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Intra-day Market Moving News
23 Jan 2020 23:52 USD/JPY - 109.55... Reuters news, BoJ Dec meeting minutes state : 
 
- a few members pointed out that households' short-term inflation expectations had declined since October due to the consumption tax hike 
- one member said BoJ might need to ramp up stimulus to meet tax hike impact like to it did half a year after previous sales tax hike in 2014 
- a few member said it was necessary to examine carefully the side effects of monetary easing 
- one member said BoJ should consistently scrutinize its policy framework as discussions about reviewing policy frameworks have become active at other central banks 
- one member said introduction of inflation range target, as proposed by IMF, could be seen as weakening BoJ's commitment toward achieving price target 
 
23 Jan 2020 23:31 USD/JPY - 109.55... Reuters reported Japan's core consumer prices rose 0.7 percent in December from a year earlier, government data showed on Friday. 
 
The core consumer price index, which includes oil products but excludes fresh food prices, compared with economists' median estimate for a 0.7 percent annual gain. 
 
Stripping away the effect of fresh food and energy, consumer prices rose 0.9 percent in December from a year ago. 
 
23 Jan 2020 23:29 NZD/USD - 0.6617... Reuters reported New Zealand's consumer price index (CPI) rose 0.5% in the fourth quarter compared to 0.7% in the previous quarter, beating analyst estimates, as rent, petrol and airfare costs increased, data released by Statistics New Zealand on Friday showed. 
 
Annual inflation for the fourth quarter of 2019 was 1.9% compared with 1.5% in the previous year period. Economists polled by Reuters had forecast inflation of 0.4% for the quarter, taking annual inflation to 1.8%. 
 
The inflation data was higher than Reserve Bank of New Zealand's (RBNZ) forecast a 0.2% rise in quarterly CPI. 
 
23 Jan 2020 23:27 USD/CNH - 6.9291(offshore)... Reuters earlier reported the World Health Organisation (WHO) said on Thursday that the new coronavirus that has emerged in China and spread to several other countries does not yet constitute an international emergency but it was tracking its evolution "every minute". 
 
WHO director-general Tedros Adhanom Ghebreyesus made the announcement after its Emergency Committee of 16 independent experts reviewed the latest evidence and made its recommendations, which he accepted. 
 
China put millions of people on lockdown on Thursday in two cities at the epicentre of a coronavirus outbreak that has killed 18 people and infected more than 630, as authorities around the world worked to prevent a global pandemic. 
 
23 Jan 2020 15:02 EUR/USD - 1.1067... Euro zone consumer confidence remained unchanged in January from the December 2019 number, flash figures released on Thursday showed. 
 
The European Commission said a flash estimate showed euro zone consumer morale stayed at -8.1 points this month. 
 
Economists polled by Reuters had expected a rise to -7.8. 
 
In the European Union as a whole, consumer sentiment also remained unchanged at -7.0. 
 
23 Jan 2020 14:55 USD/MAJORS - Reuters reported Treasury Secretary Steve Mnuchin said on Thursday the U.S. government cannot sustain federal deficits growing at current levels and will have to slow the rate of government spending. 
 
As he acknowledged the administration of President Donald Trump was considering additional tax cuts to stimulate the economy, Mnuchin blamed government spending for the federal deficit. 
 
"There's no question we need to slow down the rate of growth of government spending because we can't sustain these deficits growing at these levels," he said in an interview with CNBC from the World Economic Forum in Davos, Switzerland.  
 
23 Jan 2020 14:52 EUR/USD - 1.1067... Reuters reported the European Central Bank will review its inflation target, policy tools and communication in a broad review of its strategy to reflect changed economic conditions since the financial crisis. 
 
"The Governing Council will take stock of how the monetary policy strategy has supported the fulfillment of the ECB's mandate under the Treaty over the years and consider whether any elements of the strategy need to be adjusted," the ECB said. 
 
"The quantitative formulation of price stability, together with the approaches and instruments by which price stability is achieved, will figure prominently in this exercise." 
 
