Forex - Japanese yen, Aussie weaker in early Asian trade

Investing.com - Investing.com - The Japanese yen and Australian dollar lost ground early in Asia on Tuesday as investors looked for further guidance on global economic growth prospects.

USD/JPY traded at 106.98, up 0.12%, while AUD/USD changed hands at 0.8760, down 0.16%.

Japan's September CGPI is due at 0850 Tokyo (2350 GMT) together with September money stock data.

The forecast for domestic CGPI is a gain of 3.6% on year, the 18th straight year-on-year rise but at a slower pace than up 3.9% in August. M2 is forecast up 2.9% on year.

In Australia, Citi's annual investment conference is being held in Sydney at 0930 (2330 GMT) followed by the release of the NAB's business confidence and business conditions survey at 1130 (0030 GMT). Also in Australia, NAB's September survey of business confidence and conditions is due.

Last month confidence stood at 8 and conditions 4.

The Monetary Authority of Singapore releases its semi-annual monetary policy statements at 0800 local time (0000 GMT), in tandem with third quarter GDP data. No change in policy is expected.

Overnight, the dollar weakened against most major currencies after a key Federal Reserve official said over the weekend that rate hikes may come later rather than sooner if the global economy continues to flounder.

While the U.S. is seen closing its monthly bond-buying programs this month and hiking interest rates in 2015, expectations that the Federal Reserve may take its time when tightening policy next year began to build on Monday, especially in wake of dovish comments out of the U.S. central bank.

"If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise," Federal Reserve Vice Chair Stanley Fischer said in prepared remarks of a speech he delivered at the annual International Monetary Fund/World Bank meeting over the weekend.

Bottom fishers also gave the single currency an edge over the dollar, though gains were seen as limited on concerns the European economy faces building headwinds, which may require fresh stimulus measures from the European Central Bank.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.02% at 85.26.

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RBA's Debelle says Aussie higher than economic fundametals suggest

Investing.com - Investing.com - The Australian dollar remains higher than economic fundamentals suggest, even after declines in recent weeks, Reserve Bank of Australia Assistant Governor Guy Debelle said Tuesday.

"While that depreciation will do something to foster more balanced growth in the Australian economy, it has only served to take the trade-weighted index back to its levels of earlier in the year," he said.

He said that "we are in an unusual environment where monetary policy settings in the four major economic regions - the U.S., China, Europe and Japan - are moving in divergent directions."

This is challenging for both markets and policy makers and "creates a complicated environment for setting monetary policy in other parts of the world, including here in Australia," Debelle said.

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Tropical Storm Fay brushes Bermuda with high winds and rain

MIAMI (Reuters) - Tropical Storm Fay swept past Bermuda drenching the British territory in the Atlantic with winds gusting to hurricane force, the U.S. National Hurricane Center said on Sunday.

The storm, just below Category 1 hurricane strength with maximum sustained winds of 70 miles per hour (110 kph), was located 85 miles (140 km) north north-east of Bermuda on Sunday morning, the Miami-based center said.

A hurricane watch was still in effect for Bermuda, it warned, noting that tropical storm force winds extended 175 miles (280 km) from the center of Fay. Bermuda reported sustained winds of 61 mph (98 kph) and a wind gust of 82 mph (132 kph) as the center of Fay moved by the island, the hurricane center reported.

There were no immediate reports of major damage on the island which has strict building codes and is well prepared for storms that sweep across the Atlantic during the June-through-November hurricane season.

An affluent island and global reinsurance center located 640 miles (1,030 km) off Cape Hatteras, North Carolina, Bermuda is home to some 65,000 people.

So far the 2014 Atlantic hurricane season has been relatively inactive and Fay was only the sixth named storm of the year. In August forecasters downgraded their outlook for the season, predicting below-normal activity with seven to 12 named storms, and no more than two reaching major hurricane status.

A major hurricane is considered to be Category 3 or above with winds hitting at least 111 mph (178 kph).

Below-average temperatures in the tropical Atlantic Ocean are making it difficult for larger storms to develop, the forecasters say.

Fay's formation came just over a month later than the typical date for the season's sixth named storm, according to Jeff Masters, a hurricane expert with private forecaster Weather Underground.

(Reporting by David Adams, editing by David Evans)

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Forex - Japanese yen gains in early Asia in thin trade, China data ahead

Investing.com - Investing.com - The Japanese yen strengthened against the dollar in early Asia on Monday with Tokyo on holiday, while the Australian dollar also lost ground ahead of China trade data.

