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24 Oct 2016 00:07 USD/MAJORS - More hawkish news on the Fed worth noting. Reuters reported later last Fri the U.S. economy is "well-positioned" for a rate increase, a central bank policymaker said on Friday, adding that he personally wanted the Federal Reserve to have raised rates last month. 
"This year would be good" for a U.S. interest-rate increase, San Francisco Federal Reserve Bank President John Williams told reporters after a speech at the Federal Home Loan Bank of San Francisco member conference.  
Next year, he said, it would "make sense" to have a few more rate hikes, if the economy continues to grow as expected. 
24 Oct 2016 00:06 USD/MAJORS - Reuters reported in last Fri's NY afternoon session speculators lifted favorable bets on the U.S. dollar for a fourth straight week, with net longs hitting their highest in roughly nine months, according to Reuters calculations and data from the Commodity Futures Trading Commission (CFTC) released on Friday. 
The value of the dollar's net long position rose to $18.44 billion in the week ended Oct 18, from $14.72 billion the previous week. 
The euro net short position, meanwhile, hit its largest since late July at 109,268 contracts, data showed. 
24 Oct 2016 00:05 Continues from previous update.... 
The proposal would be used to try and persuade the EU to grant "passporting" rights for financial services firms to continue operating across the EU, the newspaper said. 
"People say we have not got any cards," the newspaper quoted an unidentified source familiar with the government's thinking as saying. 
"We have some quite good cards we can play if they start getting difficult with us. If they're saying no passporting and high trade tariffs we can cut corporation tax to 10 percent," the newspaper quoted an anonymous source as saying," the source was quoted as saying. 
24 Oct 2016 00:03 GBP/USD - 1.2222.. A piece of post-Brexit news over the w/end worth noting. Reuters reported Britain could slash its headline corporation tax rate to 10 percent from 20 percent if the European Union refuses to agree a post-Brexit free trade deal or blocks UK-based financial services firms from accessing its market, the Sunday Times reported, citing an unidentified source. 
The newspaper said the idea had been put forward by Prime Minister Theresa May's advisers amid growing fears other EU member states will take a hard line in Brexit negotiations. 
24 Oct 2016 00:02 Continues from previous update... 
Scottish First Minister Nicola Sturgeon, leader of the Scottish National Party, has said her government is preparing for all possibilities including independence after Britain leaves the EU. 
Scots voted by a large margin to remain in the bloc and Sturgeon has said Scotland wants to keep as many of the advantages of membership of the EU's single market as it can and is looking for a bespoke deal to do so. 
The British government has said it will negotiate a one-size-fits-all Brexit deal on behalf of the whole United Kingdom. 
May, who has dismissed labels such as "hard Brexit" and "soft Brexit" for describing how clean a break Britain makes with the EU, will also tell the devolved leaders no final decisions have been taken on the EU exit strategy, and that how Britain leaves the bloc will not boil down to a binary choice. 
24 Oct 2016 00:01 GBP/USD - 1.2223.. Reuters just reported representatives of the Scottish, Welsh and Northern Irish governments will get a chance to tell Brexit minister David Davis how they hope Britain's future relationship with the EU will work, under plans the government announced on Monday. 
At a meeting on Monday, PM Theresa May will offer the leaders of the three devolved governments, which have varying degrees of autonomy, formal discussions on Brexit at least twice before the end of the year, her office said. 
"The country is facing a negotiation of tremendous importance and it is imperative that the devolved administrations play their part in making it work," May said in a statement her office released before the meeting. 
"The new forum I am offering will be the chance for them all to put forward their proposals on how to seize the opportunities presented by Brexit and deliver the democratic decision expressed by the people of the U.K." 
23 Oct 2016 23:57 USD/JPY - 103.92.. Reuters just reported Japan's exports fell 6.9 percent in September from a year earlier, down for a 12th straight month, Ministry of Finance data showed on Monday, in a sign of sluggish external demand. 
The result compares with the median forecast for a 10.4 percent fall in a Reuters poll of economists, and follows a 9.6 percent decline in August. 
Imports fell 16.3 percent, versus the median estimate of a 16.6 percent fall. 
The trade balance swung to a surplus of 498.3 billion yen ($4.8 billion), versus the median estimate of a 341.8 billion yen surplus. 
