AceTraderFx: Intra-Day Market Moving News and Views

AceTRaderForex

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AceTraderFx Apr 29: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
29 Apr 2016
01:12GMT

USD/JPY - ...... Although dlr stabilized in o/n New York after falling the most in 5-year from 111.88 (Asia) to as low as 108.88 due to surprised BoJ's unchanged monetary policy decision, price had fallen again after meeting renewed selling at 108.20 ahead of Asian open and weakened to 107.75 in Tokyo morning.

Today's focus for the greenback will be on the release of a slew of U.S. data in New York session, these include Personal Consumption, Personal Income, PCE, Employment Cost, Chicago PMI, and University of Michigan Consumer Sentiment. Later, Federal Reserve Bank of San Francisco President John Williams will give a panel presentation on 'Systemic Risk - Inevitable or Preventable?' before the Milken Institute 2016 Global Conference at 21:30GMT.

At present, stops below April's 17-month trough at 107.63 are now in focus.
However, bids from various accounts are tipped at 107.50-30 region with mixture of bids and stops at 107.20-00.
On the upside, offers are noted at 108.00-10 and then 108.20-30 with stops above 108.50.
 

AceTRaderForex

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AceTraderFx May 3: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
03 May 2016
02:49GMT

USD/JPY - ...... Dlr is nursing loss in then Tokyo trading as Japan's financial markets (markets will re-open on Friday) are closed for so-called Golden Week holiday.
The pair met renewed selling at 106.46 just ahead of Asian opening on what traders cited as speculative yen-buying, although price briefly penetrated yesterday's 18-month trough of 106.14 to 106.05, price quickly recovered on short-covering and climbed back to 106.31, suggesting range trading is in store in European morning session.

As indicated in yesterday's update, there is report of buying interest at 106.10-00 area (some from Japanese importers) with some stops touted below 106.00.
Some offers are tipped at 106.40/50 and more at 106.75/85 with stops above there, more stops are reported above 107.00.

Pay attention to release of U.S. ISM New York index as dlr briefly fell in New York morning on weaker-than-expected ISM mfg PMI.
 

AceTRaderForex

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AceTraderFx May 3: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
03 May 3
09:00GMT

GBP/USD - 1.4738... The British pound traded with a firm bias in Asia n gained to 1.4687 b4 briefly retreating to 1.4660 ahead of European open. Later, cable found renewed buying there n rallied in tandem with euro to a fresh near 4-month peak at 1.4770 in European morning, however, price pared its gains n dropped to 1.4731 after the release of disappointing UK mfg PMI data.

Manufacturing activity in the U.K. contracted in April for the first time in over three years. In a report, market research group Markit said that its U.K. manufacturing PMI fell to a seasonally adjusted 49.2 last month from a reading of 51.0 in March. Analysts had expected the index to advance slightly to 51.2 in April.

Bids are now lowered to 1.4710/20 n more below at 1.4680/90 with stops building up below there whilst initial offers are noted at 1.4790/00, suggesting choppy trading wud be seen ahead of NY open.
 

AceTRaderForex

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AceTraderFx May 4: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
04 May 3 09:00GMT

GPB/USD - 1.4499.. Although the British pound traded in sideways manner in Asia and briefly edged up to 1.4572 in early European morning, price tumbled to 1.4482 (Reuters) in Europe on broad-based selling of sterling especially vs euro due to the release of weaker-than-expected UK services PMI.

UK construction sector activity in April showed its weakest growth in almost three years amid stalling new business volumes, industry data showed.

In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index fell to a seasonally adjusted 52.0 last month from March's reading of 54.2. That was its slowest pace since June 2013.

Offers are now seen at 1.4530/40 and more above at 1.4560/70 with stops building up above there whilst initial bids are noted at 1.4420/30, suggesting selling on pullback is favored.
 

AceTRaderForex

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AceTraderFx May 5: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
05 May 2016
01:49GMT

USD/JPY - ..... Japanese PM Shinzo Abe and German Chancellor Angela Merkel said that they wanted to avoid turbulence on foreign exchange markets and Abe said Tokyo would act if necessary.
The yen surged to an 18-month high against the dollar after the Bank of Japan held off expanding monetary stimulus last week, defying market expectations for action even as soft global demand, an unwelcome rise in the yen and weak consumption threatened to derail a fragile economic recovery.

