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Intra-day Market Moving News
24 Aug 2016 04:01 USD/JPY - 100.32.. Breaking news on Reuters quoting comments by Japan's Foreign Minister Kishida who says : 
 
- AGREED WITH CHINA, S.KOREA COUNTERPARTS TO ASK N.KOREA TO RESTRAIN PROVOCATION 
 
- AGREED WITH CHINA, S.KOREA COUNTERPARTS TO URGE N.KOREA TO OBSERVE UN SECURITY COUNCIL RESOLUTION 
 
Reuters reported earlier North Korea fired a submarine-launched missile on Wednesday that flew about 500 km (311 miles) towards Japan, a show of improving technological capability for the isolated country that has conducted a series of launches in defiance of UN sanctions. 
 
The missile was fired at around 5:30 a.m. (2030 GMT) from near the coastal city of Sinpo, where satellite imagery shows a submarine base is located, officials at South Korea's Joint Chiefs of Staff and the Defence Ministry told Reuters. 
 
24 Aug 2016 02:47 GBP/USD - 1.3179... Although the British pound resumed its recent winning streak n rose to 1.3211 in Europe y'day on cross-buying of sterling especially vs euro. However, profit-taking offers there capped intra-day gains n price retreated to 1.3173 in Asian morning today. 
 
Since there is no major eco. data due today, further choppy trading with upside bias wud be seen. Bids are now seen at 1.3150/60 n more below at 1.3130/40 with stops building up below there whilst initial offers are ntoed at 1.3240/50.
24 Aug 2016 02:06 EUR/USD - 1.1297... Reuters reported a strong 6.4 magnitude quake struck central Italy early on Wednesday near the city of Perugia, the U.S. Geological Survey said. 
 
The quake, located 47 miles (76 km) southeast of Perugia, occurred at 3:36 a.m. (0136 GMT) and was felt as far as Rome. It was very shallow, only 6.2 miles (10 km) deep, the USGS said. 
 
24 Aug 2016 02:02 EUR/USD - 1.1297... Some news worth mentioning, Reuters reported, Executive Board member Benoit Coeure said a failure of euro zone government to enact badly needed fiscal and structural reform could force the European Central Bank to ease policy further to meet its inflation mandate. 
 
"If nothing takes place (in terms of reforms,) then the central bank may have to do more," Coeure told a European Economic Association conference in Geneva. He also added "the only message here is if there is not much taking place on the structural reform front, if there is not much taking place on the fiscal policy front, from what can be done, then the ECB would have to do more."
24 Aug 2016 01:37 EUR/USD - 1.1299... The single currency traded with a firm bias in Asia y'day n gained to 1.1354 in early Europe. However, euro pared its gains and retreated sharply to 1.1305 in NY, then lower to 1.1297 at Asian open today on cross-selling of euro especially vs sterling. 
 
Pay attention to the release of Germany GDP qq n yy at 06:00GMT. Street forecasts are 0.4% n 3.1% vs prev. readings of 0.4% n 3.1% respectively. 
 
Offers are now seen at 1.1330/40 n more abv at 1.1350/60 with stops building up abv there whilst initial bids are noted at 1.1260/70, suggesting further choppy trading with mild downside bias wud be seen.
24 Aug 2016 01:35 USD/JPY - 100.24... Some news worth noting, Satoshi Fujii, an adviser to Abe, told Reuters in an interview that Japan should spend 10 trillion yen ($99.83 billion) on fiscal stimulus both in fiscal 2017 and in fiscal 2018 to offset a lack of demand in the economy and eliminate the risk of deflation. 
 
He added "The important point is the velocity of spending. The problem with fiscal stimulus up until now is the velocity of spending was not high enough; There are a lot of opinions about negative rates, but I would like the BoJ to review this and decide what to do from here on."
24 Aug 2016 01:09 USD/JPY - 100.35... The greenback rose fm y'day's European low at 99.94 to 100.29 at NY midday, then price ratcheted higher to 100.52/53 at Tokyo open on broad-based selling of jpy. However, profit-taking offers there capped intra-day gains n price retreated to 100.26 in Asian morning. 
 
Since there is no major eco. data due today, further choppy trading is likely to be seen with bids noted at 100.00/10 n more below at 99.80/90 with stops building up below there whilst initial offers are noted at 100.80/90.
23 Aug 2016 14:05 July's increase, however, likely exaggerates the housing market strength as it has not been matched by robust housing starts. Still, sales were up 31.3 percent from a year ago. 
Continues from previous update.... 
 
Last months' surprise increase pushed new home sales well above their second-quarter average, pointing to sustained momentum in the market for new homes. Residential construction was a minor drag on economic growth in the second quarter. 
 
Housing market strength, marked by rising home values which are boosting household wealth, is helping to buoy consumer spending, cushioning the blow on the economy from a downturn in business spending as well an inventory correction. 
 
Tightening labor market conditions, which are steadily lifting wages, as well as mortgage rates near historic lows are supporting housing. Reports last week showed groundbreaking on single-family housing projects rose to five-month high in July and sentiment among homebuilders increasing in August. 
 
