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Intra-day Market Moving News
23 Jan 2019 14:27 USD/MAJORS - Reuters news, White House Economic Adviser Hassett says on CNN : 
 
- he sees no risk of credit downgrade for U.S. 
- puts chances of recession in 2020 very close to zero  
- U.S. government shutdown adds uncertainty to economy, still predicts 3 pct growth 
- he is confident U.S. and China can reach trade agreement by March 1 deadline 
 
23 Jan 2019 13:58 Continues from previous update.... 
 
"Number two, a disorderly withdrawal, leaving the EU without a deal, is a default scenario and there appears to be a majority in the House of Commons to oppose a no-deal. 
 
"But opposing no-deal will not stop no-deal from happening," he said, adding it would be necessary for the British to find a majority in favour of another solution to a disorderly exit. 
 
He spoke in English, rather than his native French -- something he tends to do when he wants policymakers in Britain to take particular note of his remarks. 
 
23 Jan 2019 13:57 EUR/GBP - 0.8715.. More on early comments by EU's Barnier. Reuters reported European Union's Brexit negotiator Michel Barnier said on Wednesday that no-deal Brexit was the default scenario and the fact that majority of the House of Commons was against it would not prevent it from happening. 
 
"Preparing for a no-deal scenario is more important now than ever, even though I still hope that we can avoid this scenario," Barnier told a gathering of employers and labour organisations in Brussels. 
 
"Today, there are two possible ways to leave the EU: number one, an orderly withdrawal based on the agreement that we have built step by step with the UK over the last 18 months. 
 
23 Jan 2019 13:44 GBP/USD - 1.3030.. More Brexit headline news on Reuters, eurosceptic lawmaker Jacob Rees-Mogg says : 
 
- there are people who are trying very hard to stop Brexit 
- it would be constitutional outrage if Brexit was reversed 
- wants there to be a Brexit deal 
- current deal does not deliver Brexit, backstop is biggest problem 
- as long as backstop is there, I will not vote for deal 
- at last things are going our way in Brexit talks 
 
23 Jan 2019 13:42 EUR/GBP - 0.8718.. Brexit news on Reuters, EU's Barnier says : 
 
- preparing for no deal is more important than ever 
- still hopes to avoid no deal 
- will not speculate on UK's choices now 
- Irish border issue is about integrity of EU single market
23 Jan 2019 13:40 EUR/GBP - 0.8720.. Reuters news, Germany's Merkel speaking at World Economic Forum, Davos says : 
 
- the closer our relations with UK the better, but it is in Britain's hands now
23 Jan 2019 13:33 USD/CAD - 1.3334.. Reuters news, Bank of Canada Governor Poloz tells Bloomberg TV that : 
 
- Canadian economy is in good shape, although bank is dealing with oil prices and future of global trading system 
- oil prices were very weak in Q4, has become a material shock to outlook for canadian economy 
- reiterates that if global trade tensions were resolved, that could give the Canadian economy a boost 
- reiterates that pace of future interest rate hikes in Canada will be data dependent 
- U.S. govt shutdown hitting Canadian trade data, so can't fully see impact of trade tensions on exports 
 
23 Jan 2019 13:28 GBP/USD - 1.3037.. Brexit news on Reuters. Britain would not be able to have an independent trade policy if it remained in a customs union with the European Union after it leaves the bloc, Prime Minister Theresa May's political spokesman said on Wednesday. 
 
May's deal with Brussels was roundly rejected by parliament last week and opposition Labour leader Jeremy Corbyn has called for her to seek an agreement which keeps Britain in a permanent customs union with the EU. 
 
"Clearly an independent trade policy is our objective and that is not compatible with membership of a-or-the customs union," the spokesman told reporters. 
 
23 Jan 2019 13:14 GBP/USD - 1.3035.. Brexit news on Reuters, UK opposition Labour spokesman says : 
 
- nothing like PM May's deal is going to pass parliament 
- no amount of tweaking to May's deal will be enough, she needs to change her red lines 
- PM May is running down the clock without any intention of changing her agreement 
 
23 Jan 2019 12:09 GBP/USD - 1.3026.. Brexit news on Reuters, UK PM May says : 
 
- extending Article 50 does not solve the issue 
 
Germany gov't spokeswoman says : 
 
- we will only address issue of possible Brexit delay if Britain wants to 
- Merkel to meet EU Barnier on Thursday in Berlin 
 
23 Jan 2019 11:43 EUR/GBP - 0.8722.. Brexit news on Reuters, EU Commission says : 
 
- EU will do whatever it can to avoid hard border in Ireland 
 
Reuters later reportd the European Union's executive said on Wednesday the bloc would do its utmost to avoid extensive border controls between EU member state Ireland and Britain's province of Northern Ireland regardless of how Brexit goes, a spokesman said. 
 
"The EU is determined to do all it can - deal or no deal- to avoid a hard border in Ireland," the Commission's chief spokesman, Margaritis Schinas, told a news conference. 
 
23 Jan 2019 11:16 GBP/USD - 1.3011.. Cable hits a fresh 2-month high of 1.3015 near European midday. Reuters reported sterling rose above $1.3 on Wednesday after Britain's opposition Labour Party said it was "highly likely" to back an attempt by lawmakers to prevent a disorderly no-deal Brexit. 
 
With little time left until the March 29 Brexit deadline, there is no agreement in London on how or even whether it should exit the world's biggest trading bloc. 
 
But sterling is gaining as investors buy the currency, betting that a no-deal Brexit can be avoided if parliament exerts greater control over the process. 
 
23 Jan 2019 11:02 Continues from previous update... 
 
There is still no agreement in London on how and even whether it should leave the world's biggest trading bloc, and there is a growing chance of a "no-deal" exit with no provisions to soften the economic shock. 
 
British manufacturers' optimism around exports for the year ahead fell to the lowest level since January 2009, during the depths of the last recession, the CBI said. 
 
"The manufacturing sector is clearly feeling the pinch of Brexit uncertainty, with worsening business sentiment coinciding with an ongoing reluctance to invest in new facilities, machinery, innovation and training," CBI head of economic intelligence Anna Leach said. 
 
The CBI's monthly gauge of industrial orders fell to -1 in January from +8 in December. A Reuters poll of economists had pointed to a reading of +5.  
 
23 Jan 2019 11:01 GBP/USD - 1.2995.. Reuters just reported optimism in British factories faded badly over the last three months, especially around the outlook for exports in a slowing global economy and ahead of Brexit, an industry survey showed on Wednesday. 
 
The Confederation of British Industry's (CBI) quarterly gauge of manufacturing expectations fell to -23 in the three months to January from -16 in the period to October, its lowest level since July 2016. 
 
The survey adds to signs of fading business confidence ahead of Britain's scheduled departure from the European Union on March 29. 
 
23 Jan 2019 10:53 GBP/USD - 1.2985.. Brexit news on Reuters, Labour party source confirms "highly likely" it will back Cooper amendment aimed at stopping no-deal brexit


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