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Intra-day Market Moving News
24 Sep 2020 08:19 USD/JPY - 105.38... Reuters reported Japan's government upgraded its view on exports, factory output and the job situation in its September economic report but said the overall assessment was unchanged from last month with Japan still struggling with the coronavirus pandemic. 
 
The world's third largest economy suffered its worst postwar contraction in the second quarter, but has shown some signs of life after the government lifted a nationwide lockdown in late May. 
 
With consumers and businesses still cautious as the country continues to battle the outbreak, the government downgraded its view on consumer spending and business expenditure in the monthly report released on Thursday. 
 
24 Sep 2020 08:12 EUR/USD - 1.1656... Reuters reported unemployment will continue to rise in the euro zone and there is little upside in demand for consumer goods even as the economy recovers from an unprecedented recession, the European Central Bank said in an economic bulletin on Thursday. 
 
Unemployment will rise as the current rate does not fully capture the impact of the coronavirus pandemic and the figures are skewed by job subsidy schemes, the ECB said in a bulleting, that largely reflects the ECB's Sept 10 economic projections and policy decisions. 
 
The bank also repeated its long standing guidance that it stands ready to adjust all of its instruments as needed to boost inflation. 
 
24 Sep 2020 08:11 EUR/USD - 1.1656... Reuters reported German business morale improved for the fifth month in a row in September, a survey showed on Thursday, in a further sign that Europe's largest economy is enjoying a solid recovery from the coronavirus shock suffered in the first half of the year. 
 
The Ifo institute said its business climate index rose to 93.4 from a downwardly revised 92.5 in August. This was the highest reading since February when the index stood at 95.9. 
 
"The German economy is stabilizing despite rising infection numbers," Ifo President Clemens Fuest said in a statement, adding that companies once again assessed their current business situation as better than in the previous month.  
 
24 Sep 2020 08:07 EUR/USD - 1.1662... Reuters news, IFO economist says : 
 
- German industry continuing recovery, its export expectations have improved significantly 
- German exporting profiting from industrial recovery in major trading partners 
 
24 Sep 2020 08:05 USD/CHF - 0.9242... Reuters reported the Swiss National Bank said on Thursday it would, from Sept. 30, provide additional data on money market operations and would also publish the volume of foreign exchange market interventions more often. 
 
"Regarding money market operations, the SNB will now publish information on the conditions and volume of individual monetary policy-related transactions at the end of each month for the previous month," the bank said. 
 
"With respect to foreign exchange market operations, the volume of which has hitherto been communicated annually in the accountability report, the volume of interventions will now be disclosed at the end of each quarter for the previous quarter," it added. 
 
24 Sep 2020 08:02 EUR/USD - 1.1664... Reuters news, IFO says : 
 
- Aug business climate index revised to 92.5 
- Aug expectations index revised to 97.2 
 
24 Sep 2020 07:41 USD/CHF - 0.9242... Reuters reported the Swiss National Bank kept is ultra-expansive monetary policy on Thursday, sticking to its twin-track approach of negative interest rates and interventions in the foreign currency markets to curb the strength of the safe-haven Swiss franc. 
 
The SNB kept its policy interest rate at minus 0.75% and the negative interest rate it charges on sight deposits at the same level, as unanimously expected by economists in a Reuters poll.  
 
24 Sep 2020 07:40 GBP/USD - 1.2698... Reuters reported British finance minister Rishi Sunak will announce an extension of the VAT sales tax cut for the hospitality and tourism industry through to the end of March, the Times newspaper reported on Thursday. 
 
Sunak will also extend the life of the coronavirus business loan schemes until November and increase the term of the loans from six to ten years, the newspaper said. 
 
