildings comprises of 22,300 square meters. The establishment can be found at Brussel’s commercial centre city, near the Central Station and Belgian Royal Palace.
The building has been permeated by six corporation which involves the global law firm,
Linklaters LLP with more than 13 years of contract under Brederode.
According to an unknown official from the Seoul-based organization, the company takes its focus on the real estate market in the European mainland on the back of Brexit triggered in the previous year.
Andrea ForexMart
Official Representative
The current Money Fall contest has already started on
April 3, 2017 and will end on April 7, 2017. You can register for the next competition which will take place from
April 10, 2017 to April 14, 2017. Note: Registration for the next competition finishes 1 hour before the contest starts.
Andrea ForexMart
Official Representative
Turkey Inflation Rates Reached Double Digit After 5 years The price for the Annual consumer price increased as high as 11.29 percent in the month of March as the country faced with economic problems as Lira dropped down and the surge in oil market which is the worst condition since 2008. This caused the inflation rates to reach double digits for the first time in five years.
The policymakers are being pressured as they try to stabilize the weakened currency and at the same time sustain the growth by the start of the year. Currently, the central bank targets inflation rates from 3 to 7 percent but the March result was not as expected with the 10.7 percent reading.
Although, the Lira has been secured in the past few months because of tightening in its monetary policy. The economic growth also has shown signs of recovery in its recent fourth quarterly GDP as it rose by 3.5 percent after a drop of 1.8 percent in the past quarter which has been the worst decreased since the financial crisis.
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Australian House Values Surged by 1.4 percent in March The housing prices in the main cities in Australia accelerated in March with the fastest growth in annual basis nearly in seven years.
According to a CoreLogic, California-based property consultant, the house price index from the major towns rose to 1.4 percent in the previous month versus the gain of the other month.
Moreover, the annual growth rate of prices ascended to 12.9 percent from its previous figures of 11.7 percent. The result beat the past highest point in 2015 as well as the fastest pace recorded in May 2010.
This event triggered concerns of Reserve Bank of Australia (RBA) based on speculations that it was fueled by debt which could affect banks and consumers eventually.
The central bank implemented more constricted guidelines on investments and interest-only mortgages as a means to ease the market. The RBA further increased interest rates and blamed regulatory costs.
Andrea ForexMart
Official Representative
Student Debt Burden Weighs Down US Rates—Dudley Fed New York President William Dudley stated that US interest rates are being weighed down by the increasing burden of student loans, and that policymakers should seriously consider implementing free tuition fee rates for college students. In addition, Dudley and several of his colleagues are saying that the US economy has already lost its potential to grow as fast as before the financial crisis in 2008 due to a number of factors, such as a steadily-aging population, diminished spending powers by households, and very dismal productivity growth.
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Europe’s Banking Lobby Raises Concerns in Financial Stability Over Brexit If Brexit negotiations did not end well could affect the wholesale banking and financial stability according to the banking lobby in Europe. The Association for Financial Markets in Europe (AFME) emphasized concerns faced in Brexit including access to the bloc but at the same time aiming to maintain being part of the single market.
On the other hand, the European Securities and Markets Authority (ESMA) is said to be important in resolving the issue of maintaining the “equivalence” operation between E.U. and
non-E.U. firms, according to the AFME.
In the part of E.U., they also need to manage policies in the financial markets, gain the trust of financial firms from London while mediating the negotiation with Britain and curbing undiversifiable risk inherent to the process. It makes the whole system complicated and harder to manage systematically.
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German Advisers Argued ECB Cashless Society The economic experts of Germany have given their advice regarding the zero-interest rate policy of European Central Bank (ECB) and the possible serious risks it might bring to the country’s financial sector.
Wolfgang Schaeuble, Finance Minister of Germany, have recommended about the limitation of cash transactions about 5,000 euros as a means to fight against illegally-gained money together with the terrorist financing. However, the plan was opposed over by the German nation.
According to reports, there are banks and insurance corporations that ran into financial difficulties, particularly in generating profits and filling in their expenses because of the extremely low-interest rates.
