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Intra-day Market Moving News
29 Jun 2016 08:34 GBP/USD - 1.3378... Reuters reported British consumer credit expanded at the fastest annual pace since 2005 in May and lenders approved more mortgages than expected ahead of the EU membership referendum, Bank of England data showed on Wednesday. 
 
Mortgage approvals for house purchases numbered 67,042 in May, up from 66,205 in April. Analysts in a Reuters poll had forecast 65,250 mortgage approvals were made in May. 
 
Consumer credit rose 9.9 percent compared with a year ago, the biggest annual increase since November 2005 and up from 9.6 percent in April. 
 
Overall, the figures suggested British lending was robust the month before Britons voted to leave the European Union, a result that has shocked financial markets and cast a pall over the outlook for the economy. 
 
29 Jun 2016 08:25 Continues from previous update... 
 
Shibayama described the BOJ's negative rate policy as "powerful medicine", suggesting it might be hard for the central bank to cut rates deeper into negative territory. 
 
The negative rates policy drew criticism from banks for confusing rather than calming markets. 
 
"It caused a bigger than expected impact. Taking that into account, I want the BOJ to carefully consider what it can do" when easing policy further, he said. 
 
29 Jun 2016 08:24 Continues from previous update... 
 
"We must be on our guard against speculative moves and won't hesitate to take action against excess speculation," Shibayama, Special Adviser to the Prime Minister, told Reuters in an interview. 
 
"Our basic stance is to cooperate with other countries. But that doesn't mean that solo intervention can be ruled out." 
 
While policymakers have threatened intervention, market participants remain sceptical about Tokyo's appetite to intervene in the markets given strong opposition from Washington. 
 
29 Jun 2016 08:22 USD/JPY - 102.45... Breaking news from Reuters, Japan PM adviser Shibayama says:  
 
-won't hesitate to respond to excessive fx speculation 
-should not rule out solo fx intervention in case of excessive yen rises 
-BoJ should stand ready to hold emergency policy meeting if market moves become excessive 
-BoJ further easing should take into account the fact that negative rates caused bigger-than-expected impact 
 
Reuters then reported Japan's government won't hesitate to respond to excess speculation in the foreign exchange market or conduct unilateral currency intervention to safeguard the export reliant economy, an adviser to Prime Minister Shinzo Abe said. 
 
Masahiko Shibayama said if markets became excessively volatile, the Bank of Japan could hold an emergency meeting to ease policy further although the scope for such easing remains limited, given interest rates are already in negative territory. 
 
Britain's shock vote to exit the European Union last week caused a spike in the yen, prompting Japanese policymakers to warn investors against pushing safe-haven currency too high, which would deal a blow to exports and policy efforts to defeat deflation. 
 
29 Jun 2016 06:34 GBP/USD - 1.3343... Reuters reported British house prices recorded modest growth this month, causing the annual rate of growth to pick up unexpectedly to a three-month high in June, figures from mortgage lender Nationwide showed on Wednesday. 
 
Nationwide said house prices rose 0.2 percent in June - unchanged from the rate in April and May - and that annual growth picked up to 5.1 percent from 4.7 percent, beating economists' expectations of a 4.9 percent rise. 
 
Nationwide economist Robert Gardner said it was too early to judge the impact of Britain's vote to leave the European Union on the housing market, but a lack of homes for sale and high employment rates were likely to keep upward pressure on prices. 
 
29 Jun 2016 02:41 EUR/USD - 1.1062.. The pair went through a roller-coaster on Tue. Although euro steadily climbed fm 1.1011 to as high as 1.1112 (Europe), price fell in tandem with sterling in NY session to 1.1035 n staging a late bounce to 1.1091 at NY close. 
 
Outlook today continues to be consolidative as despite last Fri's cable-led selloff to a 3-month bottom of 1.0912, subsequent rebound n the daily broad sideways swings suggest choppy trading above 1.0971 (Mon low) wud continue in next 1-2 days. 
 
Bids are noted at 1.1050-40 with some stops below 1.1030, however, more buying interest is touted abv 1.1000. Offers are tipped at 1.1090/00 with stops abv 1.1120. 
 
A slew of euro area eco. data will come out during European morning together with speeches by various ECB members attending the second day of the 2-day ECB Forum on central Banking in Sintra, Portugal (please refer to our Eco. Indicator section for details). 
 
29 Jun 2016 02:21 USD/JPY - 102.45.. In contrast to y'day's dlr strength shortly after Tokyo open, the pair fell in Australia n despite a higher open in the Nikkei following o/n gain in U.S. equities, active broad-based yen buying knocked price lower fm 102.78 (AUS) to 102.26 in Asian morning. 
 
Looks like choppy trading below said intra-day high wud continue until European open as offers are tipped at 102.70/80 n more abv with stops reported abv 103.30. Initial bids are noted at 102.30 n more below with stops below 102.00. 
 
As market has become calmer, investors may take cue from data in the U.S., these are May personal consumption and spending data, core price index n then pending home sales. 
 
