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EUROPE
The
Danish peg is indisputable – Danske
Bank
Euro
area outlook for 2015
– Danske
Bank
Impact of
broad-based QE
ECB’s
Cœuré: Eurozone will ‘always be fragile’ without Superstate – Craig
Willy
Two
Greek Banks Request Emergency Liquidity Assistance – ZH
A Greek
Yearn – Marc to Market
SWITZERLAND ABANDONS PEG
SNB allows
massive CHF strengthening – Nordea
10
Takeaways From Lagarde’s Swipe at the Swiss National Bank – WSJ
Trust Me,
I’m a Swiss Central Banker – Polemics
pains
Soaring
Swiss franc causes havoc on currency markets – The
Conversation
The SNB
Removes the Cap – Econbrowser
Here's What
the Swiss Central Bank Just Did and Why It's Such a Shocker – Businessweek
Swiss
National Bank Shocks the World – BB
A Franc
Question: What Was the SNB Thinking? – WSJ
Was the
SNB's decision a deal with the ECB? – TradingFloor
Still
Trying to Make Sense of SNB's Bombshell – Marc
to Market
Francs,
fear and folly – Krugman
/ NYT
What The
Soaring Swiss Franc Means For Hungarian And Polish Mortgages – ZH
The SNB has
skewered the ECB – TradingFloor
If it walks
like a duck and quacks like a duck – Scott Sumner
The Swiss
Just Made Things Worse for the Euro – BB
Switzerland 'capitulates' on franc as global
currency wars take next victim – The
Telegraph
EUROPEAN CENTRAL BANK
ECB’s Knot
Supports QE if National Banks Buy Country’s Bonds – WSJ
Knot: Greek
Debt Will Not Be Included In Bond-Buying Plan – ZH
European
Central Bank Preaching to the Unconverted – WSJ
UNITED STATES
Consumer
Prices Tumble Most In 6 Years, Core Inflation Misses – ZH
U.S. consumer prices post biggest drop
in six years – Reuters
Industrial
Production Drops By Most In 11 Months (After Biggest Surge Since 2010) – ZH
Fed:
Industrial Production decreased 0.1% in December – Calculated
Risk
Preliminary
January Consumer Sentiment increases to 98.2 – Calculated
Risk
REGULARS
Daily
Central Banks – WSJ
Hilsenrath’s
Take: Swiss Franc Fallout Exposes Crack in Post-Crisis Regulatory Reforms *Swiss
Franc Move Sets Markets Quaking * Ex-Fed Stein Hedges June Rate Increase
Prediction * Europe’s Smaller Central Banks Likely to
Cut Rates After Swiss Move * EU Consumer Prices Fall for First Time on Record
Daily
Macro – WSJ
The fallout
continues from the Swiss National Bank’s decision to abandon its euro floor
Thursday… Meanwhile, more evidence of deflation in the eurozone is bolstering
expectations that the ECB will step up and announce a major bond-buying effort,
precisely the euro-weakening project that put the SNB under pressure to change
policy.
Danske
Daily – Danske
Bank
Eye-Opener:
Surprising SNB, astonishing market moves, rallying bonds – Nordea
SNB allows
massive CHF strengthening * ECB’s -0.2% looks high in light of the SNB’s
actions * CHF to re-weaken
Daily
Shot: What was behind the Swiss surprise? – TradingFloor
The big
news across financial markets continues to be the Swiss National Bank's
unprecedented, sudden removal of the EURCHF cap. The move has caused risk-off
sentiment to increase, much to the benefit of precious metals bulls. Meanwhile,
Chinese investors continue to boost that country's markets, with increased
retail investment driving margin debt.
US Open – ZH
Global
Markets Weighed As Damage From SNB Evaluated, FX Brokers Carried Out
FX
Update: The day after – TradingFloor
The Swiss
National Banks’s rude abandonment of the Swiss franc ceiling yesterday will go
down in the history books as the single most traumatic one-day event in
currency history. The consequences from this move will be widespread.
From the
floor: Swiss roll over world markets – TradingFloor
The big
story from the floor today is obviously the aftershock that has followed the
Swiss National Bank's surprise decision to end its cap on the Swiss franc.
According to Saxo Bank head of forex strategy John Hardy, traders seeking
equilibrium might look to euro/Swiss franc parity as a starting point. Meanwhile,
gold is surging on "safe haven" sentiment.
OTHER
European
FI Strategy: The elephant is finally moving – Nordea
Our last
2014 edition was called ”Volatility – Back for good” on the heels of the events
in mid-October. That conjecture has been validated, in particular for the short
end of the inflation market, and long nominal rates, and we expect realized
volatility to be substantial. We see QE coming next Thursday, and expect a credible
package from Draghi et. al. Short EUR rates, already down on liquidity
expectations have got another push via today’s SNB-decision
Yield
Forecast Update – Danske
Bank
Denmark to cut twice after SNB move and
more QE from ECB
Kay
Van-Petersen: Never trust a Swiss central banker – TradingFloor
In a
surprise move, the SNB removed its peg to the euro and lowered its deposit
rates * Expect earnings downgrades to come across the board for Swiss equities
* Some form of QE is now a given from the European Central Bank
EURUSD
Tumbles Below 1.15, Near 12-Year Lows – ZH
FINNISH
Aamukatsaus – Nordea
Sveitsin keskuspankki yllätti ja yllättyi | Tänään luvassa
USA:n inflaatiolukuja | Teollisuuden luottamusindeksit ristiriitaisia USA:ssa
Tässä tulee Wahlroosin työlista poliitikoille – TE
Yhteisövero puoliksi, verovähennyksiä pienituloisille ja
perintövero
Perussuomalaiset Wahlroosin listasta: Syöksykierre vain
jatkuisi – TE
Halla-aho esitteli maahanmuuttotavoitteita – PS
On vielä mahdollista välttää Ruotsin, Ranskan tai Britannian
katastrofi
Soini kiersi kysymystä Kreikan velkahelpotuksista –
"ei yhtään uutta lisälainaa" – Verkkouutiset
Perussuomalaisten puheenjohtaja Timo Soini jätti Ylen
A-studion Talk -ohjelmassa ovea raolleen Kreikan velkahelpotuksille.
Sveitsi erosi eurokytkennästä - "nyt monet
tulkitsevat, ettei eurolla olisi tulevaisuutta" – Verkkouutiset
Saksalaisen taloustieteen professorin mukaan Sveitsin
keskuspankin päätös irrottautua eurokytkennästä tulkitaan merkiksi, että
eurolla ei ole tulevaisuutta.