Mario Draghi, President of ECB, mentioned the substantiality of cash as the medium of paying out upon the introduction of the new €50 banknote. The 69-year old Italian economist further stated that the three-quarters of payments in the European region were done by cash, hence its essentiality remains in the economy.
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Indian Economy to Accelerate by 7.4%, says ADB The Indian economy is projected to increase by 7.4% amid the fiscal year 2017-2018 versus its previous growth of 7.1%. The boost occurred due to lift in public investment and demand in consumption goods based on the statement of Asian Development Bank (ADB) on Thursday.
According to the latest 2017 report of Asian Development Outlook (ADO), 2016-17 GDP data failed to obtain the demonetization effects and the decline influenced the continuous slide of investments.
Moreover, ADO anticipates for the consumption to climb higher since there are additional bank notes set in the circulation following the shock withdrawal on highest-valued currencies happened on the 8th of November. The plan for an increase in salary and state employees pension were already implemented.
The ADB further expected the acceleration to 5.2% in the current year till 2018 while 5.4% in the coming 2018-19 considering the economic recovery along with the rebound of commodity prices.
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The current Money Fall contest has already started on
April 10, 2017 and will end on April 14, 2017. You can register for the next competition which will take place from
April 17, 2017 to April 21, 2017. Note: Registration for the next competition finishes 1 hour before the contest starts.
Andrea ForexMart
Official Representative
U.K. Consumer Spending Sluggish Rate Amid Brexit The U.K. consumer spending rose but in a sluggish manner that is considered to be the slowest in more than three years in March 2017. With the Brexit preparations began its process, the economy has lost its impetus.
The data in March alone dropped to 0.7 percent lower than the prior month after reaching a flat status in February. Another data from Visa also indicates that the consumer spending tumbled after raising its levels in late 2016 as the household purchasing power becoming tight with rising prices. The consumer prices are predicted to ascend by 2.3 percent annual rate similar to February’s rate according to Reuters survey of economists.On the other hand, the National Statistics Office released their inflation data for the previous month on Tuesday.
Andrea ForexMart
Official Representative
Bank of Canada to Maintain 0.5 Percent Benchmark Rate The Canadian central bank will release on Wednesday the economic outlook of the country, however, the decision to kept the interest rate unchanged at 0.5 percent remain indecisive.
According to a combined forecast of 22 experts surveyed by Bloomberg News, they expect the Bank of Canada (BoC) would maintain its 0.5 percentage rate.
The latest adjustment made by the BoC was during mid-2015 with a 0.25 percentage point spearheaded by the decline in commodity costs.
The focus turned to the up-to-date report of Monetary Policy which is published quarterly which provide a breakdown of the predicted economic performance of Canada. While figures suggest a stable condition for the region considering the favorable January Gross Domestic Product which is the most recent monthly GDP available. The stat showed that there is a possible four percent growth within this year.
The semi-annual assessment further projected that the country will rose by 2.1 percent amid 2017-18.
Economists had guesstimate whether the financial institution will reach that point. Alongside the strong GDP, the employment growth has seen to strive gathering some steam.
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To Our Beloved Clients, ForexMart now have IB official in Malaysia. He can help to make a transfer / deposit / local production for all customers from Malaysia. Please contact
deposit-malaysia@forexmart.com for more information.
All the best,
ForexMart Team
Andrea ForexMart
Official Representative
Dear Client, We are very glad to introduce to you a new account type in ForexMart.
Micro account is now available in ForexMart where you can trade with a minimum order volume of 0.01 cent lot. This allows you to trade with minimal trade volume possible. Despite low order volume, you can maximize your trading and avail our maximum leverage as high as 1:5000 similar to other trading accounts. You also have full access to all trading instruments with tight fixed spreads.
You can visit our website and register anytime. Should you have any questions, feel free to contact our customer support.
We wish you a successful trading!
ForexMart is an investment company regulated across the EU region. We offer the highest quality of service to our clients including a 30% trading bonus for every deposit. Register with us and get your bonus today.
All the best,
ForexMart Team
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The current Money Fall contest has already started on
April 17, 2017 and will end on April 21, 2017. You can register for the next competition which will take place from
April 24, 2017 to April 28, 2017 Note: Registration for the next competition finishes 1 hour before the contest starts.
