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Intra-day Market Moving News
24 Feb 2021 15:36 GBP/USD - 1.4110... Reuters news, BoE's Bailey says : 
 
- there is a debate about the force of transmission of interest rates when you get down to current levels 
- we have to keep decisions on current setting of policy distinct from our work on toolbox 
 
24 Feb 2021 15:01 GBP/USD - 1.4117... Reuters news, Bank of England's Broadbent adds : 
 
- we take our inflation remit very seriously at all times 
- we look at many measures of inflation expectations, these do not on average point to an expectation of above-target inflation 
- we will continue to watch inflation expectations very carefully 
- inflation expectations are not at a level that would worry us
24 Feb 2021 14:52 GBP/USD - 1.4117... Reuters news, Bank of England's Broadbent says : 
 
- we don't have much evidence of UK-EU trade agreement affecting prices 
- we have seen sterling appreciate because of EU trade deal, that would have some depressive effect on UK inflation 
- hard to know if trade frictions are having opposite effect on inflation 
- main effect on UK inflation probably from sterling strength 
- latest UK employment and wage numbers are "quite fiddly" 
- it is highly uncertain when UK economy returns to full capacity 
- furlough scheme has stopped a big expansion in spare capacity in UK labour market 
 
24 Feb 2021 14:48 GBP/USD - 1.4118... Reuters then reported Bank of England rate-setter Jonathan Haskel said on Wednesday he was open to the possibility that Britain's economy will need more stimulus as he emphasised downside risks to the outlook. 
 
"With downside risks to the outlook and taking risk management into consideration, as I have done previously, I remain open to the possibility that the economy might need further support to return inflation to target sustainably," Haskel said in a written report to lawmakers. 
 
24 Feb 2021 14:40 GBP/USD - 1.4119... Reuters news, in the annual report to lawmakers, Bank of England MPC member Haskel says : 
 
- faster vaccine rollout than government plans is upside risk for economy 
- downside risks to Feb forecasts are much more prevalent 
- concerned about dampening effect from high uncertainty in UK-EU trade links 
- firms' ability to repay debts and avoid insolvency represents sizeable downside risk 
- risk that worries me most is highly transmissible Covid variants 
- risks to activity very much on downside, risks to supply balanced 
- less convinced that increased homeworking will yield aggregate productivity benefits 
- remains open to possibility economy might need further support 
 
24 Feb 2021 10:10 GBP/USD - 1.4151... The British pound went through a roller-coaster ride as despite initial spike up to a fresh 34-month peak at 1.4241 in Asian morning due to active cross-buying of sterling, price swiftly retreated to 1.4151. The pair then rebounded again to 1.4207 at European open but lack of follow-through buying triggered profit-taking and knocked price back down to 1.4141. 
 
Cable's intra-day retreat from 1.4241 suggests upmove from March 2020 bottom at 1.1412 has made a temporary top there and consolidation with mild downside bias would be seen, however, bids at 1.4120/30 should contain current pullback and yield a recovery later. 
 
24 Feb 2021 08:59 USD/JPY - 105.65... Reuters news, BoJ Kuroda adds : 
 
- BoJ will find ways to enhance sustainability, effectiveness of its tools taking into account examination of impact on markets 
- can't comment now on what tweaks BoJ will make as that will depend on findings of March review 
- premature to discuss how BoJ could realize, make use of, huge potential capital gains on its ETF holdings 
 
24 Feb 2021 08:55 USD/JPY - 105.67... Reuters news, BoJ Kuroda adds : 
 
- aware of view BoJ's ETF buying is leading to decline in stock market functions, but don't think our buying is crippling market functions significantly 
- don't think BoJ's ETF buying is causing serious corporate governance problems 
- BoJ is buying ETF in nimble, flexible manner 
- BoJ's ETF buying does not directly aim at pushing stock prices to certain level 
- BoJ already has arrangements in place so its ETF buying doesn't cause huge distortions in prices of particular shares 
- BoJ's various tools, including its ETF buying, will be target of review at March examination 
 
24 Feb 2021 08:47 USD/JPY - 105.64... Reuters then reported Bank of Japan Governor Haruhiko Kuroda said on Wednesday the average duration of the central bank's government bond holdings remained stable at around seven years. 
 
