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Tuesday, March 10

10th Mar - USD rally continues

Previously on MoreLiver’s:

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Thomas Piketty on the Euro Zone: 'We Have Created a Monster'Spiegel
French economist Thomas Piketty speaks about Alexis Tsipras' election victory in Greece, Europe's inability to fix its financial woes and what EU leaders can learn from the United States.

Greek payment deadlines aheadBruegel
Emotional apathy sinking inekathimerini

Strategy Sweden: On the radarNordea
EURSEK: game over for the Riksbank? * Rates: smells like a QE test balloon * Macro: an energy boost on the upside * Rates: breaking down break-evens * Rates: a quadratic curiosity in liability management * Rate vol: payer steepener 1y5y/1y10y

Spanish ruling elite accused of stealing €450m in state cashThe Times

Is that a kleptocrat in your balance of payments?FT
There would appear to be quite a lot of Russian capital flight sneaking into the UK under the ‘net errors and omissions’ in its reported balance of payments.

Borrowing Cheap in Europe Comes With Catch for U.S. FirmsBB

Looking for the Euro’s FloorWSJ
Euro: Watch Out Below, Says Deutsche BankWSJ
ECB Bond Buying Program Accelerates Euro LossesMarc to Market

The Fed is in a very hot seat nowTF
Market anticipating interest rate hike schedule fast forwarded after NFP print * Fed may move sooner rather than later because of typical nine-month lag cycle * Rampaging US dollar the main caveat against an early rate hike

QE exit [here we go again]Tony Yates
The Fed will want reverse-QE asset sales to be part of an orderly, ongoing plan, to minimise the risk of an unwanted spike in yields, and to ease coordination with the issuance plans of the US Treasury. To maximise the chance that this is possible, it is best to wait until there is no chance that QE would have to be reversed.

Daily Central BanksWSJ
Hilsenrath’s Take: As Fed Officials Begin Blackout, Confidence Grows They Can Drop Patience Assurance * Fed Tests Cast a Broader Shadow * Mester: Fed Open To Raising Rates In First Half Of Year * ECB Bets Big on Stimulus * China Inflation Picks Up in February

Daily MacroWSJ
As Chinese leaders continue their National People’s Congress in Beijing, the sputtering economy is front and center. What they decide to do about it during that meeting is of critical importance to the rest of the world… the Greece problem persists as Eurogroup finance ministers meet to try to compel the new leftist government to put more meat on the reform proposals it has furnished in return for last month’s debt rollover agreement.

Danske DailyDanske Bank

More wasting of time in Greece * Jump in Chinese CPI * Norwegian core inflation is the last piece of the puzzle * ECB buying pushing longer German yields further down * EUR/USD still falling

Daily FX CommentMarc to Market
Dollar Bulls Charge Ahead

Daily ShotTF
Emerging markets were once the darlings of the investment world, but Brazil, Turkey and South Africa are seeing their currencies routed in recent months. This will only get worse if and when the US Federal Reserve hikes interest rates.

Futures Sell Off As Soaring Dollar Weighs On Risk, European Yields Slide To Fresh Record Lows

FX UpdateTF
The USD has broken to new cycle highs against more of its G10 peers, and if it pulls another leg higher, will dominate its G10 peers across the board ahead of the FOMC meeting next Wednesday.

From the FloorTF
With little on the economic indicator agenda to occupy our thoughts, the main feature of today's session is the sheer strength of the US dollar's ongoing ascent against practically every other major currency. And now that the ECB's QE is a done deal, the euro's fate might improve and market focus should switch to the weakening yen.

Daily NewsletterTF
The dollar has reached highs not seen since of 98.19 mid-2003 as it continued to surge in both New York and Asia. Two Federal Reserve members said yesterday that they would be happy with a FOMC rate hike in June, which boosted USD even more.

Martin Sandbu’s Free LunchFT
Is the eurozone overtaking the US – an astonishing crossover in 'now-casting' models

Muuttunut öljysektori rokottaa Norjan talouskasvua | Suomessa julkistetaan teollisuustuotanto ja teollisuustilaukset | Nordean Talousnäkymät julkistetaan keskiviikkona

Vesa Varhee: Sipilän kovin haasteTalSa
Keskustan puheenjohtaja Juha Sipilä lähtee eduskuntavaalien loppusuoralle hyvästä tilanteesta: puolue johtaa selvästi mielipidemittauksia. Kolme vakavinta haastajaa kamppailevat kakkostilasta jotakuinkin tasoissa. Mikäli asetelma säilyy ääntenlaskennan ja paikkajaon loppuun asti, keskusta voi valita sopivimmat hallituskumppanit melko vapaasti.

Keskusta ehdottaa "köyhän pojan Viron mallia" verotukseenVerkkouutiset
Juha Sipilän mukaan jakamattomien voittojen verovapaus on korotonta lainaa yritykselle.

Työkyvyttömyyseläkkeiden määrä laskee tasaisestiVerkkouutiset
Viime vuoden lopulla työkyvyttömyyseläkkeellä oli yhteensä noin 174 000 henkeä. Määrä on ollut tasaisessa laskussa viime vuodet, kertoo Työeläkevakuuttajat Tela.

Mitä Borg ja Vartiainen kertovat meille?Raha ja Talous

Saksan uudistukset ja palkkojen nousuRoger Wessman

Eurokriisin kiero hoitoArjen polku

Teollisuustuotanto tammik. -3,9% YoYTilastokeskus
Teollisuuden uudet tilaukset tammik. -2,5% YoYTilastokeskus