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Intra-day Market Moving News
2 Dec 2021 09:54 GBP/USD - 1.3317... The British pound found renewed buying at 1.3262 at New York close on Wednesday and rebounded to 1.3305 in Asian morning today. Despite retreating to 1.3277 at European open, the pair rose to session highs at 1.3325 on cross-buying of sterling especially vs euro and continues to traded with a firm bias. 
 
Cable's intra-day strong rebound from 1.3277 suggests further choppy trading above Tuesday's fresh 11-month trough at 1.3195 would continue with upside bias and gain to 1.3355/60 is seen. Bids are now seen at 1.3280/90 with stops building up below there whilst initial offers are noted at 1.3370/80. 
 
2 Dec 2021 06:23 USD/JPY - 113.05... Reuters then reported the Bank of Japan's pandemic-relief funding programmes were introduced as a temporary step to ease corporate funding strains and must be terminated at some point, board member Hitoshi Suzuki said on Thursday. 
 
The spread for Japan's corporate bond and commercial paper has narrowed significantly, suggesting that big firms' funding conditions have improved significantly, Suzuki told a news conference. 
 
Suzuki, however, added that he was undecided on whether the BOJ should extend the March 2022 deadline for the programmes given uncertainty over the economic fallout from the new Omicron coronavirus variant. 
 
2 Dec 2021 05:58 USD/JPY - 113.13... Reuters news, BoJ board member Suzuki says : 
 
- structural problems japan financial institutions face have not changed since when I became board member more than 4 years ago 
- Japan's financial system has become somewhat more stable than before thanks to govt, BoJ measures to ease hit from covid pandemic 
- without change at financial institutions to face structural woes, hard to sustain stability in Japan's financial system 
- no change to basic view laid out on economy, prices in BoJ's oct quarterly report 
- spread for japan corporate bond, CP narrowing quite a bit 
 
2 Dec 2021 05:08 USD/JPY - 113.09... Reuters reported Japan's consumer confidence stayed flat in November, the government said on Thursday, even as economic activity picked up after coronavirus infections subsided. 
 
A Cabinet Office survey showed the sentiment index for general households, which includes views on incomes and jobs, was 39.2 in November, unchanged from October. 
 
The government kept its assessment of the sentiment index unchanged, saying there were continued signs of improvement. 
 
2 Dec 2021 03:01 EUR/USD - 1.1334.. Euro is in holding pattern after yesterday's sideways swings following Tue's selloff fm 1.1382 to 1.1236 after hawkish comments by Fed chair J. Powell. 
 
As said decline fm 1.1382 suggests early correction from Nov's fresh 16-month bottom at 1.1187 has ended, consolidation with downside bias remains ahead of Fri's key U.S. jobs report. Offers are tipped at1.1350/60 with stops abv there, more stops are touted abv 1.1385. Bids are noted at 1.1310/00 with stops below there. 
 
On the data front, we have Italy's unemployment n then the same from the EU as well as producer prices. ECB board member Panetta will chair at a ECB biennial conference on Fiscal policy and EMU governance at 14:00GMT. 
 
2 Dec 2021 02:52 USD/JPY - 113.03.. Dlr pares Wed's losses n rebounds in Tokyo trading due to broad-based rise in yen crosses in tandem with U.S. yields, the price rose fm 112.75 (AUS) to 113.10 in Asia. 
 
As decline fm 113.62 (Europe) to as low as 112.68 in NY y'day suggests early correction fm Tue's 6-week trough at 112.54 has ended the same day at 113.70 (NY), consolidation with downside bias remains, below 112.68 would yield re-test of 112.54 but loss of downward momentum should limit weakness to 112.25/30. Offers are tipped at 113.10820 n more abv with stops reported abv 113.70 while bids are noted at 112.75/70 with stops below 112.50. 
 
Market is keenly awaiting release of key U.S. jobs report on Fri n today, the only data due out are weekly jobless claims n continued jobless claims. We also have a number of Fed officials scheduled to speak, pls refer to our EI page for details. After Fed chair J. Powell's 2 consecutive days of testimonies on Capital Hill n his official removal on Fed's perception of U.S. inflation is no longer 'transitory', traders are unlikely to react to comments by other FOMC members. 
 
2 Dec 2021 01:50 USD/JPY - 113.05... Reuters then reported Bank of Japan board member Hitoshi Suzuki said on Thursday the central bank would continue to seek ways to further improve its monetary policy framework with an eye on the benefits and costs of its stimulus measures. 
 
