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Intra-day Market Moving News
5 May 2016 02:02 USD/JPY - 107.17.. Dlr gained another day of respite y'day after hitting a fresh 18-month bottom of 105.55 on Tue.  
Price swung wildly in Asian trading b4 ratcheting lower in European morning on renewed buying in yen n briefly dropping to session lows of 106.25 at NY open after lower-than-expected U.S. ADP private payrolls, however, buying interest quickly emerged n lifted the pair. Dlr then erased intra-day loss n rallied due to subsequent release of upbeat U.S. ISM services PMI and factory goods order, price later climbed back to 107.26 in NY afternoon . 
Japanese financial are shut today for the 3rd and final day of the so-called Golden Week holiday, so choppy swings inside y'day's 107.47-106.25 range are expected to continue. Bids are noted at 106.90-80 n more at 106.50-40 with stops below 106.25. Offers are tipped at 107.35/45 with stop abv 107.50, suggesting buying dlr on dips for intra-day trade is still cautiously favoured. 
After y'day's release of a slew of fairly important U.S. economic data, the only piece of data for market to chew on ahead of Fri's key U.S. jobs report is the usual weekly jobless claims, however, reaction to the number is expected to be muted. 
5 May 2016 01:59 Continues from previous update... 
The composite employment figure rose to 48.3 in April from 47.6 in March, but it still marked the 11th straight month of contraction in employment. 
China's official services survey released May 1 showed activity in the industry remained strong in April but grew at a slightly slower pace, with the official reading at 53.5, compared with 53.8 in March. 
China's official factory survey and Caixin's private survey for April gave mixed signals on the health of the manufacturing sector. 
The official survey showed activity expanded for the second month in a row in April but only marginally, lagging expectations, while the Caixin manufacturing PMI was in negative territory for the 14th month in a row.  
5 May 2016 01:58 Continues from previous update... 
The solid new business reading was boosted by stronger underlying client demand and new products, the survey said, while companies were also able to pass along higher input prices. 
"Expansion in the services sector helped offset some of the impact caused by flagging manufacturing. Overall, however, the economy still faces relatively strong downward pressure," He Fan, chief economist of Caixin, said in a note. 
"The government needs to keep implementing moderate stimulus to prevent a hard landing of the economy." 
Caixin's composite manufacturing and services PMI number dropped in April after a return to growth in March, with the headline figure falling to 50.8 in April from 51.3 in March. Still, the April reading was the second highest since May 2015. 
5 May 2016 01:56 USD/CNH (offshore) - 6.5165.. Reuters just reported activity in China's service sector expanded again in April, though the gains were slightly less robust than in March, a private survey showed on Thursday, as firms resumed adding staff after a rare decline the previous month. 
The Caixin/Markit services purchasing managers' index (PMI) for April dropped to 51.8 from 52.2 in March, as new business increased at the fastest pace since January while business expectations remained unchanged. 
Readings above 50 indicate an expansion on a monthly basis, while readings below signal contraction. The employment sub-component rose to 50.9 in April from March's 48.9, reversing the first decline in staffing since August 2013. 
5 May 2016 00:52 Continues from previous update... 
The Bank of England and Financial Services Act is intended strengthen the BoE's governance and accountability, in part by putting the BoE's monetary, financial and prudential regulation committees on the same statutory footing. 
"Ensuring the Bank of England is well positioned to fulfil its vital role of overseeing monetary policy and financial stability is a key part of the government's economic plan," junior finance minister Harriet Baldwin said in a statement. 
5 May 2016 00:51 GBP/USD - 1.4501.. Reuters reported y'day the Bank of England will later this year move to a schedule of eight monetary policy meetings a year rather than 12, after reforms to Britain's central bank became law on Wednesday. 
The BoE wants to follow the example of the U.S. Federal Reserve and the European Central Bank (BoJ has also done so) and hold interest rate-setting meetings every six weeks, rather than once a month. 
The change needed legislation to pass through the British parliament, and the BoE said the soonest it would skip a monthly meeting would be in October 2016. 
5 May 2016 00:50 Continues from previous update... 
"I note that we are seeing very speculative, fast movements (on the currency markets)," he told reporters, adding that the Group of 20 leading world economies had already agreed that targeted political measures to influence currency rates were undesirable. 
"We have said at the G20 that we must aim for stable currency rates," Abe said. 
Merkel said there were no winners from competitive currency devaluations, adding that the "comparative stability of currencies to one another is of great value". 
