Company News by ForexMart

Australia's Interest Rate Remained on Hold

Australia kept its interest rates steady on Tuesday, March 7, because the property prices of Sydney continued to increase its risk which exceeded a much-lowered inflation rate.

The Governor of Reserve Bank of Australia Philip Lowe concluded together with his board to remain the cash rate at 1.5 percent after a positive growth and optimistic performance in trading for the last three months of 2016. According to the poll led by Bloomberg, the decision were already projected by all 29 economists.

Moreover, the housing demand in Sydney remained stable since buyers settled a property in the city which further ratcheted up debt records.

The central bank decided to maintain its policy despite an extremely high house prices which partially stirred by the increasing population size coupled with the absence of family dwellings constructions.

Furthermore, the country’s economy rose by 1.1 percent in Q4 versus the past three months and the 2.4 percent gained from a year ago.

Launching of Czech Version of ForexMart

ForexMart team have upgraded the website by adding a Czech version using the country’s native language. We are glad to introduce the newest Czech translation on (Date), which could help Czech and Slovakian citizens to easily interpret and find important information about the company’s special offers, partnerships and pool of trading instruments.

Clients could simply select the Czech language (or any other required language) by clicking the Czech flag on the language selector found in the upper right of the site.

Canada’s Economy Lead Over other G7 Countries

The Canadian economy is expected to gain 2.4% this year with equal expectations as of the United States and in the lead of other countries included in the Group of 7. The estimates were based from the Organisation for Economic Co-operation and Development
(OECD) release.

The international organization formerly mentioned about Canada’s possible economic improvement by 2.1 in 2017, which came in better and still appeared to be modest compared with the previous years of recoveries from economic decline.

The Paris-based institution hike up its projections for the selected biggest economies in the world which further includes USA and China, however, its evaluation for the world economy kept steady at 3.3% versus 3% in 2016.

Furthermore, the report mentioned that the US and Canada would likely outstrip other seven major economies which involve Germany as the next highest among the G7 with 1.8% growth in GDP.

For 2018, it is expected that the U.S. economy will earn 2.8% and 2.2% growth for Canada. Moreover, the forecast for the global economic growth is said to be 3.6%.

The current Money Fall contest has already started on March 13, 2017 and will end on March 17, 2017.

You can register for the next competition which will take place from March 20, 2017 to March 24, 2017.

Note:
Registration for the next competition finishes 1 hour before the contest starts.

Iceland's Jóhannesson Urges to Cut Interest Rates

Benedikt Jóhannesson, minister of finance in Iceland, have affirmed that the nation’s central bank had to slash interest rates another time in order to ease the pressure weighed on Icelandic krona (ISK) together with the removal of capital controls.

Jóhannesson also mentioned that he does not have any “influence” regarding this decision as the government have taken these actions to lessen the pressure against the economy, as well as to prevent overheating, to the extent of rising of budget surplus.

On one side, the administration hopes that the steps to cool down pressure on krona will be sufficient to realize more foreign investments for the pension funds. The ISK increased by 17 percent versus the European currency on the previous year, it was able to climb higher due to burgeoning record of tourist inflow. On Monday, krona plummeted by 3 percent while bond yields rack up. The recovery of the currency was recorded on Tuesday in the capital city of Reykjavik with an increase of 0.6 percent.

The financial and legislative precautions were implemented as no one can say when will the country would experience the crisis again.

Puerto Rico G.O. Bonds Dropped to its Lowest in 2 Months

Puerto Rico’s General obligation (GO) bonds dropped after the financial recovery plan has been approved which is comprised less than a quarter of total unpaid debts. The revised proposal was granted by Governor Ricardo Rossello on Monday aiming to cut the chronic budget deficits.

Securities due 18 years from now which is the most traded has declined by 5 percent with an average of 67.5 cents on Tuesday, its lowest price in two months while those bonds due after 22 years fell to 60.2 cents from 63.8 cents on Monday.

This plan will mark as the benchmark as they talk through on minimizing its debts. Although the outcome is negative, the authorities are still sanguine with the end result. The governor commented that the as of now, the country has chances to deal with various bondholders at different levels and they are still in the process of evaluating the best most suited solutions in consideration of bondholders and the people of Puerto Rico.

Peruvian Economy Beef Up Reaching 4.81% Growth

In January 2017, the economy of Peru rose up to 4.81% which indicates the progressive the country’s growth for 90 months. The surge was supported by the excellent performance from the primary sectors, particularly fisheries and mining based from the National Institute of Statistics and Informatics (INEI) report released on Wednesday.

Head of INEI, Anibal Sanchez have said that the GDP of Peru gained 4% for the past 12 months from the months of February 2016 until January 2017.

During the first month of the year, the hydrocarbons and mining industry grew by 14.75%, at the same time the fishing activity boosted by 42.17%.

The economic development exceeded analysts estimates of 4.5% based on the Reuters poll. The upbeat figures were underpinned by the growth in foreign demand which proves 8.09% increased for total exports.

Germany and Japan Promotes Free Trade Deal

German Chancellor Angela Merkel and Japan’s Prime Minister Shinzo Abe discussed free trade between countries on Sunday’s major technology fair. Both representatives would like to aim for a faster pace regarding this matter and wanted to have an agreement in this year while G20 finance ministers and central banks commented an open trade during their two-day conference in Germany. The issue of Protectionism was avoided by both leaders in the beginning of the CeBIT technology fair, implying that people are currently more open with regards to free trade and open borders with giving importance to democratic values.

The current Money Fall contest has already started on March 20, 2017 and will end on March 24, 2017.

You can register for the next competition which will take place from March 27, 2017 to March 31, 2017

Note:
Registration for the next competition finishes 1 hour before the contest starts.

Denmark Repayment of Debt After 183 Years

The Scandinavian country, Denmark is scheduled to pay off its latest foreign currency loans with an amount of $1.5bn at the present moment. Freeing the nation from any debt obligations regarding FX which will happen for the first time in 183 years.

Based on the records of the Danish central bank, the government almost paid the loan back in the year 1894, that was the time when the total of FX debt was lower than 1 percent of the GDP.

Denmark had its first foreign debt during 1757 with a half a million worth of rigsdaler issued by Netherlands and Germany. Moreover, the external debt owed by the country expanded in order to finance 19th-century wars. Despite the repayment, the sovereign state is not fully clear from debt, except for all krone-denominated concerns.

The debt-to-GDP ratio of the state as a whole is considered one of the least among the list of major economies in the European region, accumulated 38 percent and projected to drop about 36 percent for next year announced by the European Commission.