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Intra-day Market Moving News
17 Oct 2018 07:01 EUR/GBP - 0.8776.. Reuters then reported a Brexit deal is not far away and could be reached in the coming weeks, said French finance minister Bruno Le Maire on Wednesday. 
 
"We are not far from a deal," Le Maire told Radio Classique in an interview. 
 
Nevertheless, Le Maire warned that Britain had to abide by European rules access to the single European Union market. 
 
European Union leaders were set to give British Prime Minister Theresa May a tough reception in Brussels on Wednesday, warning her to rally support at home for the Brexit deal on offer or be cut loose without one in March. 
 
17 Oct 2018 07:00 EUR/USD - 1.1569.. Reutres news, German trade association BGA says : 
 
- lowers export growth outlook for 2018 to 3.5 pct from 5 pct 
- escalation of U.S.-China trade conflict would hit German exporters hard 
- no-deal Brexit is real danger, would cost german companies billions of euros 
 
 
 
17 Oct 2018 06:49 EUR/GBP - 0.8774. . Reuters news, French FinMin Bruno Le Maire says "We are not far from a deal" on Brexit 
17 Oct 2018 05:45 EUR/GBP - 0.8773.. Reuters then reported it would not hurt Europe if Britain was allowed to remain in the European Union customs union and internal market beyond an agreed transitional arrangement, Luxembourg Foreign Minister Jean Asselborn said. 
 
"What can be extended with no major problem is the Jan. 1, 2020 date for the transition period. If a year is added to that it won't hurt Europe, I hope not Britain as well," Asselborn told German broadcaster Deutschlandfunk on Wednesday. 
 
German daily Frankfurter Allgemeine Zeitung had reported late on Tuesday that the European Commission had offered to extend the transition period until the end of 2020.  
 
17 Oct 2018 05:34 EUR/GBP - 0.8773.. Luxembourg Foreign Minister Asselborn tells German broadcaster DLF extending Brexit transition period by a year would not hurt Europe or Britain
17 Oct 2018 01:40 EUR/USD - 1.1574.. Euro moves narrowly but with a soft bias in subdued Asian morning after falling fm Tue's 2-week high of 1.1621 to 1.1572 in late NY trade as the usd caught a bid in NY session due to strg rebound in U.S. stocks, suggesting recent upmove has made a temp. top there n consolidation with downside bias is seen n stops below 1.1565/00 area are now in focus. 
 
Offers are tipped at 1.1590/95 n more abv with stops reported abv 1.1630 whilst some bids are noted at 1.1570-65, there is market chatter of stops building up below 1.1535 sup, so selling the single ccy on recovery is favoured ahead of the EU summit meeting n current deadlock in Brexit talk is negative to both the euro n sterling. 
 
The EU will release construction output, HICP n core HICP. ECB Chief Economist Praet will speak in Madrid at 07:30GMT and then ECB Board member Weidmann will speak at 16:30GMT. Today is the start of the 3-day EU summit, so expect many comments fm EU officials on Brexit. 
 
17 Oct 2018 01:31 USD/JPY - 112.39.. Dlr regained traction in NY trading on Tue n climbed fm European low at 112.00 to 112.33 as intra-day strg rebound in U.S. stocks (S&P 500 gained 2.14% to 2809) boosted risk sentiment n triggered broad-based yen selling vs usd, eur, gbp n aud, suggesting the corrective rise fm Mon's 4-week bottom still has leg to head a bit higher as the Nikkie is currently up 1.8% at 22945. 
 
Bids are nored at 112.10-00 n more below with some stops below 111.90, offers are tipped at 112.50/55 with stops reported abv 112.60. 
 
U.S. will release a slew of second-tier eco. data starting with MBA mortage applications, building permits, housing starts (the last data may have a impact on usd majors). Last but not least, pay attention to release of last Fed minutes at 18:00GMT which will move the market. Also, Fed Board Gov. Brainard (voter) will speak in Boston at 16:20GMT. 
 
17 Oct 2018 01:27 Continues from previous update.... 
 
The letters from Lighthizer to Congress come weeks after the United States won agreement on reworking the North American Free Trade Agreement (NAFTA) with Mexico and Canada, and as the administration faces continuing trade friction with China.  
 
The administration aims to "address both tariff and non-tariff barriers and to achieve fairer, more balanced trade" with the EU and Japan, the letters said. 
 
