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Intra-day Market Moving News
28 Nov 2022 00:47 AUD/USD - 0.6721... Reuters reported Australian retail sales suffered their first fall of 2022 in October as rising prices and higher interest rates finally seemed to have an impact on spending power, a surprisingly soft result that supports a slower pace of rate hikes. 
 
Data from the Australian Bureau of Statistics (ABS) on Monday showed retail sales fell 0.2% in October from September to A$35.0 billion ($23.51 billion). 
 
That was well under forecasts of a 0.5% increase, although it still left sales up 12.5% on October last year when pandemic restrictions were making shopping difficult. 
 
27 Nov 2022 23:45 AUD/USD - 1.2054... Reuters news, RBA's Governor Lowe says : 
 
- we have better chance than many of pulling off an economic soft landing 
 
25 Nov 2022 07:34 EUR/USD - 1.0421... Reuters reported euro zone wages will take years to adjust to changed economic circumstances so could put pressure on inflation long after the energy and pandemic shocks fade, European Central Bank chief economist Philip Lane said on Friday. 
 
"The staggered nature of wage setting means that the adjustment of nominal wages to the cumulative increase in the cost of living will play out over several years," Lane said in a blog post. 
 
25 Nov 2022 07:13 EUR/USD - 1.0420... Reuters reported the German economy grew slightly more in the third quarter than preliminary figures suggested, bolstered by consumer spending, data showed on Friday. 
 
Europe's largest economy grew by 0.4% quarter on quarter and 1.3% on the year, adjusted for price and calendar effects, the federal statistics office said. 
 
Analysts polled by Reuters had expected the economy to grow by 0.3% in the third quarter on quarter. 
 
25 Nov 2022 00:19 Continues from previous update... 
 
The single currency extended its overnight rally to an intra-day high at 1.0448 in Asian morning, however, lack of follow-through buying triggered profit-taking and price fell to session lows at 1.0383 in European morning before rebounding to 1.0427 in holiday-thinned North America. Price then  
traded broadly sideways. 
 
The British pound traded with a firm bias and gained to 1.2113 ahead of European open before retreating to 1.2061 in European morning on profit-taking. The pair then rose to an intra-day high at 1.2153 in thin North American trading due partly to cross-buying of sterling especially vs euro before moving narrowly. 
 
25 Nov 2022 00:18 U.S. Forex Market Summary... 
 
Dollar extended its losses on dovish Fed minutes. 
 
The greenback extended its recent losses and fell across the board on Thursday in thin trading conditions due to U.S. markets being closed for Thanksgiving holiday as the release of slightly dovish FOMC minutes continued to weigh on the usd. 
 
Versus the Japanese yen, dollar met renewed selling at 139.63 in Australia and fell to 138.64 in Asian morning. Despite a brief bounce to 139.21 in early European morning, price fell to an intra-day low at 138.06 in Europe before staging a short covering bounce to 138.65 in holiday-thinned North America. 
 
24 Nov 2022 23:34 USD/JPY - 138.58... Reuters reported core consumer prices in Tokyo, a leading indicator of nationwide price trends, rose 3.6% in November from a year earlier, government data showed on Friday. 
 
The core consumer price index for Japan's capital includes oil products but excludes fresh food prices. The November figure compared with a median market forecast for a 3.5% increase. 
 
24 Nov 2022 13:56 EUR/USD - 1.0431... Reuters reported European Central Bank board member Isabel Schnabel pushed back on Thursday against calls from many of her colleagues for smaller interest rate increases by the ECB, saying this could hamper efforts to bring down inflation. 
 
The ECB, determined to tackle runaway prices, has increased rates by a record 75 basis points at its last two meetings but several central bank governors, including some who normally favour higher rates, have opened the door to a gentler pace. 
 
However Schnabel, the most influential voice in the hawkish camp, said this was premature and could even prove counter-productive. 
 
24 Nov 2022 13:38 EUR/USD - 1.0412... Reuters reported Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023, European Central Bank Vice President Luis de Guindos said on Thursday. 
 
Speaking at a financial event in Milan, de Guindos said inflation was likely at its peak or anyway close to it. 
 
"For headline (inflation) ... I think that we're there in terms of the peak, perhaps one decimal point up or down, it will be hovering, but I think that in the first half of next year we will see a decline," he said. 
 
24 Nov 2022 12:56 EUR/USD - 1.0412... Reuters reported European Central Bank (ECB) governing council member Klaas Knot on Thursday said it remained to be seen how far rate hikes by the ECB need to go to effectively bring down inflation. 
 
"Market expectations are that we will raise rates up to 3% in the first half of next year, and that they will go down from the second half of 2023. In all honesty, I'm not sure about that," Knot said at a hearing in Dutch parliament. 
 
 
24 Nov 2022 12:46 EUR/USD - 1.0418... Reuters reported European Central Bank policymakers feared that inflation may be getting entrenched at their last policy gathering so rates would need to rise further, the accounts of the Oct 26-27 meeting showed on Thursday. 
 
The ECB raised rates by 75 basis points to 1.5% at the meeting to fight sky high inflation, bringing its total hikes to 200 basis points since July for its fastest policy tightening on record. 
 
Policymakers also put the reduction of the bank's 9 trillion euro balance sheet on the agenda - inching closer to unwinding a decade worth of government debt purchases aimed at rekindling inflation that had been undershooting the ECB's objective. 
 
"It was also clear that rates would need to be raised further to reach a level that would deliver on the ECB? 2% medium-term target," the accounts of the meeting showed. 
 
 
24 Nov 2022 11:49 GBP/USD - 1.2107... Reuters reported the Bank of England will not accept interference with the system of paying interest to banks from reserves issued by the central bank, BoE Chief Economist Huw Pill said on Thursday. 
 
"From the Bank's point of view, from a monetary policy perspective, we want to be able to set Bank Rate and have it transmit through the money market effectively," Pill said at a conference hosted by King's College London. 
 
24 Nov 2022 11:03 EUR/USD - 1.0389... Reuters reported
24 Nov 2022 00:31 USD/JPY - 139.39... Reuters reported Japan's manufacturing activity contracted at the fastest pace in two years in November as demand worsened due to strong inflationary pressures, a business survey showed on Thursday. 
 
The contraction in factory activity also marked the first monthly decline in 22 months and raised a question mark over Japan's economic outlook as the country relies heavily on trade with China and other nations for its growth. 
 
The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) slipped to a seasonally adjusted 49.4 in November from a final reading of 50.7 in the previous month. 
 
The au Jibun Bank Flash Services PMI Index came in at a seasonally adjusted 50.0 in November, down from the previous month's 53.2 final, the survey showed. 
 
24 Nov 2022 00:11 Continues from previous update... 
 
The single currency traded with a firm bias in Asia and extended its recent strength to 1.0348 at European open. The pair then retreated sharply to 1.0297 in European morning on cross-selling of euro especially vs sterling before rising to 1.0384 in New York morning on usd's weakness. The pair later redged higher to session highs of 1.0404 on dovish FOMC minutes near the close. 
 
The British pound also traded with a firm undertone in Asia and rallied to 1.1935 in Europe on cross-buying in sterling especially vs euro and jpy. The pair then ratcheted higher in tandem with euro to session highs of 1.2080 in New York morning before moving broadly sideways. 
 


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