In a speech, the former commercial banker also said the BOJ must be vigilant to the accumulating side-effects of prolonged easing because maintaining a stable financial system is crucial for monetary policy steps to be effective. 
 
2 Dec 2021 01:34 USD/JPY - 112.99.. Reuters news, BoJ board member Suzuki says : 
 
- Japan's financial system stable as a whole 
- must be vigilant to risk credit costs may rise on delay in economic recovery 
- BoJ will continue to seek scope for further improvements in monetary policy with eye on effects, costs of stimulus 
- my view is that we must be vigilant to accumulating side-effects of monetary easing 
- BoJ will strive to conduct monetary policy according to its two mandates, which is achieving price and financial system stability 
- Japan's economy sustaining recovery trend 
- consumption showing signs of picking up 
 
2 Dec 2021 00:04 Continue from previous update... 
 
The single currency retreated to 1.1317 in Asian morning before rising briefly to session highs at 1.1360 in early European morning. However, the pair then dropped to an intra-day low at 1.1303 before staging a short-covering rebound to 1.1357. 
 
The British pound found renewed buying at 1.3289 in Asian morning and rebounded to 1.3332 at European open. Despite retreating in tandem with euro to an 1.3276 in European morning, the pair rallied to session highs of 1.1352 in New York morning but only to tumble to an intra-day low of 1.1262 on renewed usd's strength. 
 
2 Dec 2021 00:03 U.S. Market Summary 
 
Dollar ends slightly higher on risk aversion 
 
The greenback ended the day marginally higher against majority of its peers except the safe-havem yen and Swiss Franc on Wednesday as investors remained cautious about the spread over the new Covid variant Omicron on risk aversion. (Dow ended the day lower at 34,022, down by 461 points or 1.34%) 
 
Versus the Japanese yen, dollar traded with a firm bias in Asia and gained to session highs at 113.62 ahead of European open. However, price then erased its gains and fell to 112.68 in tandem with US yields in New York afternoon. 
 
1 Dec 2021 23:25 USD/MAJORS - Some news worth noting, media sources reported comments from Cleveland Fed's Mester, who says :  
 
- she is open to the idea of a quicker pace of tapering 
- momentum in the economy is apparent, as shown by rising inflation rates 
- the omicron variant is a new risk, but further research is needed. 
- the economy has learned to deal with waves of covid waves during the pandemic 
- Fed should be capable of hiking rates a couple of time next year if necessary 
 
1 Dec 2021 22:33 GBP/USD - 1.3278.. Reuters reported earlier the United States is delaying a deal to remove Trump-era tariffs on UK steel and aluminum as Washington's concerns over post-Brexit trade rules affecting Northern Ireland rise, the Financial Times reported on Wednesday. 
 
In a communication seen by the newspaper, a U.S. Commerce Department official was quoted as saying that talks with the UK on easing metals tariffs could not move ahead. 
 
The official cited U.S. concerns at British threats to trigger Article 16, the report said. 
 
Article 16 is an emergency brake that allows the UK or EU to seek to suspend parts of the Brexit agreement that introduced some checks on the movement of goods to Northern Ireland from mainland Britain if they lead to persistent difficulties. 
 
1 Dec 2021 16:31 USD/MAJORS - Reuters reported U.S. Federal Reserve Chair Jerome Powell on Wednesday said that with price increases persisting much longer and at a higher rate than expected, the central bank needs to be ready to use its tools to address the range of "plausible outcomes" for inflation. 
 
While inflation is expected by most forecasters to recede in the second half of next year, the Fed cannot afford to "act like we are sure" that will in fact be the outcome. Powell's comment came in response to a question during a hearing before the House Financial Services Committee. 
 
1 Dec 2021 15:08 USD/MAJORS - Reuters reported U.S. manufacturing activity picked up in November amid strong demand for goods, keeping inflation high as factories continued to struggle with pandemic-related shortages of raw materials. 
 
The Institute for Supply Management (ISM) said on Wednesday its index of national factory activity increased to a reading of 61.1 last month from 60.8 in October. 
 
1 Dec 2021 13:23 USD/MAJORS - Reuters reported U.S. private employers maintained a strong pace of hiring in November, though worker shortages remained a challenge. 
 
Private payrolls increased by 534,000 jobs last month, the ADP National Employment Report showed on Wednesday. Data for October was revised slightly lower to show 570,000 jobs added instead of the initially reported 571,000. 
 
Economists polled by Reuters had forecast private payrolls would increase by 525,000 jobs. 
 


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