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Intra-day Market Moving News
18 Sep 2019 05:51 EUR/USD - 1.1066... Some news worth noting, media sources reported comments from Bank of France Governor and ECB Governing Council member, Francois Villeroy de Galahu, who is in an interview with local radio and says : 
 
- risks are rising for the French economy 
 
18 Sep 2019 05:49 USD/JPY - 108.21... Reuters news, Japan Foreign Minister Motegi says : 
 
- want to seek clear confirmation in final stage of Japan-U.S. trade talks that no additional tariffs will be imposed on Japanese cars 
- no plan at moment for Japan-South Korea summit or Foreign Ministers' meeting 
- plan to maintain diplomatic communication between Japan, South Korea 
 
18 Sep 2019 03:01 GBP/USD - 1.2490... The British pound pares gains in Asian morning after yesterday's rally. Although cable fell from 1.2433 in Australia to 1.2393 in Europe on Tuesday, the pair found renewed buying and rallied to an 8-week high at 1.2528 in New York on usd's broad-based weakness before retreating to 1.2486 in Asian morning today. 
 
Cable's break of Mon's 1.2515 high to 1.2528 suggests recent upmove from Sep's 34-month trough at 1.1959 has once again resumed and consolidation would be seen ahead of European open before price head towards 1.2580, however, loss of momentum may cap price below 1.2624. Bids are noted at 1.2480-70 with stops below 1.2450 while offers are tipped at 1.2520/30 with stops above there. 
 
On the economic calendar today, U.K. will release a slew of data starting with CPI, core CPI, RPI, core RPI, PPI input prices, PPI output prices, and PPI core output prices. 
 
18 Sep 2019 02:43 EUR/USD - 1.1067.. Although the single currency remained on the back foot in European trading y'day n fell marginally below Mon's 1.0994 low to 1.0991 in European morning, short covering lifted price ahead of NY open n intra-day rise gathered momentum in NY session due to broad-based unwinding of long usd positions, euro later rallied to 1.1074 ahead of NY close. 
 
As y'day's rebound suggests price would remain confined inside recent 1.0928-1.1109 range, at least until FOMC announcement later today, position takers are likely to keep their poweder dry b4 committing themselves, so trading the range is the way to go. Bids are noted at 1.1050-40 with stops below 1.0990 while offers are tipped at 1.1070/80 with stops abv 1.1115.  
 
On the data front, Italy will kick off with industrial order n sales then trade n good balance, the EU will release construction output, finaly HICP n core HICP. We have a number of ECB officials delivering speeches during the day, please refer to our EI section for details. 
 
18 Sep 2019 02:33 USD/JPY - 108.25.. Dlr catches a small bid in Asian morning on Wed due to renewed yen selling after going through sideways trading in European morning n NY session y'day. 
 
Despite climing to a 6-week high of 108.36 in Asian initially on Tue following positive Sino-U.S. trade talk news, profit taking quickly pushed price lower , the pair swung sideways in European session n later fell to 108.07 in NY due to broad-based liquidation of recent long usd positions. Outlook remains mildly bullish for recent upmove to make further headway ahead of FOMC announcement, bids are noted at 108.10-00 with stops touted below 107.90 whole offers are tipped at 108.35/40 with stops reporetd abv 108.50. 
 
FOMC and subsequent J. Powell's press conference are the biggest events for the month. Market is pricing in for a 25 basis point rate cut but some are even expecting Fed to restart QE programme, if this does occur, then the greenback would be bashed down hard. Until then, U.S. will release MBA mortgage applications, building permits n housing starts.  
 
17 Sep 2019 23:12 GBP/USD - 1.2500... Reuters earlier reported the appointment of the next governor of the Bank of England will be pushed back until after the forthcoming election, the Financial Times reported on Tuesday, citing people briefed on the matter. 
 
Bank of England Governor Mark Carney could be asked to extend his term if Brexit is delayed again, according to the report. 
 
17 Sep 2019 23:09 USD/MAJORS... Reuters earlier reported U.S. President Donald Trump said on Tuesday his administration could seal a deal on trade with China before the U.S. presidential election, or an agreement could be reached the day after U.S. voters go to the polls. 
 
