AceTraderFx: Intra-Day Market Moving News & Views & data to be released today

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AceTraderFx Nov 30: Intra-Day News and Views USD/JPY

Intra-Day Market Moving News and Views
30 Nov 2016 02:17GMT

USD/JPY - ..... Trading the pair in Tuesday's session turned out to be quite tricky.
Despite initial weakness to 111.62 ahead of Tokyo open, dlr ratcheted higher to 112.73 in Europe on continued cross-selling in yen, the pair briefly jumped to session highs of 113.34 in early New York morning after release of upbeat U.S. GDP, however, a bout of broad-based long dlr liquidation sent price lower to 112.27 in New York afternoon.
Although price briefly dropped to 112.06 by Japanese names (exporters related) after tripping stops below 112.20, renewed buying quickly emerged and lifted dlr to112.43/44, suggesting sideways move above said Asian low is in store.

Bids are noted at 112.10-00 with stops below there, however, more buying interest is noted at 111.70-60 with stops reported below 111.30.
On the upside, offers are tipped at 112.55/65 and more above with some stops above 1113.00.

Pay attention to U.S. data later in the day starting with the volatile ADP private payrolls, personal consumption, personal income, personal consumption expenditure (PCE), Chicago purchasing manager index, pending home sales n Fed Beige book. Federal Reserve Bank Board Governor Gerome Powell will deliver a speech at 16:45GMT.

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AceTraderFx Dec 1: Intra-Day News and Views USD/JPY

Intra-Day Market Moving News and Views
01 Dec 2016 01:23GMT

USD/JPY - ..... Dlr climbed to a fresh 9-month peak of 114.83 just ahead of Tokyo open partly on downbeat Japan's economic data, Reuters reported.
Japanese business expenditure fell in the third quarter, the first annual decline since the start of 2013, in a worrying sign that uncertainty over the economic outlook is eroding companies' confidence.

The capital spending data, which is used to calculate revised gross domestic product (GDP) due on Dec. 8, underscores concerns about a fragile recovery in the world's third-largest economy.
A preliminary estimate last month showed the Japanese economy grew at 2.2 percent annualised in the July-September quarter, much faster than expected by economists, as rebounding exports offset weakness in domestic demand.

However, a recent run of soft indicators including exports, factory output and household spending raised doubt about sustainability in the economic growth.
Ministry of Finance data showed today on Capital spending in July-September fell 1.3 percent year-on-year, slowing from a 3.1 percent annual gain in the previous quarter.
It was the first annual decline since January-March 2013, shortly after Prime Minister Shinzo Abe swept to power with a pledge to pull the economy out of stagnation and deflation.

On the quarter, capital expenditure rose 0.4 percent from the previous three months on a seasonally-adjusted basis after excluding software spending, up for the first time in four quarters.
Analysts usually watch the MOF capex data for clues on revised GDP figures, but this time is different, some say.

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AceTraderFx Dec 2: Intra-Day News and Views EUR/USD

Intra-Day Market Moving News and Views
02 Dec 2016 01:34GMT

EUR/USD - ..... Euro rallied in New York session on ECB's tapering report n extended overnight gain in New York session to 1.0677 in Asia on Friday.
Reuters reported earlier the ECB will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said.
Even some sceptics of more stimulus on the bank's Governing Council have accepted that an extension beyond the current expiry date of March is inevitable given weak underlying inflation and heightened political risk.

They are still wrestling with the question of how to structure that extension, however, according to multiple senior sources at the European Central Bank and national central banks.
Much of the preparatory staff work has focused on a six-month extension at a steady pace of 80 billion euros per month, an option favoured by many as growth is sluggish, inflation lacks momentum and political risk from key elections keeps the chances of market volatility high.
But some have indicated they would favour an extension at lower volumes, for example nine months at 60 billion euros a month, fearing that a straight extension could make the programme appear open-ended, a compromise under discussion would be to signal the programme's eventual end, possibly in the bank's forward guidance, indicating that the purchases cannot be extended indefinitely.

Another option is not to specify monthly purchase volumes, essentially making them dependent on economic developments, the sources said. That would allow the ECB to buy up to 80 billion euros without requiring it to spend the full amount.
Another source from a country that is not seen to be in the hawk or dove camp said he estimated there was a majority on the council in favour of sending such a signal.

