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Wednesday, April 20

20th Apr - ECB's and Germany's tussle

Previously on MoreLiver’s:

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A British Bridge For A Divided Europe Social Europe

Putin's Propaganda Machine Is Meddling With European ElectionsBB
Russia starting to `weaponize' European elections: Forbrig * EU forms task force to counter `active propaganda campaign'

Enlund: SEK: will the Riksbank commit a policy mistake?Nordea
Strong growth and an uptrend in inflation has led to speculation the Riksbank is about to turn hawkish. We would argue that doing so would entail risking substantial SEK strength (cf. BoE & Fed), potentially enough to push growth rates close to zero in late 2017 according to a financial impulse approach.

Euro zone ready to finalize Greek deal next week, if talks succeedReuters

Huopainen: ECB must meet German criticism of monetary policy head onTF
When a central bank’s ability and willingness to conduct monetary policy is questioned it loses credibility. German criticism of the European Central Bank is worrisome and calls for a solid policy response. Perhaps that will be the dovish surprise from this week's meeting. Meanwhile the EURUSD is close to the top of its longer-term range.

Koefoed: ECB preview: Does Draghi have room to surprise?TF
Unlike the explosion of announcements that was the March ECB meeting today's meeting of the governing council promises to be dull. The ECB meeting always has the potential to be a market-mover but this particular one looks destined to be a non-event.

Mario Draghi, the ECB and German traumaPolitico
How Germany has fundamentally misconstrued European monetary policy.

Negative Rates Should Prompt German Action, not AngstView / BB
Germany is wrong to lay the blame for its troubles at the feet of the ECB; both Germany and its European partners must do the heavy lifting themselves.

Why Draghi will try to mend fences with GermanyPolitico
At the ECB’s latest monetary policy meeting, reviving inflation will be its main focus.

Danske DailyDanske Bank

Euro rates updateNordea

Risk-on sentiment, JPY and USD weaker, UK jobs report today * Brexit uncertainty to show up in UK hiring? * Yields feeling the heat from a heavy auction week * Positive market sentiment weakening safe haven currencies

Morning MarketsTF
Argentina has thundered back into international capital markets with a massively oversubscribed $16.5bn bond sale its first in 15 years since defaults and arguments with creditors forced it off the market. This has sent sovereign debt in Japan higher with the yield on its 10-year benchmark touching a record low of minus 0.129% in late-session trading.

Daily Market Comment Marc Chandler
Bulls' Charge Stalls, while Greenback Consolidates Losses

Daily Market CommentMacro Man
Hi ho silver

Daily Market CommentPolemic’s Pains
Sending oil down and politics up. 
Daily Press SummaryOpen Europe
Juncker: EU interference in citizens’ daily lives is causing them to turn away from the European project * EU to move naval operations into Libyan waters as Merkel approval rating plummets in press-freedom controversy * Dutch Parliament reject immediate withdrawal from EU-Ukraine treaty * Germany’s populist AfD plans to create “joint-chorus” of EU-critical parties * Turkey threatens to scupper migrant deal unless visa liberalisation is in place by June

Brussels PlaybookPolitico
Android alert — Migration junk ratings — New York, New York

Crude Slides After Kuwait Strikes Ends; China Markets Tumble

From the FloorTF
Argentina could hardly have hoped for it to go better and a 5-to-1 oversubscription on its first bonds offering in 15 years can only be deemed a big success.

Riksbankin tie on kohta kuljettu loppuun * Kuwaitin öljytyöntekijöiden lakko päättyi * Euroalueen pankkien luottoehdot helpottuivat hivenen * Britannian työmarkkinoiden kiristyminen hidastuu