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Thursday, September 10

10th Sep - Boring

Previously on MoreLiver’s:

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Europe faces political war on two fronts as backlash buildsThe Telegraph
The EU's Eastern states shocked to lose their sovereignty over borders, just as southern Europe lost economic sovereignty by joining the euro

What the BOE Said on Interest Rates, Wage Growth and ChinaBB
MPC votes 8-1 to keep rates on hold

G10 FX Weekly – Fed trigger for USD?ABN AMRO
Safe haven currencies have moved lower…while commodity currencies have recovered * EUR/USD is stuck in a range for now, but US data and the FOMC meeting will likely change that * We expect EUR/USD to reach parity reflecting monetary policy divergence in constructive markets

Morning MoneyBeat AsiaWSJ
Rally in U.S. Stocks Abruptly and Sharply Reverses

Morning MoneyBeat EuropeWSJ
Equities Weaken as Volatility Returns

Morning MoneyBeat USWSJ
Stock Rally Runs Into Uncertainty

Danske DailyDanske Bank

Global DailyABN AMRO
There has been a striking divergence between developed (DM) and emerging (EM) markets * DM demand has not helped EM exports, while EMs have seen tighter financial conditions * Eurozone exports have been resilient to EM weakness, helped by US and other EU demand

Morning MarketsTF
Worries about producer price deflation in China spread gloom across the Asia-Pacific region Thursday and ended the previous session's party. US stocks closed lower on Wednesday, also pointing to more losses for European bourses in today's session.

Daily FX CommentMarc Chandler
Ten Bullets on What is Shaping Today's Markets

Daily ShotTF
In the US job openings surged to a new record of 5.75 million in July and a rate hike is around the corner. In the meanwhile New Zealand's central bank cut interest rates again as the second "liftoff" attempt has been thwarted by the commodities correction. It's an interesting lesson on premature tightening for the Fed.

Futures Surge Overnight As Deteriorating Economic Data Unleashes Blur Of Central Bank Interventions And QE Rumors


FX UpdateTF

From the FloorTF
Markets are continuing to oscillate between upbeat and downbeat, risk on and risk off, as we hover in a limbo-like trance ahead of the Federal Open Market Committee's interest rate decision on September 17. Though the market is now only pricing in a 28% likelihood of a rate hike on the day (see chart below) this is sufficient to keep uncertainty levels raised and keep liquidity low as few are prepared to take any big risks ahead of such a pivotal event.