Andrea ForexMart
Official Representative
New Zealand Inflation Came in Strong in the First Quarter The inflation rate of New Zealand soared unexpectedly as much as 2.2 percent in the first quarter which is the top-level over five years. Yet, the central is still committed keeping the interest rates low. Hence, the consumer price index (CPI) hovered in the middle range of the Reserve Bank of New Zealand's (RBNZ) within the 1 to 3 percent target range which they have attempted to lift higher for more than a year. The CPI ascended to 1 percent in the first quarter exceeding the expected 0.8 percent which also transposes the annual growth of 2 percent by analysts.
This hike in inflation was influenced by short-term gains because of high oil and food prices, a tax hike on alcohol and tobacco and the increasing costs of housing construction. The inflation is ascending although at a sluggish pace which keeps the RBNZ heedful according to the senior economist of the Australia and New Zealand (ANZ) bank.
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March and June Fed Rate Hikes Possible, According to Economists Several economists are speculating that the US Federal Reserve could possibly be in for two more rate hikes this coming March and June, with the central bank possibly increasing its short-term rates within the week and another rate increase during the Fed’s meeting this coming June. Fed officials have maintained their current rates after they increased their federal funds rate last December 2016. The central bank had already penciled in a total of three possible hikes for this year but refused to indicate the exact date of the implementation of these said rate hikes.
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The current Money Fall contest has already started on
April 24, 2017 and will end on April 28, 2017. You can register for the next competition which will take place from
May 1, 2017 to May 5, 2017 Note: Registration for the next competition finishes 1 hour before the contest starts.
Andrea ForexMart
Official Representative
China’s Bullish GDP Growth Stabilizes Yuan The first quarter data of China has come out after a solid positive gain causing a slowdown in capital outflows to stabilize the currency following a selloff last year. They are optimistic to attain the 6.5 percent GDP growth for this year as mentioned by the Finance minister Xiao Jie. This is a good signal indicating the strengthening of yuan and capital flows are gaining back by the country.
The interest rates are moving in an upward direction despite tighter policies to curb the fast growth of credit hampering the economic progress. Yet, economic growth advanced faster-than-expected 6.9 percent in the first quarter, weakening capital outflows and more stable cross-border flows have strengthened yuan substantially. This has then eased the pressure regards to Foreign exchange reserves as it retreated with the surge of the greenback.
However, further tightening cannot be ruled out as it may change again abruptly especially when the currency come again under pressure with the global appreciation of the U.S. dollar.
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Asian Stocks Abated Due to High Risks The appeal of Asian stocks to investors has subsided because of political and economic risks that overshadowed continuous returns over the past 26 years. Asian business has been good in the second half last year up to early this year and is the impetus is slowing down soon.
This put the Asian equities for a sell-off as investors have become cautious compared a few months ago. Moreover, political elections in Europe and profit taking in the U.S. bring in corrections that are not good. Another concern is the decline in cyclical upswings in China and the United States which has a big effect on global trading including equities of Emerging market.
Nevertheless, investors do not totally leave despite the high costs of stocks compare to other emerging markets but are still lesser cost than developed markets. The analysts forecasted earnings to rise by 17% this year.
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March New Home Sales Surge by 5.8% The new home sales data reading for March saw a drastic increase, clocking in at a 5.8% surge, an indication that the demand for new homes are now gaining momentum as the peak selling season commences. The March reading for new home sales data is the highest level since July 2016, wherein home sales data peaked its highest within a 9-year period. Economists are now anticipating that new home sales could possibly continue climbing up within the year as more buyers are now returning to the marketplace for starter homes.
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NAFTA Dangers Sends MXN Plunging The Mexican Peso (MXN) is now about to record its lowest drop within a five-month period following reports that the Trump administration is planning to pull itself out from the NAFTA agreement. There are now reports that the White House is currently drafting an EO which will enable the said withdrawal and could be released either within the week or next week. This caused the Mexican Peso to crash by 2% against the USD, the currency’s largest daily drop since its previous drop against the CAD last November. A weak MXN could spell bad news for the US economy, since this will mean that Mexican exports will be more affordable as compared to US exports.
