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Friday, February 6

6th Feb - Monstrously good payroll data

Previously on MoreLiver’s:
W/E: Weekly Support

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Germany should recall its time in Europe’s sick bayFT
Merkel’s challenge is to convince her people they have reliable partners, says Marcel Fratzscher

It’s Merkel Legacy Moment as She Tackles Twin CrisesBB
How the German chancellor navigates the two-front crisis emanating from Moscow and Athens could determine whether she rises to her role as Europe’s dominant leader or slips into history as a risk-averse manager who couldn’t hold the region together.

Merkel and Hollande fly to meet PutinFT

Ukraine Floats Currency. It Sinks.View / BB
Ukraine is only part of Putin’s game planFT

SNB’s Foreign Currency Reserves Hold Steady Amid Cap Exit – BB
Swiss currency reserves edge up in January – MarketWatch
Rise in Swiss forex reserves indicates SNB still intervening to curb franc – Reuters

Game theory: Greece’s defence looks weak – FT
Greek Leaders Return Home for Rethink After Rebuff From GermanyBB
Germany wants new Greek rulers to ditch anti-austerity promises – document – Reuters
Frances Coppola: Greece should bail-in the eurozoneFT
Another euro stitch unpicked – Macropolis

The Greek banking system: a tragedy in the making? – Bruegel
Isolated Greece rejects bailout extension – Reuters
‘The Communist Manifesto’ (2015 edition) – Reuters

Will QE Work Its Magic on Inflation? These Bonds Aren’t So SureWSJ

ECB finally leaves politics to politiciansOpen Europe
The ECB was thrown into politics long ago. It has now handed a hugely political decision – Greece’s future inside the Eurozone – back to politicians.

Fed Updates – Tim Duy’s

257,000 Jobs, 5.7% Unemployment Rate – Calculated Risk
257K jobs in January; unemployment ticks up to 5.7 percent – WaPo
Jobs Report: Everything You Need to Know – WSJ
The Numbers: January Jobs Report – WSJ
Spectacular Report Lifts Dollar, Mid-Year Hike Most Likely ScenarioMarc to Market

Payrolls Smash Expectations, Hourly Earnings Surge Most Since Nov 2008 – ZH
BLS Unleashes Whopping Revisions To 2014 Jobs Data – ZH
Stocks, Bond Yields, & The Dollar Surge On "Good News” Jobs Report – ZH
January’s Jobs Report in 10 Charts – WSJ
Very strong employment report – Danske Bank

Strong Jobs Move Forward Rate Hike Expectations – Bespoke
Employment Report Comments and Graphs – Calculated Risk
Benchmark Revisions Cast Rosier Glow on 2014 – WSJ
Hilsenrath: Jobs Report Means Fed Could Still Raise Rates in June – WSJ
Economists React: ‘Astonishingly Strong’ – WSJ

Jobs report: Getting harder to justify zero rates – Nordea
Strong U.S. job, wage gains open door to mid-year rate hike – Reuters
Jobs Report Marks a 'Sea Change' for the U.S. Labor Market – BB

5 Takeaways from the January Jobs Report – WSJ
January Jobs Report Shows Workers’ Wages Rising – WSJ

Upbeat Jobs Report – Tim Duy

RBA sounds currency war cry with rate cut TradingFloor
When the Reserve Bank of Australia cut interest rates, it was signalling that it didn't want to be left behind in the global contest of currency depreciation. But there was no need to cut: it just decided that the local economy would take second place to international pressures.

RBA Cuts GDP and Inflation Forecasts, Underscoring Rate MoveBB

Daily Central BanksWSJ
Hilsenrath’s Take: Third Piece of Wage Puzzle Falls Into Place With Jobs Report * Plosser says No Agreement Yet on Whether to Remove “Patient” from Policy Statement * Two Capitol Hill Democrats Seek Details on Fed Leak Probe * What You Need to Know About China’s Growth Moves * BOJ Won’t Act if CPI Falls on Oil Plunge

Daily MacroWSJ
The consistent rally in the dollar so far this year has mostly been driven by external factors, as central banks everywhere else have resorted to aggressive monetary easing solutions, sending holders of euros, yen, and Australian and Canadian dollars in search of greenbacks. But Friday’s one of those days when we get to test the other side of the equation: is the U.S. economy as detached from the rest of the world’s woes as the market assumes it to be and if so, what does that mean for prospects of rate increases by the Federal Reserve?

Danske DailyDanske Bank

DK rates cut again, Greek/German standoff, dollar weaker ahead of US payroll set to miss, bond rally losing some steam

Focus on US Jobs, while Market Debates Details of ECB's MoveMarc to Market

Daily Shot: Not everything is rotten in EuropeTradingFloor
While Greek has to negotiate with its creditors, other countries in Europe are doing fairly well. Ukraine on the other hand is facing financial problems on top of the political struggle and in the US the trade deficit increased more than expected.

Futures Unchanged Ahead Of Payrolls

From the floorTradingFloor
Oil, the Aussie and US jobs: these are the elements that are in play today as investors await the US nonfarm payrolls print. On the equities front Peter Garnry clarifies his negative stance on Twitter in light of the companies earnings beat. Essentially? No user growth, no revenue growth. Meanwhile, European leaders are in Moscow seeking an end to the Ukraine crisis, which brings the prospect of a rouble gap closer and closer.

Suomen Kreikka-lainat jo lähes arvottomia | Tänään saadaan USA:n työmarkkinaraportti | Saksan joulukuun tehdastilaukset ylittivät markkinoiden odotukset

Pekkarinen vastaa Sasille: Keskustalla on yksi eurolinja – entä kokoomuksella?Verkkouutiset
Keskustan kansanedustajan Mauri Pekkarisen mukaan keskustan eurolinja on yhtenäinen, mutta kokoomus vaikuttaisi olevan hajallaan.

Hän ratkaisee nämä vaalit – miljoona äänestäjää etsii poliittista kotiaSK
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