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Intra-day Market Moving News
27 May 2016 05:31 USD/JPY - 109.72.. Breaking news on Reuters quoting comments by Japan's PM Shinzo Abe who says : 
 
- MOST WORRISOME RISK IS CONTRACTION OF GLOBAL ECONOMY 
- THERE IS RISK OF PROLONGED STAGNATION IN GLOBAL DEMAND 
- THERE IS RISK OF GLOBAL ECON FALLING INTO CRISIS IF APPROPRIATE POLICY RESPONSE IS NOT MADE 
- G7 SHARES STRONG SENSE OF CRISIS OVER GLOBAL ECONOMY RISKS 
- WILL MAKE DECISION ON SALES TAX BEFORE SUMMER ELECTION 
- ABENOMICS HAS NOT FAILED 
 
27 May 2016 03:45 EUR/USD - 1.1188.. Euro traded sideways in subdued Asian morning following y'day's intra-day volatile moves in NY session. Although price ratcheted higher in Asia n then to 1.1192 in Europe, release of mixed U.S. durable goods order briefly knocked price to 1.1159 b4 renewed buying emerged n sent euro to session high of 1.1217. However, release of robust U.S. pending home sales triggered broad-based usd's short-covering n knocked euro to 1.1169. 
 
Euro is expected to consolidate below said NY high in Europe as traders await some data fm France n Italy ahead of key U.S. data at 12:30GMT. 
 
Bids are noted at 1.1170-60 n more below with stops below 1.1120. Some offers are tipped at 1.1220/30 with fairly large stops touted abv 1.1250, suggesting buying euro on dips for intra-day trade is still favoured. 
 
27 May 2016 03:33 USD/JPY - 109.96.. Dlr swung up n then down in volatile NY session on Thur following brief but very sharp drop fm 110.14 to 109.42 at Asian open. Despite staging a rebound at Tokyo open today to 110.00 on report of a possible delay in Japan's sales tax hike, price move narrowly afterwards. 
 
Looks like dlr will be in consolidative mode ahead of release of release of key U.S. data starting with U.S. Q1 GDP, University of Michigan consumer confidence. If these do not move the pair, then Fed Chair Janet Yellen, who is due to speak at an event hosted by the Harvard University at 17:15 GMT later today will.  
 
Bids are noted at 109.60-40 area whilst offers are tipped at 110.00/20 area with stops abv there. A mixture of offers n stops is reported at 110.50/60. 
 
27 May 2016 01:29 Continues from previous update.... 
 
The BOJ stunned markets in January by adding negative interest rates to its massive asset-buying programme in a fresh effort to accelerate inflation to its 2 percent target. 
 
But the move has failed to brighten public sentiment or arrest an unwelcome rise in the yen that hurts exports and weighs on inflation by pushing down import costs. 
 
Anaemic inflation has forced the BOJ to push back the expected timing for hitting its price target to around early 2018, though many analysts say even the new forecast is too ambitious given slow wage growth and a sluggish economy. 
 
Japan's economy narrowly averted recession in the first quarter of this year and many analysts expect it to barely grow in the current quarter as weak emerging market demand weighs on exports and tame wage growth hits household spending. 
 
27 May 2016 01:27 USD/JPY - 109.89.. Reuters reported Japan's core consumer prices fell 0.3 percent in April from a year earlier, the second straight month of declines, keeping the central bank under pressure to deploy additional stimulus to achieve its ambitious 2 percent inflation target. 
 
The data underscores the fragile nature of Japan's recovery and may give Prime Minister Shinzo Abe justification to delay a scheduled increase in sales tax next year.  
 
The drop in the nationwide core consumer price index (CPI), which includes energy but excludes volatile fresh food costs, was slightly smaller than a median market forecast for a 0.4 percent fall, data from the Internal Affairs Ministry showed on Friday. It matched the pace of decline in March. 
 
Core consumer prices in the Tokyo area, which is a leading indicator of nationwide price trends, fell 0.5 percent in the year to May, more than a median market forecast for a 0.4 percent decrease, the data showed. 
 
 
27 May 2016 00:45 Continues from previous update.... 
 
Abe has pledged to raise Japan's sales tax to 10 percent from 8 percent in April next year, unless there is a financial crisis similar to the Lehman collapse or a major natural disaster. 
 
However, with Japan skirting recession and inflation still anaemimc, many of his aides have proposed postponing the tax hike to ensure Japan makes a sustained exit from deflation. 
 
Abe will shortly convey his idea to Finance Minister Taro Aso and the head of his ruling Liberal Democratic Party's coalition partner, the reports said. 
 
The Asahi also reported that Abe would forgo calling a snap election of the lower house of parliament, instead focusing on an upper house election already scheduled in July. 
 
There had been some speculation Abe would call a lower house election to coincide with the upper house election. 
 
 
27 May 2016 00:43 USD/JPY - 109.74.. Reuters reported ahead of Tokyo morning Japanese Prime Minister Shinzo Abe is considering delaying a sales tax hike, originally planned in April 2017, by around two years, Japanese media reported on Friday. 
 
Abe would likely announce the delay as early as June 1, when the current parliament session closes, the Asahi newspaper said without citing sources. 
 
The decision would come in the wake of a Group of Seven (G7) summit Abe is hosting in western Japan, where he told the leaders the global economy may be on the verge of a financial crisis on the scale of the collapse of Lehman Brothers in 2008. 
 
The postponement by two years would still allow Japan to meet its target of turning the country's budget deficit into a surplus by fiscal 2020, the Yomiuri newspaper said. 
 
