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Sunday, April 26

26th Apr - W/E: Weekly Support

Here are the links to the weekly roundups, reviews and also previews of the beginning week. Last week's 'Support' here. This post will be updated as new material is published.

Previously on MoreLiver’s:

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Weekly ScoreboardBetween The Hedges

Friday’s Price MonitorGlobal Macro Monitor

Succinct summation of week’s events The Big Picture

US Schedule for WeekCalculated Risk

Economic CalendarBerenberg

UK GDP (28 April): slight loss in momentum * Eurozone economic sentiment (29 April): stable at level consistent with trend growth * US GDP (29 April): harsh winter, port closures and stronger dollar take their toll * US Fed (29 April): no rate hike in June, but September rate hike still on the cards

Economic CalendarHandelsbanken

UK Next Week’s AgendaHandelsbanken

World Week AheadWSJ

FOMC to Assess Slowdown as April Data Arrive
Global Central Banks CalendarWSJ

5 Things to Watch on the Economic CalendarWSJ

Wall St Week AheadReuters
Investors seek protection against healthcare stock decline

Weighing the Week AheadA Dash of Insight
Time for an Upside Breakout?

EU Week Ahead: Ukraine, Migrants, GreeceWSJ

Weekly Market OutlookMoody’s

Weekly FocusDanske Bank
Swedish  Riksbank to cut the repo rate by an additional 10bp on Wednesday and expand the QE programme by SEK30bn to a total of SEK70bn * FOMC statement: uncertainty on the outlook increased but Fed on track to raise rates this year * Likely deflation in the euro area has ended  in  April * No new measures from BoJ despite data weakness, expect lower forecasts * US Q1 data disappointed, we expect GDP 0.8%, but setback only temporary

Strategy – Danske Bank

Week AheadNordea
A long list of key events in the US dominates this Week Ahead, including the FOMC meeting and Q1 GDP, along with the ECI and ISM indices. Across the Atlantic, Euro area flash inflation is expected to move into non-negative territory. Monetary policy meetings will take place in Japan and Sweden, and Norwegian retail sales will give some indication on the private consumption.

Macro Weekly – Grexit, QExit and GrowthABN AMRO
There is building evidence that eurozone economic growth is firming. Even a moderate recovery seemed inconceivable to some commentators a few months ago, among all the talk of deflationary spirals. So the cyclical improvement can be considered to be a small victory. However, three big challenges remain. Greece is the most imminent, but managing expectations about the ECB’s eventual exit from QE may become a bigger issue in the coming months. Finally, strengthening institutions to ensure the strucutral reforms necessary to stimulate an improvement in Europe’s long-term economic growth.

Weekly Market SummaryThe Fat Pitch
New price highs are usually bullish as all investors are in a profitable position and not in need of selling. We don't like to be cautionary when price is bullish, but the reality is that prior moves to new highs have failed in the past year and several measures of breadth, sentiment and volatility suggest that is likely to be the case again now.

Euro Rates Weekly: Go Long LänderABN AMRO
Early expansion of the ECB shopping list surprised us, but it is still no game changer * This raises the question of what’s next * Inclusion of Länder bonds would make sense from a big picture perspective * If the ECB would buy Länder bonds, bund scarcity would improve by 6% * We judge that Länder bonds offer an interesting pick-up vs other AAA rated bonds…and we especially like the 10y sector * We have added NRW 2% October 2025 vs DBR 0.5% February 2025 to our conviction list * Next week’s supply will be negative at around EUR 50bn, supply will mainly come out of core

Euro Corporate Weekly: Leverage will rise in coming yearsABN AMRO
Corporates continued the deleveraging trend in 2014 * Leverage in Automotive is still high but decreasing while leverage in the Utilities will remain high * As the momentum in M&A activity increases, so will leverage * Earnings are better than expected. The market has been too gloomy about 2015 Q1 results

Euro rates updateNordea

FX OutlookMarc Chandler
USD: Range or Trend?

G10 FX Weekly – Triggers for a dollar rally?ABN AMRO
Stronger US housing data support the dollar…but next week is crucial * Sterling outperformed the dollar, while the New Zealand dollar was the clear underperformer

FX 4 next week TradingFloor
This will generally be a week for taking things as they come, as we have four central bank meetings on Wednesday and Thursday (all within about 20 hours), with solid reaction potential from the Riksbank, Federal Open Monetary Committee and not least the Reserve Bank of New Zealand after NZD was a very active mover (to the downside!) over the last week.

EM FX Weekly – Forecast adjustmentsABN AMRO
More constructive on most Asian currencies…less bearish on the ruble and zloty…but more weakness seen for Turkish lira

Economic Calendar –
Economic Calendar – BB
EU calendar –

Global Central Banks Calendar – WSJ
Central Bank Release Calendar – Daily FX