USD/JPY traded at 107.29, down 0.33%, and AUD/USD traded at 0.8662, down 0.29%. EUR/USD held at 1.2647, up 0.16%.

Markets in Japan are to remain closed for a national holiday. China's trade balance is scheduled with no release time available with exports seen up 11.8%, imports down 2.7% and a trade surplus of $41 billion seen.

Last week, the dollar gained ground against most of the other major currencies amid fears over global growth, but the dollar index snapped a 12-week winning streak.

Market sentiment was hit by fears that Germany, the euro zone's largest economy is being dragged into a recession after recent data indicated unexpected weakness in manufacturing and exports.

Data released on Thursday showed that German exports fell 5.8% in August, and this followed weak industrial output figures on Tuesday.

Earlier in the week, the International Monetary Fund cut its forecasts for global growth in 2014 and 2015 and warned that global growth may never reach its pre-crisis levels ever again.

The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, rose 0.17% to 85.81.

The dollar weakened on Wednesday after the minutes of the Federal Reserve's September meeting showed that some officials were concerned over the impact of the stronger dollar on global growth and the outlook for U.S. inflation.

In the week ahead, investors will be awaiting U.S. data on retail sales and industrial production for fresh indications on the strength of the economic recovery.

Tuesday's ZEW report on German economic sentiment will also be closely watched.

Markets in Canada are to remain closed for the Thanksgiving holiday, while U.S. markets will be closed for Columbus Day.

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'Low intl prices have slowed down e-auction of ore in Goa'

The process of e-auctioning of iron ore lying at jetties, MPT and mines in Goa is not picking up
pace due to the low prices in international market, a senior member of the Supreme Court-appointed monitoring committee said today.

The state government has e-auctioned only 4 million tonne of the total 15 MT ore lying at jetties, mining leases and the Mormugao Port Trust. The monitoring committee has, however, expressed satisfaction over the e-auctioning process.

"There are several factors that are responsible for the e-auctioning being done at slow pace. The state had rainy season since April till now. Also the prices of ore in the international market are low," UV Singh, member of the committee, said here. "We are quite satisfied with the process adopted by Goa government to e-auction the ore," said Singh, who would be submitting the committee's report to the apex court by October 21.

Slowdown in the Chinese economy is affecting ore exports, he said. Iron ore from Goa is largely exported to China.

The existing China market had been monopolised by ore producers from Brazil and Australia, he added. Very little of the ore produced in Goa is consumed in the country, so the exports are crucial, he said.

"I know that there is only one buyer in Karnataka that takes the ore (in Goa), but for that too, there are constraints of transporting. So the buyer is purchasing the ore from Karnataka itself," Singh said. The state, being the owner of the ore, had to get the best prices, he added.

It was up to the state government to decide the timeframe for exporting the entire 15 MT of ore, he said, adding that the committee would not set any deadline. "The state government is wise enough to take action," he said.

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Latest IIP data not worrisome: Nirmala Sitharaman

"The new government in the last few months has (taken) every possible measure to revive the confidence like ease of doing business and better regulations," Sitharaman told reporters here today.

The latest Index of Industrial Production data - which logged in 5-month low growth rate for August -- was not worrisome as some other sectors were showing signs of expansion, Minister of State for Commerce and Industry Nirmala Sitharaman said today.

"The new government in the last few months has (taken) every possible measure to revive the confidence like ease of doing business and better regulations," Sitharaman told reporters here today.

She said that had it not been the case, global rating agencies like Standard & Poor's would not have given a stable outlook on India.

"There are definite signs of improvement. The automobile and some core sectors are doing well," the minister said, adding that the IIP data would have no impact on the second quarter of GDP growth.

Industrial production growth as measured by IIP slowed down to 5-month low of 0.4 per cent in August mainly due to contraction in manufacturing output and lower offtake of consumer goods.

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FinMin, RBI to ink modern monetary policy framework soon

This framework will play an advisory role on deciding interest rates, targeting inflation, and of course, the growth and employment generation objectives of the finance ministry.

The Finance Ministry and the Reserve Bank of India (RBI) are inching closer to inking a modern monetary policy framework agreement as announced in the Budget. Once this framework comes into existence, a new monetary policy committee will be set up, headed by the RBI Governor.

This will play an advisory role on deciding interest rates, targeting inflation, and of course, the growth and employment generation objectives of the Finance Ministry.

The framework will set two-year inflation targets and consumer price index (CPI) will be the normal anchor for the macro data.

The monetary policy committee (MPC) is likely to have a term of four years and will comprise 8 members. The RBI Governor will head the committee and will have veto power over the committee's decisions. The committee will have five independent members and one government representative nominee from the FinMin without voting rights.