Bank of Japan Governor Haruhiko Kuroda said on Monday the yen's recent gains may hurt the country's economy, stressing his readiness to expand monetary stimulus if the risks threaten to keep the central bank from hitting its 2 percent inflation target.  
5 May 2016 00:49 USD/JPY - 107.10.. A piece of o/n news on yen worth noting. Reuters reported Japanese PM Shinzo Abe and German Chancellor Angela Merkel said on Wednesday they wanted to avoid turbulence on foreign exchange markets and Abe said Tokyo would act if necessary. 
The yen surged to an 18-month high against the dollar after the Bank of Japan held off expanding monetary stimulus last week, defying market expectations for action even as soft global demand, an unwelcome rise in the yen and weak consumption threatened to derail a fragile economic recovery. 
"We are observing the currency market and if necessary we will then have to act," said Abe, who was in Germany to prepare with Merkel for an end-May meeting of the Group of Seven (G7) economic powers. 
5 May 2016 00:48 Continues from previous update... 
Kashkari, the Fed's newest policymaker, is not a voter on monetary policy this year, and his views on the economic outlook and interest-rate policy are not well known. 
Since he began his job in January, he has focused most of his effort on floating new ideas for preventing future bank bailouts of the kind that he ran for the Treasury after the financial crisis. 
On Wednesday, he said that the Fed's giant bond-buying programs were the right thing to do after the financial crisis, but that they were neither the complete nor the perfect response. 
5 May 2016 00:47 USD/MAJORS - Reuters reported ahead of open Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday said he does not expect the U.S. economy to slip into recession this year, but rather to grow at a moderate rate. 
The Fed raised interest-rates by a quarter of a percent in December, but has left them at between 0.25 percent to 0.5 percent ever since. Low interest rates are aimed at encouraging investment and hiring. 
As long as inflation stays low, Kashkari said at a town hall in Rochester, Minneapolis, the Fed should try to keep putting more Americans back to work. The Fed will not raise rates again until "the data allows it," he said, without saying what data he would need to see to support a rate hike. 
4 May 2016 23:50 USD/MAJORS - Breaking news from Reuters, Fed's Kashkari says:  
-Fed's bond-buying programs were the right thing to do after the crisis 
-quantitative easing was not a complete solution, nor perfect 
-it's a big problem that met-life is trying to avoid being labeled systemically important 
-he still has free-market preferences, but learned the hard way there are limits 
-cannot have a system where one sector of the economy can devastate the rest of the economy 
4 May 2016 16:44 News fm Reuters, Germany's Merkel says 'G7 needs triad of structural reforms, investment and monetary policy measures; will do everything to complete TTIP trade deal this year; comparative relative stability of currencies is valuable; there are no winners in competitive devaulations; will need to refine regulations to prevent manipulation of car emissions data.' 
Japan PM Abe says' G7 will have to boost world economy; we need an expansive monetary policy; we are watching the fx market and would have to act if necessary; we see speculative moves in the forex market; we said in the g20 forum that we want to work towards stable fx rates; manipulation of car data endangers trust of customers, will have to take certain steps.'  
4 May 2016 14:58 EUR/USD - 1.1495... The single currency trade in a choppy fashion. Despite a brief rise to 1.1512 in European morning n then falling marginally below Asian low at 1.1477 to 1.1470, price rebounded to 1.1530 at NY open after downbeat ADP employment data but only to fall to a fresh session low at 1.1470 before stabilsing around 1.1490 level. 
At present, bids are noted at 1.1470-60 n then 1.1450-40 with stops below there, whilst offers are reported at 1.1510-20 n more at 1.1530-40 with stops abv 1.1550. 
4 May 2016 14:48 USD/JPY - 107.00... Although dlr ratcheted lower after a brief spike to 107.47 in Australian morning n fell to 106.25 shortly after NY open due to downbeat ADP employment data, renewed buying emerged there n later pushed price to 107.19 following the release of upbeat ISM Non-Manufacturing PMI n U.S's Factory Orders. 
The Institute for Supply Management said on Wed that its index of non-manufacturing activity for U.S. rose to 55.7 in Apr fm 54.5 the month before. Meanwhile, data fm the Commerce Department showed U.S.'s factory orders rose 1.1% in March, rebounding from a 1.9% drop in February.  
At present, bids are noted at 106.70-60 n then 106.50-40 with stops below there, whilst offers are reported at 107.20-30 n then 107.40-50 with stops abv 107.60. 
4 May 2016 13:06 EUR/USD - 1.1489... News fm Reuters, German FinMin Schaeuble says 'domestic demand is stable despite foreign trade risks.'

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