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Tuesday, May 3

2nd May - EURUSD breaks higher, silently

Previously on MoreLiver’s:

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Deutsche Bank: "QE Has Run Its Course, It's Time To Tax Wealth" ZH

Brussels embraces open borders for Turks Politico
‘Qualified’ recommendation for visa liberalization expected Wednesday.

Leaked TTIP documents reveal ‘irreconcilable’ differences Politico
Greenpeace to publish 248 pages of leaked negotiating texts.

Paul Krugman: When Europe Stumbled NYT

Germany plans 5-year benefit ban for jobless migrantsFT

5 takeaways from German AfD’s party congressPolitico

Is There a Future for the European Project?euinside

Domestic demand fuels strong Q1 euro area growthPictet

ECB QE Boost Can't Save Euro Bonds From Worst Month Since AugustBB
Euro-area sovereign bonds hand investors 1% loss in April * Oil recovery drives inflation-outlook gauge to six-week high

EU not fully prepared to deal with failing banks - EU officialsReuters

Brexit monitor No 2Danske Bank
Brexit fears have eased but uncertainties hit the economy

US Treasury Warns China, Germany, Japan Not To DevalueZH

The Fed is likely to wait until September before hiking ratesPictet

Trumpology: A Master ClassPolitico
There are five people who’ve gone deeper on The Donald than anyone else alive. We brought them together for the definitive conversation about who he really is.

US: wage growth stronger than you think – ECI reviewNordea
We recommend taking a deeper look at the details of today’s Q1 ECI report, which shows a clear uptrend in underlying wage pressures. Excluding incentive pay which recently has driven the volatility in the ECI, private-sector wages were up 2.5% y/y in Q1, the strongest pace in seven years. This gives more support to our forecast of a steeper USD yield curve later this year and a full four Fed rate hikes in 2017.

FX: China tailwindNordea
The USD took another leg down, and it is on the verge of a downtrend. China growth picking up and oil prices rising pull the USD out of the range...

J. Bradford DeLong: Rescue Helicopters for Stranded EconomiesProject Syndicate
With interest rates in many countries at or near zero, aversion to fiscal expansion reflects raw ideology, not pragmatic considerations. That means a flanking move might be required, one that takes advantage of the fact that “monetary policy” is and always has been “fiscal policy.”

Q&A With Christine LagardeBB
Finance's Firefighter Wants to Be Its Architect

Danske DailyDanske Bank

Euro rates updateNordea

PMIs ahead, central banks behind us, yields to go lower * 5Y5Y EUR inflation swaps jumped despite weaker than expected inflation * JPY reach 18 month high

Morning MarketsTF
Equities took a dive in Tokyo as trading resumed following the public holiday on Friday. Worries about the impact of the rising yen on corporate earnings left investors clearly rattled. In more bleak news for Japan the Nikkei manufacturing PMI slipped into contractionary territory last month with a reading of just 48.2.

Daily Market Comment Marc Chandler
New Month, Same Heavy Dollar

FX Week Ahead Marc Chandler
Another strong jobs report may not be sufficient to reignite dollar rally

Daily Market CommentMacro Man
It's May. Now what?

Daily ShotTF
USDJPY dives below 107 and the strength of the yen could dampen Japanese inflation and thereby undermine the central bank's efforts.The weaker US dollar has driven commodities prices to fresh highs and a big speculative position in gold makes the precious metal vulnerable to a correction.

Brussels PlaybookPolitico
German economic views attacked — Turkey visa win looming

Slew Of Negative News, Defaults And Failed Mergers Push Futures In The Green


FX UpdateTF
The yen and euro continued stronger still on the theme of central bank policymaking struggling for traction. Meanwhile the RBA is on tap with the market divided on the prospects for a cut meaning two-way risk over tonight's interest rate decision as AUDUSD trades in a pivot area.

From the FloorTF
USDJPY continues to dominate the airwaves senfing the Nikkei to a 3% plunge but there could be a "dramatic reversal" in the longer term judging by Japan's ailing fundamentals.

USA:ssa palkkojen nousu kiihtyy * Euroalueen kasvu selvästi ennakoita vahvempaa * Norjan työttömyys laski jälleen * Tänään luvassa on USA:n tehdasteollisuuden ISM