29 Jun 2016 00:30 USD/MAJORS - Reuters then reported tightened financial conditions due to the rising value of the dollar and other factors have amounted to the equivalent of several rates hikes since 2014, Federal Reserve Governor Jerome Powell said on Tuesday. 
 
"What matters for the economy is overall financial conditions. The dollar is higher...Credit spreads are wider. That adds up to a modest tightening," Powell said. 
 
29 Jun 2016 00:18 USD/JPY - 102.46.. A piece of downbeat economic news on Reuters. Japan's retail sales fell more than expected in May in a third straight month of annual declines, data showed on Wednesday, keeping policymakers under pressure for more stimulus to support a fragile economic recovery. 
 
Retail sales fell 1.9 percent in May from a year earlier, more than a median market forecast for a 1.6 percent declines, data from the Ministry of Economy, Trade and Industry showed. 
 
The weak reading underscores the relative fragility in Japan's economy, with slow wage growth and gloomy prospects of recovery weighing on household spending. 
 
The market turmoil in the wake of Britain's vote to leave the European Union adds to headaches for Japanese policymakers worried about the drag the yen's recent rises could have on exports. 
 
"Uncertainty and risks remain in financial markets," Prime Minister Shinzo Abe told a meeting held Wednesday morning with Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda to discuss financial market developments. 
 
29 Jun 2016 00:06 USD/MAJORS - Breaking news from Reuters, Fed's Powell further adds: 
 
-financial conditions have tightened since 2014 to the equivalent of several rates hikes, particularly through appreciation of the dollar 
-high value of dollar may translate into as much as a quarter of a point reduction in inflation rate, leaving Fed not that far from target 
-only way for interest rates to rise on a sustainable basis is for economy to recover 
-sees little risk of deflation in U.S. as long as inflation expectations remain anchored 
 
29 Jun 2016 00:05 USD/JPY - 102.49... Reuters reported Japanese Prime Minister Shinzo Abe on Wednesday urged the central bank to provide ample funds to the market to ensure liquidity and the market's intermediary functioning. 
 
He also said he wanted Finance Minister Taro Aso to pay utmost attention to currency and financial market moves. The government was ready to take all available policy steps to support Japan's economy and small firms in the wake of Britain's shock vote to leave the European Union, Abe added. 
 
He made the comments at the start of a meeting between the government and the Bank of Japan to discuss market developments in the wake of the Brexit vote. 
 
29 Jun 2016 00:03 Continues from previous update... 
 
The British referendum upended global markets this week, and for the Fed sparked an unwelcome renewal of volatility that could directly impact progress towards its employment and inflation goals. With the British pound plummeting and the dollar rising as a safe haven currency, imports become cheaper, while the rising cost of U.S. exports could slow hiring among exporting companies. Oil prices had been rising, but their renewed fall puts downward pressure on inflation as well. 
 
Powell said Fed policymakers will now have to parse the effect of all that against what had been his baseline forecast of steady, two percent growth, continued job creation, and an eventual uptick in wages and inflation.  
 
Jobs data, he noted, had already weakened in April and May. 
 
"The possible loss of momentum in job growth is worrisome," he said.  
 
29 Jun 2016 00:02 Continues from previous update... 
 
"For some time, the principal risks to (the U.S.) outlook have been from abroad," Powell, who has a permanent seat on the Fed's policy committee, said in remarks prepared for delivery at the Chicago Council on Global Affairs. "The Brexit vote has the potential to create new headwinds for economies around the world, including our own." 
 
"It is far too early to judge the effects of the Brexit vote. As the global outlook evolves, it will be important to assess the implications for the U.S. economy, and for the stance of policy."  
 
He said the Fed stood ready to act if liquidity or funding pressures rise, but that so far "markets have been functioning in an orderly manner." 
 
29 Jun 2016 00:01 USD/MAJORS - Reuters reported earlier Britain's vote to leave the European Union could pose a new drag on the U.S. economy at a time when momentum in the U.S. job market may already by slowing, Federal Reserve governor Jerome Powell said on Tuesday. 
 
In the first of Fed policymakers to comment since the shock vote in Britain last week, Powell said the Brexit referendum had shifted global risks "to the downside," potentially posing a new threat to the Fed's outlook. 
 
Policymakers had set aside a possible rate hike in June awaiting the outcome of the British vote and the possible disruption of global markets. With the unexpected victory of the "Leave" camp, many economists and analysts now expect the Fed to keep rates on hold until late this year, if not longer, as the terms of British exit are negotiated, and the impact on global trade, investment and currency values is analyzed. 
 
29 Jun 2016 00:01 USD/JPY - 10.60.. Reuters reported Japanese Prime Minister Shinzo Abe on Wednesday urged the central bank to provide ample funds to the market to ensure liquidity and the market's intermediary functioning. 
 
He also said he wanted Finance Minister Taro Aso to pay utmost attention to currency and financial market moves. The government was ready to take all available policy steps to support Japan's economy and small firms in the wake of Britain's shock vote to leave the European Union, Abe added. 
 
He made the comments at the start of a meeting between the government and the Bank of Japan to discuss market developments in the wake of the Brexit vote. 
 


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