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Intra-day Market Moving News
23 Feb 2017 13:05 USD/MAJ - News fm Reuters, U.S. Treasure Secretary Mnuchin says: 
 
-sees limited impact fm Trump administration policies in 2017 
-does not expect to see growth until 2018 
-going to have a combined tax plan with Congress 
-both tax plan n regulatory relief will use dynamic scoring to boost revenues 
-U.S. national debt is a longer-term issue, not a shorter-term one 
-Trump administration has concerns about certain aspects of border adjustment tax, likes other aspects
23 Feb 2017 13:00 GBP/USD - 1.2495... Despite edging lower to 1.2429, then marginally to 1.2428 ahead of European open, the British pound gained to 1.2482 in European morning. Cable found renewed buying at 1.2451 in Europe n rallied to session high at 1.2499 ahead of NY open on cross-buying of sterling especially vs euro. 
 
Bids are now seen at 1.2450/60 n more below at 1.2420/30 with stops building up below there whilst initial offers are noted at 1.2530/40, suggesting choppy trading with upside bias wud be seen.
23 Feb 2017 12:53 EUR/GBP - 0.8459... News fm Reuters, Scottish gov't advisor says: 
 
-Scottish gov't very seriously considering new independence referndum next year, believes cud have momentum to win
23 Feb 2017 12:46 EUR/USD - 1.0559... News fm Reuters, German Chancellor Merkel says: 
 
-gov't position has not changed that we don't want shared liability in eurozone 
-federal gov't surplus is not as big as it seems, room to manoevre is rather limited
23 Feb 2017 11:29 "Retailers remain cautious about their prospects, expecting fairly tepid growth in sales volumes next month against a backdrop of rising inflation that is likely to erode households' purchasing power through the course of the year," CBI economist Ben Jones said. 
 
Average selling prices increased at the fastest pace in almost six years and prices look set to rise even more rapidly next month, the CBI said. 
Companies scaled back on their investment plans, and employment fell at the fastest pace for two years. 
 
There have been signs recently that Britain's consumers are reining in their spending, after previously showing little sign of concern in the second half of 2016 about the country's decision to leave the European Union at a referendum in June. 
 
Official data released last week showed shoppers cut back on their spending in January. 
 
23 Feb 2017 11:27 GBP/USD - 1.2458.. Cable retreated at European midday despite CBI retail sales data came in higher than forecast. Reuters reported British retail sales partially recovered this month from a sharp fall in January, an industry survey showed on Thursday, but companies in the sector were downbeat about the outlook as last year's Brexit vote pushes up inflation quickly. 
 
The Confederation of British Industry's monthly retail sales balance rose to +9 from -8 in January when it suffered its biggest one-month drop since records began in 1983. 
 
A Reuters poll of economists had forecast the index would pick up this month to stand at 0. 
Despite the stronger-than-expected improvement, there were signs of caution among retailers who said they were raising their prices sharply in response to higher costs. 
 
23 Feb 2017 11:26 EUR/USD - 1.0546.. More on early comments by ECB's Praet, he has 3 public speaking engagements in London today. Reuters later reported the ECB will soon have to study how surging headline inflation is influencing the medium-term price outlook, its ultimate objective, chief economist Peter Praet said on Thursday. 
 
The ECB targets inflation at just below 2 percent and has so far argued that the recent increase in inflation is not sustainable because it is driven by higher energy prices and not yet translating into underlying price growth. 
 
"Headline inflation has moved up quite sharply," Praet said. "In the near future, we will have to assess how the forces that are driving prices today can influence the outlook for price stability in the medium term and help durably stabilise inflation around our goal." 
 
23 Feb 2017 10:28 EUR/USD - 1.0546... ECB's Praet continues: 
 
-widening of eurozone spreads too short term so far to have impact on economy
23 Feb 2017 10:00 EUR/USD - 1.0547... News fm Reuters, Bundesbank's Weidmann says: 
 
-eurozone recovery increasingly secure, will continue 
-ECB shud discuss whether it shud continue to signal the possibility of more expansive policy 
-price pressures in eurozone remain relatively weak
23 Feb 2017 09:41 News fm Reuters, China Cenbank Chief Economist says: 
 
-China CPI likely to grow around 2.5% YY in 2017 
-China's monetary policy will be prudent, neutral in 2017 
-China's monetary policy will help keep econonimc growth at a reasonable rate 
-China's export growth cud rebound in 2017 
23 Feb 2017 09:28 EUR/USD - 1.0545... ECB's Praet adds: 
 
-global system can go into a very vicious circle if you go into very simplistic narratives 
-signals fm Trump are worrying because they are simple narratives but with complex stories behind them 
-we see political accedents can happen in Europe so we have to be vigilant, well prepared 
-you cannot only be optimistic, these things can turn very nasty
23 Feb 2017 09:01 EUR/USD - 1.0553... Italian retail sales fell unexpectedly last month, official data showed on Thursday. 
 
In a report, Istat said that Italian Retail Sales fell to -0.5%, from -0.7% in the preceding month. Analysts had expected Italian Retail Sales to rise 0.2% last month.
23 Feb 2017 08:55 EUR/USD - 1.0563... News fm Reuters, ECB's Praet says: 
 
-recovery in economy still dependent on supportive monetary policy 
-EU economies are still fundamentally fragile so no room for complacency 
-a more widespread reversal of EU economic integration wud durably jeopardise economic prosperity 
-we have to minimise the negative effects of Brexit 
-impact on trade in goods n services of Brexit will be substantial
23 Feb 2017 08:40 USD/JPY - 113.24... News fm Reuters, Japan gov't lowers assessment of consumer spending in Feb economic report, first downgrade in 11 mths n maintains overall economic assessment in Feb.
23 Feb 2017 07:47 EUR/USD - 1.0553.. Reuters just reported French industrial morale rose to a more than 5-1/2 year high in February, beating expectations for a stable reading, data from state statistics body INSEE showed on Thursday, the latest sign a recovery was taking hold despite an uncertain election race. 
 
Morale in the industrial sector rose to 107 points, the highest since June 2011. A Reuters poll of economists had an average forecast of 106. 
 
Morale was stable in the dominant services sector at 103, although from a January reading that was revised up one point. The broader composite index was also stable at 104, above its long-term average. 
 


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