Abe told reporters that they are seeing very speculative, fast movements (on the currency markets), adding that the Group of 20 leading world economies had already agreed that the targeted political measures to influence currency rates were undesirable and the G20 must aim for stable currency rates.
Merkel said there were no winners from competitive currency devaluations, adding that the "comparative stability of currencies to one another is of great value".

While Bank of Japan Governor Haruhiko Kuroda commented that the yen's recent gains may hurt the country's economy, stressing his readiness to expand monetary stimulus if the risks threaten to keep the central bank from hitting its 2 percent inflation target.

Data to be released on Thursday:

Australia retail sales, imports, exports, trade balance, China Caixin service PMI, U.K. Markit service PMI, U.S. initial jobless claims and Canada building permits.
 

AceTRaderForex

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AceTraderFx May 6: Intra-Day Market Moving News and Views - AUD/USD

Intra-Day Market Moving News and Views
06 May 2016
02:40GMT

AUD/USD - .... Aussie tumbled after release of 'dovish' RBA's quaterly report. Reuters reported Australia's central bank slashed its inflation forecasts on Friday and warned that the outlook for wages and price pressures were a key uncertainty, suggesting the door was open to another cut in interest rates.
In its 66-page quarterly report, the Reserve Bank of Australia (RBA) gave no explicit guidance that it will ease again as it maintained its growth projections for a gradual strengthening through mid-2018.

On Tuesday, the RBA cut its cash rate by 25 basis points to an all time low of 1.75 percent, citing surprisingly low inflation readings for the first quarter.
RBA now sees underlying inflation at just 1 to 2 percent for 2016, down from a previous forecast of 2 to 3 percent. The central bank aims to keep inflation withing a 2 to 3 percent band over the medium term.
It expected only a modest pick up to 1.5 to 2.5 percent through to mid-2018. The downward revision reflected an expectation that domestic pressures, including labour costs, will pick up more gradually than previously anticipated, the central bank explained.

RBA cut forecasts for wage growth and warned it would remain around current low levels for longer than previously forecast and pick up only very gradually. This was consistent with the movement of workers from highly paid mining-related jobs to other employment.
RBA noted on the outlook for domestic cost pressures is a key source of uncertainty, and adding another big unknown is how the exchange rate will react to a myriad of overseas risks. It may respond to a number of influences, including any unanticipated changes to the outlook for growth in China, commodity prices or the monetary policy decisions of the major central banks. It therefore represents a significant source of uncertainty for the forecasts of inflation, as well as for the outlook for growth in activity.

For now, the central bank is maintaining its forecasts for gross domestic product growth. It sees the economy growing at a 2.5 to 3.5 percent pace for 2016, lifting slightly to 3 to 4 percent by mid-2018, thanks to low interest rates and a weaker local dollar.
The exchange rate fell sharply from 2013 to late 2015. It reacted negatively to Tuesday's rate cut decision, but held above the troughs reached in September.
 

AceTRaderForex

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AceTraderFx May 9: Intra-Day Market Moving News and Views - USD/JPY

Intra-Day Market Moving News and Views
09 May 2016
01:20GMT

USD/JPY - ...... The greenback found renewed support in New Zealand and gained in Australia, hitting session high at 107.63 at Tokyo open due to the initial rise in Nikkei-225.
However, profit-taking there capped current rise and pressured the pair lower.
Since there is no major data due from U.S. today, Asian and European traders will continue to focus on Friday's jobs report and the implications it would have on the upcoming FOMC meeting.

Bids are now seen at 107.20/30 and more below at 107.00/10 with stops building up above there whilst initial offers are noted at 107.90/00, suggesting near term upside bias remains, hence buying on dips is favored.

Breaking news from Reuters, quoting from BoJ's March meeting minutes:
Some members of BOJ had noted that the attention should be focused to fact consumer sentiment indicators which had shown somewhat a sharp deterioration due to market turbulence. They have agreed that underlying trend in inflation had been improving steadily.

The yr-on-yr increase in CPI, excluding fresh food and energy, would come in lower than previously projected from early spring and that there had been adverse effects from adoption of negative rate policy, such as heightening anxiety among financial institutions and depositors over the policy.
A few of them commented that the portfolio rebalancing under QQE with a negative interest rate had not necessarily exerted its intended effects.

While the government representatives commented that the attention should be paid to increasing uncertainty in overseas economies, effects of market fluctuations on Japan's economy and they hoped BoJ would continued thoroughly in explaining its negative rate policy, as this was somewhat technical and might be hard to understand for the public.
 

