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17 May 2021 23:50 USD/JPY - 109.18... Reuters reported Japan's economy contracted at an annualised rate of 5.1% in January-March from the previous quarter, government data showed, posting the first decline in three quarters as a resurgence of coronavirus infections dealt a blow to consumer spending. 
The gross domestic product (GDP) figure translated into a quarterly drop of 1.3%, slightly bigger than economists' median estimate of a 1.2% contraction, the Cabinet Office data showed on Tuesday. 
Private consumption, which makes up more than half of the economy, fell 1.4%, versus a 2.0% decline expected by economists, the data showed. 
17 May 2021 22:45 USD/MAJORS - Reuters just reported the Federal Reserve will monitor inflation closely as the economy works through imbalances between supply and demand caused by the pandemic to ensure that consumers' inflation expectations remain anchored near the central bank's 2% target, Dallas Fed Bank President Robert Kaplan said on Monday. 
Inflation readings should decline in the fall but may be elevated by year-end if some of the disruptions caused by the pandemic persist, Kaplan said during a virtual town hall conversation organized by the bank. 
The Fed official said he expects U.S. gross domestic product could grow by 6.4% and the unemployment rate to drift to 4% by the end of the year. 
17 May 2021 14:56 USD/MAJORS... Reuters then reported U.S. economic growth could hit 7% this year, Fed vice chair Richard Clarida said on Monday, as labor and other supply bottlenecks get resolved and the recovery accelerates. 
"It looks like the economy if anything can pick up speed this year...We could have growth north of 6%, possibly 7%," Clarida said in remarks to an Atlanta Federal Reserve conference. Current labor and supply bottlenecks, he said, are likely to pass, and evidence that "it may take more time to reopen a $20 trillion economy than it did to shut it down." 
17 May 2021 14:35 USD/MAJORS... Reuters news, Fed's Clarida says : 
- baseline view is that achieving maximum employment will not put undue pressure on prices 
- getting demand and supply of workers into balance "may take some time" 
17 May 2021 14:25 EUR/GBP - 0.8612... Reuters Brexit news, UK's Frost says : 
- not sure EU is fulfilling obligation to minimise barriers to GB and NI trade 
- we need to have a discussion about the genuine problems produced by excessive process on NI trade 
17 May 2021 14:10 USD/MAJORS... Reuters news, Fed's Clarida says : 
- does not comment on current outlook, policy, in academic paper on bond yields 
U.S. economy in a "very fluid period" 
- baseline outlook is growth of perhaps 7% this year 
- April employment report "very disappointing" 
- may take more time to reopen a $20t economy than to shut it down 
- needs to be "attuned and attentive" to incoming data on inflation to ensure it is transitory 
- if data threaten to put inflation expectations higher fed would act 
17 May 2021 13:58 EUR/GBP - 0.8615... Reuters then reported Britain's relationship with the European Union will be a bit bumpy for a while, but the government is determined to get things working more smoothly, the British minister responsible for implementing the Brexit deal David Frost said on Monday. 
"I think it'll be a bit bumpy, for a time but there's a lot in there, and lots of business to be done," Frost told a parliamentary committee. 
17 May 2021 13:43 EUR/GBP - 0.8612... Reuters Brexit news, UK's Frost says : 
- relations with EU will be bumpy for a time 
- want to get EU relationship off to a decent start 
- will want to look at areas where we can diverge from EU regulatory principles 
- arrangements that are consistent with lighter touch common law arrangements we will want to look closer at 
17 May 2021 12:42 USD/MAJORS... Reuters news, citing source from CNBC, Fed's Bostic says : 
- pent up demand will put upward pressure on prices, that is known 
- we will see a lot of change in market over the summer 
- will be looking at how rapidly economy recovers 
a healthy level of inflation is a sign that the economy is health and growing 
- not so much worried about housing dynamics right now  
- will be watching lumber markets, pricing pressures over summer 
- hopeful will see a more rational housing markets in months to come 
- until we make substantial progress to close unemployment gap, we need strong policies  
17 May 2021 12:24 USD/CAD - 1.2126... Reuters reported Canadian housing starts fell 19.8% in April compared with the previous month on a sharp decline in multiple urban starts, data from the Canadian Mortgage and Housing Corporation showed on Monday. 
The seasonally adjusted annualized rate of housing starts fell to 268,631 units from a revised 334,759 units in March, Canada's national housing agency said. Analysts had expected 280,000 unit starts in April. 
17 May 2021 11:13 EUR/USD - 1.2165... Reuters then reported the European Union will suspend a planned increase of tariffs on U.S. products for a maximum of six months, a European Commission spokeswoman said on Monday. 
The bloc has agreed a partial truce with the United States in a dispute over U.S. metals tariffs imposed by former president Donald Trump. 
17 May 2021 11:02 EUR/USD - 1.2164... Reuters news, EU Commission says : 
- tariff suspension will be for a maximum of 6 months 
17 May 2021 10:17 GBP/USD - 1.4106... The British pound traded sideways in New Zealand today and edged down to session lows at 1.4079 in Asian morning. However, renewed buying lifted the pair and price rallied at European open to 1.4119 on the back of cross-buying of pound especially vs the singly current. 
Cable's intra-day break above Friday's high at 1.3111 to 1.3119 suggests correction fm Tue's 10-week peak at 1.4167 has possibly ended at 1.2006 last Thursday and consolidation with upside bias remains for a re-test of said res, break would extend recent upmove to 1.4180/90. Bids are now seen at 1.4070/80 wtih stops building up below there whilst initial offers are noted at 1.4190/00. 
17 May 2021 06:55 EUR/GBP - 0.8606.. Reuters then reported Ireland is increasingly concerned that British Prime Minister Boris Johnson wants to completely rewrite the Northern Ireland section of the Brexit deal, RTE reported on Monday after London said the agreement was not sustainable. 
After the United Kingdom left the European Union's orbit at the start of this year, checks and tariffs were introduced on some goods moving from mainland Britain to Northern Ireland as the province now borders the bloc via EU member Ireland. 
Johnson had promised there would be no hard border between Ireland and Northern Ireland as result of Brexit, and unfettered trade between the province and the rest of the United Kingdom would continue. 
17 May 2021 06:42 EUR/GBP - 0.8605... Reuters news, Ireland is now concerned that London is pushing for a complete re-writing of the NI protocol (part of Brexit deal) - RTE 

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