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Thursday, February 7

7th Feb - US Open: ECB press conf. ahead, rates unch.

All my ECB previews are in today’s EU Open-post.

Previously on MoreLiver’s:

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Roundups & Commentary
Frontrunning – ZH
Overnight: Sentiment Mixed As A Jittery Europe Looks Forward To Draghi – ZH
The Lunch Wrap – alphaville / FT
Emerging N.Y. headlines – beyondbrics / FT
Daily press summary – Open Europe
  Van Rompuy aims to reach EU budget compromise via accounting move; Disputes remain over spending priorities and rebates

Morning MarketBeat: Dow 14000 Chase Hits Turbulence – WSJ
Broker Note Briefing – WSJ
– Marc to Market
Morning Briefing (EU/US) – BNY Mellon
  Mark Carney's appearance this morning before the Treasury Select Committee

ECB Keeps Rates Unchanged As Trade-Weighted Euro SoarsZH

Europe’s imbalances widenMacrobusiness
While the latest European PMI is showing some improvement it has become apparent that imbalances are growing ever-greater in the zone:

George Soros: The euro is "bound to break up the European Union"Open Europe
(audio) BizDaily: Brussels summitBBC (mp3)
Business Daily is in Brussels. As EU leaders gather to wrangle over the details of a seven year budget worth nearly a trillion Euro, we get a business view about what the spending priorities should be. And we visit a project intended to support European economic development by encouraging young people to think about business.

EU leaders gather for budget horse-tradingeuobserver
EU leaders are gathering in Brussels for more horse-trading on the Union's budget, with any agreement having to satisfy penny-counting member states without alienating MEPs.

Germany: more cuts needed for EU budget dealeuobserver
A German official has said there will only be an EU budget deal if more cuts are made, including to EU officials' salaries.

The accounting details that could make or break the EU budgetOpen Europe

EU summit start delayed by over two hourseuobserver
The start of the EU budget summit has been pushed back by two and a half hours, as diplomats are still "fine-tuning" the latest proposal, an EU source told this website. The leaders' meeting is now expected to begin at 17h30 Brussels time.

Moody’s, S&P Knew of Ratings FraudThe Big Picture

Aussie Dollar In A Tight RangeShort Side of the Long
AUD will soon break out of its tight range * Hedge funds hold very large bullish bets on the Aussie * Commodity currencies have had a tremendous run since March 2009 lows *