AceTRaderForex

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AceTraderFx May 10: Intra-Day Market Moving News and Views - GBP/USD

Intra-Day Market Moving News and Views
10 May 2016
04:20GMT

GBP/USD - ....... Cable weakened in tandem with euro in Asia, this may due to renewed market jitter of 'Brexit'. Reuters this morning more British businesses now want to leave the European Union than earlier this year, the British Chambers of Commerce said in a survey on Tuesday, though most of its members want to remain.
The BCC, one of Britain's two main employer organisations, said 37 percent of members intend to vote to leave the EU in June's referendum, based on a poll conducted in early April, up from 30 percent in a poll conducted between Jan. 23 and Feb. 4. The proportion who want to remain dropped to 54 percent from 60 percent.

BCC members' support for EU membership exceeds the public's. Opinion polls show British voters are roughly evenly split, with one poll from market research company ICM on Monday showing 46 percent of those likely to vote wanted to leave, compared with 44 percent who wished to stay.
The BCC's online survey of more than 2,000 of its members took place before the publication of a raft of reports from Britain's finance ministry, the International Monetary Fund and others warning of economic damage if Britain leaves the EU.

In contrast to other surveys suggesting the referendum debate was aggravating an economic slowdown, the BCC said 71 percent of its members found the debate was having no impact on sales and 80 percent reported no impact on investment.
Nearly a third of firms said their growth would be boosted if Britain stayed in the EU, while 16 percent said they would gain if Britain left. Almost half felt EU membership made little difference.

Looking purely at firms which do not sell goods or services to the EU -- a minority of respondents to the BCC survey, but a majority of British businesses overall -- more wanted to leave the EU than to stay, the BCC said.
John Longworth, who had to step down as BCC director general in March after expressing support for Brexit, and now campaigns for a 'Leave' vote, said these non-exporting firms were more representative of British business than other BCC members.

"Despite the claims of the pro-EU camp to the contrary, business is not fearful of the referendum or the result," he said in a statement released by the Vote Leave campaign group.
The BCC has an official neutral stance on EU membership. The Confederation of British Industry, which mostly represents larger firms than the BCC, says 80 percent of its members want to remain in the EU and that leaving would bring heavy economic costs.
 

AceTRaderForex

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AceTraderFx May 11: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
11 May 2016
02:00GMT

USD/JPY - ...... The greenback rose in European session yesterday to 109.28, then to 109.35 in New York afternoon on broad-based weakness in Japanese yen after verbal yen-intervention from Japanese officials earlier in the day. Price resumed it ascent and hit a high at 109.38 in Australia.
However, lack of follow-through buying triggered profit-taking and price retreated to 109.05 at Tokyo open.

Since there is no major economic data due from Japan or U.S. today, price is likely to be influenced by additional comments from Japanese officials regarding the yen's strength.

Bids are now lowered to 108.70/80 and more below at 108.50/60 with stops building up below there whilst initial offers are noted at 109.70/80, suggesting further choppy trading would be seen.

Data to be released on Wednesday:

Japan leading economic index, coincident index, U.K. industrial output, manufacturing output and U.S. budget balance.
 

AceTRaderForex

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AceTraderFx May 11: Intra-Day Market Moving News and Views - GBP/USD

Intra-Day Market Moving News and Views
11 May 2016
07:00GMT

GBP/USD ..... A piece of new on upcoming UK's EU referendum, Reuters reported four-fifths of Britain's major companies have taken steps to hedge against the risk that a vote to leave the European Union will knock more than 10 percent off the value of sterling, a poll of almost 800 of Britain's top 1,000 companies showed on Wednesday.

The poll by banking researchers East&Partners, seen by Reuters before its release later on Wednesday, by contrast suggested 83 percent of small and medium-sized firms think sterling will be unharmed by a vote for Brexit. Only 22 percent said they were hedged against such a risk.

The pound has fallen in value by around 10 percent since the start of December as investors moved to price in expectations that a vote to leave would knock as much as another fifth off its value against the dollar.
The currency has steadied in the past month to trade around $1.44, still close to its lowest since the 2008 financial crash, but some major banks have forecast a fall to as low as $1.20 in the event of a vote to leave.