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The current contest has already started on
May 1, 2017 and will end on May 5, 2017. You can register for the next competition which will take place from
May 8, 2017 to May 12, 2017. Note: Registration for the next competition finishes 1 hour before the contest starts.
Andrea ForexMart
Official Representative
Winners for the week of April 10 - April 14, 2017: Rank 1: Rurik14
Acct. No.: 1024331
City: Naberezhnye Chelny
==========
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==========
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Greetings! ForexMart would like to invite you to take part in the ShowFx World Expo at the Congress and Exhibition Complex, “The Park” in Kiev, Ukraine on May 20-21, 2017.
Participants to the conference will get the chance to learn personal finance management from some of the world’s top financial experts, take part in workshops and seminars, which covers several aspects of trading from leading trading professionals. Guests will also be able to join raffles and win giveaways from event organizers.
In addition,
ForexMart representatives will also be more than happy to inform attending clients to the ShowFx World Expo with regards to the latest developments within our company.
Admission to the ShowFx World Expo in Kiev is free.
See you at the Expo!
ForexMart is an investment company regulated across the EU region. We offer the highest quality of service to our clients including a 30% trading bonus for every deposit. Register with us and get your bonus today.
Warmest regards,
ForexMart Team
Andrea ForexMart
Official Representative
RBA Maintained Current Rates Amid Wage Risks The Reserve bank of Australia kept their rates unchanged for nine succeeding months on Tuesday which is not surprising following the risks of household debt, meek progress in inflation and wage. The RBA decided to maintained the rates at a rock-bottom of 1.5 percent after the decline in August and May last year while most economists have foreseen that will be sustained this week.
The central bank is sanguine in the economy but maintains a mixed labor market. Although the wages growth anticipated being sluggish for some time. The price inflation lingers above 2 percent in the previous quarter for the first since 2015 although the objective of the RBA is to keep inflation rates below 2 to 3 percent but higher than 3 percent in the next few years.
RBA Governor Philip Lowe mentioned that there is no need for further stimulus since the low cash rates have affected household debt which will not be favorable for the “national interest”.
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U.S Economy Probably Expand by 3% in Two Years, Says Mnuchin According to Steven Mnuchin, U.S Treasury Secretary, the economic growth of the United States could possibly grow by 3 percent in two years upon implementing the restoration of the regulatory reform and tax system and offering better trade agreements.
The job market of U.S revived gaining 12 percent increase in the prices of stock considering the fact that the election of Trump coupled with the consumer sentiment reached the highest peak in 16 years have painted a positive illustration of the economy.
In spite of that, the economy improved on its weakest pace within three years acquiring 0.7 percent in Q1 as it highlighted the dispute that the government dealt with as it aims to attain an annual growth higher than 3 percent.
Moreover, the administration of Trump had established the overhauling of the tax rate system labeled as the largest revision in history, since this is on the top list of their legislative program.
The plan was already published previously, it further contains the proposal for trimmed taxes intended for the citizen and businesses, creating comprehensive filer system and prohibiting the rich from loopholes. The package is expected to be signed and put into law within the current year.
On the other hand, the International Monetary Fund have given its forecast that the world's largest national economy will bolster hitting 2.3 percent in 2017 while 2.5 percent for next year.
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Stronger Indian Rupee Provided Positive Impact to Masala Bonds The Indian Rupee (INR) strengthened against the American dollar, while the masala bonds could take advantage with Indian firms who are looking to increase funds.
The masala bonds had a considerable growth even the latest fiscal together with the ICRA projected that the trend will persist particularly for firms without any natural hedge that could reduce risk from foreign currencies engaged in the external commercial borrowings (ECBs).
During the 2017 fiscal year, the rupee-linked bonds hold at t Rs 30,620 crore by which other country’s currency dropped to Rs 1,740 crore compared with the previous FY with Rs 2,440 crore.
According to Karthik Srinivasan, Senior VP of ICRA said: “With their cash flows denominated in Indian Rupees, many of the borrowers of ECBs don’t have a natural hedge against foreign currency risks inherent in that instrument."
