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Intra-day Market Moving News
4 Mar 2015 13:51 EUR/USD - 1.1133... News fm Reuters, EU's Juncker says 'too early to talk about third Greek bailout package.'
4 Mar 2015 13:50 EUR/USD - 1.1131... News fm Reuters, Germany's Merkel says 'Europe will insist on upholding its own standards in free trade talks with U.S.; Germany wants to support French economic reforms, each country decides itself on which specific measures to take; believes France is on right path to improve competitiveness.'
4 Mar 2015 13:49 EUR/USD - 1.1133... News fm Reuters, IMF's Lagarde says 'success of Greek reform plan depends on how it is going to be implemented in practice; Greece has made a lot of progress.'
4 Mar 2015 13:15 USD/MAJ - U.S. ADP employment came in slightly weaker-than-expected at 212K vs forecast of 220K.
4 Mar 2015 13:14 EUR/USD - 1.1124.. More on previous news. Reuters reported EZ FinMins have no plans to discuss a possible 3rd rescue package for Greece when they meet on Mon, a German finance ministry spokesman said on Wed after a Spanish minister revived the possibility of more aid for Athens. 
 
"A discussion about a 3rd bailout package for Greece is not on the agenda for the Eurogroup meeting on Mon," said a German finance ministry spokesman, adding so far the Greek government had said it did not want a 3rd programme. 
 
Spanish Economy Minister Luis de Guindos said earlier that Greece was unlikely to be able to return to capital markets by Jun, when an extension of its bailout expires, so it would probably need further support fm European partners.
4 Mar 2015 12:57 EUR/USD - 1.1122... News fm Reuters, German FinMin spokesman says 'no discussion of a 3rd Greek aid programme on agenda at Eurogroup meeting on Monday.'
4 Mar 2015 11:38 USD/JPY - 119.65... Despite retreating to 119.50 at Asian open, renewed buying there lifted the pair n price rose to session high at 119.83 ahead of European open. However, dlr pared its gains n fell again to 119.51 in European morning as investors await the release of U.S. ADP employment data at 13:15GMT. 
 
Offers are now seen at 119.70/80 n more abv at 119.90/00 with stops building up abv there whilst initial bids are noted at 119.20/30, suggesting initial choppy trading wud be seen ahead of NY open.
4 Mar 2015 11:07 EUR/USD - 1.1121.. More on previous news on Greece. Reuters reported Spanish Economy Minister Luis de Guindos on Wed said Europe would use the next four months of a bailout extension by Athens to assess Greece's situation and its next steps, which he said would be a 3rd rescue. 
 
"We have given ourselves these 4 months to, one, see what the real situation is, to see how Greece has met conditions and to try n establish what happens next (...) which is fundamentally a 3rd rescue," de Guindos told a conference in Barcelona. 
 
De Guindos said EZ FinMins would examine Greece's liquidity needs n debt maturities at a Eurogroup meeting next week. 
 
He then says 30-50 bln euros is prelim. range for 3rd Greek rescue, final amount still needs to be defined.
4 Mar 2015 10:41 EUR/USD - 1.1130.. Reuters news, Spain's economy minister says EU will use next 4 months to see what's next, this is a 3rd rescue for Greece. Next Eurogroup will discuss Greek liquidity n debt maturity needs. 
 
Next Eurogroup will also hear back fm IMF, European authorities on recent talks with Greece.
4 Mar 2015 10:16 EUR/USD - 1.1132.. Euro trades narrowly after tumbling to a 6-week low of 1.1115 after tripping stops below 1.1155, however, release of upbeat EZ Jan retail sales triggered minor short covering, suggesting range trading abv said European low is in store until NY open. 
 
Intra-day break of 1.1155 suggests market is eager to re-test Jan's 11-year trough at 1.1098 as stops (fairly large) are touted below there. Initial bids are noted at 1.1220-00 area n offers have been lowered at 1.1150/60 n more abv with stops abv 1.1185, suggesting selling euro on recovery is the way to go.
4 Mar 2015 09:36 GBP/USD - 1.5342.. Cable relinquished initial gain at European open n fell after disappointing U.K. services PMI. Price dropped fm 1.5369 to 1.5337 after the data.  
 
Reuters reported growth in Britain's dominant services sector eased back in Feb but firms hired staff at the 2nd-fastest rate on record, wages rose n new orders increased, a further sign that the economy has got off to a strong start in 2015. 
 