The survey showed listed firms on average providing for a 12 percent fall and hedging 83 percent of their currency exposure. The survey, based on conversations with chief financial officers and other senior employees at 777 large, stock exchange-listed companies, as well as a further 1,600 smaller UK firms, also showed a similar split on business decisions ahead of the vote.

Of the listed firms, 93 percent said they had put hiring on hold because of the uncertainty, and 83 percent that they had halted investment. Overall, 90.2 percent said leaving the EU would be worse for their own business.
Of the 1,013 small and medium-sized businesses polled, 65.5 percent said they believed leaving the EU would help business and only 20 to 30 percent said they had put investment or hiring on hold in response.

In East&Partners a twice-yearly UK business FX market review, Simon Kleine, head of client services said that it is clear SMEs are becoming more sophisticated in their FX dealings through hedging their exposure.
While the results from this research show that they are less fearful of a vote to leave the UK, they are less prepared for its impact on their FX exposures compared to larger companies.
 

AceTRaderForex

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AceTraderFx May 12: Intra-Day Market Moving News and Views - USD/JPY

Intra-Day Market Moving News and Views
12 May 2016
02:00GMT

USD/JPY - ......Summary from members of BoJ April policy meeting, below are their views & opinions :
- time is needed for effect of negative rate policy to show on economy, & on prices.
- the downside risks to economy remain large, BoJ shouldn't hesitate taking additional easing steps if needed.
- they should examine additional easing steps if needed to hit on price target.
- on the enhance sustainability of current policy framework, this may take a much longer time to hit the price target.
- now is time to examine effect of negative rate policy, with eye on global economic developments.
- given that the market distortions caused by negative rates, they must focus on taking flexible approach to hitting base money target.

While BOJ's gov Kuroda thinks that there is still a large downside risks to Japan's economy, and that they should not won't hesitate to take further easing steps if necessary. And if low rates persist for a long time that can cause problems, so if Japan doesn't escape deflation, rates and consumption won't be rising.

In addition to current headlines from BoJ Governor Haruhiko Kuroda, Reuters reported that the Governor in an interview with German daily Boersen Zeitung, said the Bank of Japan needs to wait a few more months to see the impact of its stimulus measures on the economy and that the bank could ease policy further if needed.
 

AceTRaderForex

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AceTraderFx May 12: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
12 May
05:00GMT

GBP/USD - ...... The British Pound swung wildly yesterday as despite initial sharp retreat from 1.4467 to 1.4395 in Europe on poor UK factory data together with fears of 'Brexit', price rallied to session high at 1.4489 in New York morning on dlr's broad-based weakness. However, renewed selling there pressured the pair lower and cable dropped to 1.4441 in New York afternoon, then 1.4434 ahead of Asian open.

Today's super Thursday will see the release of BoE rate decision, policy statement, meeting minutes and quarterly inflation report at 11:00GMT.
Although no changes are expected on the policy front, traders would look closely at the minutes to gauge the possible route the central bank is looking to take with its rates.

Bids are now lowered to 1.4410/20 and more below at 1.4390/00 with stops building up below there whilst initial offers are noted at 1.4510/20, suggesting further choppy trading would be seen ahead of European open.
 

AceTRaderForex

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AceTraderFx May 13: Intra-Day Market Moving News and Views- EUR/USD

Intra-Day Market Moving News and Views
13 May 2016
04:00GMT

EUR/USD - ...... The single currency ratcheted lower in Asia yesterday and dropped sharply to 1.1378 ahead of New York open on cross-selling in eur/gbp.
Despite a brief but sharp rebound to 1.1415 on dlr's weakness post poor U.S. jobless claims data, euro fell to 1.1372 at New York midday, then lower to 1.1366 in Asian morning today and continues to remain under pressure.

There is a slew of data to be released from eurozone today. Traders should pay particular attention to Germany inflation and GDP figures at 06:00GMT, then EZ GDP at 09:00GMT.

Offers are now lowered to 1.1390/00 and more above at 1.1410/20 with stops building up above there whilst initial bids are noted at 1.1310/20, suggesting selling on pullback is the way to go.
 

AceTRaderForex

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AceTraderFx May 17: Japanese government would NOT delay a sales tax hike scheduled for next year

Intra-Day Market Moving News and Views
17 May 2016
01:30GMT

The Nikkei business daily reported at the weekend that the government would delay the tax increase to focus on measures to boost domestic demand. But today, Japanese Economy Minister Nobuteru Ishihara speaking to reporters, that there is no truth on the media report that the government would delay a sales tax hike scheduled for next year.
they had not received any instructions from Prime Minister Abe about the sales tax hike and that he would continue his work on compiling the government's annual growth strategy.

