Google Analytics

Thursday, July 21

21st Jul - ECB snoozes

Previously on MoreLiver’s:

Follow ‘MoreLiver’ on Twitter

Turkey to suspend European Convention on Human Rights – Politico

Draghi May Flag Action Ahead as ECB Meets Under Brexit’s Shadow – BB
Press release Monetary policy decisions – ECB
Introductory statement to the press conference – ECB
ECB holds off on post-Brexit stimulus – Politico
Draghi Does not Surprise and Euro Edges Away from $1.10 – Marc Chandler
ECB keeps door open to easing after holding rates steady – Reuters
Draghi Signals ECB May Boost Stimulus Later This Year – BB
 ECB to ease in September – ABN AMRO
ECB review: Door remains open for more easing – Danske Bank
ECB on hold, rendez-vous in September – Pictet
It’s not just non-performing loans… - FT
Mario Draghi may soon be thankful for Brexit – Politico
Low visibility keeps the ECB on hold for now – Nordea

Britain Negotiates Its EU Exit With a Weak Hand – View / BB
How to prevent Brexit from damaging the EU – Paul De Grauwe
Article 50 is a trap… democracy needs open negotiations – Current Moment
G-20: Five Ways to Spark GrowthIMF

Matt Levine: HSBC Currency Traders Got Greedy on ChristmasBB

Danske DailyDanske Bank

Merkel backs May, new low in Turkey’s lira, all eyes on ECB * Merkel backs May’s Article 50 timeline * State of emergency declared in Turkey * How might ECB tweak its QE parameters?

Morning MarketsTF
The Asian equities markets were clearly in a strong mood today after hopes there would be more stimulus in the near future. As for the Europeans they can only hope and wait for the European Central Bank to make a similar gesture this morning.

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
Monetary Policy Expectations are Driving Foreign Exchange

Daily Press SummaryOpen Europe
Merkel: UK’s exit from the EU and its future relationship with it should be discussed in parallel * Bank of England does not yet see any evidence of “sharp general” slowdown in UK economy following Brexit * Italian government considers private sector solution for struggling banks as Five Star Movement calls for nationalization * NI Secretary states that Common Travel Area is Brexit priority * Farage to go on European roadshow to encourage other 'independence' movements * European Consumer confidence down post-Brexit * Estonia to take over rotating EU presidency in place of Britain * Turkey declares three-month state of emergency as Erdoğan vows to clear “viruses” within armed forces * US Treasury Secretary hopes Turkish turmoil will increase urgency on Greek debt relief * NATO Secretary General: “America, you’re not alone in this fight” * UK set to be bound by new EU emissions targets

Brussels PlaybookPolitico
Blow-back on climate — Commission takes on China

Yen Soars, Stocks Slide After Kuroda Says "No Need Or Possibility For Helicopter Money"


FX UpdateTF
The yen dropped further overnight on media reports of larger than expected stimulus. Today the spotlight swings over to the ECB where expectations for anything of impact are minimal. Is the market too complacent?

From the FloorTF
The Reserve Bank of New Zealand issued dovish noise on Thursday apparently queuing up an August rate cut and weakening the NZD while markets' attention now swings to the European Central Bank's governing council meeting though no major fireworks are expected from the ECB.

Pankkikyselystä tukea EKP:n rahapolitiikalle * Britannian työttömyys matalimmillaan yli kymmeneen vuoteen * Philadelphian teollisuuden luottamuksen odotetaan laskevan * Britannian kesäkuun vähittäismyynti julkaistaan