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Wednesday, May 7

7th May - Everything sitting near technical levels

Previously on MoreLiver’s:

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France's Montebourg says euro rate is matter for politiciansReuters
Economy Minister Arnaud Montebourg stepped up France's push for a weaker euro on Wednesday, saying political leaders had the right to assess the right level for the currency in a position completely at odds with Germany's.

A Note of Caution in Greek Banks’ Seeming RecoveryNYT

Spain’s Yields Hit Record Lows, But It’s Nothing to CelebrateWSJ

Banking union - implications for Nordics?BIS
Speech by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Sveriges Riksbank, Stockholm, 5 May 2014.

ECB Preview: May is Too Early for ActionWSJ

Draghi’s Euro Angst Rising as Rally to $1.40 PummelsBB

Ukraine Scapegoated As FI Revenue At SocGen Plunges Over 25% - ZH
Socgen remains committed to Russia (just in case you were wondering) – FT
Russia Pulls Troops From Ukraine Border, Putin Says – BB

Worrying Signals From German Industry – WSJ
German Factory Orders Unexpectedly Drop Amid Risks – BB

Fed’s Stein: Even Clearest Communications Won’t Stop VolatilityWSJ
Even the clearest communication by Federal Reserve officials cannot be expected to eliminate market volatility surrounding the central bank’s policy plans, but the market, for now, appears to be in line with the Fed’s own thinking

Jeremy Stein: The Fed versus the MarketsFT
The Fed is locked into bad equilibrium where it is forced to change policy gradually, because that is what markets expect, which in turn means policy works better with gradual changes.

All You Need to Know About Fed Policy in Three QuestionsWSJ

There’s still no reason to be afraid of the inflation monsterWaPo

Live Video & Chatter: Yellen’s Testimony to Congress Wednesday – WSJ
Five Takeaways From Fed Chairwoman Janet Yellen’s Testimony – WSJ
Yellen Warns Of Small Cap Bubble – ZH
Yellen Gives Fairly Clear Signal Reverse Repos To Be Made Permanent – WSJ
Yellen expects growth to increase, monetary accommodation warranted – Calculated Risk
Yellen cites housing, geopolitical tensions as economic risks – Reuters
Yellen Says ‘High Degree’ of Accommodation Still Needed – BB

Productivity Growth Is Still Struggling – WSJ
Cold weather sinks U.S. productivity but trend steady – Reuters
Productivity Slows At Fastest Pace In A Year As Labor Costs Soar – ZH
Productivity of U.S. Workers Decreased in the First Quarter – BB

U.S. consumer credit posts largest gain in a year – Reuters
Consumer Credit in U.S. Climbs by Most in More Than a Year – BB

A market correction trigger?Humble Student

Global manufacturing slowing a bit, but still robustTradingFloor

Corporate Bond Weekly UpdateTradingFloor

Macro Horizons: Glum Data, Surveys Hold Back MarketsWSJ

Grand Central: Waning Urgency for ECB to Do MoreWSJ
Blackstone’s Take: Waning Urgency for ECB to Do More * Fed’s Stein: Clearest Fed Communications Cannot Eliminate Market Volatility * All You Need to Know About Fed Policy In Three Questions * China Central Bank Vows to Step Up Monitoring of Loan Default Risks

Kokoomuksen hyvä muistaa Thatcherin neuvot: Keskellä tietä on vaarallisintaHS

Lehdet: Eurovaaliehdokas valitaan talousosaamisen perusteellaIS

Luottoluokitus euromaalle tärkeämpiRoger Wessman