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Intra-day Market Moving News
23 Mar 2018 14:34 USD/MAJ... Reuters news, Fed's Kashkari says : 
- supported decision to raise U.S. rates this week for 'continuity' 
- still 'a way to go' to reach maximum U.S. employment, see wage growth 
- will be more supportive of rate hikes when I see more wage growth 
- supported rate hike because Fed told market it would; but data does not necessarily back tighter policy 
- upgraded his policy projections 'a little bit' this week 
- Fed cannot shrug off downside risk of trade war; have to try to avoid that 
- risks to U.S. economy about even right now; unclear why dollar falling 
23 Mar 2018 14:04 EUR/GBP - 0.8718... Reuters news, Bank of England says : 
- welcomes Brexit transition deal, will give update next week on its regulatory approach to withdrawal preparations 
Reuters then reported the Bank of England said it would update banks and insurers next week on its approach to Brexit given that Britain and the European Union have now adopted a transition deal. 
"The Bank of England welcomes the EU Council's conclusion that there should be a transition period following the UK's withdrawal from the EU," a BoE spokesperson said on Friday. 
"In light of the EU Council's conclusions, we will provide an update on our regulatory approach to preparations for EU withdrawal next week." 
23 Mar 2018 13:57 EUR/USD - 1.2336... Reuters news, Germany's Merkel says : 
- on good path with France on euro zone reform, sees agreement on transforming ESM 
- we will not talk about anything with a gun at our heads, when asked about U.S. tariffs 
23 Mar 2018 13:47 EUR/USD - 1.2334... Reuters news, EU's Tusk says : 
- euro zone economy in most favourable situation since euro introduction 
- euro leaders will provide more guidance on deeper euro zone integration in June 
Reuters then reported the euro zone's economy is performing at its best level yet, European Council President Donald Tusk told reporters on Friday, calling for EU leaders to consider reforms. 
"We are experiencing the most favourable situation since the introduction of the euro, which makes this a very good time to reflect strategically on our long-term ambitions," Tusk told reporters following a summit with the 19 euro zone leaders. 
23 Mar 2018 13:41 USD/MAJ... Following Atlanta Fed's Bostic's comments, Reuters then reported te Federal Reserve should probably raise rates two more times this year as it lifts rates toward a neutral rate, Atlanta Federal Reserve Bank President Raphael Bostic said Friday, but added that once there it should pause to take stock of the economy. 
"Once we get to neutral I think we should step back and see how the economy is performing," Bostic told reporters after a speech in Knoxville, adding that if the economy appears to be overheating, more tightening could be in order. At the moment, he said, there are no signs of labor market overheating, and he "totally" agrees with Fed Chair Jerome Powell's view that the U.S. is not on the cusp of surging inflation. 
23 Mar 2018 13:41 EUR/USD - 1.2335... Reuters news, Macron says : 
- U.S. tariff exemption is very temporary 
- Europe not looking for a trade war, must be united and not naive 
- if we want to avoid protectionism we must "protect our workers" 
- expects additional meetings with Merkel over euro zone reform plan in April and May 
- when you're outside the single market you're outside of it in every sector 
23 Mar 2018 13:34 USD/MAJ... Atlanta Fed's Bostic adds : 
- his model has three rate hikes in 2018; keeping an open mind to path 
- once rates get to neutral, Fed should stop raising rates and take stock of economy 
- that once at neutral, if economy looks to be overheating, could tighten more 
- he is taking a 'wait and see' attitude on assessing effect of proposed China tariffs 
- sees no signs of overheating, 'totally agree' not on the cusp of surging inflation 
23 Mar 2018 12:56 USD/MAJ... Reuters news, U.S. President Donald Trump tweeted : 
- considering a veto of $1.3 trillion spending bill 
Reuters then reported U.S. President Donald Trump said on Friday he was considering vetoing Congress' $1.3 trillion spending bill over immigration issues, including full funding for his proposed border wall and young 'Dreamer' immigrants. 
"I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded," Trump wrote on Twitter. 
23 Mar 2018 12:41 Continues from previous update... 
Vlieghe said recent surveys and wage data had made him more confident than in previous years that a recovery in wage growth was underway in Britain. 
But Vlieghe said weak productivity growth meant the "new normal" for wage growth was likely to be around 3 percent a year compared with around 4 percent previously. 
Vlieghe also said he thought Brexit had probably dampened investment in British companies, although the effect was difficult to quantify. 
The world economy picked up pace in 2017 helping Britain to offset Brexit uncertainty. But Vlieghe said the possibility of a trade war had emerged as a new risk to the world economy. 
23 Mar 2018 12:40 GBP/USD - 1.4133... Reuters reported Bank of England rate-setter Gertjan Vlieghe said on Friday that interest rates will probably need to rise once or twice a year over the next few years, comments that are likely to help cement investors' expectations of a BoE rate hike in May. 
Speaking after two of his colleagues on the Monetary Policy Committee split ranks this week by voting to raise interest rates this month, Vlieghe said was he increasingly confident that inflation pressure was building in Britain's economy. 
So long as a strong global economy continues to help Britain shrug off the negative effects of the 2016 Brexit vote, and provided wage pressure continues to grow, then the BoE will need to raise interest rates, Vlieghe said. 
"The current central outlook is, in my view, consistent with one or two quarter-point rate increases per year over the forecast period," Vlieghe said in a speech due to be given to business representatives in Birmingham. 
23 Mar 2018 12:23 USD/MAJ... Atlanta Fed's Bostic adds : 
- worries about uncertainty, and response to recent policy changes 
- history has show protectionism has not produced winners 
- to the extent that tariffs get narrowed, the less the impact 
- it's important to wait to see actual policy, rather than react to pronouncements 
- until see a change in business investment, hard to see a fundamental change in growth trajectory 
23 Mar 2018 12:06 USD/MAJ... Reuters news, Atlanta Fed's Bostic says : 
- confident U.S. 'at or near' Fed's inflation and employment goals 
- further gradual rate hikes over next couple of years 'appropriate' 
- this week's interest-rate hike made sense, need to move rates toward 'neutral' 
- if economy develops as he expects, will likely support more rate hikes this year 
- prudent to raise rates less aggressively than otherwise to gauge effect of balance sheet reduction 
- fiscal stimulus to provide modest boost to growth, tariffs pose downside risk 
- labor markets 'not yet overheated', sees upside risks to labor costs 
- expects inflation calm to persist, but risks are to the upside 
- sees potential for inflation to run somewhat above Fed's 2-pct target 
23 Mar 2018 11:54 EUR/USD - 1.2344... French Prime Minister says : 
- one police office injured in Sourthern France attack 
- incident appears to be "terrorist act" 
23 Mar 2018 11:37 EUR/USD - 1.2339... Reuters reported there are two victims in a hostage taking at a supermarket in Trebes southern France, the mayor of the town said on Friday as La Depeche du midi newspaper reported one person was dead. 
The condition of the two victims was not immediately known. 
Mayor Eric Menassi told BFM TV that the hostage taker was now alone with one police officer in the supermarket and all other hostages had been freed. 
Prime Minister Edouard Philippe described the situation, which investigators are treating as terrorism, as "very serious" and Interior Minister Gerard Collomb is heading to the site, his ministry said. 
23 Mar 2018 11:34 EUR/USD - 1.2339... Reuters reported a man holding hostages in a supermarket in southwestern France has claimed allegiance to Islamic State, BFM TV said. 
Europe 1 radio also said an individual was holding hostages in the supermarket. 
Earlier, France's Interior Ministry had said security officials were carrying out an operation at a supermarket in town of Trebes in southern France, but gave no details. 

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