Moreover, the national currency of India rose by more than 5% versus its U.S peer, this caused for theIR to be the top performer among its rivals.
The commercial banking company further anticipates an aggregate FII debt inflows worth $5-10 billion inclusive of RDBs amid FY18.
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As Unemployment Rate Drops, US Economy on its Way to Recovery The US Labor Department has released its US job report for April, wherein it indicated that business had topped up a total of 211,000 jobs last month, a far cry from March’s reading of only 79,000 jobs. This upward trend in hires has confirmed market projections that the country’s overall economic growth is well on its way towards a significant recovery. Economists are now saying that this evidently very strong economic data for the country signals that consumers might soon have the power to amplify their spending habits during the second quarter of 2017.
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Oil Cut Production May Extend Beyond 2017, Says Minister of Saudi Khalid Al-Falih, oil minister of Saudi Arabia showed confidence with regards to the deal to limit output for crude oil and the oversupply reduction is going to be extended within 6 months or more.
Al-Falih further discussed during the Asia Oil and Gas Conference held in Kuala Lumpur last Monday that the growth of U.S shale production together with the closure of refinery maintenance have lessened the effect of cutback led by the Organization of Petroleum Exporting Countries along its associates. Moreover, manufacturers are driven enough to achieve their target to drop in their bloated gasoline supplies. Nevertheless, he believes the world oil supply could still realign and revive its former healthy state.
The increasing U.S production place worries towards OPEC and its allies as it fails to minimize the market glut and expansion of prices.
The gains of oil were erased since the agreement made in the previous year to curb output. The OPEC meeting held in Vienna attended by various nations further supported the 6-month deal for the extension which will start in January. It would be the first time that the minister of Saudi to propose the extension beyond 2017.
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Euro Fell Against the Dollar in the Post-French Election The common European currency tumbled on Monday from its highs due to the triumph of centrist wing Emmanuel Macron. As investor received an estimate of 3% of profit after Macron won a couple of weeks ago.
The loss of the populist candidate, Marine Le Pen ended the worries of investors about the radical change subsequent to Brexit and Trump’s election last year in case that Le Pen won.
Based on opinion polls, Macron had a consistent point which is roughly 20 percent and his triumph on Sunday was a great surprise.
During the early trades of Asia, the euro surge reaching $1.1024 which is its highest rate since November 9. It further increased on its one-year high touching 124.58 yen versus its Japanese peer while hitting a five-month high jumping to 1.0886 against the Swiss franc.
However, amid morning session of Europe, it declined by 0.4 percent to $1.0953 vs the greens and 0.6 percent to 123.26 against the yen.
The political risk linked with Le Pen were already removed, the risk involves the pledge that France will be taken out from the European region. As the risk was eliminated, the focus turned to the economic fundamentals along with the monetary policy normalization of EU and U.S.
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Demonetisation Slowed Down Indian Economy The International Monetary Fund issued a regional forecast for India this month and predicted that the South Asian country will slow down because of the cash crunch bring about by the demonetization despite the fact that its economic growth would likely remain strong within the Asia Pacific region compared with the previous outlook in October.
According to the report of National Accounts Statistics, the economic impact of the cash insufficiency may be downplayed in the least short term.
In addition to it, an analysis made by the staff of IMF states that the projections in October 2016, the negative cash flow seems slow amid the financial year 2016-17 nearly four to five percentage points. While the growth in FY 2017-18 was almost half of its percent point.
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High Demand for Bitcoin Hit a Record High $1,760 The Bitcoin attained a record high on Tuesday because of an upsurge demand for crypto-assets and the production of new tokens to increase stake for new establishment through blockchain technology which implies the dispensability of a central regulator.
The digital currency rose on the day by 6 percent reaching $1,760.40 from $1,747.89 on the BTC=BTSP BitStamp platform. Currently, it surged to almost 80% percent for the year and a significant expansion of market capitalization up to $52.5 billion, reported by coinmarketcap.com.
