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Intra-day Market Moving News
28 Jun 2017 12:41 EUR/USD - 1.1323... Reuters news, ECB's Angeloni says  
 
- concerns that liquidation under national rules of Italy's Veneto banks may set precedent to sidestep EU rules must be taken seriously 
 
- European banking union is incomplete and therefore fragile 
 
- urges EU commission to hold "systematic relflection" on the way Veneto banks' crisis was handled 
 
- if possible banks must reallocate securities subject to bail- in to institutional investors, away from retail investors 
 
28 Jun 2017 12:40 Continues from previous update... 
 
Instead, the central bank is prepared to let prices take longer to reach its target of just under 2 percent, even after more than four years of inflation misses. 
 
But the speech was full of caveats, which also imply that the ECB is still ready to ease policy if financing conditions tighten as a result, for example, of a stronger euro or higher yields in the United States or Europe, the sources, who spoke on condition of anonymity said. 
 
"The market failed to take note of the caveats in Draghi's speech," one of them said. 
 
Traders took the comments as a signal the ECB was gearing up to wind down the programme as early as January, an outcome that officials said had yet to be discussed and will ultimately depend on inflation and other economic data in the coming months. 
 
28 Jun 2017 12:39 EUR/USD - 1.1322.. Reuters then reported Draghi's comments on Tuesday, taken as a hawkish swing, sent the euro and bond yields sharply higher. 
 
The sources said Draghi wanted to acknowledge the recent, strong economic data and prepare the market for an autumn decision on the future of the ECB's 2.3 trillion euros bond-buying programme but without making any commitment. 
 
He also wanted to note that the ECB will not automatically ease policy due to the current slowdown in inflation, which is seen at 1.2 percent in June and is expected to hover around that level next year. 
 
28 Jun 2017 12:31 EUR/USD - 1.1336.. Reuters then reported European Central Bank President Mario Draghi intended to signal tolerance for a period of weaker inflation, not an imminent policy tightening, when his comments sent the euro higher this week, sources familiar with Draghi's thinking said. 
 
The ECB declined to comment.
28 Jun 2017 12:27 EUR/USD - 1.1323... Euro falls across the board as traders cite report that ECB said mkt has misjudged Draghi's speech on stimulus.
28 Jun 2017 12:23 EUR/USD - 1.1325.. Euro tumbles to intra-day low of 1.1292 on Bloomberg news quoting ECB source who said to seen market as misjudging Draghi speech on stimulus.
28 Jun 2017 11:53 EUR/GBP - 0.8850... Reuters news, British PM's spokesman says listening to voters' message on public-sector pay squeeze, will make decision in autumn budget
28 Jun 2017 11:22 EUR/GBP - 0.8867.. Reuters news, UK PM May says when we know the future relationship with the EU we may need transition arrangements but not unlimited ones  
 
May then says:  
 
- we can achieve a comprehensive free trade deal with EU as part of Brexit 
- we want to deliver on the will of UK people to leave the EU 
- Brexit negotiations have started constructively and positively 
28 Jun 2017 11:21 EUR/USD - 1.1372.. Reuters news, German Finance Minister Schaeuble says budget includes provisions for impact of possible interest rate changes
28 Jun 2017 10:54 GBP/USD - 1.2825... News fm Reuters, British Northern Ireland Min Brokenshire says: 
 
-wud be profound n serious implications if deal is not done in Northern Ireland
28 Jun 2017 10:36 GBP/USD - 1.2823... The British pound traded sideways in Asia after retreating fm o/n spike up to 1.2861 n edged lower to 1.2794 in early European morning on cross-selling of sterling especially vs euro. However, renewed buying there lifted the pair n cable rebounded to 1.2834 in European morning n continued to trade with a firm bias. 
 
Bids are now seen at 1.2790/00 n more below at 1.2770/80 with stops building up below there whilst initial offers are noted at 1.2860/70, suggesting further choppy trading wud be seen till NY open.
28 Jun 2017 09:46 EUR/USD - 1.1358... ECB's Lautenschlaeger says  
 
- I find the most recent proposals by the US department of the treasury worrying 
- it looks as if elements of the global reform might be postponed or not even implemented 
 
28 Jun 2017 06:52 EUR/USD - 1.1361.. Euro pares intra-day gain to a fresh 10-month high of 1.1379 despite upbeat French data. Reuters reported French consumer confidence rose in June to reach 108 points from 103 points in May, marking its highest level in 10 years, the official INSEE statistics agency said on Wednesday. 
 
A Reuters poll of economists had given an average forecast of 103 points for the June consumer confidence level, while the May figure had been revised up from its original level of 102 points. 
 
INSEE said French households were growing more confident over their personal financial situations, with INSEE having revised its French first quarter economic growth forecast up to 0.5 percent from 0.4 percent earlier this month.  
 
28 Jun 2017 05:36 Continues from previous update.... 
 
"(Consumer spending) is slowing as households' real incomes are squeezed by higher inflation, we expect some of that slowing to be offset by growth in business investment, growth in exports. And I want to see how that plays out." 
 
"(We) do have to look at what's happening to domestic inflation pressure, and I think that on the data we have at the moment, gives us a bit of time to see how this evolves," Cunliffe said. 
 
28 Jun 2017 05:35 GBP/USD - 1.2818.. More on early comments by BoE's Cunliffe. Reuters then reported Bank of England Deputy Governor Jon Cunliffe said on Wednesday that he wanted to see how far improvements in business investment and exports could compensate for a consumer slowdown before deciding to raise interest rates. 
 
Cunliffe stressed weak wage growth and said the lesson from the last few years was that Britain's economy had not generated much domestic inflation pressure, despite a sharp fall in unemployment. 
Asked in a BBC radio interview if now was the right time to raise interest rates, Cunliffe said : 
 


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