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Intra-day Market Moving News
27 Mar 2017 13:43 EUR/USD - 1.0894... News fm Reuters, ECB's Smets says: 
 
-bank's policy guidance is clear, have to stick to it 
-those questioning ECB's guidance are in a minority 
-ECB has made clear what it will do until end of the year 
-sustained rebound in inflation still elusive, real economy is doing well
27 Mar 2017 13:12 Continues from previous update... 
 
But many banks operating out of London fear they will lose easy access to the EU's single market. Some like Goldman Sachs have already said they will beef up their presence in continental Europe. 
 
The central bank's Financial Policy Committee is asking lenders to show how they can avoid their continental customers being abruptly cut off after Brexit, which could also damage the British economy. 
 
27 Mar 2017 13:11 Continues from previous update... 
 
Just two days before May formally notifies the EU that Britain wants to start two years of exit talks, the BoE asked banks to provide copies of contingency plans to reassure it that they are ready for "a range of possible outcomes". 
 
"Risks to financial stability will be influenced by the orderliness of the adjustment to the new relationship between the United Kingdom and the European Union," the BoE's Financial Policy Committee said in its quarterly policy statement. 
 
Carney has said both Britain and the rest of the EU would benefit from a transitional period after Brexit when British-based banks could continue to serve clients elsewhere in Europe on broadly similar terms as at present. 
 
27 Mar 2017 13:06 EUR/GBP - 0.8648.. Reuters reported earlier Britain-based banks should take steps to ensure they do not have to curb lending suddenly if the country leaves the European Union in a disorderly way, the Bank of England said on Monday as Prime Minister Theresa May prepares to start Brexit talks. 
 
May has said she is prepared to walk away from the Brexit talks with no deal if only bad terms are offered, and the government has said it is making contingency plans for this "unlikely" scenario. 
 
BoE Governor Mark Carney said in January that the Brexit process was a bigger financial stability risk to EU countries whose businesses relied on raising finance via London than it was to Britain itself.  
 
27 Mar 2017 12:02 EUR/USD - 1.0877... News fm Reuters, ECB's Praet says: 
 
-we need to look through recent surge in inflation 
-very substantial degree of monetary accommodation is still needed 
-absent that quantum of support, the progress twds a sustained adjustment that we see in our projections is likely to be slower or even stall 
-we are confident that the ongoing economy expansion will continue to firm n broaden
27 Mar 2017 11:42 EUR/USD - 1.0872... News fm Reuters, citing source fm CNBC, which quotes comments fm ECB's Lautenschlaeger, who says: 
 
-shud prepare for a change in ECB policy
27 Mar 2017 10:50 Continues from previous update... 
 
Only a handful of firms have indicated they will move some operations but dozens have made inquiries, suggesting that if so-called passporting rights are lost, banks will have no choice but to relocate part of their operations to the European Union. 
 
The ECB has said it is willing to forego temporarily its requirement to pre-approve the financial models banks use to determine risks, provided that the models have already been approved by British authorities. 
 
But Lautenschlaeger warned that moves to ease the relocation process did not mean lax regulation, saying the ECB would not try to lure banks with a "race to the bottom". 
 
She said the current regulatory setup might encourage banks to engage in regulatory or supervisory arbitrage but a review of the European legislative framework could close loopholes. 
 
27 Mar 2017 10:49 EUR/USD - 1.0868.. Reuters reported earlier banks moving from Britain to the EU because of Brexit could be given years to fully comply with European Central Bank rules, a top ECB supervisor said on Monday. 
 
"In the case of Brexit, we have many banking groups coming in, probably," ECB executive board member and bank supervisor Sabine Lautenschlaeger said on Monday. 
 
"To enable banks to comprehensively comply with our requirements, we will grant bank-specific phase-in periods," she said, adding that the process could last months or possibly years, depending on individual circumstances. 
 
Britain will trigger divorce proceedings with the European Union on Wednesday. U.K.-based banks are almost certain to lose their rights to access the EU's single market from London, Europe's financial hub. 
 
27 Mar 2017 10:22 GBP/USD - 1.2585... The British pound gained in Australia on dlr's broad-based weakness post Trump's healthcare bill rejection and gained to 1.2534 in Asia. Intra-day ascent accelerated at European open n cable rose to a 1-1/2 month peak at 1.2595 in European morning due to active cross-buying of sterling especially vs euro. 
 
Bids are now seen at 1.2550/60 n more below at 1.2530/40 with stops building up below there whilst initial offers are noted at 1.2660/70, suggesting buying on dips for a resumption of recent uptrend is favored.
27 Mar 2017 09:54 EUR/USD - 1.0869... News fm Reuters, Opinionway poll says: 
 
-far-right's Le Pen to get 26% in 1st round of French election, Macron 24%, Fillon 20% 
-Macron seen beating Le Pen in run-off vote by 61% to 39% 
-Fillon wud beat Le Pen in run-off vote by 58% to 42% if Fillon made it through to second round
27 Mar 2017 09:05 EUR/USD - 1.0854... News fm Reuters, ECB's Lautenschlaeger says: 
 
-we have to finalise Basel 3 as quickly as possible 
-solution on table for many issues 
-committee close to reaching agreement
27 Mar 2017 09:05 EUR/USD - 1.0856... News fm Reuters, ECB's Nouy says: 
 
-we may see RWA increased for some banks as result of trim
27 Mar 2017 08:19 EUR/USD - 1.0870... News fm Reuters, Ifo economist says: 
 
-German upswing is gaining momentum, industry is gaining pace 
-German GDP growth outlook is good 
-upswing in German industry is widespread across all sectors 
-German business unaffected by political uncertainties 
-export expectations have increased 
-in retail sector, there is a sideways trend at a high lvl
27 Mar 2017 08:19 EUR/USD - 1.0870... Reuters reported German business confidence improved to the highest level since June 2011, suggesting the euro zone's biggest economy was gaining momentum, industry data showed on Monday. 
 
The Ifo German research institute said its Business Climate Index rose to a seasonally adjusted 112.3 this month from a reading of 111.1 in February, above forecasts for 111.0. 
 
The Current Assessment Index increased to 119.3 in March from 118.4 a month earlier and beating expectations for 118.3. 
 
The Business Expectations Index, which measures attitudes toward business prospects over the next six months, inched up to 105.7 this month from 104.2, surpassing forecasts for a reading of 104.3.
27 Mar 2017 01:57 EUR/USD - 1.0842.. Euro stands tall in Asian trading, hovering just below intra-day 15-week high of 1.0850.  
 
Despite opening flat around 1.0796 in NZ, traders reported a bout of broad-based usd weakness sent the single currency higher, some cited this was a delayed reaction to the dropping of Trump healthcare bill later Fri as well as Sun's election win in Germany by Merkel's ruling party, stops abv 1.0830 were tripped n sent price higher to 1.0850. Present sideways move suggests a minor top is made as market awaits reaction fm European traders when they come in an hour earlier than usual (Europe has moved their clocks faster by one hour on Sun). 
 
Offers are noted at 1.0850/60 with stops abv 1.0875. Bid are noted at 1.0830-20 n more below with stops below 1.0800. Pay attention to the only eco. data fm Germany, the Ifo business confidence will be release at 09:00GMT. ECB Chief Economist Praet n Chicago Fed President Evans will both be speaking at the same financial event in Madrid at 13:00GMT.  
 


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