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04.02. Boris Johnson does not want to accept EU standards

The sterling lost more than 1% after British Prime Minister Boris Johnson said he would not accept EU standards as the price for securing a free trade deal.

Britain officially left the EU on Friday, January 31, but it has yet to agree on the details of new relations with the European Union. Both sides stated what they want from a future trade deal, but the positions were so far apart, that economists do not exclude the possibility of a sharp break in relations at the end of the year.

The UK is currently in a transition period during which EU law and regulations still apply to the entire country, and the UK government can trade with other countries. During this period, London also seeks to develop new trade agreements with Brussels. Its absence will lead to higher costs for British and European exporters.

Boris Johnson said yesterday that Britain wants to conclude a free trade agreement with the EU, similar to the 2016 Canadian agreement. However, representatives of the European Union noted that the parties do not have enough time to agree on a similar deal.

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05.02. Retail sales in the eurozone in December fell 1.6%, worse than forecast

According to the European statistical agency Eurostat, retail sales in the eurozone in December fell by 1.6% compared with November. Analysts had expected a decline of 0.9% month-on-month.

On an annualized basis, retail sales in the eurozone in December increased by 1.3%, although analysts had expected growth of 2.4%.

In all EU countries, retail sales in December decreased by 1.3% compared with November, and year-on-year – increased by 1.9%.

The largest annual sales growth in December was recorded in Hungary (+ 6.1%), Romania (+ 8.5%), as well as in Malta (+ 5.9%). The decrease was recorded in Slovakia (-2.5%), Slovenia (-6.6%) and Finland (-1.6%).

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07.02. The number of applications for unemployment benefits in the US fell to a minimum since April

According to the U.S. Department of Labor, the number of Americans applying for unemployment benefits for the first time fell by 15 thousand to 202 thousand. This has become the lowest level since mid-April 2019.

A week earlier, according to revised data, the number of applications was 217 thousand, and not 216 thousand, as previously reported.

Analysts surveyed by Bloomberg predicted predicted a decrease in the indicator by 1 thousand, to 215 thousand.

The number of Americans continuing to receive unemployment benefits for the week increased by 48 thousand, to 1.751 million. Last week, a similar indicator was recorded at the mark around 1.703 million.

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10.02. Gold rises in price, the market estimates the economic damage from the coronavirus

Today, Gold quotes rose to a week maximum, reaching $ 1,580 per troy ounce. The precious metal is getting more expensive as rising concerns about the effects of Chinese coronavirus have increased the attractiveness of defensive assets.

The number of coronavirus victims on Sunday increased by 97 and exceeded 900 people. Thus, more people have already died from the new virus than from SARS almost two decades ago.

Gold also gained support as the dollar moved away from a four-month high versus a basket of major currencies.

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11.02. UK economy showed zero growth in the IV quarter

The UK economy showed zero growth in the last quarter of 2019. According to preliminary data from the National Statistical Office (ONS), GDP in October-December did not change compared to the previous quarter. In December, economic growth accelerated by 0.3%.

In annual terms, UK GDP in the IV quarter grew by 1.1%, at the lowest rate since the beginning of 2018.

Consumer spending in the country grew by only 0.1%, at the lowest rate since the end of 2015. Investment in business fell by 1%, which was the maximum decline since the end of 2016.

Manufacturing output fell 1.1% from the previous three months. Service growth slowed to 0.1%.

At the end of 2019, the UK's GDP increased by 1.4% compared with a rise of 1.3% in 2018.

The Bank of England predicts that in 2020 the UK economy will grow by only 0.8%, at the lowest rate since the financial crisis. In 2021 growth will accelerate to 1.5%, according to the Central Bank.

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12.02. China maintains its goal of GDP growth despite coronavirus exposure

Deputy head of the PRC Academy of Social Sciences Cai Fan said that China will be able to achieve its long-term goal of doubling GDP and income this year, despite the consequences of the outbreak of Coronavirus. The epidemic will have only a short-term effect on the country's economy, after which demand will recover quickly, Chinese officials think.

The economist also noted that the impact of a virus outbreak will slightly reduce growth and other development indicators, but these consequences will not be long-term. According to him, the growth rate of about 5.7% this year will be sufficient to achieve the goal of doubling GDP and income.

Cai also added that the Chinese authorities should use policy tools in a timely and flexible manner, as well as apply «non-traditional policy tools» to support the economy.

It was previously noted that the outbreak of coronavirus in 2020 could reduce China's economic growth by 1 percentage point.

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13.02. US annual inflation accelerates to 2.5% in January

According to the US Labor Department, consumer prices in the US in January rose 2.5% year on year, and on a monthly basis inflation was 0.1%. Experts expected consumer price growth to accelerate by 2.4% and 0.2%, respectively.

