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Consumer costs in Australia advanced 0.5 percent on quarter in the 4th quarter of 2016, the Australian Bureau of Data stated on Wednesday.

That was beneath expectations for 0.7 percent, which would have been the same from the previous three months.

The most substantial rate increases in Q4 were tobacco (+7.4 percent), vehicle fuel (+6.7 percent) and dining establishment meals (+1.1 percent).

These increases were partially balanced out by falls in furnishings, household equipment and services (-0.8 percent) and communication (-0.8 percent).

Vegetables increased 2.5 percent in Q4 as negative weather conditions in significant growing locations impacted supply for specific veggies (potatoes, capsicums, broccoli and cauliflower). Balancing out these rises are rate succumbs to salad veggies, tomatoes, lettuce and celery.

The most substantial balancing out rate falls in Q4 were worldwide vacation travel and lodging (-2.6 percent), accessories (-5.1 percent) and waters, sodas and juices (-3.2 percent).

On an annual basis, inflation got 1.5 percent -0 again shy of forecasts for 1.6 percent however up from 1.3 percent in the 3 months prior.

The Reserve Bank of Australia’s trimmed mean was up 0.4 percent on quarter and 1.6 percent on year, while the weighted median got 0.4 percent on month and 1.5 percent on year.

Likewise on Wednesday, Westpac Bank stated that its prominent financial sign for the Australian economy leapt in December, increasing 0.44 percent last month.

That follows the upwardly modified 0.03 percent gain in November (initially 0.02 percent).

The six-month growth rate climbed from flat in November to 1.28 percent in December; in all, the index has been above pattern in 5 straight months.

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AUD/NZD is currently trading around

Gold futures slipped Friday after closing at 10-week highs in the previous session.

February gold fell $4.80, or 0.4%, to settle at $1,210.80 an ounce.

Gold prices have risen of late due to speculation the Federal Reserve will postpone raising interest rates up until later this year.

Anxiety about the new Trump administration’s bold financial policies likewise improved gold’s safe house appeal.

In economic news, sales of formerly owned houses slipped in December, hurt by a lack of offered homes.

The decrease, which was somewhat more than economic experts had anticipated, took the figure off a multi-year high reached in the previous month.

The National Association of Realtors said existing house sales fell 2.8 percent in December to reach an annual pace of 5.49 million units.

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ARGENTINA DEC TRADE BALANCE * REDUCTION TO 65 MLN $ (FCAST -400 MLN $) VS PREV 100 MLN $
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Overview

Gold price faces strong resistance at 1,218.55, which forces the price to drop again and approach the 1,210.00 barrier. Meanwhile, the price remains within the bullish channel that has been formed since the end of the last year. To keep the bullish trend active until now, supported by the EMA50, we are waiting until the 1,218.55 barrier is surpassed to confirm. This will open the way towards 1,249.94 level as a next main station. Holding above 1,205.50 and 1,197.10 levels is an important condition for the suggested rise to continue. However, breaking these levels will push the price to extend the bearish correctional wave to 1,183.83 initially before any new attempt to rise. The expected trading range for today is between 1,205.50 support and 1,240.00 resistance.

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Overview

Silver is trading with a slight bullish bias after it kept its stability above the support base formed above the correctional bearish channel’s resistance. You can judge the developments on the chart. The price is moving inside a minor bullish channel that supports the bullish scenario in the upcoming sessions. The metal is waiting to test 17.43 level initially. In general, the bullish scenario is still valid for the short term supported by the EMA50. Let me remind you that breaching the targeted level will extend price gains to reach 18.30. Holding above 16.56 is the most important condition to continue the expected rise. The expected trading range for today is between 17.00 support and 17.43 resistance.

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Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4820. Using the Ichimoku on the 4H time frame, I found strong resistance levels at the price of 1.4860 (Kijun sen) and 1.4886 (Tenkan sen). The short-term trend is downward. Watch for selling opportunities on the pullback. First downward target is set at the price of 1.4770.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4930

R2: 1.4950

R3: 1.4980

Support levels:

S1: 1.4860

S2: 1.4840

S3: 1.4800

Trading recommendations for today: watch for potential selling opportunities.

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Recently, gold has been trading sideways at the price of $1,213.00. In the Daily time frame and using the Ichimoku cloud, I found that price is in the Ichimoku Cloud (equilibrium). The trend according to the daily time frame is neutral to bearish. According to the 30M time frame, I found potential double top formation and bearish divergence on Moving Average Oscilator, which is a sign of weakness. Anyway, to confirm this view price should break the level of $1,209.30. If the price breaks the level of $1,209.30, Gold may visit the level of $1,199.00 – $1,196.00.

Resistance levels:

R1: 1,215.75

R2: 1,216.50

R3: 1,219.35

Support levels:

S1: 1,212.15

S2: 1,209.30

S3: 1,208.50

Trading recommendations for today: Watch for potential selling opportunities.

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USD/JPY is expected to trade with a bullish bias. The pair recorded a succession of higher tops and higher bottoms since Jan 20, which confirms the bullish scenario. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages, which are playing support roles and maintain the upside bias. Moreover, the relative strength index is staying firmly above its neutrality level at 50 and lacks downward momentum.

Hence, as long as 112.45 is support, look for a further rise towards 113.75 and even 114.10 in extension.

Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 113.75 and the second one at 114.10. In the alternative scenario, short positions are recommended with the first target at 112.00 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 111.50. The pivot point is at 112.45.

Resistance levels: 113.75, 114.10, 114.40 , Support levels: 112.00, 111.50, 111

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Turkey’s reserve bank raised its overnight financing rate on Tuesday, mentioning extreme changes in exchange rates that present upside threats to the inflation outlook.

The Monetary Policy Committee, led by Guv Murat Cetinkaya, treked the limited funding rate to 9.25 percent from 8.5 percent, the central bank stated in a declaration. The decision remained in line with expectations.

The over night borrowing rate was held stable at 7.25 percent and the one-week repo rate was left the same at 8 percent. Economists had anticipated the rates to be raised to 7.5 percent and 8.5 percent, respectively.

While developments in aggregate need assistance disinflation, excessive fluctuations in exchange rates since the previous policy session have increased the upside threats concerning the inflation outlook, the bank said.

“The significant increase in inflation is anticipated to continue in the short term due to lagged pass-through impacts and the volatility in food rates,” the bank stated.

“Accordingly, the Committee decided to reinforce the financial tightening in order to include the wear and tear in the inflation outlook.”

The bank likewise stated that it stands ready to provide further financial tightening when required.

“Needed liquidity steps will be taken in case of unhealthy rates habits in the forex market that can not be justified by financial fundamentals,” the bank stated.

The Turkish lira has been under significant downward pressure in current weeks, primarily due to political instability and concerns over central bank self-reliance.

The partial recovery in the economic activity shown by current information is anticipated to advance the back of helpful measures and incentives, the bank stated. Policymakers worried that implementation of the structural reforms would contribute to the prospective development significantly.

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