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Intra-day Market Moving News
24 Jun 2022 12:58 USD/MAJORS - Reuters reported the Federal Reserve must act boldly in raising U.S. interest rates in order to contain inflation before higher expectations become entrenched, St. Louis Fed President James Bullard said on Friday. 
 
"We have to act forthrightly and aggressively to get inflation to turn around and get it under control ... or you could suffer a decade of high and variable inflation," Bullard said during a panel discussion on central banks and inflation hosted by UBS in Zurich, Switzerland. 
 
"So front-load today, get inflation under control in short order and get inflation back on a path to 2%," Bullard added. 
 
24 Jun 2022 11:54 EUR/USD - 1.0516... Reuters news, ECB's de Guindos says : 
 
- inflation to start declining in last quarter 
- I expect ECB to reduce balance sheet over next five years 
 
24 Jun 2022 11:44 USD/MAJORS - Reuters news, Fed's Bullard says : 
 
- current models probably not a good indicator of recession risk 
- households in a great position to spend going forward 
- some components of GDP behaving strangely 
- inventory adjustments have been very unusual 
 
24 Jun 2022 11:36 EUR/USD - 1.0533... Reuters news, ECB's de Cos says : 
 
- we are in the phase of defining the new tool to fight fragmentation risks in the eurozone 
- most significant factors is ECB's firm commitment to fight potential financial fragmentation risks 
 
24 Jun 2022 08:24 EUR/USD - 1.0524... Reuters then reported angst is growing in the German economy, Europe's largest, but as yet there are no signs of recession, Ifo economist Klaus Wohlrabe told Reuters on Friday. 
 
The threat of gas shortages has increased firms' uncertainty but bottlenecks in the industrial and retail sectors have eased slightly, he said. The hospitality industry is hoping for a good summer after the relaxation of coronavirus restrictions. 
 
24 Jun 2022 08:05 EUR/USD - 1.0525... Reuters news, Ifo Economist says : 
 
- the worry lines in the German economy are getting bigger 
- index has fallen significantly in industry and retail 
- expectations are more pessimistic 
- despite increased uncertainty, there are no signs of a recession at the moment 
- threat of gas shortages has increased companies' uncertainty 
- bottlenecks in industry have improved slightly, also in retail 
- price expectations have fallen slightly, but every second company plans hikes in next three months 
- export expectations have fallen slightly 
- mood at service providers, especially hospitality, has improved significantly 
 
24 Jun 2022 06:49 USD/JPY - 134.70... Reuters then reported Bank of Japan Deputy Governor Masayoshi Amamiya said on Friday the central bank must closely watch the impact currency moves could have on the country's economy. 
 
"The BOJ will continue to support the economy with monetary easing to achieve its inflation target in a sustained, stable manner accompanied by wage rises," Amamiya said in a speech. 
 
24 Jun 2022 06:41 USD/JPY - 134.79... Reuters news, BOJ's Deputy Governor Amamiya says : 
 
- Japan's economy picking up as a trend 
- uncertainty regarding Japan's economy extremely high 
- BOJ must closely watch impact of financial, forex market moves on Japan's economy, prices 
- BOJ will conduct monetary easing to support economy, achieve price target in sustained, stable manner accompanied by wage rises 
- Japan's financial system remains stable as a whole 
- Japan's short-term funding stable as a whole 
 
24 Jun 2022 06:13 Continues from previous update... 
 
The Office for National Statistics said it now estimated that sales volumes in April rose by 0.4% from March, a much smaller increase than the originally reported 1.4% increase. 
 
"Retail sales fell in May driven by a decline in food sales," Heather Bovill, deputy director for surveys and economic indicators at the ONS, said. 
 
"Feedback from supermarkets suggested customers were spending less on their food shop, because of the rising cost of living."   
 
24 Jun 2022 06:02 GBP/USD - 1.2265... Reuters reported British retail sales volumes fell by 0.5% in May from April, the Office for National Statistics said on Friday. 
 
Economists polled by Reuters had expected a 0.7% monthly fall in retail sales. 
 
24 Jun 2022 04:51 GBP/USD - 1.2275... Reuters then reported Oliver Dowden, the chairman of British Prime Minister Boris Johnson's Conservative party, resigned on Friday, saying it could not carry on with business as usual after two crushing by-election defeats and someone had to take responsibility. 
 
"Yesterday's parliamentary by-elections are the latest in a run of very poor results for our party. Our supporters are distressed and disappointed by recent events, and I share their feelings," Dowden said in a resignation letter to Johnson. 
 
"We cannot carry on with business as usual. Somebody must take responsibility and I have concluded that, in these circumstances, it would not be right for me to remain in office." 
 
24 Jun 2022 04:44 GBP/USD - 1.2275... Reuters news, UK Conservative Party chairman Oliver Dowden resigns 
 
Media reported Tory Party chairman Oliver Dowden has submitted his letter of resignation after the Conservative's double by-election loss. 
 
24 Jun 2022 03:02 GBP/USD - 1.2275... Reuters reported British Prime Minister Boris Johnson's Conservatives lost the parliamentary seat of Wakefield in northern England on Friday, with voters dealing a blow to the party after months of scandals and a growing cost of living crisis. 
 
Opposition Labour Party candidate Simon Lightwood won the Wakefield by-election by a majority of 4,925 votes, winning back a seat that Labour had lost in 2019 for the first time in 90 years. 
 
24 Jun 2022 02:03 GBP/USD - 1.2267... Reuters reported British Prime Minister Boris Johnson looked set for a chastening defeat in a parliamentary by-election on Friday as the centrist Liberal Democrats claimed a "historic victory" in what had been a safe Conservative seat of Tiverton and Honiton. 
 
"This is looking like a clear win. The people of Tiverton and Honiton have spoken up for the country," a Liberal Democrat spokesman said. The official result has not yet been declared. 
 
"This is an historic victory for the Liberal Democrats and a devastating blow for those Conservative MPs who continue to prop up Boris Johnson." 
 
24 Jun 2022 00:22 USD/JPY - 135.05... Some news worth noting, media sources reported Japanese official says weak yen is having an impact of imported goods 
 


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