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20 Jul 2018 13:50 EUR/GBP - 0.8943... Reuters reported Britain's proposals on its future relationship with the European Union contain constructive elements, but many questions remain, EU chief Brexit negotiator Michel Barnier said on Friday. 
 
Barnier, who met new UK Brexit minister Dominic Raab on Thursday, also reminded Britain there could be no progress on future relations until all elements of its exit were tied up - notably ensuring no hard border between Ireland and Northern Ireland. 
 
"As I told the ministers, there are several elements in this white paper that open the way to a constructive discussion regarding the political declaration on our future relationship", Barnier told a news conference in Brussels following a meeting of EU ministers. 
 
Barnier said Britain shared the EU's desire for an ambitious trading relationship, a level playing field and a security partnership. 
 
20 Jul 2018 13:47 USD/MAJORS... Reuters news, Fed's Bullard says : 
 
- the President can comment on monetary policy but it is up to the Fed to take the best actions to achieve its dual mandate 
- he is not surprised by Trump's comments on the Fed 
- he expects Trump to weigh in on Fed again but doesn't change Fed's pursuit of stable inflation and maximum employment 
- structure of Federal Reserve mitigates outside influences 
- he doubts there will be any influence on the fed from Trump's comments 
- Trump is just 'one more voice' on currency debate 
- he 'takes at their word' that Trump and his team are free traders 
- an escalating trade war, if it goes badly, could be a risk to the U.S. economy 
- the U.S. economy looks very good 
 
20 Jul 2018 12:49 USD/MAJORS... Breaking news, U.S. President Donald Trump tweets : 
 
- China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge. As usual, not a level playing field... 
 
20 Jul 2018 12:42 EUR/GBP - 0.8845... Reuters news, EU Brexit negotiator Barnier says : 
 
- several elements in UK white paper that open way to constructive discussion 
- positive in UK white paper is guarantee to defend fundamental human rights 
- this will make exchange of data between UK and EU easier 
- needs to ascertain whether UK white paper proposals are workable 
- Brexit cannot justify additional bureaucracy 
- has asked UK how will EU avoid unfair competition if UK sets own rules on services 
 
20 Jul 2018 12:30 USD/CAD - 1.3175... Reuters reported Canada's annual inflation rate in June rose to 2.5 percent as prices in seven of the eight major components increased year-over-year, Statistics Canada said on Friday. 
 
20 Jul 2018 12:25 EUR/GBP - 0.8943... Reuters news, Irish Foreign Minister British white paper a basis for a real discussion, but negotiation won't be easy 
 
Irish Foreign Minister says : 
 
- EU will show flexibility 
- reaction from EU capitals and EU for British Brexit white paper has been luke warm 
- Barnier task force will engage seriously with British white paper; says an evolution is possible so long as EU's core interests not undermined 
- difficulty for withdrawal agreement is Northern Ireland border backstop; says Barnier was very strong on that issue today 
- I don't think white paper will be agreed in full, or anything like it, but it is basis for a detailed negotiation; customs issue most difficult 
- UK still committed to a Brexit backstop 'we just haven't finalised the wording of it yet' 
 
20 Jul 2018 12:21 Continues from previous update... 
 
Bullard said that should longer-term yields remain near current levels and the Fed proceeds with its forecast of another two interest rates rises this year, the nominal yield curve would invert in late 2018. 
 
"Given tame U.S. inflation expectations, it is unnecessary to push monetary policy normalization to such an extent that the yield curve inverts," he added. 
 
Bullard does not have a vote on monetary policy this year under a rotation system, but participates in deliberations. 
 
20 Jul 2018 12:20 USD/MAJORS... Reuters reported the Federal Reserve should hold off on any more increases in interest rates to avoid the risk of the yield curve inverting, St. Louis Fed President James Bullard said on Friday. 
 
"Imminent yield curve inversion in the U.S. has become a real possibility," Bullard said in prepared remarks to a local chamber of commerce in Glasgow, Kentucky. "Yield curve inversion is a naturally bearish signal for the economy. This deserves market and policymaker attention." 
 
Bullard has repeatedly said he believes the U.S. central bank should hold the federal funds rate at its current level of a target range of 1.75 percent to 2 percent to help avoid such a scenario. 
 
An inversion of the yield curve - the spread between short-term and long-term debt securities - is seen by some as a signal of a possible economic recession. 
 
20 Jul 2018 12:01 GBP/USD - 1.3046... Despite edging down to 1.2995 in Asia, the British pound gained to 1.3037 ahead of European open b4 retreating. However, cable found renewed buying at 1.2997 in early European morning n rose to session highs at 1.3051 in Europe on renewed Brexit deal optimism (see prev. MMN). 
 
Bids are now seen at 1.3020/30 n more below at 1.3000/10 with stops building up below there whilst initial offers are noted at 1.3110/20, suggesting choppy trading with upside bias wud be seen.
20 Jul 2018 11:24 USD/MAJORS - Reuters just reported White House economic adviser Larry Kudlow blamed Chinese President Xi Jinping for a lack of progress over U.S-China trade talks, and warned that U.S. President Donald Trump was "not going to let go" of the issue, Axios reported on Friday. 
 
"The problem here is Xi. He doesn't want to move, and they've offered the U.S. absolutely ... no options regarding the issue of (intellectual property) theft and forced technology transfer," Kudlow said in an interview with the news outlet. 
 
20 Jul 2018 10:38 GBP/USD - 1.3039... Reuters news, citing source from London Evening Standard newspaper, BoE's Tenreyro says : 
 
- PMI data partially confirms view that soft patch in Q1 was snow-related  
- will watch data "very closely" before Aug rate decision 
 
20 Jul 2018 10:35 EUR/USD - 1.1651... Germany's Merkel adds : 
 
- regarding trade surplus with U.S., you need to look at current surplus overall - that's more relevant for me 
 
20 Jul 2018 10:31 EUR/GBP - 0.8941... British PM May adds : 
 
- we have delivered UK policy through votes in Parliament 
- legal text for backstop produced by EU is not acceptable 
- but backstop should not be necessary as we have new proposals 
 
20 Jul 2018 10:19 EUR/GBP - 0.8948... British PM May continues to say : 
 
- our job is not Brexit in theory but to make a success of Brexit in practice 
- there can never be a hard border between Northern Ireland and Ireland 
- both sides want to avoid a hard border between Ireland and Northern Ireland 
- we must work together with EU to solve the border issue 
- reality is that any Brexit agreement would have to provide frictionless trade across N.Irish border 
- Northern Ireland is an integral part of the UK 
- we must rule out the free trade deal on offer from EU that creates a border between rest of UK and N.Ireland 
- her white paper proposals can move on the Brexit negotiations 
- the EU must now evolve its Brexit position 
- EU must not fall back onto earlier Brexit positions 
- confidence and supply deal with N.Irish DUP party has allowed us to deliver key decisions important for whole UK 
 
20 Jul 2018 10:15 USD/MAJORS... Breaking news, Reuters reported comments from U.S. President Donald Trump, who says : 
 
- he is ready to put tariffs on $500 bln in Chinese imported goods 
 


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