The Markit/CIPS UK Services Purchasing Managers' Index (PMI) slipped more than expected to 56.7, fm 57.2 in Jan. But survey compiler Markit said wages -- a crucial issue for the BoE as it tries to decide when interest rates should rise -- were a "primary driver" behind an increase in costs in the sector. 
 
"The combination of relatively robust economic growth, the improving labour market n signs that wage growth will pick up in coming months suggests the BoE will come under increasing pressure to tighten policy later this year," said Chris Williamson, chief economist at Markit. 
 
Following upbeat PMIs for manufacturing and construction earlier this week, Markit said the surveys signalled economic growth of 0.6% in the 1st 3 months of 2015, quarter-on-quarter, speeding up fm 0.5% at the end of last year. 
 
The PMI's jobs index edged up to 57.3 in Feb, the 2nd-highest level in the survey's 19-year history after a record peak hit last Jun. The latest official labour market data showed British pay growth in Dec outstripped the country's dwindling inflation rate by the widest margin since before the financial crisis. The service sector survey published on Wed showed confidence about the next 12 months hit a 3-month high.
4 Mar 2015 09:02 EUR/USD - 1.1131.. Reuters just reported price cutting n a weaker currency helped euro zone business activity accelerate in Feb, according to surveys published just before the ECB embarks on a trillion-euro stimulus programme. 
 
Survey compiler Markit said the surveys pointed to 1st quarter GDP growth of 0.3%, the same as at the tail-end of 2014, as business activity expanded in all of the bloc's 4 biggest economies for the 1st time since last Apr. 
 
"The outlook has brightened for all countries. The weaker euro should help boost exports and, perhaps most importantly, the commencement of quantitative easing by the ECB should stimulate the economy as we move through the year," said Chris Williamson, chief economist at Markit. 
 
 
 
Although weaker than a preliminary estimate of 53.5 it comfortably beat Jan's 52.6 n achieved its 20th month above the 50 level that separates growth from contraction. A PMI covering the euro zone's dominant service industry rose one point fm Jan to 53.7 but was similarly lower than a flash reading of 53.9.
4 Mar 2015 07:44 GBP/USD - 1.5361.. Cable rebounds right at European open as a wave of broad-based buying in sterling lifted the pound. Although price briefly fell below y'day's 1.5344 low to 1.5340, buying interest abv last week's bottom at 1.5333 quickly pushed price higher. Traders cited short-covering ahead of release of the very important U.K. Feb services PMI was the main factor behind the intra-day bounce. As mentioned in previous update, street forecast is looking for a mildly upbeat reading of 57.5 vs prev. fig. at 57.2, a stronger number shud trigger further buying spree in the sterling. 
 
For now, bids are noted at 1.5350-40 with fairly large stops below 1.5330 whilst offers are tipped at 1.5380/90 with stops abv 1.5400.
4 Mar 2015 02:42 USD/JPY - 119.60 ... BOJ's Kuroda says see very low chance right now of confidence being lost in Japan fiscal policy and JGBs; important for gov't to continue with fiscal discipline; if confidence lost in fiscal policy, would be difficult for Japan gov't to respond; Will Adjust Policy Without Hesitation If Needed; Expect Inflationary Pressure To Increase, Oil Price Declines Are A Positive In Long Term; Expect To Meet 2% Price Target In Period Around FY 2015, But This Could Change Due To Oil Prices. 
4 Mar 2015 02:31 GBP/USD - 1.5359 ... The pound moves narrowly in subdued Asian trading on Wed following y'day's roller-coaster move. Despite staging a recovery to 1.5398 at Euroepan open, traders gave cable a bashing n knocked price to session lows of 1.5344 at NY open but only to bounce back to 1.5393 due to dlr's renewed weakness, however, price pared intra-day gain n fell back to 1.5357 in Australia b4 stabilising. 
 
Range trading abv said y'day's 1.5344 low is envisaged until the release of the last but most important U.K. Feb services PMI (the index showed the dominant services sector which accounts for 75% of activity in the UK economy). Street forecast is looking for 57.5 vs previous reading of 57.2, a stronger-than-expected number wud spark off brad-based short-covering in the pound. Until then, offers are tipped at 1.5390/00 n more with stops reported abv 1.5420. On the downside, bids are noted at 1.5350-40 with stops reported below last week's low at 1.5333.


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