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Intra-day Market Moving News
28 Sep 2016 15:56 USD/MAJ - News fm Reuters, IMF Chief Lagarde tells CNBC 'there will be consequences to Brexit.'
28 Sep 2016 15:30 EUR/USD - 1.1197... News fm Reuters, ECB's Draghi says 'tells German lawmakers a debate about ECB decisions is acceptable, constant attacks may force ECB to take even more extensive measures to be effective; for interest rates to go up in future, they have to be low now; I don't share view that ECB is to blame for Deutsche bank's problems; German has fiscal space, shud use it; if there is space for fiscal expansion, it shud be carefully targeted.'
28 Sep 2016 14:41 USD/MAJ - Fed's Yellen adds: 
 
-job creation is well above what is sustainable 
-pleasantly surprised jobless rate has not fallen 
-not seeing meaningful upward pressure on inflation 
-continued job creation at current pace wud lead to overheating 
-expects to see jobless rate to fall farther
28 Sep 2016 14:27 EUR/USD - 1.1212... ECB's Draghi adds 'monetary policy is not to blame for problems some German banks are facing; ECB will stick to out inflation target of just below 2%.'
28 Sep 2016 14:04 EUR/USD - 1.1211... News fm Reuters, participants in meeting at Bundestag Lower House say: 
 
-ECB's Draghi urges Schaeuble to take measures to support sustainable growth in order to get out of low-interest phase
28 Sep 2016 14:00 USD/MAJ - Reuters just reported, the Federal Reserve is considering changing the annual stress tests it gives to U.S. banks to see if they can withstand a massive financial crisis, and also using test results to set the capital buffers that 
banks must maintain to blunt the effects of a downturn, according to its chair, Janet Yellen. 
 
In prepared testimony for a House of representatives Financial Services Committee hearing on Wednesday, Yellen said the Fed is "now considering making several changes to our stress 
testing methodology and process." 
 
"The existing capital conservation buffer would be replaced with a risk-sensitive, firm-specific buffer that is sized based on stress test results," she also said. For the eight U.S. banks that are large and considered important to the global financial system the new buffer calculation "would result in a significant aggregate increase incapital requirements," Yellen said.  
 
Yellen did not comment on the outlook for the economy or monetary policy in her prepared remarks. 
28 Sep 2016 13:50 Continues from previous update.... 
 
Though the conflict has cooled, fresh signs of tension have been evident recently as the ECB contemplates even more stimulus to lift still lacklustre inflation and calls on Germany to do spend more to boost growth. 
 
"In order to reap the full benefits of our monetary policy measures, other policy areas must contribute much more decisively, both at the national and at the European level," Draghi said. 
 
28 Sep 2016 13:49 Continues from previous update.... 
 
Relations between the ECB and Germany, the euro zone's biggest economy, have been tense in recent years as Draghi pushed through unprecedented stimulus measures, much to the objection of Germany. 
 
With rates deep in negative territory and the ECB buying 80 billion euros ($89.72 billion) of assets per month, Germans argue that low rates upset financial stability, consume household savings, destabilise banks and reward financial mismanagement by euro zone governments. 
 
28 Sep 2016 13:48 EUR/USD - 1.1217.. Reuters later reported low European Central Bank rates are needed to revive growth and governments need to do their part if they want rates to rise to normal levels, ECB President Mario Draghi said on Wednesday, responding to criticism from German lawmakers. 
 
"Our monetary policy has supported growth and employment and will eventually bring inflation back to our aim, he told the European Affairs committee of Germany's Bundestag in Berlin. 
 
"Low interest rates today are necessary for a return to higher interest rates in the future," he said. "What we need now is to allow our measures to develop their full impact." 
 
28 Sep 2016 13:31 EUR/USD - 1.1210... News fm Reuters, ECB's Draghi says: 
 
-what we need now is to allow our measures to develop their full impact 
-the ECB does not operate in a vacuum: other economic policies are essential to complement our monetary policy 
-other policy areas must contribute much more decisively 
-without them there will be no strong and sustainable recovery. these other policies are a precondition for interest rates to rise again. 
-low interest rates for a long period might carry the risk of overvaluation in asset markets 
-the ECB's monetary policy is not the main factor for the low profitability of banks 
-at the moment we are not seeing any overheating in the euro area or the German economy 
-low interest rates for a long period might carry the risk of overvaluation in asset mkt as a result of search for yield 
-we do observe a somewhat stronger increase in residential real estate prices
28 Sep 2016 13:23 USD/MAJ - Fed's Kashkari adds: 
 
-U.S. economy will have continued moderate growth of about 2% 
-big question for U.S. is how much more slack is there in the U.S. labor mkt 
 
Reuters reported the Federal Reserve can keep interest rates low for longer because even with jobs being created at a "pretty healthy clip" low rates are not creating inflationary pressures, a top Fed official said on Wednesday. 
 
Minneapolis Fed President Neel Kashkari, speaking at the Institutional Investor Conference in Minneapolis streamed live on the bank's website, also said he sees no signs of a housing bubble. 
 
28 Sep 2016 13:21 EUR/USD - 1.1213... News fm Reuters, EU regulators say: 
 
-open in-debt investigation in to Deutsche boerse 
-combining the 2 exchanges' clearing houses wud reduce competition in bonds, derivatives, repurchasing agreements 
-deal may put at risk exchanges' plans to provide competing derivatives offerings 
-EU regulators to decide on deal by Feb 13 2017
28 Sep 2016 13:02 USD/MAJ - News fm Reuters, Fed's Kashkari says: 
 
-unlikely the Fed wud ever use negative rates to boost the economy 
-U.S. economy still has room to run before it overheats 
-we don't see a housing bubble reforming 
-we know less than we think we know about the labor mkt n full employment 
-in the near term, global investors see U.S. treasuries as safest place to invest
28 Sep 2016 11:41 GBP/USD - 1.3017... The British pound found renewed buying at 1.2991 in Asian morning n rose to session high at 1.3030 in early European morning. However, cable pared its gains n dropped to session low at 1.2980 after BoE's Shafik said more stimulus was necessary. Later, price staged a short-covering rebound to 1.3024 ahead of NY open. 
 
Bids are now seen at 1.2990/00 n more below at 1.2970/80 with stops building up below there whilst initial offers are noted at 1.3080/90, suggesting mild upside bias wud be seen. Hence, buying on intra-day dips is favored.
28 Sep 2016 11:27 EUR/USD - 1.1210.. The pair went through a mini roller-coaster ride in hectic European morning.  
 
Although price met renewed selling ahead of European open at 1.1212 n fell to 1.1182 after tripping stops below y'day's 1.1191 low on a sudden wave of broad-based euro selling due to renewed market concerns on Deutsche Bank. Euro later jumped to as high as 1.1225 on market chatter of a rescue plan by the German govt.  
 
Despite subsequent official denial, euro maintained a firm undertone near European midday after the beleagured banking giant said it had struck a deal to sell a subsidiary n reiterated it was not seeking gov't help. 
 
Expect sideways move ahead of key U.S. durable goods data, street forecast for Aug reading to come in at -1.5% vs previous month's reading of 4.4%, if actual figure comes in as per market estimate of weaker, then euro will make further gain. Bids are noted at 1.1205-00 n more below with stops below 1.1180. Offers are tipped at 1.1220/30 with stops abv 1.1235/40. 
 


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