23 Jan 2020 13:53 EUR/USD - 1.1085... ECB's Lagarde continues : 
 
- there was a discussion on balance of risks 
- review will be over when over 
- we hope we can agree on new strategy of ECB around Nov-Dec 
- Dec in my view probable date for communication of strategy 
- in the meantime, irrespective of review, ECB will monitor and draw conclusion about monetary policy 
- unanimous view tiering operating extremely well 
- no discussion of changing tiering multiplier
23 Jan 2020 13:34 EUR/USD - 1.1099... Reuters news, ECB President Lagarde says : 
 
- incoming data in line with baseline of ongoing moderate growth 
- manufacturing remains drag 
- decelerating employment growth, wages underpin euro area economy 
- Governing Council reiterated need for highly accommodative monetary policy 
- ECB to closely monitor inflation developments 
- ECB ready to adjust all instruments as appropriate 
- weak trade, global uncertainties weigh on euro area manufacturing investment 
- services and construction sectors resilient, despite moderation 
- survey, data point to some stabilisation 
- risks tilted to downside but less pronounced 
- headline inflation likely to hover around current levels in coming months 
- over medium term inflation expected to increase 
- conclusion of Phase 1 between US and China has slightly reduced if not vanished uncertainty 
- will adhere to current strategy, target until new strategy has been defined 
- won't comment on inflation target band 
- my mission is to harness all views around 
23 Jan 2020 13:30 USD/MAJORS - Reuters reported the number of Americans filing for unemployment benefits increased less than expected last week, suggesting the labor market continues to tighten even as job growth is slowing. 
 
Initial claims for state unemployment benefits rose 6,000 to a seasonally adjusted 211,000 for the week ended Jan. 18, the Labor Department said on Thursday. Claims had declined for five straight weeks, resulting in the unwinding of the surge seen in early December, which was blamed on a later-than-normal Thanksgiving Day. 
 
Claims data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast claims increasing to 215,000 in the latest week. 
 
23 Jan 2020 13:11 EUR/USD - 1.1090... Reuters news, UK Commerce Secretary Ross says : 
 
- US's working assumption is that US, Europe can make a trade deal 
- hopes to reach a trade deal with EU in 2020 
- hopes to reach a trade deal with UK this year 
23 Jan 2020 12:54 Continues fm prev. update... 
 
"The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics," the ECB said. 
 
The statement was effectively unchanged from December, suggesting a stabilisation in euro zone economic data had been deemed insufficient to tighten the ECB's ultra-easy message. 
 
Attention now turns to Christine Lagarde's second news conference as ECB president at 1330 GMT, where she will announce the scope of the bank's strategic review. 
 
23 Jan 2020 12:53 EUR/USD - 1.1090... Reuters then reported the European Central Bank left its policy unchanged on Thursday and launched a "strategic review" of its inflation goal and tools. 
 
"The Governing Council...decided to launch a review of the ECB's monetary policy strategy. Further details about the scope and timetable of the review will be published in a press release today at 15:30 CET," the ECB said. 
 
It reaffirmed its pledge to keep rates at rock bottom or even cut them, while also buying bonds at 20 billion euros per month, until inflation in the euro zone headed back to its target of just under 2%. 
 
23 Jan 2020 12:46 EUR/USD - 1.1090... Reuters news, ECB keeps its refinancing rate unchanged at 0.00% and says : 
 
- APP to run for as long as necessary, end shortly before first rate hike 
- to reinvest APP in full for extended time after first rate hike, for as long as necessary 
- announces start of strategic review 
- further details on scope, timetable of review due at 15:30 CET
23 Jan 2020 10:16 GBP/USD - 1.3136... The British pound has proved quite tricky to trade today as price initially met renewed selling at 1.3150 at Asian open after failure to penetrate yesterday's high at 1.3153 and dropped to 1.3120 ahead of European open. The pair then staged a rebound to 1.3146 at European open before retreating again to 1.3120 in European morning. 
 
Cable's intra-day sideways move after yesterday's resumption of upmove from last Tuesday's low at 1.2955 to 1.3153 would continue and as long as 1.3090/00 holds, upside bias remains. Above 1.3153 would bring stronger retracement of decline from December's peak at 1.3516 to 1.3200/10. Bids are now seen at 1.3120/30 and more below at 1.3100/10 with stops building up below there whilst initial offers are noted at 1.3210/20. 
 


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