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Wednesday, June 10

10th Jun - Euro debated

Previously on MoreLiver’s:

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How to Fix the Euro Area Without Breaking ItBB
The euro area faces the challenge of fixing its remaining design flaws without alienating doubtful citizens further from the very idea of a common currency. There are three workable solutions that satisfy both the political and economic constraints.

 Greece and Sweden - sailing or sinking in the same legal euro-boat?Prime Economics

Greece, Germany and the EurozoneYanis Varoufakis
Keynote at the Hans-Böckler-Stiftung, Berlin, 8 June 2015

Greece Looks to Merkel to Break Impasse as Plan Snarls TalksBB

Raoul Ruparel: Austerity Was Not The Biggest Mistake In GreeceForbes

ECB Would ‘Re-Assess’ Greek Lending If Debt Conditions ChangeWSJ

Great Graphic: German Bunds, Inflation Expectations and the EuroMarc Chandler

Daily Central BanksWSJ
Hannon’s Take: The Untaper Tantrum * Fed’s Three-Meeting Ceasefire Could End * OCC: Bank Boards Responsible For Culture * Bank of Japan Governor’s Remarks Jolt Markets * PBOC Lowers China 2015 GDP, CPI Growth Forecasts

Daily MacroWSJ
The eurozone bond market saw some serious whip-sawing in early trade as the German 10-year bund breached the 1% yield barrier before falling back below. The recent selloff in the German bond market accompanies growing expectations that the ECB will start to tighten policy not long after ending its quantitative easing policy in September 2016.

Morning MoneyBeat AsiaWSJ
Morning MoneyBeat EuropeWSJ
Morning MoneyBeat USWSJ

Danske DailyDanske Bank

Global DailyABN AMRO
Eurozone domestic demand accelerates…while GDP growth becomes more evenly spread amongst countries * US job market gets boost from small businesses stepping up hiring, while job openings at record high

Euro rates updateNordea

Norwegian inflation to rebound * Bond auctions sending yields higher yesterday and today * EURNOK correction

Morning MarketsTF
Another hectic day beckons for Greece as that country's government and EU/IMF officials scramble to break the deadlock on the provision of emergency funding. But despite earlier optimism, the mood in Brussels is darkening. Meanwhile, Japanese stocks plunged and the yen soared overnight after BoJ governor Kuroda said that the yen was unlikely to weaken much more.

Daily FX CommentMarc Chandler
The US dollar's losses have accelerated.  The key drivers are not domestic but emanate from Europe and Japan. 

Daily ShotTF
US labour market data are looking good, making a rate hike in September more likely. However, before that the Fed should take a look at Switzerland where the currency strength has produced the worst year-on-year CPI decline since the 1960s. In the meanwhile the Eurozone continues to show strong economic progress, but is beaten by Japan.

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Bond Rout Continues: Bunds Rise Above 1%; 30Y "Golden Crossed"; Kuroda Sends Yen Soaring

FX UpdateTF
The USDJPY consolidation turned into a rout after the BoJ’s Kuroda verbally intervened against further JPY weakness, though there were no policy hints in his comments. USDJPY move has the USD under pressure across the board.

From the FloorTF
USDJPY went into a tailspin overnight after a verbal intervention from the Bank of Japan governor who clearly does not like that yen weakness. It might take more than a bit of talk, nevertheless, to test below the 122 zone.

EKP:n viestintä: Onko kertaus kaikkien opintojen äiti? | Pohjoismaiden inflaatiosta saadaan tänään tietoa | USA:ssa ennätysmäärä avoimia työpaikkoja

Suomi euron pakkopaidassaSakari Heikkinen

Ari Hyytinen: Pitkän aikavälin talouskasvu SuomessaAkateeminen talousblogi

Euro ja Talous 3/2015Suomen Pankki
Suomen Pankin ennusteen mukaan kasvu käynnistyy vaimeana. Ulkoisen kysynnän voimistuminen ja euron heikkeneminen piristävät kasvua. Taloutta heikentävät rakenteelliset ongelmat, joihin ei ole nopeaa ratkaisua.

Katso pääjohtaja Liikasen esitys Suomen taloudesta – Suomen Pankki
Sopeutustoimet vahvistavat julkista taloutta – Suomen Pankki
SP:n Liikanen: Sopeutustoimien mittaluokka perusteltu – TalSa
Suomen talouskasvu seuraavat 20 vuotta "huomattavan synkkä" – TalSa
Suomen Pankki nosti ennustettaan talouskasvusta – työttömyys ei helpota – TalSa
Synkkä ennuste: Suomen talous jatkaa syöksyään – YLE

Teollisuustuotanto huhtikuussa -4% YoY – Tilastokeskus
Teollisuuden uudet tilaukset huhtikuussa +2,1% YoY – Tilastokeskus
Palkkasumma helmi-huhtikuussa +2,8% YoY – Tilastokeskus