"At present, our bond buying is at a low level because markets are calm," Kuroda told parliament, brushing aside the suggestion that its huge bond buying was aimed directly at undewriting the cost of huge fiscal spending. 
 
24 Feb 2021 08:38 USD/JPY - 105.59... Reuters news, BoJ Kuroda says : 
 
- bond buying has slowed significantly as markets remain calm 
- BoJ is buying medium-, long- and super-long JGBs in a balanced manner to keep yield curve stably low 
- average duration of BoJ's JGB holdings has remained stable around 7 years 
 
24 Feb 2021 07:15 EUR/USD - 1.2157... Reuters reported the German economy grew by a stronger-than-expected 0.3% in the final quarter of last year, helped by bullish exports and solid construction activity, the Federal Statistics Office said on Wednesday in a revision to an earlier estimate. 
 
The office, which previously had reported a 0.1% expansion on the quarter from October to December, said it also revised upward its 2020 full-year GDP figure to -4.9% from -5.0%. 
 
24 Feb 2021 02:50 EUR/USD - 1.2163.. The single currency is in holding pattern in subdued Asian trading despite intra-day 'jump' in cable as well as commodity currencies on continued risk appetite. Price inched higher to 1.2166 b4 retreating as the pound pares intra-day rally ahead of Tokyo lunch break. 
 
Expect consolidation until European open after hitting a 4-week high of 1.2180 n as long as sup area at 1.2130/36 holds, mild upside bias remains for gain to 1.2190/00, however, loss of momentum should cap price below res at 1.2222. Bids are noted at 1.2145/35 with stops touted below 1.2130 while offers are tipped at 1.2170/80 with stops reported abv 1.2190. 
 
On the data front, pay attention to Germany's Q4 GDP at 07:00GMT, after that, we have France's bus. climate. 
 
24 Feb 2021 02:41 USD/JPY - 105.44.. The pair catches a bid in brisk Asian trading due a renewed risk sentiment triggered broad-based yen selling, price met buying interest at 105.20 in Australia n then penetrated Tue's 105.42 high to 105.48. 
 
As intra-day break of 105.42 suggests recent decline fm Feb's 5-month peak at 106.22 has made a low y'day at 104.93 n consolidation with upside bias remains stronger retracement twd 105.73 (61.8% r) but reckon 105.84 (Mon high) would cap upside. Bids are noted at 105.30/20 n more below with stops below 105.00. Offers are tipped at 105.50/60 with stops reported abv 105.85. 
 
On the data front, the only data due out is U.S. new home sales. Pay attention to comments by Fed Chair J. Powell when he testifies in the second day of his 2-day appearance b4 the Senate. As market has already reacted to his dovish comments y'day, beware of usd's buying on short covering in other G7 currencies later today. We also have a no. of Fed officials scheduled to speak (pls refer to our EI page for details) but Powell will take centre stage. 
 
24 Feb 2021 02:12 NZD/USD - 0.7372... Reuters news, RBNZ Gov Orr says : 
 
- we want to retain all optionality for stimulus 
- always talked about negative rates as an option to be available to us 
- very aware of global rise in bond yields 
- if conditions tighten we will alter our settings 
- need to be patient, courageous with policy to meet targets 
- OCR can go lower 
 
24 Feb 2021 01:07 NZD/USD - 0.7351... Reuters reported New Zealand's central bank held its official cash rate at 0.25% in a widely expected decision on Wednesday, saying the current stimulatory level of monetary settings was needed to meet its consumer price inflation and employment remit. 
 
The Reserve Bank of New Zealand (RBNZ) also retained its large scale asset purchase (LSAP) programme at NZ$100 billion ($73.24 billion). The Funding for Lending Programme (FLP) operation was unchanged. 
 
Economists in a Reuters poll had unanimously expected the RBNZ to hold rates. 
 


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