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Intra-day Market Moving News
27 Apr 2018 06:52 Continues from previous update... 
 
INSEE said the increase was driven by higher prices for fresh foods and energy, which tend to be highly volatile due to seasonal factors. Prices for manufactured goods fell 0.3 percent over one year while growth in services prices slowed slightly. 
 
Separately, INSEE said that producer prices rose 0.4 percent in March, giving a 12-month rate of 2.5 percent. 
 
27 Apr 2018 06:51 EUR/USD - 1.2094... Reuters reported French inflation rose unexpectedly in April to hit a five and a half year high, preliminary EU-harmonised data from the INSEE statistics agency showed on Friday. 
 
INSEE said French consumer prices rose 0.1 percent in April, giving a 12-month rate of 1.8 percent, the highest since October 2012 and up from 1.7 percent in March. 
 
A Reuters poll of 24 economists had on average forecast that inflation had held steady at 1.7 percent with estimates ranging from 1.4 percent to 1.9 percent. 
 
27 Apr 2018 06:42 USD/JPY - 109.31... BoJ Gov Kuroda adds : 
 
- CPI likely to hit 2 pct around fiscal 2019 
- didn't erase timeframe due to worries about having to delay it again 
- mid to long term inflation expectations not changing, must watch closely 
- don't think change in BoJ leadership caused today's decision 
- don't see problems with financial intermediation 
- don't see signs of excessive activity in financial markets 
 
27 Apr 2018 06:35 USD/JPY - 109.31... Reuters news, BoJ Gov Kuroda says : 
 
- BoJ remains committed to achieving 2 pct price target at earliest possible time 
- will adjust policy as needed in order to maintain momentum towards 2 pct price target 
- there is view that timeframe for price target was a limit implying immediate policy change 
- timeframe was always just a forecast, not a firm limit 
- focus on timeframe was not good for communication 
- think it's appropriate to continue powerful monetary easing 
- will consider further easing if momentum towards 2 pct price target weakens 
- mentioning timeframe could lead to misunderstanding that it's linked to policy 
 
27 Apr 2018 06:27 EUR/USD - 1.2094... Reuters then reported France's finance minister said on Friday the European Union must be ready to react to a possible rise of United States' trade tariffs on EU steel and aluminium. 
 
"The EU has to be ready to take all the appropriate decisions if the American administration decides to raise tariffs on the EU," Bruno Le Maire told reporters at a meeting of euro zone finance ministers in Sofia, the Bulgarian capital. 
 
27 Apr 2018 05:57 EUR/USD - 1.2109... Reuters news, EU's Dombrovskis says : 
 
- very important for Greece to keep sound fiscal policies after bailout ends 
- confident will be able to find deal on Greece by June 
- by end 2018 EU should be able to have a decision on taxing digital companies 
- EU has to be ready to take all appropriate decisions if U.S. decides to impose steel, aluminium tariffs 
 
27 Apr 2018 05:52 EUR/USD - 1.2111... Reuters news, EU's Moscovici says : 
 
- we need proper post bailout monitoring for Greece to make sure reforms are on track 
- Greek growth strategy must be credible 
- we must have a successful conclusion of the greek bailout 
- Bulgaria will be the next member of the euro zone, but no need to rush, we need to prepare for that 
- everybody wants Bulgaria to join the euro zone 
 
27 Apr 2018 05:44 Continues from previous update... 
 
Consumer spending growth, traditionally the main motor of the French economy, grew only 0.2 percent in the first quarter despite exceptionally cold temperatures boosting energy consumption, the same rate as in the previous quarter. 
 
Meanwhile businesses slowed investment growth to 0.5 percent from 1.6 percent in the previous three months, while exports dipped marginally after a spike in the previous quarter. Since imports were flat, foreign trade had no impact on overall growth. 
 
27 Apr 2018 05:43 EUR/USD - 1.2106... Reuters reported French economic growth slowed slightly more than expected in the first quarter as business investment and exports eased, a first estimate from the INSEE statistics agency said on Friday. 
 
The euro zone's second-biggest economy grew 0.3 percent in the first three months - the slowest rate since the third quarter of 2016 - after expanding 0.7 percent in the final three months of last year, INSEE said. 
 