While Japanese Finance Minister Taro Aso told reporters after a cabinet meeting that finance leaders from the Group of Seven rich nations will likely be discussing currencies and that Japan would place the utmost importance on stability in the foreign exchange market.
G7 finance ministers and central bank governors will meet on May 20-21 in the northeastern Japanese city of Sendai.
The finance chiefs are expected to discuss ways to adopt monetary, structural and other policies taking into account each country's situation as they tackle uncertainty over the global economy.

Japanese Prime Minister Shinzo Abe speaking in parliament today, repeating that the government would raise the levy to 10 percent from the current 8 percent next April as scheduled barring a major financial crisis or significant natural disaster. He would decide on a sales tax hike planned for next year "appropriately at the appropriate time".
 

AceTRaderForex

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AceTraderFx May 18: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
18 May 2016
01:12GMT

USD/JPY - ..... Dlr fell in active Tokyo trading due to intra-day renewed yen's strength after Japan's GDP expanded much higher than street forecast and grew by an annualised 1.7% in January-March vs a median market forecast for a 0.2%.

Despite a brief jump to 109.25 when the GDP was released, traders bot the yen broadly and price later penetrated yesterday's low at 108.84 (New York) to 108.81.
Looks like dlr would trade with a downside bias today after hitting a fresh 2-week peak of 109.65 on Tuesday and offers are tipped at 109.15/25 with some stops above there, however, heavy offers are reported at 109.55/65.

Some bids are noted at 108.80-70 with stops touted below there and more below 108.40, however, there is market chatter of fairly good resting buy orders at 108.25-20.

No major U.S. eco. data is due out except the important FOMC minutes at 18:00GMT, however, nearly all of you who are now reading this update will be snoozing by that time.
 

AceTRaderForex

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AceTraderFx May 19: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
19 May 2016
03:02GMT

USD/JPY - 110.24... Dlr trades with a firm undertone in Tokyo trading after o/n rally to a near 3-week high of 110.26 following release of 'hawkish' FOMC minutes which indicated a rate rise in June is still on the cards if upcoming U.S. data show decent strength on the economy.

Yesterday's close above the psychological 110.00 res bodes well for recent dlr bulls as a weekly close above this level would generate 'buy signal' on many momentum-tracking trading models. Therefore, buying dlr on dips is the way to go. Bids are noted at 110.00-109.90 area and more below with stops below 109.50.
Some offers are tipped at 110.40/50 with stops touted above there.

Some light U.S. data are due out later today and if weekly U.S. jobless claims data continues to show strength in the labour market, then expect further buying on the dlr.
 

AceTRaderForex

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AceTraderFx May 21: Dollar hits multi-week highs against yen on hawkish Fed bets

Market Review - 21/05/2016 03:11GMT


Summarised Currency market report by Thomson Reuters :

The U.S. dollar hit its highest level against the yen in more than three weeks on Friday on expectations of a potential summer Federal Reserve interest rate hike, while the dollar edged lower against the euro after profit-taking.

The dollar hit 110.58 yen, its highest level against the Japanese currency since April 28. Analysts said minutes from the Fed's April meeting released Wednesday indicating a June rate hike was firmly on the table were still supporting the dollar.

Some analysts also said it was unlikely that Group of 7 countries would reject potential Japanese plans to weaken the yen at a G7 meeting of finance leaders this weekend in Sendai, Japan.

Expectations for a hawkish Fed failed to buoy the dollar against the euro over the session. Analysts said traders took profits from the dollar's rally against the euro after the euro fell to a more than seven-week low against the greenback of $1.1178 on Thursday.

The euro was last up 0.14 percent against the dollar at $1.1218, but remained on track for its third straight weekly decline against the dollar. The dollar was on track for its third straight weekly gain against the yen.

The dollar index, which measures the greenback against a basket of six major currencies, was last up 0.04 percent at 95.332. The index was set for its third straight weekly gain, of about 0.8 percent.

The dollar was last up 0.25 percent against the yen at 110.22 yen. The dollar was last mostly flat against the Swiss franc at 0.9905 franc after hitting a more than 10-week high of 0.9925 franc earlier on Friday.
 

