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Friday, April 8

8th Apr - Relief dovishness

Previously on MoreLiver’s:

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How Much Euro Strength Will the ECB Tolerate?WSJ

Dovish signals from the ECBNordea

This Week’s Brexit BriefingWSJ

Weak revival of German exportsCarsten Brzeski

China monthly: stabilisation for nowNordea
The Chinese economy and markets seem to enjoy a moment of calmness at the moment. Our concern is that the stabilisation is only temporary. Growth headwinds remain strong, so the economy will likely slide further this year. The stock and FX markets have been helped by heavy government intervention, which is not sustainable in the long term. In fact, the government involvement prevents market mechanism in playing out and can hurt the financial market development.

IMF Research BulletinIMF

Danske DailyDanske Bank

Euro rates updateNordea

Dovish ECB, Bunds below 10bp, Equities struggling * Dovish signals from the ECB * Portugal led peripheral sell-off * JPY continues to strengthen

Morning MarketsTF
The yen continues its surge last night to break below 108.00 versus the USD before retracing early today. Despite USDJPY's climb back above 108.00 however the yen's current level may prompt the Bank of Japan to fire a warning shot or more.

Daily Market Comment Marc Chandler
Yen Pares Gains, Dollar-Bloc Firms

Daily Market CommentPolemic’s Pains
No Japanese Surrender

Daily Press SummaryOpen Europe
UK poll watchdog criticises government over anti-Brexit leaflet * Number of asylum claims in Germany sinks to 20,000 in March * Germany’s populist AfD on highest-ever national showing of 14% * Three-way meeting fails to break deadlock in Spanish government talks * European Commission considering plans to impose visa requirements on American and Canadians travelling to EU states * ECB Minutes show deep divisions over stimulus measures

Brussels PlaybookPolitico
Cameron crunch — Dutch drama — Macron’s march

Stocks To Reopen In The Green For 2016 After Crude, USDJPY Rebound


FX UpdateTF
The pressure from the JPY eased overnight but it’s too early to sound the all-clear. Elsewhere the US dollar has tried to stage a broader recovery but needs to push through the next levels for the bulls to take note.

From the FloorTF
The Japanese government is not happy with the recent moves in JPY and is ready to fight the strenghtening of its currency. In oil the contango is collapsing but this does not only have positive effects.

Ei kysynnän kasvua euroalueelta * Suomen tavaraviennin lasku jatkui helmikuussa * EKP:n johtokunta oli yksimielinen elvytystoimien tarpeesta * Kiinan valuuttavarannon arvo kääntyi nousuun

Euroopan talous- ja rahaliiton tulevaisuus Suomen Perusta
Heikki Koskenkylä kokoaa Suomen Perusta -ajatuspajan raportissa Euroopan talous- ja rahaliiton tulevaisuus – onko euro pelastettavissa? EMU:n kehittämisehdotusten arviointia ja Suomen linja yhteen oleellisimmat euron kehittämistä käsittelevät näkemykset

Koskenkylä: Suomen ero eurosta harkintaanKL
Suomen ero eurosta on realistinen vaihtoehto, uskoo valtiotieteen tohtori Heikki Koskenkylä.