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Intra-day Market Moving News
23 Aug 2017 16:06 EUR/GBP - 0.9227... Reuters news, a document says: 
 
- UK financial sector lobby calls for "mutual access" pact between Britain and European Union after Brexit 
- mutual access should not be based on line-by-line test, but on general criteria whether they are sufficiently aligned 
- divergence should not automatically lead to adverse consequences and there should be some flexibility to differences 
- examples of where there may be divergence include implementing new global standards, the UK going further than minimum under EU law, developing new areas of regulation such as FinTech 
- mutual access pact would have dispute resolution body that can punish breaches with withdrawal of mutual access rights 
- pact would allow financial firms in UK, EU to access each other's markets without local licence 
 
23 Aug 2017 14:56 USD/CAD - 1.2562... Reuters news, Canadian government official says: 
 
- Canada will not be deterred by Trump's threat to scrap NAFTA trade pact 
- Canada always felt it was likely Trump would at some point during negotiations threaten to scrap NAFTA 
 
23 Aug 2017 14:55 Continues from previous update... 
 
Eva Johanna Holmberg, a Finnish academic who is married to a Briton, told The Independent newspaper that she "couldn't believe what she was seeing" when she received the letter. 
 
While Britain has promised a generous deal for EU citizens following Brexit, there is not yet agreement over how rights will be protected. 
 
The rights of EU citizens in Britain is one of three issues the bloc wants to settle before it begins discussing the future relationship between Britain and the EU. The EU says more progress on those core issues needs to be made before talks move on. 
 
23 Aug 2017 14:54 EUR/GBP - 0.9226... Reuters reported Britain on Wednesday said it had sent dozens of letters telling European Union nationals to leave the country in error, an embarrassing mistake as the issue of the rights of such citizens in the UK is being negotiated. 
Britain's interior ministry said it was investigating after around 100 of the letters were sent to citizens from other European Union countries, saying they would be removed under immigration law. 
 
"A limited number of letters were issued in error and we have been urgently looking into why this happened. We are contacting everyone who received this letter to clarify that they can disregard it," a spokeswoman for the Britain's Home Office said in a statement. 
 
"We are absolutely clear that the rights of EU nationals living in the UK remain unchanged." 
 
23 Aug 2017 14:31 USD/MAJORS... Reuters news, Senate Democratic leader Schumer says: 
 
- no one wants government shutdown that would result from Trump's insistence on border wall funding 
 
23 Aug 2017 14:08 Continues from previous update... 
 
In July, new single-family homes sales fell in the Northeast, South and West. They rose in the Midwest. 
 
The inventory of new homes on the market rose 1.5 percent to 276,000 units, the highest level since June 2009. Still, new housing stock is less than half of what it was at its zenith during the housing bubble. 
 
At July's sales pace it would take 5.8 months to clear the supply of houses on the market, up from 5.2 months in June. A six-month supply is viewed as a healthy balance between supply and demand. 
 
23 Aug 2017 14:05 Continues from previous update... 
 
Coming on the heel of data this month showing a plunge in both housing starts and permits in July, the unexpected decline in new home sales suggests the housing market could be cooling. 
 
The housing market is being hampered by a shortage of properties, land and labor, which are driving up home prices. 
 
Housing weighed on the economy in the second quarter, subtracting nearly three-tenths of a percentage point from gross domestic product growth. Economists expect a modest rebound in housing activity in the third quarter. 
 
The housing market remains underpinned by a strong labor market, which is near full employment. 
 
23 Aug 2017 14:03 USD/MAJORS... Reuters reported new U.S. single-family home sales unexpectedly fell in July, dropping to their lowest level in seven months, which could raise concerns of a slowdown in the housing market recovery. 
 
The Commerce Department said on Wednesday new home sales tumbled 9.4 percent to a seasonally adjusted annual rate of 571,000 units last month, the lowest level since December 2016. The percentage drop was the largest since August 2016. 
 
June's sales pace was revised up to 630,000 units from the previously reported 610,000 units. Home sales in May also were not as weak as previously reported, taking some of the sting from July's report. New home sales are volatile month-to-month and are drawn from building permits.  
 
Economists polled by Reuters had forecast new home sales, which account for 9.4 percent of overall home sales, increasing 0.3 percent to a pace of 612,000 units last month. Sales were down 8.9 percent on a year-on-year basis. 
 
23 Aug 2017 14:02 EUR/USD - 1.1805... Reuters reported euro zone consumer confidence rose slightly in August, the European Commission said on Wednesday, beating analysts' expectations. 
 
The Commission said a flash estimate showed euro zone consumer morale rose by 0.2 points to -1.5, without giving further details on what caused the rise. 
 
A Reuters poll of 27 economists had expected consumer confidence in the 19 countries sharing the euro to fall to -1.8. 
 
In the European Union as a whole, consumer sentiment was unchanged from the previous month at -2.3.
23 Aug 2017 14:01 Continues from previous update... 
 
Speaking earlier in the day, ECB President Mario Draghi avoided any discussion of currency policy but noted that any policy change should be done with care as policymakers do not full understand how unconventional policies or the new economic realities may work.  
 
The ECB has already bought over 2 trillion euros worth of bonds, depressing borrowing costs and successfully igniting growth, which is now on its best run since the global financial crisis.  
 
But inflation is still below its target of close to but below 2 percent, likely staying there at least through 2019, raising concerns that inflation may be behaving differently than before the global financial crisis. 
 
Weidmann said he was also opposed to making technical changes to the programme, arguing they would lead to negative consequences. 
 
The comment is significant as the ECB is expected to hit many of its self imposed purchase limits next year, including on buying no more than one-third of country's outstanding bonds, and without changes to its rules, the asset buys would have to be phased out. 
 
23 Aug 2017 14:00 EUR/USD - 1.1797.. Reuters then reported the ECB should quickly end asset buys next year as the outlook does not warrant the extension of its 2.3 trillion euro scheme, Bundesbank President Jens Weidmann said, weighing in on the biggest issue facing the ECB this autumn. 
 
Speaking to German newspaper Boersen-Zeitung on Wednesday, Weidmann called for a quick and orderly end to the asset buys, arguing that inflation will continue to gradually rise and ECB policy would still remain expansionary for years.  
 
Considered a leading hawk, Weidmann has always opposed the asset buys and his unambiguous comments lay down the Bundesbank's position just as the ECB prepares to debate whether to extend the asset purchases or start winding them down next year.  
 
"Based on our June forecast, there is no need in my view for taking further action for next year and in particular not for extending the buying programme," Weidmann told Boersen-Zeitung in an interview. 
 
23 Aug 2017 13:09 EUR/USD - 1.1796... Reuters news, citing from Boersen Zeitung, ECB's Weidmann says: 
 
- wants an orderly and quick exit from asset buys, should not happen overnight 
 
23 Aug 2017 12:09 EUR/USD - 1.1805... Reuters news, Finnish police says: 
 
- arrested two more people in connection with last week's knife attack 
 
23 Aug 2017 11:23 EUR/USD - 1.1790.. Reuters news, Germany's Merkel says there are good reasons for German trade surplus, it is not because of unfair practices
23 Aug 2017 11:06 Continues from previous update.... 
 
In dispute resolution - which could be needed in future trade or other economic deals - it outlined various "existing models" where the ECJ does not have the upper hand, including setting up a joint committee from both sides, arbitration panels 
or a reporting and monitoring clause. 
 
But the government has said it does not want an "off-the-shelf" arrangement and will try to reach an agreement on what future dispute resolution should look like during the negotiations. 
 


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