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Daily Market Outlook by Solid Trust Markets
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[QUOTE="SolidTrustMarket, post: 100228, member: 36800"] [b]Daily Market Outlook 13 April[/b] [img]https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xtl1/v/t1.0-9/12717510_174118869626335_4845820293159483711_n.jpg?oh=2a23c6b13a613b005f9fef79fea074e7&oe=576A6387[/img] Asian shares came close to their highs for the year on Wednesday after surprisingly upbeat Chinese trade data offered hope the Asian giant was finally stabilising, underpinning both risk sentiment and commodity prices. China reported exports jumped 11.5 percent in March compared to a year earlier, the first increase since June and well above market forecasts. That was a huge improvement on February, even though data at this time of year tends to be distorted by the Lunar New Year holidays. The heads of two regional Federal Reserve banks supported a rate hike ahead of the Fed's March meeting as an improving economy added to sentiment to tighten monetary policy. The heads of the Richmond and Kansas City Fed branches supported a quarter point hike in the main lending rates for banks "in light of continued improvements in labor market conditions and expectations that inflation would rise," according to minutes of the Fed's March discount rate meeting. The discussion over discount rates preceded the Fed's policy meeting held last month. The target federal funds rate was held steady at that session. Kansas City Federal Reserve Bank president Esther George dissented, preferring to raise rates. Richmond Federal Reserve Bank president Jeffrey Lacker does not vote on the Fed's main rate-setting committee this year. Minutes of the last Fed policy meeting showed a broadening debate over when to hike rates next. Though an increase is considered unlikely when the Fed meets in April, steady progress on jobs and growth could set the stage for a hike in June. The safe-haven Japanese yen slid from recent peaks against the greenback on Wednesday as solid gains in oil prices helped underpin risk appetite. With hopes of a production cap agreed by top producers Russia and Saudi Arabia back in play, global oil prices climbed to four-month highs overnight. "The dollar gained along with the Australian dollar as risk appetite improved in the broader financial markets. What was eye-catching was that the dollar rose without support from Japanese officials' jawboning," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. The yen has mostly brushed off recent comments by Japanese officials warning that a rapid appreciation by the currency was unwelcome. Oil futures fell in Asian trade on Wednesday as profit-taking and concern over a larger-than-expected build in U.S. crude stocks outweighed a report that Russia and Saudi Arabia had reached consensus on an oil output cap. A firmer U.S. dollar, which makes dollar-denominated commodities more expensive for holders of other currencies, also pressured prices. U.S. crude stocks rose by a larger-than-expected 6.2 million barrels to 536.3 million last week, data from industry group the American Petroleum Institute showed late Tuesday. That compared with analyst expectations for a 1.9 mn bbl increase. Official inventory data from the EIA is due later on Wednesday. Investors are also wary of the outcome of a producer meeting in Doha on April 17 that may lead to an oil output cap. But, Russia and Saudi Arabia were reported to have reached a consensus on Tuesday about an oil output freeze, ahead of Sunday's meeting. But any upside should be limited at current price levels by producer hedging, bank analysts added. Still, some signs of improving crude demand have appeared as China's crude imports, buoyed by strong demand from independent refiners and better refining margins, rose 13.4% in the first quarter from a year ago, customs data showed on Wednesday. Global oil demand will grow by 1.16 million barrels per day this year, a 10,000-barrel rise compared with earlier estimates, the EIA said in its monthly forecast on Tuesday. The agency raised its oil demand growth estimate for 2017 by 120,000 bpd to 1.33 million bpd. U.S. government posted a $108 billion budget deficit in March, more than double the amount from the same period last year, the Treasury Department said on Tuesday. The government had a deficit of $53 billion in March of 2015. Analysts polled by Reuters had expected a $104 billion deficit for last month. Accounting for calendar adjustments, March would have shown a $102 billion deficit compared with an adjusted $89 billion deficit in March 2015. The current fiscal year-to-date deficit was $461 billion, up 5 percent from a $439 billion deficit this time last year. Receipts last month totaled $228 billion, while outlays stood at $336 billion. [/QUOTE]
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