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Intra-day Market Moving News
19 Jan 2017 09:24 GBP/USD - 1.2332... News fm Reuters, British PM May says: 
 
-Britain must face up to period of momentous change, tough negotiations with EU 
-in Britain's national interest that EU shud succeed 
-wants bold n ambitious trade agreement between UK n EU 
-already started discussions on future trade ties with New Zealand, Australia, India
19 Jan 2017 07:19 GBP/USD - 1.2268... Reuters reported British finance minister Philip Hammond warned the European Union on Thursday that if there was no "comprehensive trading relationship" after Brexit, the government would be forced to find ways to remain competitive. 
 
At the World Economic Forum in Davos, Switzerland, Hammond told Reuters that Britain already had a competitive tax system and it was "not indicative of any kind of race to the bottom". 
 
"We have to remain competitive. The best way to do that is to have a comprehensive trading relationship with the European Union, our closest neighbours," he said. 
 
"But if we can't achieve that then we will have to find other ways to maintain our competitiveness, because our first obligation of government is to make sure that our people are able to maintain their standard of living."
19 Jan 2017 06:51 GBP/USD - 1.2279.. Breaking news on Reuters quoting comments from UK FinMin Hammond who says : 
 
- says what we want to achieve is close, harmonious relationship with European partners 
- government wants to remain in the economic mainstream 
- we already have highly competitive tax system, which will maintain 
- tax system is not indicative of a race to the bottom 
- if cannot achieve good deal with EU, have to find ways to keep competitiveness 
once we serve notice, start detailed discussion with european partners and start to see shape of emerging consensus for future relationship 
-Britain wants to explore options over customs union, tariff-free trade 
-wants to maintain most frictionless border system post-brexit 
-EU solution requires thinking "outside the box" 
-2017 budget is "steady as she goes", no need to access "headroom" 
-does not see radical change in outlook since autumn statement 
 
19 Jan 2017 05:42 USD/CNH (offshore) - 6.8310.. Breaking news on Reuters, China says FX reserves ample, has plan to deal with outflows.
19 Jan 2017 04:21 EUR/USD - 1.0640.. Euro bulls are nursing wounds (ourselves included) in subdued Asian trading after a surprise o/n decline in late NY trading following hawkish comments by Fed Chair Yellen. Despite staging a rebound fm 1.0656 to 1.0703 in NY morning, offers at 1.0700/10 capped euro upside n price then retreated.  
 
A wave of broad-based usd buying quickly emerged when key points of her speech were released at 20:00GMT, euro easily penetrated 1.0656 sup n fell to 1.0628 after tripping stops along the way. Price weakened marginally lower to 1.0622 in Asia n edging higher once selling is over, suggesting range trading is in store until European open. 
 
Offers are tipped at 1.0655/65 n more abv with stops abv 1.0700, initial bids are noted at 1.0630-20 n more below with stops below 1.0600, more stops are touted below 1.0580. 
 
All eyes (ears rather) are on the post-ECB meeting press conference by ECB President Mario Draghi but the central bank it is widely to stand pat on its monetary policy decission ahead of Fri's inauguration of Trump as the 45th President of U.S. (scheduled time of the ceremony is 17:00GMT). 
 
19 Jan 2017 04:12 USD/JPY - 114.48.. Dlr pares o/n sharp gain in late NY trading after rallying fm 113.58 to as high as 114.75 following Fed Chair Yellen's comments which were interpreted as being hawkish by the market. 
 
The pair extended o/n gain at Tokyo open as intra-day strg rebound in the Nikkie (N225 rose 1% fm Wed's 6-week low of 18650) triggered more broad-based yen selling n pushed price to 114.89 b4 retreating to 114.44/45 during Tokyo lunch session. 
 
Looks like a temp. top has been made a Asian traders await reaction fm European traders after Wed's broad-based usd gain which took place after European close. Offers are tipped at 114.80/00 area with stops abv there. Bids are noted at 114.40-20 with some stops below 114.00. 
 
Later today, U.S. will release a slew of eco. data starting with the usual weekly jobless claims, building permits, housing starts n Philly business index. 
 
19 Jan 2017 01:06 Continues from previous update .... 
 
The government's measure of job vacancies has been on the rise, hitting the highest since mid-2001 in the three months to November.  
Vacancies were up almost 9 percent on a year earlier at 182,000, with even the mining sector showing signs of life. 
 
Other sectors enjoying jobs growth have been construction, transport, communication, finance education and, notably, healthcare. The latter is now the biggest employer accounting for 13 percent of Australia's 12 million jobs and is only set to expand as the population ages. 
 
That trend, however, has exacerbated a shift away from full-time work given that almost half of all health jobs are part-time, the biggest share of any sector. 
 