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AceTraderFx Dec 5: Intra-Day News and Views EUR/USD

Intra-Day Market Moving News and Views
05 Dec 2016 00:08GMT

EUR/USD - ...... he euro dropped in early Asian trade on Monday after exit polls showed Italian Prime Minister Matteo Renzi suffered a heavy defeat in a referendum over his plan to reform the constitution.
The euro dropped 0.6 percent to $1.0585, edging closer to its 1 1/2-year low of $1.0518 touched late last month. Against the yen, the common currency fell more than 1.0 percent to 119.70 yen.

Italian Prime Minister Matteo Renzi has staked his political future on the referendum, and many market players expect him to step down. Renzi will address the nation at around midnight (2300 GMT), government sources said.

Political instability could undermine Italy's fragile banking system especially when Monte dei Paschi di Siena, the country's ailing third biggest lender, needs to raise 5 billion euros by year end to avert the risk of being wound down.
Italy's Prime Minister Matteo Renzi has lost a referendum on constitutional reform by a wide margin, exit polls showed on Sunday, throwing his future into doubt and opening the door to renewed political instability in Italy. Renzi, who had promised to resign if his flagship project was defeated, is due to address the nation.
An exit poll by the Piepoli Institute/IPR for state television station RAI, estimated the 'No' vote at 54-58 percent against 42-46 percent for 'Yes'. Two other polls gave 'No' a similar lead of at least 10 points. Voting ended at 11 p.m.

The euro EUR=D4 immediately fell against the dollar on the exit polls, slipping to $1.0580 from $1.0625.

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AceTraderFx Dec 7: Intra-Day News and Views AUD/USD

Intra-Day Market Moving News and Views
07 Dec 2016 01:11GMT

AUD/USD -.... Aussie fell from Asian 0.7474 high to 0.7418 after release of downbeat Australian GDP data.
Reuters reported Australia's economy shrank for the first time in over five years last quarter as businesses, consumers and government all cut back on spending, an unexpected blow that will challenge policymakers' optimism for growth.

The local dollar AUD=D4 sank about half a cent after the Australian Bureau of Statistics reported gross domestic product (GDP) fell 0.5 percent in the third quarter, from the second when it rose a revised 0.6 percent.
That was the first contraction since early 2011 and only the fourth since the country's last recession in 1991.

The value of all goods and services was 1.8 percent higher than the same quarter last year, pulling back sharply from around 3.1 percent in the second quarter.
Business investment was the biggest drag with miners still unwinding a decade-long spending boom, while home building retreated after a very strong run.

The contraction was a major embarrassment to the conservative government of Malcolm Turnbull which won an election in July on a promise of delivering growth and jobs.
It was also chastening for the Reserve Bank of Australia (RBA) which has recently been sounding more upbeat on the economic outlook.

The bank conceded growth would slow when it held rates at 1.5 percent this week, but also predicted an eventual pick up.
So far, investors seem to share the RBA's optimism as rate futures imply scant chance of another rate cut in the next few months, though all thought of a hike has also vanished.

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AceTraderFx Dec 8: Intra-Day News and Views USD/JPY

Intra-Day Market Moving News and Views
08 Dec 2016 03:24GMT

USD/JPY - ..... Despite swinging wildly in Wed's hectic trading with price ratcheting higher to 114.40 in Europe, price later tumbled on broad-based yen buying in New York morning to 113.42 on renewed usd's weakness n drop in U.S. Treasury yields, price staged a short covering bounce to 114.00 in New York afternoon before coming off again in Tokyo today, the pair fell to intra-day low of 113.31 during Tokyo lunch session after tripping stops below 113.40.

Although price has remained under pressure, as dlr is expected to remain confined inside early established broad range, bids reported at 113.10-00 area should contain weakness as yesterday's rise to records highs in the Dow and S&P 500 should boost risk sentiment.
More buying interest is noted below 113.00 with stops reported below 112.80.
Offers are tipped at 113.85/95 and more above with stops above 114.00.

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AceTraderFx Dec 9: Intra-Day News and Views GBP/USD

Intra-Day Market Moving News and Views
09 Dec 2016 02:00GMT

GBP/USD - .... Reuters reported Britain's Supreme Court will decide as quickly as possible whether Prime Minister Theresa May can trigger Britain's exit from the European Union by the end of March without parliament's assent, its president said on Thursday.
Last month, the High Court decided that May could not invoke Article 50 of the Lisbon Treaty, the EU's exit clause, using executive powers known as the "royal prerogative".

The case could potentially hamper May's Brexit plans, and investors believe involving lawmakers would lessen the chances of a "hard" Brexit, where Britain gives up access to the single European market in order to impose tighter immigration controls.
Pro-Brexit critics have cast the legal battle as an attempt by a pro-EU establishment to thwart the result of June's referendum, when Britons voted by 52-48 percent to leave the EU.