Speaking to reporters aboard Air Force One as he traveled from New Mexico to California, Trump claimed that Beijing thinks he is going to win re-election, but that Chinese officials would prefer to be dealing with someone else. 
 
He said he has told China that if the deal comes after the election, it would be on terms "far worse" for Beijing than it could achieve right now. 
 
17 Sep 2019 17:04 EUR/USD - 1.1071... Reuters then reported euro zone countries should consider easing taxes or boosting investment to support growth if their finances allow, ECB policymaker Francois Villeroy de Galhau said on Tuesday, singling out Germany and the Netherlands. 
 
In the face of slowing euro zone growth, the European Central Bank cut interest rates on Thursday deeper into negative territory and promised bond purchases with no end-date. 
 
17 Sep 2019 16:54 EUR/USD - 1.1068... Reuters news, ECB's Villeroy de Galhau says : 
 
- the consolidation of European banking players is key to promoting competitiveness of economy 
- currency devaluations create risk of a trade war, can also exert inflationary pressures 
- no lasting success in economic history has been built on a weak currency 
- euro area government's should exploit leeway to support growth, Germany and the Netherlands for instance 
- larger international use of euro would help protect euro zone business against foreign exchange risks, legal disputes abroad 
- would eventually like to see a genuine financial asset in the euro area that could help stabilise financial markets 
 
17 Sep 2019 16:40 EUR/GBP - 0.8854... Reuters news, ECB's Villeroy de Galhau says : 
 
- great uncertainty remains around Brexit, we are still hoping for a deal 
- cooperation with UK after Brexit will be much needed on financial stability, digitalisation and regulation of big tech firms 
- recent ECB policy decisions have sparked many reactions, I will not comment on that 
 
17 Sep 2019 14:45 GBP/USD - 1.2474... Reuters reported Ireland wants a deal on an orderly British exit from the European Union but Britain has so far failed to come up with a written plan, Irish foreign minister Simon Coveney said on Tuesday. 
 
"We in the EU ... are open to a deal but it must achieve the aims of the backstop through a legally operable solution," Coveney told reporters. 
 
"We await written proposals from the UK side. We simply haven't seen any written proposals to date." 
 
17 Sep 2019 14:37 EUR/USD - 1.1042... Reuters reported euro zone banks should take full advantage of favourable funding conditions created by the European Central Bank's ultra-loose monetary policy, the ECB's chief supervisor said on Tuesday. 
 
Speaking at the Analysis forum in Milan, Andrea Enria said he was "slightly worried" to see that banks were not rushing to issue bonds that could help them comply with loss-absorbing debt requirements. 
 
17 Sep 2019 14:28 NZD/USD - 0.6334... Reuters reported international milk prices rose while volumes dropped in this month's second Global Dairy Trade auction held by GDT Events. 
 
The GDT Price Index climbed 2 percent, with an average selling price of $3,303 per tonne, in the auction held on Tuesday. 
 
The index fell 0.4 pct at the previous sale, according to GDT Events. 
 
17 Sep 2019 14:10 EUR/USD - 1.1042... Reuters news, ECB supervisory board head Enria says : 
 
- slightly worried to see banks are taking not taking full advantage of very favourable mkt conditions for funding 
- banks could issue more to meet MREL/TLAC requirement 
- banks may not be adequately prepared in terms of funding for QE exit 
- stricter requirements would be needed over lenders' ability to move sovereign bonds from assets available for sale to assets held to maturity 
- difficult to move forward on rules over risk weighting of banks' sovereign holdings without progress on euro zone saft assets 
 
17 Sep 2019 14:09 GBP/USD - 1.2444... Reuters news, Irish Foreign Minister says : 
 
- says open to a deal but have not seen any written proposals from UK to date 
- there is obligation on party asking for change to come up with solutions 
- we won'y sign up to any trade agreement with UK that requires border checks 
- no-deal will require checks somewhere as emergency response, 'I don't think they will be near the border' 
- hopes to have clarity on border checks weeks before a no-deal 
 


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