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Intra-day Market Moving News
18 Dec 2018 06:29 EUR/USD - 1.1344... Reuters news,EU commission wants structural savings worth 2.5-3 bln euros to approve Italy's 2019 budget - Corriere della Sera daily 
 
Reuters then reported the European Commission has asked Italy for a further 2.5 billion euros-3 billion euros ($3.40 billion) in savings before approving the country's 2019 budget, Corriere della Sera daily reported on Tuesday. 
 
Italy has sent an amended version of the disputed budget to Brussels and a spokeswoman for Economy Minister Giovanni Tria said on Monday he was working to reach a deal later in the day. 
 
According to the daily, Tria had told EU Commission Vice-President Valdis Dombrovskis in a phone call that Deputy Prime Ministers Matteo Salvini and Luigi Di Maio opposed further cuts because they did not want next year's deficit target to fall below the revised level of 2.04 percent. 
 
18 Dec 2018 03:32 USD/CAD - 1.3400... Some news worth noting, media sources reported comments from BoC Poloz, who says : 
 
- rates need to be more neutral with economy near capacity 
- is not expecting a recession in 2019 
- Canada's economic fundamentals quite solid 
 
18 Dec 2018 03:17 USD/JPY - 112.56... Reuters then reported Japan will make addressing global imbalances a priority in deliberations when it chairs next year's G20 meetings, the country's top currency diplomat said on Tuesday. 
 
"Addressing global imbalances fits extremely well with the core mandate of G20," Masatsugu Asakawa, Japan's vice finance minister for international affairs, said in an seminar hosted by the International Monetary Fund. 
 
18 Dec 2018 03:01 USD/JPY - 112.65... Reuters news, Japan MoF's Asakawa says : 
 
- global imbalances will be discussed as priority at next year's G20 meeting 
- addressing global imbalances fits extremely well with core mandate of G20 
- we should recognise there is large room for cooperation between countries with current account surplus, deficit to address global imbalances 
- gone are the days when currency rates were driven mostly by changes in current account balance 
- in today's world, exchange-rate movements are drive largely by capital flows 
- Japan exporters don't necessarily lower export retail prices now even when yen depreciates 
 
18 Dec 2018 02:42 EUR/USD - 1.1354.. Euro maintains a firm undertone in Asia after y'day's rise fm 1.1300 (NZ) to 1.1358 in NY due to usd's weakness after downbeat U.S. data, falling Treasury yields n then a 500-point point drop in the Dow. 
 
Intra-day marginal gain to 1.1360 suggests consolidation with upside bias remains for strg retracement of last week's decline fm 1.1443 to 1.1370 (Fri) twd 1.1393, however, 1.1443 should cap upside. Having said that, pay attention to release of key German Ifo data at 09:00GMT where a soft reading may prompt minor selling (this presents buying opportunity) b4 prospect of another rise later. Bids are noted at 1.1330-20 n more below with stops below 1.1300, offers are tipped at 1.1380/90 with stops abv 1.1400. 
 
Apart from Germany's Ifo data, we have ECB's VP de Guindos n ECB's speaking during European morning. 
 
18 Dec 2018 02:24 USD/JPY - 112.68.. Reuters news, Japan FinMin Aso says :  
 
- U.S. rate hikes are not a bad thing as they help to sustain economic growth
18 Dec 2018 02:16 USD/JPY - 112.69.. Dlr remains on the back foot in relatively subdued Asian trading after y'day's selloff fm 113.52 (Asia) to as low as 112.69 in NY session due to downbeat U.S. data, falling Treasury yields n then weakness in the Dow, all these factors triggered active safe-have yen buying on risk aversion. 
 
Intra-day weakness in Asian stocks (the N225 is currently lower by 1%) suggests downside bias remains for further weakness after consolidation for subsequent decline twd Dec's bottom at 112.24, therefore, selling dlr on intra-day recovery is the way to go. Offers are noted at 112.90/112.05 with stops abv 113.25 whilst some bids are noted at 112.65/60 with stops below 112.20. 
 
