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Intra-day Market Moving News
17 Jan 2018 11:46 GBP/USD - 1.3791.. Reuters just reported British unemployment is likely to fall faster than the Bank of England and most other economists expect this year, pushing pay growth to close to its fastest rate since the financial crisis, BoE policymaker Michael Saunders said on Wednesday. 
 
The near-term outlook for growth was mixed but could easily see the economy growing faster than its sustainable long-term trend, pushing up inflation, Saunders said in a speech to be given at a financial industry event in London. 
 
"Balancing out the positives and negatives, the near-term outlook for the economy is not great, but nor is it terrible," Saunders said. To put it differently, economic growth of around 1.5-2.0 percent year-on-year may, as over the last year, be enough to tighten the labour market significantly further.  
 
Nonetheless, any interest rate rises are likely to be limited and gradual, Saunders added, sticking close to previous BoE language and giving no specifics on when he expects interest rates to rise next. 
 
17 Jan 2018 10:47 Continues from previous update.... 
 
"But the reasons for the British exit lie deeper. As Prime Minister (Theresa) May has said, the British never felt at ease in the EU and for 40 years they haven't been given the chance to feel more at ease. That is why the blame is on many." 
 
"Mr. Tusk and I once again reached out to the British government yesterday and said that if the British people, the British parliament, the British government, wish for another way than Brexit, we would be prepared to discuss it. We are not throwing out the British, we want them to stay. And if they want to, they should be able to. 
 
"But I noticed that in London, they have reacted almost upset at this reaction. Be it as it may, once the British have left under Article 50 there is still Article 49 which allows a return to membership and I would like that. I would like us now to treat each other with respect and not abandon each other." 
 
17 Jan 2018 10:46 EUR/GBP - 0.8866.. Reuters just reported EU chief executive Jean-Claude Juncker renewed an offer to Britain on Wednesday to stay in the European Union and said he hoped that even if it goes through with Brexit it would apply to rejoin the bloc. 
 
Speaking to the European Parliament, where he had endorsed a statement on Tuesday by European Council President Donald Tusk that Britain would be welcome to remain, Juncker said he accepted a share of responsibility for the British referendum vote in 2016 to leave the Union. 
 
"I still feel the exit of Britain is a catastrophe, yes, a defeat we all have to take responsibility for," he said, responding to a written question from a German lawmaker who had asked if Juncker felt responsible for Brexit. 
 
17 Jan 2018 10:27 GBP/USD - 1.3788... Although the British pound jumped at Asian open to a fresh 18-month peak at 1.3836, lack of follow-through buying triggered profit-taking n price tumbled to session low at 1.3757 at European open. However, cable pared its losses n staged a rebound to 1.3801 in European morning. 
 
Bids are now seen at 1.3740/50 n more below at 1.3710/20 with stops building up below there whilst initial offers are noted at 1.3840/50, suggesting choppy trading with upside bias wud be seen.
17 Jan 2018 10:05 EUR/USD - 1.2244... Reuters reported the European Union's statistics office Eurostat said consumer inflation in the 19 countries sharing the euro was 0.4 percent month-on-month in December and 1.4 percent year-on-year, down from 1.5 percent in November. 
 
Of all components, energy prices rose the most at 2.9 percent year-on-year in December, while unprocessed food gained 1.9 percent. Without these two volatile components, or what the ECB calls core inflation, prices rose by 1.1 percent year-on-year, the same as in November and in October. 
 
Some economists believe that a better measure of core inflation is the one that takes out not only energy and unprocessed food but also alcohol and tobacco, the prices of which are often influenced by government tax changes. 
 
But this measure also held stable at 0.9 percent in December, unchanged form the previous two months.
17 Jan 2018 09:42 EUR/GBP - 0.8876.. Reuters just reported France would "look with kindness" on a decision by Britain to reverse the course of Brexit and remain in the European Union, an adviser to President Emmanuel Macron said on Wednesday. 
 
Asked about the idea of a second EU referendum in Britain, the adviser said: "If tomorrow, or the day after, the United Kingdom decided to change its mind, it's clear that we would look at this with kindness. 
 
"But it's not up to us to say if the UK wants to change its mind." 
 
17 Jan 2018 08:49 EUR/GBP - 0.8877... Reuters news, EU's Juncker says : 
 
- willing to facilitate Britain rejoining EU after Brexit 
 
Reuters then reported European Commission President Jean-Claude Juncker said on Wednesday that he hoped Britain would rejoin the European Union after it has left next year. 
 
Speaking to the European Parliament, the EU chief executive, who will step down in late 2019, noted that the Union's treaty provided not only for exit but also for admission to the bloc: 
 
"Once the British have left under Article 50 there is still Article 49 which allows a return to membership and I would like that," Juncker said. "I would like us now to treat each other with respect and not abandon each other." 
 
17 Jan 2018 07:12 Reuters news, China Foreign Ministry says : 
 
- Vancouver meeting shows cold war mentality and will only undermine settlement of the N.Korea issue 
- current easing of tensions on Korean Peninsula is hard-earned and should be treasured 
- situation remains complex and sensitve and only dialogue can resolve N.Korea issue 
 
Reuters then reported China said on Wednesday a just concluded meeting in Canada about North Korea showed a Cold War mentality and would only undermine a settlement of the North Korea issue. 
 
Foreign ministry spokesman Lu Kang made the comment at a daily news briefing. 
 
China did not attend the meeting in Vancouver, saying it would not help with efforts to resolve the North Korean nuclear issue. 
 