Japan "is an important but still too often underperforming market for U.S. exporters of goods," the letter said. It noted the United States has a $69 billion trade deficit in goods with Japan and much of that is in the auto sector. 
 
17 Oct 2018 01:25 USD/MAJORS - Reuters reportedd in NY afternoon the U.S. Trade Representative's office told Congress on Tuesday it intends to open trade talks with the European Union, the United Kingdom and Japan. 
 
Under fast-track rules, the United States cannot start talks with the EU, Japan and the United Kingdom until 90 days after notifying Congress. 
 
"We will continue to expand U.S. trade and investment by negotiating trade agreements with Japan, the EU and the United Kingdom," said U.S. Trade Representative Robert Lighthizer in a statement. "We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and businesses." 
 
17 Oct 2018 01:21 USD/MAJORS - Reuters reported after NY close U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public. 
 
"My biggest threat is the Fed," he said, according to excerpts released before the interview with "Trish Regan Primetime" airs. "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people." 
 
Last week, Trump criticized the U.S. central bank twice, saying it was raising interest rates so swiftly that it threatened the country's economic health. Nonetheless, in the face of a hot labor market and signs of inflation, the Fed has settled into a gradual policy tightening and is expected to raise interest rates again in December. 
 
17 Oct 2018 00:12 Continues from previous update.... 
 
"For now, Britain is negotiating with Britain," Belgian Foreign Minister Didier Reynders said, referring to May's troubles with her own cabinet and supporters. "We need more weeks to see if we can get a deal. We'll work calmly." 
 
Germany's Europe minister called on May to "take responsibility and be constructive". But some diplomats believe May could be unable to move again in negotiations until after she has steered her budget through parliament in early November. 
 
Citing a German government document, the Frankfurter Allgemeine Zeitung newspaper reported late on Tuesday that the European Commission had offered to allow Britain - "in a good will gesture" - to remain in the EU customs union and internal market beyond an agreed transitional arrangement until the end of December 2020. 
 
17 Oct 2018 00:11 Continues from previous update.... 
 
Tusk called it a "Gordian Knot", making clear he did not see May as a contemporary "Alexander the Great", capable of slicing through the tangle of opposition she faces in London and Belfast over her Brexit plan in order to clinch a treaty with the EU. 
 
The "no deal" message is sincere enough. It is also a tactic to pressure a negotiating partner the EU views as weak. And it might just help May by giving her the kind of political theatre useful in persuading Britons she has fought for the best deal. 
 
More subtly, leaders may also sound relaxed on the calendar for talks. On Tuesday, officials echoed the mantra that "the clock is ticking" to agree a treaty that parliaments can ratify in time for Brexit. But, sensing more urgency in London, senior EU officials said Brussels would "keep calm and carry on", ready to wait till December or even later to clinch a final agreement. 
 
17 Oct 2018 00:10 GBP/USD - 1.3188.. Reuters reported European Union leaders will give British Prime Minister Theresa May a tough reception in Brussels on Wednesday, warning her to rally support at home for the Brexit deal on offer or be cut loose without one in March. 
 
May will address the other 27 EU national leaders at a summit before they sit down to dinner without her. Officials said they expected the leaders to tell May they have little more to offer since talks stalled on Sunday and they will step up preparations for Britain to drop out of the bloc with no deal. 
 
Summit chair Donald Tusk warned that the risk of a "no deal" dumping Britain out of the bloc and into legal limbo and border chaos on March 29 was greater than ever. He put the onus on May to bring a "creative" solution to break the impasse over the EU-UK land border on the island of Ireland. 
 
17 Oct 2018 00:09 Continues from previous update.... 
 
Britain is due to leave the EU on March 29, 2019. Under May's plan, the whole of the UK would forge a customs "partnership" with the EU after a transition period ends in December 2020 if the backstop is triggered. 
 
The Financial Times reported on Tuesday that EU Brexit negotiator Michel Barnier was open to extending Britain's Brexit transition by another year.  
 
17 Oct 2018 00:08 GBP/USD - 1.3188.. Reuters just reported British trade minister Liam Fox said the UK will need a longer transition period to make a free-trade deal with the European Union, The Times newspaper reported on Wednesday. 
 
Fox suggested that Britain may stay in transition for a "few more months" beyond the end of December 2020, the newspaper reported, citing a source. 
 
Prime Minister Theresa May is being urged to consider the extension of the transition period to get through the Brexit impasse, the newspaper report added. 
 


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