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CFTC - week ending October 7: speculators more bearish on Euro

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending October 7 on Friday.

Speculative positioning in the CME currency, commodity and index futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-146.2k	-137.5k	-8.7k	61.5k	-5.6k	207.7k	3.1k
GBP	-1.1k	3.6k	-4.7k	46.5k	-7.7k	47.6k	-3.1k
JPY	-112.6k	-120.9k	8.3k	24.8k	-5.1k	137.4k	-13.4k
CHF	-12.4k	-12.6k	0.1k	15.5k	3.5k	27.9k	3.4k
CAD	-7.5k	-4.6k	-2.9k	39.2k	6.2k	46.6k	9.0k
AUD	-26.5k	-2.0k	-24.5k	31.6k	-11.6k	58.1k	12.9k
NZD	-0.1k	0.1k	-0.2k	10.1k	0.0k	10.2k	0.1k
MXN	-7.6k	-7.3k	-0.3k	43.8k	-5.1k	51.4k	-4.8k
S&P	41.6k	40.0k	1.7k	479.3k	24.1k	437.7k	22.4k
Gold	66.4k	64.9k	1.6k	174.1k	3.0k	107.6k	1.4k
Silver	8.9k	6.6k	2.3k	58.5k	-0.2k	49.6k	-2.5k
Copper	-25.0k	-23.4k	-1.6k	54.5k	2.4k	79.5k	4.0k

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Dollar gains on U.S. jobless claims data, Draghi comments

Investing.com - Investing.com - The dollar firmed against most major currencies on Thursday in wake of upbeat U.S. jobless claims data, while dovish comments from European Central Bank Mario Draghi pushed the euro lower and further bolstered the greenback's appeal.

In U.S. trading on Thursday, EUR/USD was down 0.35% at 1.2691.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 4 fell by 1,000 to 287,000 from the previous week's revised total of 288,000.

Analysts had expected jobless claims to rise by 6,000 to 294,000 last week, and the numbers gave the greenback room to brush off a dovish Federal Reserve report.

The dollar softened broadly on Wednesday after the minutes of the Fed's Sept. 16-17 policy meeting revealed that a number of monetary authorities believe the bank's current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic recovery.

The minutes also showed that the U.S. central bank cut its growth outlook due to a stronger dollar and concerns over global weakness.

Elsewhere, European Central Bank President Mario Draghi spoke earlier and reiterated that the institution's willingness to loosen policy to steer the euro area away from deflationary decline if needed, adding that markets are expecting the bank to begin hiking interest rates some time in 2017.

The dollar was down against the yen, with USD/JPY down 0.25% at 107.80, and up against the Swiss franc, with USD/CHF up 0.23% at 0.9540.

In Japan, government data on Thursday revealed that Japan's core machinery orders rose 4.7% in August, more than an expected 1.1% increase, after a 3.5% gain in July, which strengthened the yen earlier.

The greenback was up against the pound, with GBP/USD down 0.27% at 1.6123.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.48% at 1.1163, AUD/USD down 0.74% at 0.8776 and NZD/USD down 0.62% at 0.7857.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.28% at 85.61.

On Friday, the U.S. is to round up the week with data on import prices.

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NYMEX crude dips in early Asia, investors seek demand cues

Investing.com - Investing.com - Crude oil prices eased in early Asia on Friday as investors awaited fresh cues on demand prospects.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $84.69 a barrel, down 0.08%, after hitting an overnight session low of $86.25 a barrel and a high of $87.94 a barrel.

Brent oil prices fell as low as $89.90 a barrel in intraday trading Thursday with front-month November futures settled down 1.5% at $90.05 a barrel on ICE Futures Europe, the lowest price since June 21, 2012.

Overnight, better-than-expected weekly U.S. claims numbers weakened oil prices on Thursday by strengthening the dollar.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Oct. 4 fell by 1,000 to 287,000 from the previous week's revised total of 288,000.

Analysts had expected jobless claims to rise by 6,000 to 294,000 last week, and the numbers strengthened the greenback, which offset dovish language out of the Federal Reserve.

On Wednesday the minutes of the Fed's Sept. 16-17 policy meeting revealed that several monetary authorities believe the bank's current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic recovery.

The minutes also showed that the U.S. central bank cut its growth outlook due to a stronger dollar and concerns over global weakness.

Crude also remained under pressure after the U.S. Energy Information Administration said in its weekly report on Wednesday that oil inventories rose by 5 million barrels in the week ending Oct. 3, blowing past expectations for a gain of 1.6 million barrels.

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