However, Federal Reserve of Minneapolis Bank President Neel Kashkari is not convinced of a positive bitcoin probable future, saying that the blockchain technology will progress more in the future compared to the digital currency. Also, considering the shift in the market interest where majority of the bitcoin rallied was influenced because of high demand for the initial coin offerings (ICOs).
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FBI Chief Comey Sacked by Trump President Trump has fired FBI Director James Comey yesterday in a sudden turn of events in the White House, causing a sudden onslaught of calls for a special prosecutor to take control of the ongoing investigation of the body into Trump’s possible relationships with Russia, particularly during his campaign. This sudden development would most likely lead to a long-term falling out and could cause uncertainties with regards to the fate of the Russian investigations. Prior to Comey’s relieving of his position, the FBI has been involved in the investigation of Trump’s ties with Russia, particularly on whether the Russian government had influenced the presidential elections last year. The Russian government has denied any connections with the current administration.
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India’s Consumer Price Inflation Abates this April Inflation rate of India narrowed down because of lower food cost for the month of April. However, this would make it tough to ease rates in the near future. Consumer price inflation is anticipated to persist lower than the 4.0 percent medium target of the Reserve bank of India for the past six months.
It is forecasted from a survey of economist that inflation in April will decline to a three-month low of 3.40 percent this month compared to the 3.81 in March. Yet, the central bank raised its inflation rate for the fiscal 2017 to 2018 to attain 4.5 percent for the first half and 5.0 the second half of the year. An economist described the situation that even if the interest rate cut exceeded the 4 percent level in the next few months, the RBI will be cautious and would not cut rates since the current situation is stable already.
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Ireland’s Household Debt Has Fallen but Remains Fourth in the Most Indebted Nation in EU The household debt of Ireland had collapsed for more than 20 times which appeared to be much apace than Europe in 2016, underlining the amount of Ireland’s recovery from the debt-induced financial crisis.
Based on the statistics showed by the Irish Central Bank, Sweden ousts the Irish island on the ranking of the most indebted nation in EU as the Swedish region have low-interest rates which gave rise to concerns about the overheating in the housing market of the country.
The household credit serves as the disposable income percentage further weakened by 10.2 percent point in the previous year, reaching 140.9 percent versus the 0.5 pp overall downturn in the European Union.
The bank also mentioned that the contraction has weighed on the reduction in debt and improvement in the household incomes. The indebtedness has declined by 52.9 percentage point as the year 2012 ends versus with the decreased in the broader EU by 3.3 percent.
Moreover, the Irish government was compelled to agree with the Europe and IMF program for economic stabilization in 2010 as the property bubble suddenly broke causing the string of banks to fall down. Despite the strong rebound, the economy remains to become one of the rapid-growing states in EU.
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Thailand’s Strong First Quarter GDP growth The export data of Thailand for first quarter moved at its most rapid “quarterly pace” in the past four years and eases the monetary policy to support low key investment activities. Although it faces uncertainties with capital outflow and global trading protectionism, the U.S. Fed is taking signifying that it is gaining momentum to recovery.
The agency reduced its monetary projection from 3.0 - 4.0 percentage to 3.3 - 3.8 percentage economic advancement forecasts while its export progress has been elevated to 3.6 percent from 2.9 percent. The rise in exports is mainly due to steep costs of commodities more than the volume of trades.
The central bank retained its key percentage interest rate at 1.50 percent since April 2015 and the upcoming policy review is scheduled on May 24 and expected also kept unchanged. Yet, there is a possibility for the Thai central bank to increase its rates by 25 basis points later in the year because of both sturdy growth statistics and probable augmented U.S. rates.
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April Retail Sales Data for US Increases by 0.4% A highly positive retail sales data for the US economy has further reaffirmed speculations that the country’s economic status is regaining its momentum following a previously weak slew of data last winter. However, these positive economic reports were pockmarked by a drop in earnings reports. But economists are saying that the country’s economy could possibly be in for stronger consumer data in the second quarter of 2017, which is apparently not surprising since the US labor market is continuously showing signs of steady improvement.
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Economic Data of China Indicates Slow Growth The economy of China further provided below-expected results of its economic indicators as the fixed-asset investment (FAI), manufacturing output and retail sales in the month of April declined.
