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Thursday, March 3

3rd Mar - EURUSD turns up

Previously on MoreLiver’s:

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Diagnosing What Ails Europe’s Biggest BanksBB
A legacy of bad debts and weak capital levels has left Europe’s banks poorly positioned for 2016’s turbulent markets.

Schaeuble Presses Greece on Bailout Terms, Urges EU SolidarityBB
Schäuble ‘would cry’ if UK leaves EUPolitico

EU's Tusk urges migrants to stop coming to EuropeReuters

Countdown to re-run elections starts in SpainOpen Europe
Spain: new elections increasingly likelyPictet

Brexit, ‘euro-ins’, and ‘euro-outs’vox
There seems to be a robust consensus that the relationship between the countries in the EU that use the euro as their currency (‘euro-ins’) and those that do not (‘euro-outs’) is the most important of the four areas in the ‘new settlement’ between the UK and the EU. This column presents new econometric estimates showing that, after the introduction of the euro, the UK and Eurozone business cycles became significantly more synchronised. It is likely this upsurge in synchronisation increased the costs of a potential UK exit from the EU.

Clive Crook: The Price Britain Pays for EuropeView / BB

Everything you need to know about BrexitWaPo

5 Things to Watch in the February Jobs ReportWSJ

EM Traffic Light February 2016Nordea
Commodity currencies still at risk - SAR still flashing red, while the NGN, KZT, CNY, HKD, EGP and TWD all get a yellow light.

Justin Fox: What Happens When Global Trade Goes VirtualView / BB

How to get your money out of ChinaFT

Central Bank digital currencyThe Economist
Only banks are allowed to hold deposits at the Bank of England. What if that privilege were extended to others? A new speech by Ben Broadbent, deputy governor of the Bank of England, tries to spell out the economics of opening up the bank’s balance-sheet.

The Perverse Effects of Crisis-Prevention BondsWSJ
Some steps regulators have taken to protect taxpayers from future bank bailouts should teach a lasting lesson about unintended consequences.

US Morning MoneyBeat WSJ
Wall Street’s Expectations for First-Quarter Earnings Keep Getting Worse

Danske DailyDanske Bank

Euro rates updateNordea

Risk appetite improves; More easing from China ahead; Lower Danish FX reserves * ISM non-manufacturing most important today * Bond yields head higher for a change * GBP continues to rebound

Morning MarketsTF
There was an upbeat mood in most markets across Asia today with shares making strong gains in Tokyo Sydney and Mumbai. Wednesday's rally on Wall Street was behind the positive sentiment at the start of trading. Local factors played their part as well. In Australia a rebound in prices for iron ore and other commodities prompted a resources rally with leading miners driving the benchmark S&P/ASX200 index higher. Meanwhile any policy or reform moves announced at the National People's Congress in Beijing could impact forex equities and commodities markets around the world.

Daily Market Comment Marc Chandler
Markets Calm; Waiting For...?

Daily Market CommentMacro Man
Three points

Daily ShotTF
US crude oil stocks are far higher than the five year range but markets shrugged off this development as WTI futures approach $35/bbl. . Markets might be betting on US production falling off quickly?

Matt Levine’s Money Stuff – View / BB

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Asian Surge Continues As Rally Stalls In Europe; S&P Futures Unchanged


FX UpdateTF

From the FloorTF
Today's markets are in fine form buoyed by a risk-on wave that reflects a profound turnaround in oil metals and emerging markets. Whether this represents a bottom or a brief pause however remains to be seen.

Luottotilastoista pureskeltavaa EKP:lle * USA:n palvelusektorin luottamus (ISM) julkaistaan tänään * Kiinan palvelusektorin luottamus heikkeni * EURGBP teki ison loikan alaspäin