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FX Bazooka (your trading weapon)
British customers are gloomy about 2017's looming inflation and Brexit negotiations

British consumers turn to be downbeat as for the British economy's prospects in 2017, when higher inflation is about to erode their spending power, a key poll revealed on Thursday, notwithstanding signs that growth has remained sturdy since June's Brexit vote.

A huge leap in households' appetite to make key purchases helped market research company GfK's monthly consumer sentiment index to rise up to -7 in December from November’s outcome of -8, though it concealed a deterioration in consumers' outlook for next year.

Expectations for 2017 are currently the weakest since June's vote to abandon the European Union, and before it they were last lower in 2013, when the British economy had faced a period of sluggish growth.

Confidence in the general economic situation for Great Britain has collapsed in the face of uncertainty regarding the future both at home and overseas. 

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Gold rallies, but remains close to 10-month low

On Friday, gold edged up, but the number one precious metal was still keeping to a 10-month low as the stronger American dollar and hopes for more American rate lifts next year kept weighing.

In New York, February delivery gold futures rose 0.13%, hitting $1,132.15, not far from the 10-month minimum of December 15 at $1,123.90.

The February contract concluded Thursday’s trading session 0.22% lower at $1,130.70 an ounce.

Futures were about to gain support at $1,123.90 and also resistance at $1,136.10, Wednesday’s peak.

The greenback was boosted after American Commerce Department told on Thursday that GDP rallied at an annual rate of 3.5% for the three months by September 30, up from last estimate of 3.2% and exceeding hopes for 3.3%.

The US dollar has been broadly backed since the Fed concluded its policy gathering the previous week by increasing interest rates by 25 basis points and forecast three more rate lifts in 2017.

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Dozens of British banks and financial companies consider moving to Ireland

Banks as well as other financial institutions make up the overwhelming majority of more than 100 companies, considering a possibility to relocate to Ireland after Brexit, as the head of the agency tasked with bringing foreign investment into the republic has already confirmed.

The chief executive of the Industrial Development Agency or IDA for short, Martin Shanahan told that many of the corporations, considering this move, were based in the City of London.

Shanahan told that while Ireland would try to make capital out of Great Britain, voting to leave the European Union, Brexit didn’t appear to be the outcome he or anybody else in Ireland favoured.

Moreover, he added that the IDA didn’t fear a Trump presidency would shut down Us multinational investment into Ireland.

The IDA boasts a target to generate up to 80,000 jobs in the country by 2019, and many of them from new American companies, setting up their European base in Ireland.

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Japanese companies ramp up output

In November, Japanese factory output ascended and manufacturers expect to spur output in coming months, data demonstrated on Wednesday, underscoring the major bank's view that a pick-up in global demand will ensure a steady economic recovery.

In November, retail sales also increased and inventory dipped for three straight months, thus suggesting a broader improvement in the Japanese economy, with a recent rebound in exports also observed supporting growth.

The figures back the dominant market view that the Bank of Japan is going to hold off on expanding monetary stimulus in the nearer months.

Industrial output added 1.5% in November from the previous month, as preliminary data issued by the trade ministry revealed, roughly matching a median market forecast for a 1.6% surge.

Manufacturers polled by the ministry expect output to go up 2% in December and 2.2% in January, an indication that they’re getting more optimistic on the outlook for overseas demand

[Image: a-Bullet-Train-Ginza-District-Tokyo-Japan-1024x768.jpg]

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European stocks are mixed as FTSE gats back to trade

On Wednesday, European stocks were mixed, following the pattern set in Asia, notwithstanding a positive close stateside in the previous session.

During European morning trade, the Euro Stoxx 50 went down 0.01%, French CAC 40 stood intact and German DAX 30 rallied 0.02%.

On Wednesday, holiday trade continued with London investors getting back to their desks for the first time after their long Christmas holiday.

French drugmaker Sanofi sued Danish counterpart Novo Nordisk on allegations, which it falsely claimed that Sanofi’s insulin treatments wouldn’t be available in the USA any more, as there’s need to promote its own product.

