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VALE: Shares In Brazil Plummet Despite Record Iron Ore Production

Vale’s shares fell by more than 3% a few hours ahead of the Brazilian stock market closing and lead Ibovespa lower despite the miner’s report showing a record iron ore production in the second quarter of this year.

Market analysts interviewed by CMA News Agency expected the company to release an increase in output for the second quarter of this year and said that Vale’s stock price movement was a result of lower iron ore prices abroad. They also expect the miner to publish lower earnings next week.

Vale’s preferred shares (VALE5) fell 3.17% to R$ 27.12 each, while the common shares (VALE3) were down 3.37%, to R$ 28.89 each. The shares of Bradespar (BRAP4), Vale’s shareholder, were also down 3.61%, to R$ 21.10 each.

“Iron ore has fallen sharply, by 3.12% on the spot market, in Qingdao port, and also declined in the Chinese futures market. Vale’s shares are very sensitive to the price of the ore,” said Guide Investimentos strategist Luis Gustavo Pereira.

The material has been provided by InstaForex Company – www.instaforex.com

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VALE: Iron Ore Production In Q2 Hits New Record

Vale’s iron ore production increased 5.8% on year in the second quarter, reaching 91.849 million tons, a new record for the company. Progress in the S11D mining complex activities, in Vale’s Northern System, boosted the output.

According to the Brazilian miner, the Northern System reached a record output of 41.5 million tons in the quarter, 13.7% higher than in the same period last year. Pellet production grew by 21.5%, to 12.215 million tons, and coal output more than doubled, to 3.037 million tons. Meanwhile, nickel production fell by 16.1%, to 65.9 thousand tons, and copper output dropped 4.4%, to 102.7 thousand tons.

Coal production in Mozambique also hit a record and as twice the amount recorded in the second quarter of 2016.

Vale reiterated that iron ore production in 2017 should be close to the bottom of the guidance range – 360 million to 380 million tons. The miner, however, decreased its expectation for nickel output this year to 295,000 tons, reflecting lower-than-planned production at Thompson, New Caledonia, and Indonesia.

The copper production forecast was revised to 447,000 tons in 2017, reflecting the impact of unplanned maintenance at Sudbury mines, lower third-party copper deliveries and greater variability in Salobo’s content.

The material has been provided by InstaForex Company – www.instaforex.com

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Forex 21th july 2017 : suggestions for main currencies

Dear readers,

at the end of New York market session, I analyze volatility (ATR) and trend (SMA) indicators on the majors forex pairs,

searching for the most profitable conditions to place a trade.

Yesterday GBPJPY price has closed at 145,19 with -0,40% of negative variation, so for today

I prefer short setups with stop loss over 146,50 area and take profit around 141,90.

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COLOMBIA: Government Issues Regulations For Offshore Oil Exploration

Colombia’s Ministry of Energy and Mines published a technical regulation for drilling exploratory wells to determine the presence of oil and gas in shallow, deep or ultra-deep waters in Colombian territory.

The Colombian government wants to search for and explore oil and gas offshore reserves to increase the countries inventories of those raw materials, the Ministry said in a statement.

The oil industry in Colombia is amid a crisis in which onshore reserves will last only five years more, according to the Colombian Petroleum Association (ACP). Besides, onshore oil output is being affected by factors such as a noncompetitive tax regime and attacks against oil industry infrastructure.

Colombia’s average crude oil production in May was at 851,000 barrels per day, or 0.59% smaller than in April.

The material has been provided by InstaForex Company – www.instaforex.com

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Treasuries Close Nearly Flat For Second Straight Day

After an early move to the upside, treasuries pulled back in afternoon trading on Thursday to close roughly flat for the second straight day.

Bond prices came under pressure in afternoon trading following a notable move to the upside in the morning. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 2.266 percent.

The roughly flat close by treasuries came following the European Central Bank’s monetary policy decision, with the bank leaving its key interest rates unchanged.

The ECB also reiterated its plan to purchase 60 billion euros worth of government bonds and other assets a month through December, or beyond, if necessary.

Additionally, the ECB noted it stands ready to increase the program in terms of size or duration if the outlook becomes less favorable.

ECB President Mario Draghi indicated in his subsequent press conference that the asset purchase program would continue until there is a sustained adjustment in the path of inflation consistent with the bank’s target.

On the U.S. economic front, a report released by the Labor Department showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th.