22 Oct 2016 04:55 USD/MAJORS - The single currency resumed its recent losing streak and fell to a fresh 7-month low against the greenback on Friday as dovish comments from ECB's Draghi on Thursday continued to weigh on the currency. 
Earlier in the day, euro met renewed selling at 1.0931 in Australia and retreated to 1.0895 in Asian morning. Intra-day decline accelerated it in European morning and price dropped to a fresh 7-month low at 1.0859 in New York session before a minor recovery on short covering at the close. 
Versus the Japanese yen, although the greenback briefly extended near term rise to session high of 104.20 in Asian morning, price pared intra-day gain and reterated to 103.76 ahead of European open, then lower to intra-day low at 103.52 in New York morning on broad-based buying of yen. However, renewed dollar's broad-based strength lifted the pair back up to 104.00. 
The British pound retreated to 1.2224 ahead of European open before staging a recovery, however, renewed selling at 1.2257 at European open pressured the pair lower and cable tumbled to session low of 1.2171 in New York morning. Later, price pared intra-day losses and staged a short-covering rebound to 1.2243. 
21 Oct 2016 14:41 EUR/USD - 1.0880... News fm Reuters, ECB's Nowotny says: 
-situation like Lehman Brothers will not be repeated 
-development of low interest rates will continue for a while 
-expect Europe inflation of 0.2% for 2016, over 1% in 2017 
-shud be logical to say interest on loans shud not go negative 
-QE has resulted in revived credit growth 
-monetary policy not enough, also need fiscal policies which has happened more in USA
21 Oct 2016 14:15 USD/MAJ - news fm Reuters, Fed's Tarullo says: 
-new U.S. stress-testing measures to safeguard banks may be forthcoming 
-a little challenging determining whether more or fewer regulations needed after Dodd-Frank 
-must monitor banks for eluding current capital, liquidity standards 
-greatest risk to financial stability relate to funding runs, asset sales
21 Oct 2016 13:28 GBP/USD - 1.2190... Breaking news fm Reuters, British police arrest teenager on terrorism offences over suspicious item found on London underground train on Thur.
21 Oct 2016 12:44 USD/CAD - 1.3315.. Usd rallied against the loonie to 1.3320 after downbeat Canada's retails. Reuters reported the value of Canadian retail sales unexpectedly declined in August due to lower sales of new and used cars and a decline in purchases at general merchandise stores, data from Statistics Canada showed on Friday. 
The 0.1 percent decline fell short of expectations for a gain of 0.3 percent, while volumes fell by 0.3 percent. July sales were revised down slightly to a decline of 0.2 percent from the previously reported 0.1 percent decrease. 
The weak retail performance in the first two months of the third quarter could mean there is somewhat less buoyancy to the expected economic rebound. Analysts expect growth picked up in the third quarter after wildfires in Alberta caused a contraction in the second quarter. 
21 Oct 2016 12:42 GBP/USD - 1.2190.. Reuters then reported British Prime Minister Theresa May said on Friday that negotiations with the European Union on Britain's exit from the bloc would take time and that she was ready for some "difficult moments". 
At a news conference after her first European Council as prime minister, May reiterated her hope that Britain and the European Union would have a "mature and cooperative" relationship after Britain exits. 
"Obviously we've got negotiations ahead of ourselves. Those negotiations will take time, as I say, there will be some difficult moments, we are going to need some give and take," she said. 
21 Oct 2016 12:36 EUR/USD - 1.0886... Italy's Renzi adds: 
-2017 budget respects EU fiscal rules
21 Oct 2016 12:17 GBP/USD - 1.2180... News fm Reuters, British PM Theresa May says: 
-Britain will play a full n active role in EU 
-UK committed to trading freely with European neighbours 
-been clear wants to cement Britain as a close partner of EU once we leave 
-wants mature, cooperative relationship with EU partners 
-will be difficult moments as Britain leaves EU 
-all countries have the right to control their borders 
-Britain will continue to argue for free trade 
-been clear that Britain is discussing trade ties with third countries 
-as long as Britain is a member of EU, Britain will meet its obligations 
-we will conduct negotiations in a way to get right deal for UK 
-important that EU sign Canada deal 
-UK's not looking to replicate another model that another country has in relation to trade with EU 
-negotiations with EU will take time

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