The output of the industrial sector gained 6.5% in the earlier year, compared with the 7% projection of polling analysts of Bloomberg while 7.1% predicted by Reuters.
While factor output rose by 7.6% during March which is the fastest in two years. Fixed investments expanded by 8.9% in the months of January to April 2017, figures are based on the data released by the National Bureau of Statistics, as polls projected 9.1%
The sales of retail boosted by 10.7% in April from the first quarter of the year. According to forecasts of experts, the rise will reach 10.6% which is lower versus the past period of 10.9% development. Whereas, the growth in private investment that accounts for an approximately 60% of the national sum value, dropped to 6.9% and acquired 7.7% in Q1.This indicates that the small and medium-sized private companies will remain to experience difficulty in finances.
The target growth of China is close to 9% allocated for the FAI’s 2017 while there are expectations that the retail sales will surge to 10% generally.
The second largest economy in the world had obtained a 6.9% expansion in the first quarter which is the most powerful since 2015. China had lessened its economic objective to give way to the policymakers in boosting reforms and to control financial risks.
Andrea ForexMart
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Australia’s Record Low Wage Growth at 1.5% The household debt climbed to an all-time high that affects spending and inflation that moved Australian wages sluggishly. This raised concern to the Reserve Bank of Australia and lower than the target of 2 to 3 percent leading to two rate cuts last year to a record low of 1.5 percent.
The wage price index climbed to 0.5 percent in the first quarter compared to the quarter before while the annual wage growth maintained at 1.9 percent which is significantly half less a decade ago. Although the central bank is pointing out that the wage growth decreases indicating less pressure to labor costs.
It is anticipated that inflation will recover early next year while wages rises slowly with the progressing jobs market. Data shows that the public sector to be gaining more appeal to investors with 2.4 percent increase compared to the 1.8 percent in the private sector. recovery of mining investments following a stagnant growth.
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New Fintech Rules will be Imposed by Brazilian Central Bank Brazil’s central bank is interested in implementing regulations to the FinTech sector to provide support for the industry startups and other firms in engaging and improving the Brazilian nation that is currently suffering from a recession.
As published in the recent report of Reuters, the monetary authority of the country, Banco Central do Brasil (BCB) is planning to put into effect such rules for this year to sustain growth to FinTech companies and further services available in the Federative Republic of Brazil
According to Otavio Damaso, the BCB’s Chief of Staff, the advancement of FinTechs and innovative products seems positive for improving the financial system of the country since the economy is experiencing a worst depression.
The economy of Brazil got an 8 percent rate in March 2017 which is lower during December 2014. In the past, the country is known to be one of the fastest growing economies around the globe, then political controversies and mismanagement of funds arise creating jobless 13 million individuals.
During the former years, the traditional financing options caused banks to charge borrowers higher interest rates, this open doors for many fintechs to influence the Latin America’s biggest economy to offer loans at a cheaper price.
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Congress Rift Might Dampen Trump’s NAFTA Dream The Trump administration has already started the first part of its renegotiations with regards to the North American Free Trade Agreement with Canada. But this first step towards NAFTA adjustments has created a rift between some Republican and Democrat senators, with the backers of the said agreement clashing with dissenters. These negotiations are expected to corner Trump especially now that his political policies are being put at stake by a political crisis within the US economy.
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U.S Labour Market Declined Despite Positive Economic Outlook Applications for U.S unemployment benefits had fallen circumstantially during the previous week, while the total of jobless Americans declined to a 28-1/2-year low which could lead to a sudden failure on the labor market slack.
The economic development was supported by the data released on Thursday that showed an abrupt expansion towards the manufacturing activity within the Mid-Atlantic states this month. The report says that the shipments for goods accelerated and more working hours for laborers. Further measure for the economic activities increase again in the month of April.
The positive data favors the expected hike in interest rates for the following month, even if the decision of the Fed Reserve depends on the condition of the financial markets, which recently been shaken by the scandals of US President Donald Trump.