The report said initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week’s revised level of 248,000. Economists had expected jobless claims to edge down to 245,000.

The Federal Reserve Bank of Philadelphia also released a report showing that regional manufacturing activity grew at a notably slower rate in the month of July.

The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 24.0.

Meanwhile, the Conference Board said its index of leading economic indicators rose by more than expected in the month of June.

The Conference Board said its leading economic index climbed by 0.6 percent in June after rising by a revised 0.2 percent in May. Economists had expected the index to rise by 0.4 percent

Trading activity may be somewhat subdued on Friday amid a lack of major U.S. economic reports due to be released on the day.

The material has been provided by InstaForex Company – www.instaforex.com

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VENEZUELA: OAS Calls For Free Elections, Dismisses Constituent Assembly

The Secretary General of the Organization of American States (OAS) Luis Almagro called international community to reject a vote to form a new Constituent Assembly in Venezuela and to support free elections in the South American country.

In a testimony to the US Senate Committee on Foreign Affairs, during a special session on the subject, Almagro presented a report on the crisis in Venezuela and said that the Nicol?s Maduro administration lost its legitimacy. He also accused the Venezuelan president of deliberately trying to implement a gradual dismantling of democratic institutions as a mean to remain in power.

“Maduro’s government has lost the legitimate support of the popular will, which has led the regime to resort to more aggressive and extreme measures to control and terrorize people,” Almagro said in his report. He noted that more than a 100 people died in clashes occurred in the last few months.

“The government’s intention of carrying out the constitutional process on July 30 is not democratic. The international community can not and should not do anything other than upholding the July 16 ruling,” Almagro said.

His comments were referencing to an informal consultation recently made by opponents of the Venezuelan regime who strongly expressed their opposition to the constituent assembly and the need for new elections. Results couldn’t be verified because the organizers burned votes and the voting lists right after the process.

“Free and fair elections are the only solution so that power can once again be in the hands of the Venezuelan people, who will be able to determine the course to follow to enjoy democracy and prosperity,” said the OAS report.

The material has been provided by InstaForex Company – www.instaforex.com

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Crude Oil Pauses After Recent Rally

Crude oil futures inched lower Thursday, trimming recent gains despite signs that U.S. production is slowing.

The EIA reported a significant decline in oil inventories yesterday, driving crude oil above $47 a barrel to 6-week high.

On the final day of the August contract, WTI oil was down 33 cents, or 0.7%, to settle at $46.79/bbl. Meanwhile, London’s Brent crude oil briefly passed the $50 threshold.

A report released by the Labor Department on Thursday showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th.

Initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week’s revised level of 248,000.

Philadelphia-area manufacturing activity grew at a notably slower rate in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.

The material has been provided by InstaForex Company – www.instaforex.com

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الذهب يغلق على ارتفاع تزامناً مع تراجع الدولار

ارتفع سعر الذهب عند تسوية تعاملات اليوم الخميس، بفعل تراجع أداء الدولار أمام معظم العملات الرئيسية، ومع إعلان البنك المركزي الأوروبي والياباني تثبيت معدل الفائدة. وصعد سعر المعدن النفيس بنسبة 0.3% عند مستوى 1245.5 دولار للأوقية. واستفاد الذهب من هبوط الدولار الأمريكي مقابل معظم العملات الرئيسة، فتراجع أمام اليورو بنسبة 1% عند مستوى 1.1630 دولار، […]

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Gold Holds Gains Amid Dovish ECB

Gold nudged higher Thursday amid reports saying the the European Central Bank may not make a decision on the future of its bond-buying program until October.

As expected this morning, the ECB left its key interest rate unchanged. The ECB still plans to buy 60 billion euros of government bonds and other assets each month through December, “or beyond, if necessary.”

ECB President Mario Draghi struck a dovish tone at his press conference today.

“The last thing the governing council may want is an unwanted tightening of the financing conditions that?.?.?.?may even jeopardise [the recovery],” he said.

Still, the dollar failed to rally against the euro, and gold sustained its recent gains.

August gold settled at $1,245.50/oz, up $3.50, or 0.3%.

A report released by the Labor Department on Thursday showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th.

Initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week’s revised level of 248,000.

Philadelphia-area manufacturing activity grew at a notably slower rate in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.