U.S. will release a slew of eco. data but market's focus is the Fed's rate decision where the 2-day FOMC meeting begins today. 
 
18 Dec 2018 02:15 Continues from previous update... 
 
Capital expenditure is expected to rise 3.6 percent in fiscal 2018 and then slow to 2.7 percent growth in fiscal 2019, partly because companies are cautious due to global trade friction, the official also said. 
 
Overall consumer prices are expected to rise 1.0 percent this fiscal year, down from a 1.1 percent increase expected previously. 
 
18 Dec 2018 02:14 Continues from previous update... 
 
Japan's economy will grow 0.9 percent in fiscal 2018, which ends in March, the Cabinet Office said. That is down from its previous projection of 1.5 percent growth. 
 
In fiscal 2019 the economy will expand 1.3 percent, also down from the previous forecast of 1.5 percent growth. 
 
Overseas demand will not contribute to growth either in the current or the following fiscal year due to a slowdown in China's economy and weak demand for electronic parts in Asia, a Cabinet Office official said. 
 
18 Dec 2018 02:13 USD/JPY - 112.68.. Reuters reported earlier Japan's government revised down its forecasts for economic growth and consumer prices for the current and next fiscal years as natural disasters and weakening export demand weighed on the economy, the Cabinet Office said on Tuesday. 
 
The forecast cuts follow disappointing data on quarterly gross domestic product and machinery orders, highlighting the growing downside risks posed by a trade war between the United States and China. 
 
The government will use the forecasts to finalise the state budget for the next fiscal year starting in April, which could present policymakers with a host of challenges as they prepare to raise the nationwide sales tax. 
 
18 Dec 2018 02:01 USD/JPY - 112.72.. Reuters news, ex-BOJ Deputy Gov Nakaso says :  
 
- increased labour force participation, improvement in labour productivity among key factors keeping Japan's underlying inflation seemingly low
18 Dec 2018 00:34 Continues from previous update... 
 
The RBA expected current record-low interest rates would continue to support economic growth and help further reduce the unemployment rate while lifting inflation to within its 2-3 percent target range. 
 
It has left interest rates at 1.50 percent since last easing in August 2016 and market pricing suggests policy will remain unchanged for another year at least. 
 
"Members continued to agree that the next move in the cash rate was more likely to be an increase than a decrease, but that there was no strong case for a near-term adjustment in monetary policy" the RBA added. 
 
"Rather, members assessed that it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence." 
 
18 Dec 2018 00:32 Continues from previous update... 
 
Indeed, Australia's gross domestic product expanded at a weaker-than-expected 2.8 percent pace last quarter, when policy makers were hoping for "above-trend" 3 percent-plus growth. 
 
Dismal private consumption was a major factor hurting economic activity, even though there were some early signs of a small uptick in wages growth. 
 
"The outlook for household consumption continued to be a source of uncertainty because growth in household income remained low, debt levels were high and housing prices had declined. Members noted that this combination of factors posed downside risks," the RBA said. 
 
"Notwithstanding this, the central scenario remained for steady growth in consumption, supported by continued strength in labour market conditions and a gradual pick-up in wages growth." 
 
18 Dec 2018 00:30 AUD/USD - 0.7175.. Reuters news, RBA just released its minutes. A combination of falling home prices, stratospheric household debt and low wage growth posed downside risks to the Australian economy, the country's central bank warned on Tuesday, even as it predicted the next move in interest rates would likely be up. 
 
Minutes of the Reserve Bank of Australia's (RBA) December policy meeting showed members spent a considerable time discussing the recent slowdown in global growth momentum, partly caused by a bitter tariff dispute between the United States and China. 
 
Australia is heavily leveraged to global trade with China its No.1 trading partner so any deceleration in momentum overseas will likely be negative for the A$1.8 trillion economy. 
 
17 Dec 2018 16:51 USD/MAJ - Reuters news, White House Economic Adviser Hassett says: 
 
- Q4 GDP growth shud be around 3% 
- probability of U.S. recession over next 12 mths is about 0


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