Economic Calendar (Friday, September 8, 2017)

Know what will happen next in the financial markets with ForexMart's Forex Economic Calendar.

ForexMart's Forex Economic Calendar is a real-time, customizable, and multifunctional, forex tool that allows traders to be updated with the latest and most relevant market events. All information that could be potentially impact your trading will be listed and analyzed here.

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Australian Dollar Up Against the USD due to Hurricanes

The national currency of Australia is predicted to maintain its stance near the two-year highs, as the American dollar is expected to be under pressure due to economic downfall assessed by investors in line with the destructive hurricane that hit the shores of Florida.

On Friday, the Aussie dollar was able to reach its highest level since May 2015 while investors are preparing for further impact by Hurricane Irma as the forecast says, it will slam the Florida Keys along with some flooding in Florida’s Gulf Coast.

Lloyd’s of London fears for the possible insurance losses worth $US 200 billion ($248.22bn) as tropical cyclones brush off through the coasts of the United States and the Caribbean.

The reversal in the residential construction activity seems evident, as Westpac chief economist Bill Evans worries about the declining growth outlook based on the Reserve Bank’s report regarding monetary policy previously.

The bank further mentioned the increasing charges of stamp duty from foreign investors, as well as funding restrictions and Chinese government restraints that mainly influence future developments, particularly on international companies.

On Thursday, job statistics for this month will provide a break point for markets and the NAB’s economics team anticipates for a strong and steady month of the jobless rate at 5.6 percent. While tomorrow is scheduled for the publication of the bank’s Business Survey which would likely continue to show solid levels of business confidence. Moreover, the  Westpac consumer confidence index will be issued on Wednesday and expected to remain weak. It should be watched carefully because of the impact cause towards the retail-exposed stocks, as the dollar seems trading actively.

The greenbacks were able to lose its gains on the back of touching its two-year high at US81.25c last Friday, however, it closed over the critical level of  US80c.

German Economy Gained More Than Two Percent in 2017, says BDI

The economy of Germany is expected to increase by more than 2 percent this year, with further adjustments on calendar effect According to the BDI industry association, this could be the strongest rate in six years after increasing its growth outlook for the biggest economy of the European Union.

The forecast comes after a muted message by the Economy Ministry, stating that the country might have slower growth during the second half amid the breakthrough for the first half.

The German economy would likely have an upswing due to consumer-driven factors including the extremely low borrowing costs, high level of employment and increasing real wages.

Moreover, these factors may support Chancellor Angela Merkel to gain victory for her fourth term during the federal election on September 24.

The ministry is very careful before publishing any forecast as indicated in its monthly report, stating that the development will continue until December but it is possible that dynamics will weaken.

So far, the growth forecast for this year remains unadjusted at 1.5 percent by which will be revised to 1.8 percent due to calendar-adjusted basis. However, analysts hope that the government will further lift the rate in autumn.

ForexMart Launches Web Terminal for Traders

We have launched a trading web terminal which will be available to all ForexMart clients.

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The launching of this web terminal is part of our continuous efforts to further improve our services and to consistently provide a better trading experience for both our clients and partners, as well as to create more opportunities for traders.

The web terminal can be used for both old and new ForexMart trading accounts. For further information or any inquiries regarding this new feature from ForexMart, you can visit <here> or you can contact our customer service at support@forexmart.com

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Economic Calendar (Wednesday / September 20,2017)

Know what will happen next in the financial markets with ForexMart's Forex Economic Calendar.

ForexMart's Forex Economic Calendar is a real-time, customizable, and multifunctional, forex tool that allows traders to be updated with the latest and most relevant market events. All information that could be potentially impact your trading will be listed and analyzed here.

A trader that knows more, profits more. Use ForexMart's Forex Economic Calendar and become a better trader today.

NZ Economy Expansion, Rise In GDP Q2

The seasonally adjusted Gross Domestic Product of the New Zealand increased by 0.8 percent in the second quarter as reported to the data on Thursday. It was updated from 0.6 percent in the previous quarter. On the other hand, the annual GDP remained unchanged at 2.5 percent.

This increase was mainly due to the high demand in tourism as more travellers visit the country primarily to take part in the British and Irish Lions rugby tour and the World Master’s games. At the same time, both the retail spending and hotel bookings went up by 2.8 percent.

A senior economist predicted that the next quarter will reach the peak of growth with the sudden flock of people in tourism as an initial boost and “rebound” in transport and agriculture sector. Although, the 0.8 percent quarterly increase is not a striking figure as he mentioned.

The course of growth is in line with the predictions from analysts but it is a bit lower than the forecast 0.9 percent of the central bank. There is a low chance for data on Thursday to affect the decision of the Reserve Bank of New Zealand and will still go with the course of keeping the borrowing rates at record low of 1.75 percent. Currently, the economy of New Zealand implies that there is growth following along the forecast in August Monetary policy meeting forecast.

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Oil Steady Gains Amid Pressure In Market Rebalancing

The oil market is under pressure because of a surge in U.S. dollar but kept their profits from the former session. This was mainly due to the major meeting from producers in Vienna which aims to rebalance their asset allocation.

Since the beginning of 2017, members of the Organization of the Petroleum Exporting Countries including other oil producing countries such as Russia reduced the output by 1.8 million barrels per day. This action is helpful in easing of global crude inventories towards OPEC’s target of the five-year average.

The London Brent crude for November delivery declined by 4 cents at $56.82 a barrel by 0614 GMT which is close to the highest rate since the third month of the year. On the other hand, the U.S. crude market for November delivery dropped by 10 cents at $50.56 but not too far from the latest four-month highs.

The WTI crude decreased to the same month of Brent futures reached $6.28 which has been extensive since August 2015 and further pressured damages incurred by the U.S. refineries following the hurricane disaster.

The dollar index rose by 1 percent against other currencies. The euro declined following the rally in Germany after the election which demonstrates support for the far-right party and prompted Chancellor Angela Merkel to be in opposition.

The energy minister from Russia publicized that there is no agreement yet on the extension of output reduction after March. Yet, this is anticipated before January and this decision is anticipated before the year ends.

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Turkish PM Yildirim Agreed to Deal Oil Exports with Iraq

Iraq disclosed that it will only deal with the Turkey government when it comes to crude oil exports, according to the Iraqi Prime Minister Haider al-Abadi on Thursday. The support of Turkey with Iraq was discussed between the Prime ministers of both countries. Turkish Prime Minister Binali Yildirim phone call conversation entails the affirmation of supporting Iraq to “all decision” which he mentioned, in particular, the “restriction” of oil exports. Although, this was not deliberated in detailed.

British Economy Soften in Third Quarter, says CBI

The growth in the UK private sector had reduced marginally during the third quarter, as mentioned in the industry poll issued on Sunday, amid the optimistic outlook of various firms in the following months.

The monthly indicator of the Confederation of British Industry for the output for manufacturers, retailers and services companies is down to +11, compared with the +14 for the three months to August. Even though there are mixed expectations, the overall data for the next quarter is anticipated to perked up to +18 which is two points from August.

The survey of the CBI signaled that it is impossible to persuade the rate setters of the BoE who stated that interest rates would increase sooner or later, in consideration of the continuous economic development and price growth.

The Office for National Statistics (ONS) mentioned last week that the British economy had an uptick on its slowest annual pace in 2013 subsequent to the EU exit in 2016. As indicated in the Reuters poll last week, many economists predicted that rate hikes will be in November while the other respondents believed that it is inappropriate to imply such action.