Jobless claims benefits were lessened by 4,000 with a seasonal adjustment of 232,000 within the week that finished on May 13 as it experienced a three-weeks consecutive decline, as mentioned by the Labor Department.
Economists penciled last week that claims will reach 240,000 but it currently obtained less than 300,000 by which the threshold is linked with a stabilized job market for 115 successive weeks. This is the longest period recorded since the year 1970 which historically appeared that the market was smaller.
The employment sector reached full employment with the jobless rate gained a 10-year low to 4.4 percent. The U.S economy was able to produced 211,000 number of jobs in April.
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Extended OPEC Output Cuts Raise Oil Prices The extension of production output cut from big oil producing countries caused the oil prices to rise. Oil future climbed to the highest in almost a month and key benchmarks reaching gains for two weeks. Brent crude LCOc1 increased by 0.5 percent adding 28 cents at $52.79 while the U.S. crude oil CLc1 rose by 0.6 percent equivalent to 29 cents at $49.64 a barrel which is the highest since 26th of April. Investors are optimistic that production will reach an estimated 1.8 million barrels per day by the end of March 2018.
OPEC leaders and other oil producing countries will have a policy meeting on May 25 in Vienna. Although, there are signals indicating sufficient supplies from the Saudi Arabia being the biggest oil producer. Investors have mixed sentiment with conflicting concern from the drop in U.S. oil stocks and OPEC oil cuts.
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Japan Exports Rallied for 5 Months Exports from Japan notably increased for five consecutive months indicating a strong offshore demand and increased shipments of semiconductors and steels that boost economic growth. In April, exports climbed up to 7.5 percent compared with the previous year and lower than the median estimate of 7.8 percent yearly growth.
On the other hand, its trade surplus with the U.S. also decreased by 4.2 percent from a year ago while the exports jumped by 2.6 percent and continuously grows in the past three months because of high volume of car and auto parts shipments. An economist predicts that this upsurge will continue including domestic imports but the protectionist trade policies of Donald Trump raises concerns with Japan being an export-reliant country.
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The current Money Fall contest has already started on
May 22, 2017 and will end on May 26, 2017. You can register for the next competition which will take place from
May 29, 2017 to June 2, 2017 Note: Registration for the next competition finishes 1 hour before the contest starts.
Andrea ForexMart
Official Representative
Food Stamp Program in Peril from Trump’s Tax Cuts The Supplemental Nutritional Assistance Program or SNAP is currently in peril as Trump’s budget plan could possibly slash over $190 billion from the said food stamp program. These cuts on SNAP will be representing a funding cut of over 29%, since the US government spent over $70 billion on the food stamp program last year. Prior to this particular cut, the Trump administration had recently proclaimed that it will be able to strike a budget balance within a decade without altering the US government’s biggest spending drivers, namely social security and medical assistance. Trump had previously stated that there will be no changes made to these factors during his campaign period.
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Debt Relief for Greece Still in Progress, No Deal Yet Intercontinental lenders in Greece has a comprehensive meeting discussing debt sustainability on Monday. The meeting ended failing to reach an agreement about additional debt relief for Greece. Ministers disagreed to grant new loans to Athens but the head of Eurogroup, Jeroen Dijsselbloem says otherwise. He said that they are deliberating and making progress on the next disbursement targeting before summer to be able to pay due debts in July.
In their next meeting, they are optimistic that they will settle a deal in doling out bailout funds to the country on June 15. They are aiming for a more sustainable agreement which the International Monetary Fund commended and hoping that E.U. governments will support this deal. Although, the deal is not yet ready and will most likely be implemented once the current bailout program has ended next year.
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FOMC Minutes Signal Interest Rate Hike Next Month Fed officials are now more than ready to raise its short-term interest rates after stating in their meeting last month that increasing its rates are now “more than appropriate”. The central bank also moved to begin cutting back on its Treasury and mortgage securities holdings, which is currently worth $4.5 trillion. The Fed also stated in its minutes that they will be allowing an accumulation of these said securities in the long run without having to reinvest its proceeds to other assets. The Fed’s next policy meeting is scheduled this coming June 13-14 and will be immediately followed by a press conference from Fed Chair Janet Yellen.
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