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S. Korean Bonds Gain on Weak Growth Outlook

The South Korean bonds gained on Tuesday as South Korea's government is expected to lower its 2016 growth forecast to below 3 percent. Meanwhile, the 10-year bonds yield, which is inversely propositional to bond price fell 3bps to 1.777 percent and long-term twenty year bonds yield also dipped 3bps to 1.879 percent by 0535 GMT. According to latest report from Donn-A Ilbo newspaper, the South Korea's government will cut its 2016 growth forecast to below 3 percent from 3.1 percent when it releases economic policy plans for H216 in June. Moreover, there is no key release this week but it is worth pointing out that April IP is due the following week. Recall that March IP data showed output contracting by 1.5% y/y (consensus was for +0.3% y/y) and on a sequential basis, IP contracted by 2.2% m/m s-adj in March. Still, the BoK’s business sentiment survey showed the manufacturers’ confidence index increasing to 73 in May from 70 in April. The Bank of Korea’s Monetary Policy Board in its May monetary policy meeting unanimously decided to maintain the key policy rate at 1.5 pct and also did not make any considerable changes in May’s policy statement. According the monetary policy’s board concluded that the global economy will continue with its recovery, but at a slower pace. Meanwhile, the central bank of Korea foresees modest rebound in the Korean economy, especially domestic demand. However, it is highly uncertain regarding the growth trajectory and projected the CPI inflation to remain at low levels. Meanwhile, The Korea Composite Stock Price Index (KOSPI) trading down 0.69 pct at 1,941.67 points by 0220 GMT.

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Fxwirepro: Nzd/jpy Breaks Major Support at 73.80, on Track to Test Channel Base at 72.30

Kiwi bears relentless amid risk-off sentiment persisting in the markets, both Asian equities and oil prices trading in the red. NZD/JPY extending overnight slump, breaks major support at 73.80, is on track to test channel base support at 72.30. Poor Westpac MNI Chinese consumer sentiment data further adds to the downward pressure on the bird. Techs also support downside, Stochs have bounced off from near overbought levels, 5-DMA is on the verge of a bearish crossover on 10-DMA. Momentum is bearish, RSI is biased lower. US new home sales data due later today, and NZ trade balance data due tomorrow may provide fresh direction on NZD/USD. Pair see strong resistance at 74 levels (converged 5&10 DMA and psychological level). Bearish invalidation above 74. Supports ahead of 72.30 are located at 73.20, 73 and then 72.88 levels. ​ Recommendation: Good to sell rallies around 73.50/60, SL: 74, TP: 73/72.90/72.30

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Singapore Headline Inflation Seen Tad Lower on Sluggish Property Market

Singapore first quarter headline inflation is expected to be tad lower from the last quarter on the backdrop of sluggishness in property market. The gross domestic figures to be released Wednesday shall remain weak amid negative inflation still persistent in the economy. A modest revision of GDP to -0.1 pct on quarter is expected, down from a zero growth profile projected in the advance estimates. On a year-on-year basis, the headline number is expected to a little lower to 1.7 pct, from 1.8 pct previously. However, the services sector is expected to see more downslides. Although the advance number has factored in weakness in the services sector (1.9 pct y/y, -3.8 pct q/q), the persistent decline in loan growth still remains concern, DBS reported. Moreover, the financial sector has been the key driving agent of the nation’s growth figures, accounting for one-third of the nation’s GDP and with the financial numbers taking a toll, growth is ought to falter in the near term. Overall manufacturing growth is now expected to contract by 1.0 pct y/y, up from the advance estimate of -2.0 pct. However, this stems mainly from a stunning 22 pct y/y surge in the biomedical cluster in the quarter. Without this boost, overall manufacturing sector would have contracted by 5.7 pct. Meanwhile, CPI inflation for April 2016 has remained in the negative territory. The headline number registered -0.5 pct y/y in the month, up from -0.7 pct previously. Housing and utilities index fell by 1.9 pct y/y (accommodation: -0.9 pct, fuels & utilities: -9.6 pct) while transport cost slipped by 5.4 pct. However, such negative territory in inflation is expected to continue in the near term. The excess supply in housing stock and the associated downward pressure on rental implies that the housing CPI index may continue to fall further. In addition, the Land Transport Authority had announced increase in the supply of COE quota. This could possibly mean weakness in private transport cost index. "Nonetheless, CPI inflation is expected to revert back to positive level from 3Q16 onwards on account of a lower base effect and possible recovery in oil prices," DBS commented in a research note.

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InstaForex broker is a part of InstaForex Companies Group. This is a group of financial and investment companies which render online trading services. InstaForex Company is ECN Forex broker. Currently, we have more than 50 000 individual and corporate clients. Every day more than 400 new traders open accounts with InstaForex to invest in financial markets. A comprehensive range of trading options, instant technical support and consulting service are available to all our customers, regardless a volume of their deposits. Our strategic priority is to render a full range of services and provide customer stewardship at every step, from new account registration to money withdrawal.

More than 20 of financial awards were received by the company during 6 years of working, including the award and title of the Best Forex Broker Eastern Europe 2014 from IAIR the well-known business edition.