17 Jan 2018 06:52 EUR/USD - 1.2226.. Reuters then reported there have been no convincing arguments to transform the European Stability Mechanism (ESM) into a so-called European Monetary Fund, the vice president of the European Central Bank said in an interview on Wednesday.  
 
Speaking to Italian daily la Repubblica, ECB's Vitor Constancio said he would keep the ESM bailout mechanism as it is, "with its tasks, which it carries out well."  
 
"I do not see arguments to modify the institutional framework and create a new entity, reducing the role of the commission," Constancio said.  
 
Even after the ECB's decision to cut its bond purchases in half, starting from January, Constancio said he did not rule out that monetary policy would still continue to be "very accommodating for a long time".  
 
17 Jan 2018 06:36 EUR/USD - 1.2239... Reuters news, citing from paper, ECB's Constancio says : 
 
- does not rule out that monetary policy will continue to be 'very accommodating' for a long time 
- has not heard convincing arguments in favour of transforming ESM into so-called European monetary fund 
- would keep ESM as it is, no reasons to modify institutional situation and create a new entity, reducing role of commission 
 
17 Jan 2018 03:12 EUR/USD - 1.2267.. The euro has gone through a roller-coaster morning session in hectic Asian trading. Renewed buying ahead of NY close at 1.2254 has lifted price after y'day's rally in NY fm 1.2195 to 1.2281. 
 
Although euro briefly jumped abv Mon's 1.2297 high due to renewed usd's weakness on Reuters news of U.S. GOP (Rep.) discussion of stop-gap govt. funding bill to avoid govt. shutdown, price briefly rallied to 1.2323 after tripping stops abv 1.2300, however, price swiftly erased intra-day gain on lack of follow-through buying n has fallen back to 1.2260 ahead of Tokyo lunch break. 
 
Intra-day fall fm 1.2323 suggests this high print may well remain during European trading n one can trade the euro fm both sides of the market. Offers are tipped at 1.2300/10 with stops abv 1.2345, bids are noted at 1.2260-50 with stops below, however, more buying interest is noted at 1.2215-05 with stops building up below 1.2185. 
 
The only eco. data out of the euro area is EU CPI but pay attention to speeches by ECB member n Bank of France President Villeroy at 08:30GMT (his comments in NY sent euro to session lows - see Tue's news) n then ECB's Nowotny at 08:55GMT. 
 
17 Jan 2018 02:53 USD/JPY - 110.65.. Dlr rises in hectic Asian trading on active short covering after y'day's resumption of decline to a fresh 4-month trough of 110.25 as selloff in the Dow (the DJI index fell fm record highs of 26086 to 25702) spoofed investor n led to broad-based yen buying on risk aversion. 
 
Despite initial renewed usd's weakness shortly after Tokyo open on news of a possible U,S. govt. shutdown (see early update) which briefly knocked the pair to 110.20, renewed dlr buying quickly emerged n lifted price higher to 110.68 ahead of Tokyo lunch break, suggesting recent decline has made a temp. low n upside bias is seen for further retracement twd Tue's 110.98 high after consolidation. Bids are noted at 110.50-40 n more below whilst offers are tipped at 110.85/90 with stops touted abv 111.00/10. 
 
On the data front, U.S. will release MBA mortgage applications, Redbook sales, industrial prod., capacity ultization, manf. outpt, NABH housing market index n Fed's beige book. 3 Fed Presidents will be speaking in NY afternoon starting with Chicago Fed's Evans, Dallas Fed's Kaplan n Cleveland Fed's Mester. 
 
17 Jan 2018 02:25 Reuters reported a 20-nation meeting on North Korea agreed on Tuesday to consider imposing unilateral sanctions on Pyongyang that go beyond those required by U.N. Security Council resolutions, the United States and Canada said in a joint statement. 
 
The meeting, held to discuss North Korea's nuclear weapons program, also vowed to support dialogue between the two Koreas "in hopes that it leads to sustained easing of tensions", the statement added. 
 
17 Jan 2018 01:39 Reuters news, Canadian Foreign Minister says : 
 
- cannot stand by as North Korean threat persists and worsens 
- Vancouver meeting participants agreed to work together to ensure North Korean sanctions are strictly enforced 
- North Korea issue will be very important for Canada this year as G7 President 
 
U.S. Secretary of State Tillerson says : 
 
- world will not accept a nuclear-armed North Korea 
- Vancouver meeting agreed that China and Russia must fully apply U.N. sanctions on North Korea 
- we do not seek to interfere with legitimate shipping activites 
- sustained cessation of threatening activities by North Korea is necessary to allow for talks 
- won't comment on issues that have not yet been decided, when asked about possible limited military strike against North Korea 
- it is time to talk to North Korea but they need first to take the step to say they want to talk 
- there are no differences between U.S. and South Korea over how to deal with North Korea 
 
17 Jan 2018 01:34 Reuters news, citing from co-chairs' statement, participants in N.Korea meeting agree to consider unilateral sanctions and further diplomatic actions that go beyond U.N. ressolutions  
 
Participants in N.Korea meeting commit to building global capacity to effectively implement sanctions and prevent proliferation financing, including from criminal activities and cyber operations 
 
Participants vow to counter north Korea's maritime smuggling, including with measures to stop its illegal use of "ship-to-ship transfers" 
 
Meeting on North Korea vows to support progress in inter-Korean dialogue in hopes that it leads to sustained easing of tensions 
 
Participants at North Korea meeting agree diplomatic solution is both essential and possible  
 
North Korea meeting recognizes importance and special responsibility of China and Russia in contributing to a long-term solution on Korean Peninsula 
 


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