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Thursday, April 7

7th Apr - JPY strengthened

Previously on MoreLiver’s:

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New Reasons to Worry About Europe's BanksView / BB

Germany’s exports in dire straitsABN AMRO

Merkel Coalition Readies for Greek Deal as EU Crises MultiplyBB

Peter Praet: ECB’s monetary policy response to disinflationary pressures – ECB
Draghi's Big Bazooka Is Misfiring – BB
JPM, ECB Hint At Helicopter Money Following Next Significant Downturn – ZH
Annual Report 2015 – ECB
Vítor Constâncio presentation of annual report – ECB

FOMC minutes: Move along, nothing to see here – Danske Bank
Fed reluctant to raise rates soon – ABN AMRO
Fed deeply split – Nordea
Dovish Minutes – Tim Duy

USDJPY Crashes, Drags Equities With It As Gold SoarsZH

U.S. readies bank rule on shell companies amid 'Panama Papers' furyReuters

Global Trade Watch – No reason for satisfaction, nor for panicABN AMRO
Sluggish global trade is in line with weak global manufacturing. EMs have driven slowdown in global exports, but divergence is high. EMs shrug off import weakness; US import momentum has weakened. Some green shoots: recent signs of pick-up global manufacturing and trade. We expect global trade to follow moderate pick-up in growth later this year.

Danske DailyDanske Bank

Fed deeply split, EURUSD higher, Yellen speech * New call on Norges Bank and NOK * The Bund moves back above 0.1% * USD weakens on Fed minutes

Morning MarketsTF
The yen is bullying the dollar ever lower and giving policymakers in Japan a real headache especially after prime minister Shinzo Abe earlier in the week warned against intervention.

Daily Market Comment Marc Chandler
Yen Continues to Climb

Daily Market CommentMacro Man
It's official: the glass is (almost) always half empty for the Fed

Daily ShotTF
While the USD index is drifting lower JPY rallies and so do equities. This is surprising as usually the yen rally corresponds to risk-off sentiment. In the following we are also looking at more assets increasing value.

Daily Press SummaryOpen Europe
Large victory for ‘No’ camp forces Dutch government to reconsider ratification of EU-Ukraine deal * Two new polls give Remain one point advantage as government sends anti-Brexit leaflet to every household * European Commission’s asylum reform plans trigger mixed reactions * New poll: Frankfurt’s financial hub would be the biggest beneficiary of Brexit * Leaked German police report: EU-Turkey migrant deal not yet working * Cameron personally intervened to water down EU tax transparency drive in 2013

Brussels PlaybookPolitico
Dutch No Show — Michel flops — Macron’s movement

"There Is A Lot Of Fear In The Market" - Stocks, Futures Slide After Yen Soars


FX UpdateTF
The USD is weaker after the FOMC minutes confirmed the Fed's dovish guidance despite the supposed debate on whether an April rate hike is in the cards (the clear answer is no). The JPY continues its march higher as Bank of Japan gets idelined. Is EURUSD to break higher now too?

From the FloorTF
The Japanese yen is leading the forex pack as the European session kicks off spurred by expectations that the BoJ will soon loosen monetary policy yet again. Oil meanwhile has shed some of yesterday's sharp gains and is back to testing resistance.

Kohti 50 dollaria * Fedin kokouksen pöytäkirjat avasivat komitean sisäisiä jakolinjoja * Riksbank liikkuu hiljalleen kohti joustavampaa inflaatiotavoitetta * Fedin pääjohtaja Yellen pitää puheen