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Intra-day Market Moving News
5 Jun 2020 13:29 EUR/USD - 1.1318... Reuters reported the Italian economy, brought to its knees by the coronavirus, will contract by around 9.2% this year, the Bank of Italy said on Friday, revising down a forecast of -9.0% made last month. 
 
Its latest economic projections the central bank forecast a partial rebound next year, when gross domestic product is seen rising by 4.8%, unchanged from its May 15 projection. 
 
5 Jun 2020 13:25 USD/CAD - 1.3416... Reuters reported Canada's economy unexpectedly gained 289,600 jobs in May, mostly in full-time work, Statistics Canada said on Friday. The jobless rate edged up to 13.7%. 
 
Employment in the goods producing sector gained some 164,700 jobs. The services sector gained some 124,900 positions. 
 
5 Jun 2020 12:20 GBP/USD - 1.2673... Reuters then reported Britain needs to work intensively into July with the EU to make progress in trade talks, and negotiations cannot drag on into October, a senior British negotiating official said on Friday. 
 
"October is too late for us to do this," the official said. "We need to work intensively now and into July to find the high level trade-offs that unlock a deal within all our important negotiating parameters." 
 
The official said face to face meetings were needed to make progress and that Britain was committed to upholding the political declaration which set out the negotiating parameters, but that the EU had a different interpretation of what this meant. 
 
5 Jun 2020 12:08 GBP/USD - 1.2665... Reuters news, senior Uk negotiating official adds : 
 
- Johnson and von der Leyen likely to hold video call rather than meet in person 
- the coronavirus has delayed things, but fundamentals remain, there must be constructive process going somewhere which we need to test in July 
- need to get into detail which we haven't done so far 
- we have floated the idea of tariffs, in not having to comply entirely with level playing field but it fell on stony ground 
- we're not up for line-by-line negotiation on level playing field 
- idea of tariffs is to us an obvious way forward, although not what we want 
 
5 Jun 2020 12:05 GBP/USD - 1.2677... Reuters news, senior Uk negotiating official says : 
 
- October is too late for EU-deal, we need to work intensively now and into July 
- UK is committed to political declaration 
- there are possible outcomes between extremes of level playing field and no deal 
- the fundamentals of being an independent nation are not a negotiating position, when asked about compromise on fishing and level playing field 
- we would like to hold face to face talks now if possible 
- we need face-to-face contact to move negotiation forward 
- confident face to face talks will happen 
- leaders need to have an understanding of next stage of process before they meet 
 
5 Jun 2020 11:31 EUR/GBP - 0.8966... Reuters reported the latest round of talks between Britain and the European Union made no significant progress this week, the EU's chief negotiator said on Friday, saying London and Brussels remained far apart on fisheries and other matters. 
 
"This week, there have been no significant areas of progress ... We cannot go on like this forever," Michel Barnier told a news conference, saying both sides must agree a deal before Oct.31. 
 
5 Jun 2020 11:29 GBP/USD - 1.2641... Reuters reported Britain's chief Brexit negotiator said on Friday that progress was limited at talks with the European Union on a free trade deal though the tone had been positive. 
 
"Progress remains limited but our talks have been positive in tone," David Frost said. "Negotiations will continue and we remain committed to a successful outcome." 
 
"We are close to reaching the limits of what we can achieve through the format of remote formal," Frost said. "If we are to make progress, it is clear that we must intensify and accelerate our work." 
 
5 Jun 2020 11:19 GBP/USD - 1.2633... Reuters news, UK Chief negotiator Frost says : 
 
- progress remains limited but our talks have been positive in tone 
- will continue and we remain committed to a successful outcome 
- we need to conclude this negotiation in good time to enable people and businesses to have certainty 
- we are not at an important moment for these talks 
- we are close to reaching the limits of what we can achieve through the format of remote formal rounds 
- if we are to make progress, it is clear that we must intensify and accelerate our work 
- we are discussing with the commission how to intensify the progress 
- any deal must accommodate the UK's well-established position on level playing field on fisheries, and the other difficult issues 
 
5 Jun 2020 11:05 GBP/USD - 1.2639... Reuters news, EU's Barnier says : 
 
- fishing, level playing field cannot be separated out from trade in new partnership with UK 
- latest round of Brexit negotiations made no significant progress 
- UK has not shown any true will on fishing agreement 
- UK continued to condition access to waters on annual quota negotiations 
- UK still ong way away on agreement on governance of future partnership 
- we cannot go on like this forever 
- door still open to transition period extension 
- new UK deal must be sealed by Oct 31 at the latest 
- talks need new boost, concentrated effort on most difficult matters 
- hopes to have in-person UK talks by the end of June again 
- British counterparts distance themselves from political declaration agreed with UK withdrawal deal 
- next negotiating round probably late Jun, early Jul; we are nearing the moment of truth 
 
5 Jun 2020 11:04 EUR/USD - 1.1330... Some news worth noting, Der Spiegel magazine reports Germany plans about 30 bln euros in additional debt to finance stimulus measures. 
 
5 Jun 2020 10:29 GBP/USD - 1.2626... The British pound proved quite tricky to trade as despite edging lower to 1.2584 in Asian morning, price rallied above yesterday's high at 1.2633 to a near 3-month peak at 1.2690 in early European morning. However, lack of follow-through buying triggered profit-taking and cable retreated to 1.2619 before stabilising. 
 
Intra-day retreat from 1.2690 suggests upmove from March's 35-year bottom at 1.1412 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.2573. Bids are now lowered to 1.2560/70 with stops building up below there whilst initial offers are noted at 1.2670/80. 
 
Market focus is now on EU's Chief Brexit negotiator Michael Barnier's press conference on Brexit at 11:00GMT. He will be briefing on the latest round of negotiations between EU and UK. 
 
5 Jun 2020 08:57 EUR/USD - 1.1326... Reuters news, ECB's Holzmann says : 
 
- deflation in sense of negative inflation in some countries for months is very likely 
- there should, however, be no deflation across the euro zone 
- agreed with decision to increase PEPP by bln eur 
- wanted other points to be included in ECB discussion 
- argued perhaps programme should have lasted longer, until autumn, but colleagues disagreed 
 
5 Jun 2020 08:38 EUR/USD - 1.1346... Reuters news, ECB's Lane says : 
 
- without a sufficient policy response, the pandemic-related negative shock to the inflation path poses a threat to medium-term price stability 
- mkt fragility underlines the continued need for the central bank to be flexible and exercise a market stabilisation function to the extent necessary. 
 
5 Jun 2020 05:47 EUR/USD - 1.1347... Reuters reported Germany should return to a balanced budget in the next legislative period, German Economy Minister Peter Altmaier told a magazine, after Europe's largest economy announced a massive stimulus package to speed recovery from the coronavirus. 
 
Altmaier also said he expects tough negotiations on a European Union recovery fund during Germany's six-month EU presidency from July 1. But he said he was sure everyone was aware of what was at stake, namely Europe. 
 
 
5 Jun 2020 05:14 USD/JPY - 109.13... Reuters news, Japan govt says : 
 
- coincident indicator index suggests economy is worsening 
 


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