The judges in the High Court case were dubbed "enemies of the people" by one newspaper while Gina Miller, the investment manager who brought the challenge, has received death threats and a torrent of online abuse.

The government's argument is essentially that under Britain's unwritten constitution, it can make or leave international treaties without parliamentary assent.
The challengers argue that triggering Article 50 would inevitably mean citizens would lose rights granted by parliament and so only lawmakers could take these away.

The Scottish and Welsh governments and lawyers for Northern Irish challengers all joined the case against the government. Scotland's nationalist executive, which opposes Brexit, argued that the Scottish parliament should be consulted.
If May wins, she can follow her planned timetable for invoking Article 50. If she loses, she might need to bring in a parliamentary bill, albeit one containing just a single line.

On Wednesday, parliament overwhelmingly voted to back a motion supporting her timetable, which government lawyer James Eadie said was highly significant and "legally relevant".
Echoing comments made by her lawyer to the Supreme Court on Wednesday, lead challenger Miller said she did not believe the motion in parliament had any bearing on the case.

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AceTraderFx Dec 12: Intra-Day News and Views USD/JPY

Intra-Day Market Moving News and Views
12 Dec 2016 05:08GMT

USD/JPY - ..... The pair retreated from intra-day fresh 10-month high of 115.23 ahead of Tokyo lunch session on profit taking.

Despite opening near Fri's high of 115.36 (New York), renewed buying sent dlr higher and price ratcheted to 115.62 b4 a wave of yen-buying emerged.
Although present pullback suggests a minor top has been made, the fact that Nikkie 225's intra-day to a fresh 1-year peak of 19280 (currently at 19142) plus firm U.S. Treasury yields suggest buy the greenback on dips is the way to go.

Bids are noted at 115.20/00 area and more below with stops below 114.60.
Offers are tipped at115.50/60 n more above with stops above 116.00.

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AceTraderFx Dec 13: Intra-Day News and Views USD/JPY

Intra-Day Market Moving News and Views
13 Dec 2016 02:31GMT

USD/JPY - ..... Although the greenback continued its recent winning streak on Monday and climbed to a fresh 10-month peak of 116.13 in Europe as gain in the Nikkie to a 1-year high plus rising U.S. Treasury yields (benchmark 10-year bond yield briefly hit fresh 2-year high of 2.528%) boosted risk appetite, broad-based long liquidation in the usd in New York session as investors took risk off the table ahead of today's 2-day Fed rate meeting sent dlr lower to 114.86 in New York afternoon, price briefly fell to 114.74 after hitting stops below 114.80.
However, renewed buying interest emerged at Asian open and lifted the pair.

Intra-day rebound from 114.74 suggests 1st leg of correction from said yesterday's high has ended and choppy range trading is in store with mild upside bias but strong gain is not envisaged.

Bids are noted at 115.00 and more at 114.85/75 with stops below there.
Offers are tipped at 115.50/60 and more above with stops above 116.15.

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AceTraderFx Dec 14: Intra-Day News and Views GBP/USD

Intra-Day Market Moving News and Views
14 Dec 2016 01:11GMT

GBP/USD - ..... A piece of Brexit news, Reuters just reported Brexit could hit trade relations between Britain and the U.S, with nearly 40 percent of American firms considering moving their British office to the EU and two-thirds saying the vote is impacting investment choices, according to a survey.

Food and beverage, life sciences and financial services firms were most likely to consider relocating whilst aerospace firms were the least likely, the survey by law firm Gowling WLG said.
Nearly all the 533 companies surveyed said they would require some third-party support to deal with the transition as Britain leaves the European Union, potentially risking part of the close transatlantic relationship between the two nations.

President-elect Donald Trump has also hailed Brexit and said that Britain would not be "back of the queue" for a bilateral trade deal with the United States, opposing comments made by President Obama ahead of the referendum.

British ministers have been meeting top executives from a range of key sectors in recent months as they prepare for formal divorce talks which are due to begin by the end of March.
One of the thorniest issues will be how to restrict freedom of movement in order to bring down immigration, a key concern for many Brexit voters, whilst retaining unfettered access to the single market, fundamental to many businesses.

A third of U.S. business leaders whose firms export to the EU said that two years of regulatory uncertainty as divorce talks unfold could harm them and just over half said they might bypass Britain to do business directly with the European Union.
Gowling WLG surveyed 533 executives from U.S. companies with a turnover of 10 million pounds or more between Sept. 21 and Oct. 18.

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