24 Sep 2020 07:34 USD/CHF - 0.9245... Reuters news, SNB says : 
 
- Switzerland too experienced a sharp recession as a result of the coronavirus pandemic. in thesecond quarter, GDP was more than 10% below its pre-crisis level 
- inflation rate is likely to edge back into positive territory in 2021 (0.1%) and increase slightly further in 2022 (0.2%). 
- the SNB continues to supply the banking system with generous amounts of liquidity via the SNB COVID-19 refinancing facility (crf). it is alsoactive on the repo market as needed 
- Jordan to hold telephone conference at 0800 GMT 
- sees strong rise in GDP in the third quarter 
- conditional inflation forecast is based on the assumption that the SNB policy rate remains at 0.75% over the entire forecast horizon 
 
24 Sep 2020 07:31 USD/CHF - 0.9243... Reuters news, SNB leaves policy rate unchanged at -0.75% and says : 
 
- Swiss franc is highly valued 
- Swiss franc highly valued 
- Swiss National Bank ready to step up intervention on foreign exchange market as necessary 
- new conditional inflation forecast is higher than in June, mainly due to a rise in oil prices 
- the SNB remains willing tointervene more strongly in the foreign exchange market, while taking the overall exchangerate situation into consideration 
- longer-term inflation forecast is unchanged 
- forecast for the current year remains negative (−0.6%). 
- the coronavirus pandemic continues to exert a strong influence on economic developments.the SNB is therefore maintaining its expansionary monetary policy 
 
24 Sep 2020 07:30 GBP/USD - 1.2698... Reuters news, UK Finance Minister Sunak says : 
 
- to extend VAT cut for hospitality and tourism until end of March 
- to extend coronavirus loan schemes until Nov, term of loans increased from 6 to 10 years 
- to introduce wage subsidy scheme for part time working as furlough scheme ends 
 
24 Sep 2020 07:11 GBP/USD - 1.2724... Reuters reported Britain's finance minister will provide as much support for jobs as possible when he announces his economic winter plan later on Thursday, said his colleague health minister Matt Hancock. 
 
24 Sep 2020 07:07 EUR/USD - 1.16555... Reuters reported French business confidence rose in September to its highest level since just before the coronavirus outbreak, despite a resurgence of new cases in recent weeks, a monthly survey showed on Thursday. 
 
The official statistics agency, INSEE, said its business confidence index rose to 92 from August's 90, reaching its highest level since February, before France went into a two- month lockdown to contain the outbreak, plunging the economy deep into recession. 
 
The closely watched index for the industrial sector improved particularly sharply, jumping to 96 from 92, exceeding the average expectations in a Reuters poll for a reading of 95. The index for the bigger services sector rose to 95 from 93. 
 
The improvement comes even though the government has had no choice but to increase restrictions on gatherings in the face of a surge in new COVID-19 cases to record levels. 
 
24 Sep 2020 02:30 EUR/USD - 1.1662... The single currency staged a brief recovery fm European low at 1.1673 to 1.1718, however, renewed selling interest there knocked price down and the pair fell to a 2-month bottom at 1.1652 in New York afternoon on usd's continued strength together with cross-selling of euro especially vs sterling. The pair then staged a short-covering rebound to 1.1680 in Asian morning today before retreating again. 
 
Euro's fall to a 2-month trough at 1.1652 yesterday suggests decline from September's 2-year peak at 1.2011 remains in progress and further weakness to 1.1620/30 would be seen after consolidation. Offers are now seen at 1.1670/80 and more above at 1.1690/00 with stops building up above there whilst initial bids are noted at 1.1610/20. 
 
Pay attention to the release of German Ifo business climate and current conditions at 08:00GMT. Street forecasts are 93.8 and 89.5 vs previous readings of 92.6 and 87.9 respectively. 
 
24 Sep 2020 02:07 USD/JPY - 105.41... The greenback found renewed buying at 104.93 in European morning yesterday and extended its recent winning streak and rose to an intra-day high at 105.48 in New York morning before retreating briefly on profit-taking to 105.29 at Asian open today. However, price then rebounded again to 105.47 in Asian morning and continues to trade with a firm undertone. 
 
Dollar's rise to an 8-day high at 105.48 yesterday suggests corrective rise from Monday's 6-month trough at 104.01 remains in progress and further gain to 105.81/85 would be seen after consolidation. Bids are now seen at 105.20/30 and more below at 105.00/10 with stops building up below there whilst initial offers are noted at 106.10/20. 
 
As there is no major economic data due from U.S. today, one should keep an eye out on the newswires as there are several Federal Reserve speakers who will be delivering speeches today.  
 


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