Economists had on average expected growth of 0.4 percent, with forecasts ranging from 0.2 percent to 0.6 percent in a Reuters poll of 30 economists. 
 
27 Apr 2018 03:31 Reuters then reported North Korean leader Kim Jong Un and South Korean President Moon Jae-in wrapped up the first round of talks on Friday for their countries' first summit in over a decade, the South's presidential office said on Friday. 
 
Kim and Moon will meet later in the afternoon after they have lunch separately. Kim returned to the North in a black limousine with bodyguards surrounding the vehicle as it made its way across the border. 
 
The two are scheduled to plant a memorial tree at the border around 0430 GMT to kick off their second session of the summit. 
 
27 Apr 2018 03:29 Reuters news, S.Korea Presidential official says : 
 
- Kim said he will go to Blue House anytime if he is invited 
- Kim said it was a better idea to meet in the south than Pyongyang 
- Kim said he came here to put an end to the history of conflict 
 
27 Apr 2018 03:26 EUR/USD - 1.2111.. Euro remains on the back foot in subdued Asian trading after y'day's selloff below key day chart sup at 1.2155 (Mar low, n now res) to a 3-month trough of 1.2098. 
 
Despite intra-day brief drop to 1.2146 after ECB's unchanged rate decision, price briefly jumped to 1.2210 when ECB's Draghi said the Governing Council did not discuss FX volatily, however, renewed usd's strength on rebound in U.S. stocks triggered active euro selling vs usd, gbp n chf, the pair easily fell below 1.2145/50 to 1.2098 near NY close. 
 
Y'day's daily close below 1.2155 bodes ill for the euro n if it closes below this lvl in NY (weekly bearish close), then price wud continue its southward journey next week twd next chart obj. at 1.1916 (2018 bottom in Jan). Therefore, selling euro on any short-covering rebound is favoured. Offers are tiped at 1.2125/30 n more abv with stops abv 1.2155/60. Some bids are noted at 1.2100-1.2090 with some stops below there. 
 
The euro area will release a slew of eco. data (pls refer to EI page for details) n we have speeches ECB's Lautenschlager, ECB's Mersch during European morning. 
 
27 Apr 2018 03:18 Continues from previous update... 
 
The decision on maintaining its interest rate targets was made by an 8-1 vote with board member Goushi Kataoka dissenting. 
 
BOJ Governor Haruhiko Kuroda will hold a news conference at 3:30 p.m. (0630 GMT) to explain the policy decision. 
 
27 Apr 2018 03:17 USD/JPY - 109.23... Reuters then reported the Bank of Japan kept monetary policy steady on Friday and removed a phrase on the timeframe for achieving its 2 percent inflation target, suggesting it is no rush to reach its elusive price goal with the economy in good shape. 
 
In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent. 
 
The BOJ left its inflation forecast for next fiscal year unchanged from three months ago, at 1.8 percent. It also projected inflation of 1.8 percent for the following fiscal year ending in March 2021. 
 
27 Apr 2018 03:11 USD/JPY - 109.20.. Dlr showed muted reaction to BoJ's unchanged monetary policy decision after a 2-day meeting as widely expected n market awaits BoJ Governor Kuroda's speech at post-BOJ press conference at European open. 
 
Despite climbing to a 10-week high of 109.47 in Aust. y'day, subsequent retreat to 109.07 at NY open due to U.S. yields falling fm their multi-year highs (benchmark 10-year high fell fm 3.0352% to 2.9809% n is currently lower at 2.977%) suggests temp. top has been made n sideways swings below 109.47 is envisaged.  
 
As long as BoJ's Kuroda maintains his 'dovish' stance, the pair will continue its recent winning streak as y'day's modest gain in U.S. stocks n intra-day rise in the Nikkie shud be supporting factors but falling U.S. yields shud prevent strg gain, period. Bids are noted at 109.10-00 with stops below there, offers are tipped at 109.40/50 with stops abv there. 
 
U.S. will release some important eco. data, so pay attention to prel. Q1 GDP, core PCE n employment cost at 12:30GMT (if actual readings are in line with street forecasts n slightly abv, the greenback will rise), then University of Michigan consumer confidence at 14:00GMT. 
 


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