AceTRaderForex

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AceTraderFx May 23: G7 finance leaders united over the weekend in "wishing" that Britain stays in the EU

Intra-Day Market Moving News and Views- GBP/USD
23 May 2016
01:10GMT

GBP/USD - ...... Reuters reported over the w/end the campaign to keep Britain in the European Union extended its lead over the "Out" campaign in an opinion poll published on Saturday, while two major bookmakers offered the shortest odds to date on a vote to remain.
The poll from market research company Opinium for the Observer newspaper marked the sixth poll out of seven published in the last week to show the Remain campaign in the lead.
Forty-four percent of Britons wanted to remain in the EU, up from 42 percent in an Opinium/Observer poll at the end of last month, while the proportion wanting to leave edged down a point to 40 percent.

As polls have given sharply different pictures of public opinion, many investors are watching betting odds closely. Odds have consistently indicated a high probability of an "In" result in the June 23 referendum.

The two bookmakers said the vast majority of cash staked on the referendum backed a "Remain" result - 90 percent of it in the case of Ladbrokes. Still, William Hill said most individual gamblers had betted on Britain leaving the EU.
"The Brexit rally of a few weeks ago seems a distant memory. It's significant that so many people are prepared to back remain despite the short odds," according to Ladbrokes.
William Hill's odds now reflect an 85 percent chance of a "Remain" vote, up from 83 percent on Friday. Ladbrokes, which removes the margin it takes on bets from its calculations, pointed to a 79 percent chance - up from 66 percent a month ago.

Earlier on Saturday, finance leaders of the Group of Seven industrial powers united over the weekend in wishing that Britain stays in the EU, but acknowledged they could do little more than hope.
 

AceTRaderForex

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AceTraderFx May 24: Intra-Day News and Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
24 May 2016 02:00GMT

USD/JPY - ...... Dlr is nursing loss in subdued Tokyo morning after yesterday's intra-day selloff from 110.24 (AUS) to as low as 109.11 in 'delayed' reaction to weekend's warning issued by U.S. to Japan on yen-intervention to weaken the yen.
Although dlr tumbled to session low of 09.11 in New York after tripping stops below 109.33 (European low), short-covering (profit-taking) lifted price back to 109.41 in Asia, suggesting choppy trading above said New York low would continue before decline from Friday's 3-week top at 110.59 resumes later today.

Offers are tipped at 109.55/65 and more above with stops reported above 110.00, initial bids are noted at 109.20-10 with stops below 109.00.

Later today, U.S. will release Redbook retail sales, then Market mfg PMI, new home sales data n Richmond Fed mfg shipment index during New York morning session.
 

AceTRaderForex

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AceTraderFx May 25: Euro zone gave Greece its firmest offer of debt relief but Greece must committed to the criteria

Intra-Day Market Moving News and Views- EUR/USD
25 May 2016
02:108

EUR/USD - ..... The euro zone gave Greece its firmest offer yet of debt relief in what finance ministers called a breakthrough deal that won a commitment from the IMF finally to return to taking part in the bailout for Athens.

After talks that lasted into the small hours of Wednesday, the Eurogroup ministers gave a nod to releasing 10.3 billion euros in new funds for Greece in recognition of painful fiscal reforms pushed through by Prime Minister Alexis Tsipras's leftist-led coalition, subject to some final technical tweaks.
But a bigger step forward was a deal by which the euro zone agreed to offer Athens debt relief in 2018 if that is necessary to meet agreed criteria on its payments burden. That was enough to secure an agreement from the International Monetary Fund to again join the euro zone in funding the bailout of Greece.

Acknowledging the "political capital" European ministers invested to reach the deal -- a nod to strong German objections to debt relief -- Dijsselbloem called it a "new phase" in a six-year drama to stabilise Greece's finances that has taken the 16-year-old euro zone to the brink of break-up.
Mutual trust was returning to the talks, he said, nearly a year after Tsipras's rejection of austerity measures pushed Athens close to be pushed out of the euro.

The IMF has long insisted on the European governments taking a hit to relieve Athens of some of its debt in order to make its public finances more sustainable. The refusal of Germany and others to do that had led to months of wrangling with the IMF in which Athens had been something of a spectator in negotiations.

While the Europeans did not offer immediate debt relief, or make an unconditional promise of reducing the payments Greece must make to them, they did spell out criteria for it.
Athens' gross financing needs show be kept below 15 percent of GDP in the medium term and below 20 percent beyond that.