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Intra-day Market Moving News
22 May 2015 12:42 GBP/USD - 1.5563... News fm Reuters, BoE's Carney says 'conditions merit rate increases that will proceed at gradual pace.'
22 May 2015 09:48 EUR/USD - 1.1190... News fm Reuters, German FinMin spokesman says 'in our view the IMF's participation in Greek debt talks is required urgently.'
22 May 2015 09:47 GBP/USD - 1.5660... News fm Reuters, BoE's Shafik says 'sees encouraging signs fm wage, labour mkt data; factors pulling down inflation will not do so permanently, expects headwinds affecting UK demand to gradually ease; her main reason for voting to hold rates was risk that financial crisis effects prove more persistent.'
22 May 2015 09:21 EUR/USD - 1.1170.. Euro has maintained a biddish tone in European morning after rising to 1.1176 on market optimism over Greek debt deal.  
 
Reuters reported earlier Greece n its international creditors can soon reach an agreement on funding in exchange for reforms, Greek PM Alexis Tsipras told reporters on Fri. 
 
Greece is negotiating with the IMF n the euro zone what reforms it must implement to get more loans as the debt-ridden country is quickly running out of cash and may not have enough to repay maturing loans on Jun 5. 
 
Tsipras met German Chancellor Angela Merkel n French President Francois Hollande on Thur evening in Riga on the sidelines of an Eastern Partnership summit. 
 
"I want to inform you that the discussion was very constructive, in a very good n friendly atmosphere. So I'm optimistic that we can soon reach a long-term, sustainable and viable solution without the mistakes of the past n Greece will soon come back with cohesion n growth. This is the issue to come back to growth. So I am very optimistic," he told reporters. 
22 May 2015 09:01 EUR/USD - 1.1166... News fm Reuters, ECB's Weidmann says 'can't always buy Greece more time; ball in Greece's court on stabilising economy; if these conditions are met, there is no argument against the IMF including the Renminbi in it's currency basket; recent volatility in some mkts, including higher bond yields, mark correction of exaggerations; it is known that I'm scpetical about QE, but wud not be constructive to constantly question this decision; stronger coordination of monetary policy between Europe n U.S. is not a goal in itself.' 
22 May 2015 08:55 EUR/USD - 1.1167... News fm Reuters, Greek PM Tsipras says 'can soon reach a viable solution in talks with creditors.'
22 May 2015 08:27 EUR/USD - 1.1160... Although euro rebounded after meeting renewed buying at 1.1102 in Australia n then rose briefly to 1.1176 in European morning after release of German Ifo reports, selling interest below Thur's high of 1.1181 capped intra-day gain there so far n knocked price down to 1.1152. 
 
On Fri, Ifo Institute for Economic Research said its index of German business climate fell to 108.5, fm 108.6 in the preceding month, better than the market expectation of a drop to 108.3. Earlier, Statistisches Bundesamt Deutschland said that German GDP rose to a seasonally adjusted 0.3%, fm 0.3% in the preceding quarter. 
 
 
 
 
22 May 2015 08:13 EUR/USD - 1.1161... News fm Reuters, ECB's Draghi says 'great deal has been achieved in structural reforms including in Portugal; being in early stages of recovery no reason not to make structural reforms; reforms can increase long-term growth; comprehensive package of reforms will increase resiliance as well as growth.'
22 May 2015 07:47 USD/JPY - 120.75... Although dlr has remained under pressure n then fell to 120.64 in European morning after release of unchanged BoJ monetary policy decision in Asia n then comments fm BoJ Kuroda (see our prev. MMN), cross-selling in yen vs other major ccys limited intra-day losses there n price moved sideways afterwards. 
 
Looks like choppy trading below 121.00 lvl wud be seen ahead of NY open as investors are shifting their focus to the important U.S. inflation data at 12:30GMT. As mentioned previously, market expects the headline CPI to rise 0.1% in Apr compare to 0.2% gain a month earlier. 
 
Buying interest fm various accounts is reported at 120.60-50 with mixture of bids n stops at 120.20-10. On the upside, offers are placed 120.90-00 n then 121.10/15 with mixture of offers n stops at 121.30-121.40.
22 May 2015 07:06 USD/JPY - 120.65... BoJ's Kuroda adds 'strong chance that Japan's potential growth rate can rise to 1.0% in future; won't be easy to achieve gov't aim of bringing potential growth rate to 2%.'
22 May 2015 06:35 USD/JPY - 120.72... BoJ's Kuroda starts his press conf. n says 'consumer inflation likely to reach 2% around first half of fiscal 2016; BoJ will exmamine both upside, downside risks to economy n prices, n adjust policy as appropriate; Q1 GDP shows vitruous economic cycle is proceeding; BoJ strongly hopes gov't to press ahead with fiscal plan; important to ensure trust in Japan's fiscal policy; economy, prices, moving in line with BoJ's scenario; don't think inventory data shows uninteded pile-up of unsold goods; don't expect inventories; don't think need further easing now; wud adjust policy without hesitation if it became necessary.' 
22 May 2015 06:01 EUR/USD - 1.1157.. Another piece of news on Greece worth noting. Reuters reported a Greek exit fm the euro would not cause any short-term problem for Italy but would create a mid-term problem that would make the eurozone system more fragile, Italy's economy minister Pier Carlo Padoan said in a newspaper interview on Fri. 
 
"Short term contagion does not worry me because the ECB has put measures in place n quantitative easing is a shield that works," Padoan told La Repubblica, adding that Italy was more solid than two or three years ago. 
 
The real problem was in the medium term, he said. 
"The system in general becomes more fragile n less able to absorb shocks." 
22 May 2015 05:58 EUR/USD - 1.1150.. More on previous news on Greece. Reuters later reported Greece expects to reach a cash-for-reforms deal with its creditors in the next 10 days n intends to meet all its payments in Jun, the govt's spokesman said on Fri. 
 
"We think conditions have matured for (talks) to progress further and in the next 10 days, in May, for the deal to be sealed," Gabriel Sakellaridis told Skai TV. 
 
German Chancellor Angela Merkel n French President Francois Hollande held talks late on Thur with Greek PM Alexis Tsipras, hoping to speed the resolution of Athens' debt crisis on the sidelines of an EU summit in Riga.  
 
Sakellaridis said the sought deal with Greece's euro zone partners n IMF will allow the ECB to include Athens in its quantitative easing programme. 
 
"Inclusion in this ECB QE programme falls within the framework of priorities of the Greek gov't," he said. 
 
22 May 2015 05:19 EUR/USD - 1.1143... Breaking news fm Reuters, Italy EconMin says 'Greek exit from euro would cause mid-term problem, system would become more fragile.'
22 May 2015 05:17 EUR/USD - 1.1143... Breaking news fm Reuters, Greek government spokesman says 'deal with EU/IMF lenders can be closed in the next 10 days; Greece aims to meet all its payments in June.'


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