19 Jan 2017 01:05 Continues from previous update .... 
 
That went some way to reversing a shift to part-time work that bedevilled the labour market for much of last year. 
 
The Reserve Bank of Australia has highlighted uncertainty over the labour market as a key concern for 2017. A slowdown in hiring might just be one of the few developments alarming enough to justify another cut in interest rates. 
 
So far, futures markets have all but priced out the chance of another easing and instead imply a one-in-three chance rates might be hiked at the end of the year. 
 
Leading indicators of labour demand are generally positive. 
 
19 Jan 2017 01:03 AUD/USD - 0.7499.. Despite initial muted reaction after mixed Australian jobs report, aud edged lower to 0.7494 in early Asian trading. Reuters just reported Australian employment rose moderately in December as full-time jobs increased for a third straight month, though the unemployment rate still ticked up to its highest since June as more people went looking for work. 
 
Thursday's data from the Australian Bureau of Statistics showed employment rose a net 13,500 in December, just topping forecasts of 10,000 and a third month of gains. 
 
The unemployment rate edged up a tenth of a percentage point to 5.8 percent, though that remains within the tight range that has held for the past year. 
 
One bright spot was that full-time jobs rose another 9,300 on top of November's hefty 38,400 jump, bringing gains made since September to a healthy 95,000. 
 
18 Jan 2017 22:45 Continues from previous update.... 
 
Without commenting directly on Trump, Yellen said she will "closely follow" the many new economic policies that are under discussion. 
"We will factor (any changes in economic policy) into the outlook and take account of their impact on what we need to do to achieve our dual mandate objectives," she said. 
 
The U.S. economy is "close" on both the Fed's employment mandate and its inflation goal, Yellen said. But, she added, "our foot remains on the pedal in part because we want to make sure the economic expansion remains strong enough to withstand an unexpected shock, given that we don't have much room to cut interest rates." 
 
Dramatic rate hikes will probably not be necessary because slow U.S. productivity growth is holding back economic growth, Yellen said. 
 
"Nevertheless, as the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support," she said. 
 
18 Jan 2017 22:44 Continues from previous update.... 
 
The Fed chief said that she and other Fed policymakers expected the central bank to lift its key benchmark short-term rate "a few times a year" through 2019, putting it near the long-term sustainable rate of 3 percent. 
 
That pace could change depending on how the outlook for the economy develops, Yellen cautioned. 
 
"The economy is vast and vastly complex, and its path can take surprising twists and turns," she said. 
Benchmark U.S. Treasury yields rose and the dollar strengthened after the remarks. Yellen said asset valuations including stock prices in part reflect expectations that the Fed will normalize rates faster than other central banks. 
Republican businessman-turned-politician Donald Trump, who will be sworn in as U.S. president on Friday, has promised tax cuts, regulatory rollbacks and infrastructure spending that he says will boost economic growth. 
 
Other Fed policymakers have suggested fiscal stimulus, with the unemployment rate now at a healthy 4.7 percent, could lead to a faster pace of rate hikes than currently anticipated. 
 
18 Jan 2017 22:43 USD/MAJORS - The greenback rallied broadly after Fed Chair Yellen's comments. Reuters reported earlier with the U.S. economy close to full employment and inflation headed toward the Federal Reserve's 2 percent goal, it "makes sense" for the U.S. central bank to gradually lift interest rates, Fed Chair Janet Yellen said on Wednesday. 
 
"Waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road - either too much inflation, financial instability, or both," Yellen told the Commonwealth Club of California in San Francisco. "In that scenario, we could be forced to raise interest rates rapidly, which in turn could push the economy into a new recession." 
 
The Fed raised short-term rates last month for only the second time since the 2007-2009 financial crisis, when it slashed rates to near zero and began buying massive amounts of Treasuries and mortgage-backed securities to push down long-term borrowing costs. 
 
The rate increase in December reflected confidence the U.S. economy will continue to recover, Yellen said. 
 
18 Jan 2017 16:10 USD/MAJ - News fm Reuters, Fed's Kashkari says: 
 
-Fed's new economic opportunity research program cud suggest fiscal policies that cud help foster full employment
18 Jan 2017 14:34 USD/MAJ - Fed's Kaplan adds: 
 
-debt lvl in U.S. is unsustainable, must be careful with new fiscal policies 
-we shud be removing accommodation, looking at trimming Fed's balance sheet later this year 
-we are going to see a gradual increase in inflation, but not running away fm us 
-without trade relationship with Mexico, jobs wud be lost to Asia, elsewhere
18 Jan 2017 14:30 Continues from previous update... 
 
The challengers argued that triggering Article 50 would inevitably mean citizens would lose rights granted by parliament and that only lawmakers could take these away. 
 
The Scottish government and lawyers for Northern Irish challengers said Britain's devolved assemblies must give their approval too before Brexit talks begin. 
 


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