23 Aug 2016 14:04 USD/MAJORS - Usd showed relatively muted reaction to upbeat U.S. data. Reuters reported new U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook. 
 
The Commerce Department said on Tuesday new home sales surged 12.4 percent to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007. 
 
June's sales pace was revised down to 582,000 units from the previously reported 592,000 units. Economists polled by Reuters had forecast single-family home sales, which account for about 9.6 percent of overall home sales, slipping to a rate of 580,000 units last month. 
 
23 Aug 2016 11:45 EUR/USD - 1.1343.. Reuters reported earlier the European Central Bank may have to ease policy further if badly needed fiscal and structural reforms in the euro zone fail to materialise, Executive Board member Benoit Coeure said on Tuesday. 
 
"If nothing takes place (in terms of reforms), the central bank would have to do more," Coeure told a conference in Geneva. "If not much is taking place on the structural reform front, not much on fiscal reform front, then ECB would have to do more." 
 
Coeure added that euro area economic growth is picking up and will continue to accelerate but the recovery is not as strong as the bank would like. 
 
23 Aug 2016 11:16 Continues from previous update.... 
 
"The important point is the velocity of spending. The problem with fiscal stimulus up until now is the velocity of spending was not high enough," said Fujii, who is also a professor at Kyoto University. 
 
"There are a lot of opinions about negative rates, but I would like the BOJ to review this and decide what to do from here on." 
 
Fujii's comments suggest the government could rely more on fiscal stimulus and less on additional monetary easing to revive Japan's fortunes after the economy ground to a halt in the second quarter due to weak consumption and exports.  
 
23 Aug 2016 11:15 USD/JPY - 100.16.. Reuters just reported Japan should spend 10 trillion yen ($99.83 billion) on fiscal stimulus both in fiscal 2017 and in fiscal 2018 to offset a lack of demand in the economy and eliminate the risk of deflation, an adviser to PM Shinzo Abe said on Tuesday. 
 
Abe has already compiled a stimulus package for the current fiscal year with 7.5 trillion yen in spending, but the government needs to spend more and do so quickly to boost demand, Satoshi Fujii, an adviser to Abe, told Reuters in an interview. 
 
"We need to spend 10 trillion yen next fiscal year and another 10 trillion yen the following fiscal year to eliminate the deflationary gap," he said. 
 
The Bank of Japan should stick with its existing quantitative easing but should examine its negative interest rate policy and decide how to proceed in the future, Fujii said. 
 
23 Aug 2016 10:05 GBP/USD - 1.3180.. Cable showed muted reaction to release of slightly upbeat UK data. Reuters reported Orders for British manufacturing exports rose to their highest level in two years in August helped by the Brexit-induced fall in sterling but the weaker pound also pushed up price expectations to their highest in over a year, a survey showed. 
 
An index measuring overall factory orders dipped slightly in August to -5 from -4 in July but export orders improved to -6 from -22, their highest since August 2014, the survey by the Confederation of British Industry showed. 
 
A measure of output expectations for the three months ahead rose to +11 from +6 in July. 
 
The British pound fell sharply after Britain's vote to leave the European Union. 
 
The CBI said average prices that manufacturers expected to charge over the next three months rose to +8 in August from +5 in July, their highest since February 2015. 
 
"It's good to see manufacturing output growth coming in stronger than expected, and some signs that the fall in sterling is helping to bolster export orders," Anna Leach, CBI Head of Economic Analysis and Surveys, said. 
 
"But the pound's weakness is a double-edged sword, as it benefits exporters but also pushes up costs and prices." 
 
23 Aug 2016 08:19 Continues from previous update... 
 
Discounting helped drive a PMI covering the bloc's dominant service industry up to 53.1 from 52.9, also confounding expectations for a dip to 52.8. The manufacturing PMI was predicted to have held steady at July's 52.0 but fell to 51.8. 
 
The factory output index, which feeds into the composite PMI, nudged up to an eight-month high of 54.0 from 53.9. 
 
However, new order growth was at its weakest since early 2015, falling to 51.5 from 52.2, suggesting the headline manufacturing PMI may decline next month.  
 
Service firms were also less optimistic about the year ahead. The business expectations index fell to 60.2 from 60.9, its lowest reading since late 2014. 
 
"There are some warning lights flashing about the future," Williamson said. 
 
23 Aug 2016 08:17 Continues from previous update... 
 
Williamson said the PMI pointed to GDP expanding 0.3 percent this quarter, matching a Reuters poll earlier this month that showed the euro zone economic outlook stable but lacklustre, about half the speed at the start of the year. 
 
Pressure remains on the European Central Bank to announce more easing as it has so far been unsuccessful in getting inflation anywhere close to its 2 percent target ceiling.  
 
But there is little confidence amongst economists about just how much firepower the ECB has left.  
 
Of some concern, having only trimmed their prices in July, firms returned to deeper discounting this month. The output price index fell to 49.5 from 49.8. 
 


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