The material has been provided by InstaForex Company – www.instaforex.com

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Dollar Mixed After Central Banks Leave Rates Unchanged

The dollar is turning in a mixed performance against its major rivals Thursday afternoon. The buck is down against the Euro and the Japanese Yen, but is holding onto gains against the British pound. Central banks were in focus Thursday, as the European Central Bank and the Bank of Japan both maintained their respective interest rates.

A report released by the Labor Department on Thursday showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th. The report said initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week’s revised level of 248,000.

Economists had expected jobless claims to edge down to 245,000 from the 247,000 originally reported for the previous week.

Philadelphia-area manufacturing activity grew at a notably slower rate in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 24.0.

Pointing to continued growth in the U.S. economy, the Conference Board released a report on Thursday showing a bigger than expected increase by its index of leading economic indicators. The Conference Board said its leading economic index climbed by 0.6 percent in June after rising by a revised 0.2 percent in May.

Economists had expected the index to rise by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.

The ECB left its key interest rates and massive stimulus unchanged for an eleventh straight session, and also kept the forward guidance intact, thus retaining the downward bias on asset purchases.

The Governing Council, led by ECB President Mario Draghi, kept all its three interest rates unchanged during the policy session in Frankfurt.

The main refi rate was held at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate was kept at 0.25 percent.

The bank also retained its asset purchases of EUR 60 billion a month till December 2017, or beyond, if necessary. The size was reduced in March from EUR 80 billion.

“The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases,” the bank said in a statement.

Though the robust economic expansion provides confidence that euro area inflation will hit the target in future, it is yet to show any convincing trend of a pickup, prompting policymakers to delay a review of the massive stimulus until the fall, European Central Bank President Mario Draghi said Thursday.

“Headline inflation is dampened by the weakness in energy prices,” Draghi said in his introductory statement to the post-decision press conference. “Moreover, measures of underlying inflation remain overall at subdued levels.”

“Therefore, a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to gradually build up and support headline inflation developments in the medium term,” he added.
The dollar sank to a 23-month low of $1.1657 against the Euro Thursday, but has since rebounded to around $1.1625.

Eurozone consumer sentiment unexpectedly deteriorated in July, preliminary data from the European Commission showed Thursday. The flash consumer confidence index for the euro area fell to -1.7 from -1.3 in June, which was the highest since April 2001. Economists had forecast a score of -1.2 for July.

The euro area current account surplus increased in May largely driven by trade surplus and primary income, data from the European Central Bank showed Thursday. The current account surplus increased to EUR 30.1 billion in May from 23.5 billion in April.

Eurozone government debt to gross domestic product increased slightly in the first quarter, Eurostat reported Thursday. Government debt to GDP in euro area came in at 89.5 in the first quarter versus 89.2 percent in the previous quarter.

Germany’s producer price inflation eased to a five-month low in June, data from Destatis showed Thursday.

Producer prices climbed 2.4 percent year-on-year in June, following a 2.8 percent rise in May. A similar slower pace was last seen in January.

Nonetheless, the pace of increase was slightly faster than the expected 2.3 percent.

The buck climbed to a high of $1.2929 against the pound sterling Thursday, but has since eased back to around $1.2975.

UK retail sales recovered at a faster than expected pace in June, data from the Office for National Statistics revealed Thursday. Retail sales grew 0.6 percent month-on-month in June, reversing a 1.1 percent fall in May. Sales were forecast to gain 0.4 percent.

The Bank of Japan left its massive monetary stimulus unchanged on Thursday and pushed back the timeframe to achieve its 2 percent inflation target. Governor Haruhiko Kuroda and his board members decided by an 7-2 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

In the fiscal 2019, inflation is forecast to be 2.3 percent instead 2.4 percent.

The timing for annual inflation to reach around 2 percent will likely be around fiscal 2019, the bank said.

The greenback slipped to a low of Y111.466 against the Japanese Yen Thursday, but has since bounced back to around Y111.800.

Japan’s all industry activity declined at a faster-than-expected pace in May, after rebounding in the prior month, data published by the Ministry of Economy, Trade and Industry showed Thursday. The all industry activity fell a seasonally adjusted 0.9 percent month-over-month in May, reversing a 2.3 percent rise in April. That was just above the 0.8 percent drop economists had expected.

Japan had a merchandise trade surplus of 439.907 billion yen in June, the Ministry of Finance said on Thursday. That was shy of expectations for a surplus of 488.0 billion yen following the 204.2 billion yen deficit in May.

The material has been provided by InstaForex Company – www.instaforex.com

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