In December, inflation amounted to 0.2% in monthly terms and 2.3% in annual terms.

Core inflation in the United States (excluding food and energy prices) in January year on year amounted to 2.3%. Analysts had expected the indicator to be fixed at 2.2%. On a monthly basis, prices rose by 0.2%, which coincided with experts' forecasts.

US food prices in January in monthly terms rose by 0.5%, while energy prices fell by 0.7%. In annual terms, food prices rose by 1.8%, and energy – by 12.1%.

Re: ForexMart's Forex News

Running a business is not the easiest thing now. A lot of bank accounts are being shut, the property is being seized. Not everyone can accept it, so I think we should creat such organizations as to protect our rights and change the legislative system somehow.

Re: ForexMart's Forex News

14.02. US industrial production in January fell by 0.3%

According to the US Federal Reserve, the volume of industrial production in the United States in January decreased by 0.3% compared to the previous month. Analysts polled by Reuters expected a 0.2% drop.

The value for December was revised: the decrease in industrial production in the country in the reporting month is estimated at 0.4% in monthly terms against the previous estimate of 0.3%.

The US industrial production index is one of the key indicators of the economy, reflecting the physical volume of products manufactured by American companies.

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17.02. Japan's GDP in the IV quarter fell at the fastest rate since 2014

In the fourth quarter of 2019, Japan's GDP fell by 6.3% year on year after increasing the consumption tax in the country. Such rates of decline became the highest over the past 5.5 years. The fall in GDP was noted for the first time since the third quarter of 2018.

Analysts had expected the Japanese economy to decline in the fourth quarter by only 3.7%. In the third quarter, according to revised data, Japan's GDP grew by 0.5%, and not by 1.8%, as previously reported.

Analysts also fear that the country's economy may contract in January-March 2020 against the backdrop of the spread of the Chinese coronavirus. A fall in GDP over two consecutive quarters will mean a technical recession.

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18.02. Apple shares fell on Tuesday

Stock prices of the American company Apple Inc are reduced today by 3.6% during preliminary trading. Even earlier, the stock drop exceeded 4%. The Nasdaq stock index, which calculates the company's securities, fell 0.9%.

The fall was caused by a warning from Apple that the company's revenue in the second fiscal quarter (ending March 30) would not reach the previously announced values due to an outbreak of coronavirus in China. As you know, all Apple's manufacturing facilities are located outside of Hubei Province, which is the epicenter of the disease, and all of them have already resumed work.

However, the recovery is slower than planned, which has led to a temporary restriction in the supply of iPhone smartphones worldwide. At the end of January, the company gave a forecast in which it estimated revenue in the current quarter at $63-67 billion with the resumption of production by February 10.

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19.02. UK annual inflation accelerates to 1.8% in January

According to the Office of National Statistics (ONS), inflation in Great Britain accelerated in January to 1.8% from 1.3% in December in annual terms, and in monthly terms, deflation was fixed at 0.3% against zero inflation a month earlier.

Analysts predicted that annual inflation would be 1.6%, and in monthly terms, experts expected a deflation of 0.4%.

The CPIH index (inflation, taking into account the costs of homeowners on housing maintenance) for the reporting month was 1.8% in annual terms against 1.4% a month earlier. In monthly terms, a deflation of 0.2% was recorded against zero dynamics in December.

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02.20. Gold has risen to a high in 7 years

Gold prices rose to a maximum in 7 years due to fears that an outbreak of coronavirus will slow down global growth, as well as amid rumors that the US Federal Reserve will cut the interest rate by the end of the year.

At the auction on February 20, the price per troy ounce of gold amounted to $1,621.45 – a similar price of gold was fixed at the beginning of 2013.

Although the number of new cases of coronavirus infection is declining, signs of deepening economic damage from the epidemic continue to put pressure on markets. Moreover, two deaths were recorded in Iran, which indicates the active spread of the disease outside of China.

The minutes of the last meeting of the US Federal Reserve showed that the regulator can leave rates unchanged for several months of 2020, but traders predict at least one decrease in 2020.

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02.21. The ECB expects the completion of the coronavirus epidemic will lead to a significant revival of the eurozone economy

Philip Lane, chief economist at the European Central Bank (ECB), said that the spread of the coronavirus Covid-19 is the central agenda for the Central Bank and carries downward risks for its economic outlook until the epidemic is brought under control.

At the same time, the ECB expects that the end of the epidemic will lead to a significant revival of the eurozone economy, and in the foreseeable future we should not expect «dramatic» consequences.

The regulator also noted that the ECB has room to maneuver in terms of increasing monetary stimulus and is ready to lower key interest rates if necessary.

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