26 May 2016 16:50 USD/MAJORS - Breaking news fm Reuters, Fed's Powell adds:  
 
-Fed has substantial challenge in communicating that dot plot of rates is not a policy promise 
-U.S. election cyclase plays "absolutely no role" in fed deliberations 
-hollowing out of middle class a serious national problem but outside scope of monetary policy 
-has not yet decided whether to vote for a rate hike in June 
-does not feel like an economy with inflation threatening to bubble over 
-feels loose policy can pose financial stability risks if left in place too long 
-inflation held down by as much as 40 bps by oil prices and the dollar 
-on an underlying basis fed not far from inflation goal 
-still considers inflation expectations to be anchored, but important public see fed is serious about reaching inflation goal 
-Brexit vote does not pose systemic risk 
-Brexit vote could be a factor in favor of waiting on a rate hike 
-low potential growth and lower neutral rates might call for a rethink of inflation target 
-not essential that markets perfectly understand Fed's short term policy plans 
 
26 May 2016 16:15 USD/MAJORS - Breaking news fm Reuters, Fed's Powell says: 
 
-U.S. interest rate hike may be appropriate "fairly soon" if upcoming data meet expectations of continued economic growth and tightening labor market 
-economy "on track" to meet u.s. central bank's employment and inflation mandates 
-tightening labor market, evidence of rising wages shows economy on "solid footing" 
-underlying economic growth likely stronger than indicated by recent weak spending and investment data 
-economic growth and inflation "stubbornly low" in other parts of the world, but risks to U.S. economy waning 
-recent improvement in labor force participation is "encouraging" evidence that some of the scars of the financial crisis are healing 
-weak productivity growth a further reason for U.S. central bank to move slowly on interest rates, with economy's long-run potential growth increasingly unclear 
-moving too slowly on rates might pose risks beyond inflation, including unsustainable asset prices and credit growth 
 
26 May 2016 16:00 GBP/USD - 1.4673... Cable retreated after a brief rise abv Wed's high of 1.4730 to a fresh 3-week high at 1.4740 in European morning. Later, despite a recovery fm 1.4677 to 1.4711, price fell again on active selling in sterling versus other major currencies (yen n euro) n dropped to a fresh session low of 1.4660. 
 
At the moment, offers are reported at 1.4680-90 n then 1.4700-10 with stops abv 1.4720, whilst bids are noted at 1.4650-40 n then 1.4630-20 with stops below 1.4600. 
 
26 May 2016 15:15 USD/JPY - 109.73... Although the release of strong U.S. data added to expectations for an upcoming U.S. rate hike, investors decided to lock-in profits fm the greenback's recent rally n pushed price lower frm 110.21 to 110.59 in NY morning. 
 
At present, offers are noted at 109.90-00 n then 110.10-20 with stops just abv y'day's high of 110.45. On the downside, bids are reported at 109.60-50 n more at 109.40-30 with stops below 109.20. 
 
26 May 2016 12:33 USD/MAJORS - Dollar briefly edged higher after upbeat U.S. durable goods order. Reuters reported orders for long-lasting U.S. manufactured goods surged in April on strong demand for transportation equipment and a range of other products, but continued weakness in business spending plans suggested the manufacturing rout was far from over. 
 
The Commerce Department said on Thursday orders for durable goods, items ranging from toasters to aircraft meant to last three years or more, jumped 3.4 percent last month after an upwardly revised 1.9 percent increase in March. 
 
Durable goods orders were previously reported to have risen 1.3 percent in March. 
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell 0.8 percent after an upwardly revised 0.1 percent drop the prior month. These so-called core capital goods orders have now declined for three consecutive months. They were previously reported to have declined 0.8 percent in March. 
 
Economists polled by Reuters had forecast durable goods orders rising 0.5 percent last month and core capital goods orders increasing 0.4 percent. 
 
26 May 2016 10:11 USD/MAJORS - Breaking news fm Reuters quoting comments fm Fed's Bullard. He says: 
 
-markets' expectation for policy rate much shallower than FOMC's 
-markets expect "almost no normalisation" 
-evidence from labour markets, inflation readings, global influences suggest FOMC median projection may be "more nearly correct" 
-recent GDP readings, inflation expectations suggest markets' view of policy rate path may be "more nearly correct" 
 
26 May 2016 09:51 GBP/USD - 1.4702.. Cable briefly tumbled fm intra-day European high of 1.4720 to 1.4677 after release of UK GDP. Trader sold the pound on slowing business investment data. Reuters later reported business investment in Britain fell in early 2016, a sign that uncertainty caused by the country's impending referendum on European Union membership is weighing on companies. 
 
Growth in the economy slowed to 0.4 percent in the January-March period, the Office for National Statistics confirmed on Thursday, and many economists said it might lose further momentum in the second quarter. 
 
Business investment fell in annual terms for the first time in three years, depressed by weaker spending on offices and other non-residential buildings. Weak trade figures again dragged on growth, leaving consumers as the economy's drivers. 
 
The services sector, which makes up 80 percent of the UK economy, showed signs of losing steam. The Bank of England has previously said uncertainty hanging over the June 23 referendum was crimping investment, especially in the commercial real estate sector where transactions dropped 40 percent in the first quarter of this year. 
 
 
26 May 2016 09:41 USD/JPY - 109.99... Breaking news fm Reuters, Japan PM Abe says, 'G7 share views that world economy faces big risks; want to promote Abenomics on world stage based on Ise-Shima econ initiatives.' 
 


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