Meanwhile, crude prices kept surging on Wednesday, finding itself on track for its longest winning streak since January 2010, as market participants remained optimistic that key crude producers would comply with their agreement to drop output starting in January.

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Gold hits 3-week peak as weaker greenback backs prices

On Friday, gold prices ascended to a three-week peak amid low-volume holiday trading, as the greenback pulled back, driving the appeal of the number one precious metal.

In New York, February delivery gold futures leapt to a session high of $1,164.25 a troy ounce, a value not observed since December 9.

Last it was at $1,160.50, ascending 0.25%, thus contributing to a revenues of $17.00 yesterday. Prices of the yellow metal tumbled to an 11-month minimum of $1,124.30 earlier in December.

The greenback kept pulling back on Friday, declining from its 14-year-peak against a basket of key currencies as traders took profits in the run-up to the end of the year.

Meanwhile, Wall Street ended lower for a second day running in the previous session, as market participants balked at the Dow facing the 20,000 point milestone and rushed to take profits. Gold’s appeal surged, as investors shifted positions from riskier shares to the safe have metal.

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Happy New Year to all traders!

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Here is the end of another choppy year that brought a great many of peaks and troughs to our technical charts. There were many joys and sorrows we will be nostalgic for, many turnaround events that will be stamped in our memories. May your gut feeling never go back on you, your setups be always profitable, and your financial accounts get fat next year! 
FX BAZOOKA analytical team wishes you a Happy New Year and sends you this virtual greeting card!

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Aussie reports further revenues as Caixin China PMI supports

On Tuesday, the Australian dollar gained further in Asia, as market participants noted a better-than-expected private manufacturing PMI from China in a light regional day with financial markets in Japan unavailable, although tweets from President-elect Donald Trump on North Korea's nuclear program drew attention.

The currency pair AUD/USD reached 0.7220, rising 0.46%, while USD/JPY demonstrated 117.40, descending 0.09% on demand for safe-haven yen.

A further rally in production at Chinese manufacturers backed the higher PMI reading in December. Obviously, the rate of output growth surged to a 71-month peak, with some panelists commenting on stronger underlying demand as well as new client wins.

Overnight, the greenback managed to regain momentum lost during the previous two weeks against a basket of six key currencies on Monday.

During early Asia, the US dollar index rallied 0.37%, hitting 102.75e with many financial markets closed overnight.

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China initiates rural assets reforms to spur farmers' incomes

China has already kicked off reforms to enable farmers to turn their assets into shares in various ventures in order to boost their incomes, as the country's agriculture minister Han Changfu revealed on Tuesday.

Han Changfu stressed that currently it’s urgent to safeguard farmers' property rights and it's more difficult to sustain surges in farmers' incomes. The reform will undoubtedly help to boost farmers' property-related incomes.

However, the government is going to push forward the reform in rather an orderly manner, especially considering its complexity.  

According to the reform plan, farmers are going to be allowed to turn their assets, including land use rights along with operating assets, into stocks in various ventures.

The Chinese government will carry out verification as well as evaluation of collectively owned rural assets, expected to be finished in 3 years. 

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Gold prices go up in Asia

On Thursday, gold prices ascended in Asia, as market participants read the Fed minutes in order to suggest that a probable  three rate hike prediction for 2017 turned to be extremely dependent on President-elect Donald Trump pushing through quite aggressive tax cuts as well as spending plans.

In New York, February delivery gold futures added 0.57%, hitting $1,171.95 per troy ounce. Besides this, March delivery silver futures earned 0.21%, trading at $16.587 a troy ounce. As for copper futures, they declined 0.23%, trading at $2.552 a pound.

Overnight, gold prices inched up, approaching a four-week peak, as the American currency retreated from 14-year peaks against basket of key currencies.

Prices of the number one precious metal have tumbled steeply since Donald Trump was elected president as a surging greenback, soaring Treasury yields, not to mention a record-breaking ascend on Wall Street have drastically dampened its appeal.

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