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Thursday, August 18

18th Aug - UK resilient after referendum

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Stiglitz Wants ‘Amicable Divorce’ If Euro Area Can’t ReformBB

Public confidence in economy recovers after Brexit vote – The Guardian
Britons less gloomy about economy in August: poll – Reuters
British shoppers defy Brexit shock as spending jumps in July – Reuters
Brexit Means Little to British Consumers When the Sun Is Shining – BB
Norway's PM softens stance on Britain joining EFTA – Reuters

Fed's Dudley upbeat on U.S. employment, return of middle-wage jobs – Reuters

BofA’s preview of Yellen At Jackson Hole Meeting – ZH

How Global Elites Forsake Their CountrymenWSJ
Those in power see people at the bottom as aliens whose bizarre emotions they must try to manage.

Global FX Strategy: Pokémonetary policy, Go!Nordea
This summer’s Brexit vote has added more fuel to the yield-grab fire. The Fed has recently started to warn about rate hikes, but such warnings are treated with little respect. Instead, market participants have started to ponder a hiked US inflation target. We think that is unlikely within a market-relevant horizon and instead expect a growth pick-up – and the Fed – to rehawk Fed expectations.

Danske DailyDanske Bank

FOMC minutes disappointed, first post-Brexit evidence today * UK data to reveal more on the Brexit impact * Yields lower as the markets expected more hawkish FOMC minutes * USD broadly unchanged against EUR – waiting for Jackson Hole.

Morning MarketsTF

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
US Dollar Pushed Lower, but Do FOMC Minutes Really Trump Dudley?

Daily Market CommentMacro Man

Daily ShotTF

Daily Press SummaryOpen Europe
The Times: Renzi to drop bid for speedy Brexit in return for Merkel’s support on budget deficit * UK retail sales grow strongly post Brexit while Moody’s warns of slowdown in investment * Sturgeon calls on Government to guarantee EU citizens’ rights * Number of Eastern European workers in the UK reaches 1 million * SPD left wing revolts against EU-Canada free trade deal * Turkey hits back over German ‘Islamist hub' allegations * Irish business sentiment hit hard by UK vote to leave the EU * Merkel dismisses link between refugee inflow and terrorism * Tsipras pledges to do “whatever is necessary” to get Germany to pay WWII reparations * Financial Transaction Tax delayed further due to lack of agreement

Brussels PlaybookPolitico
Cyprus reunification on track — Brussels and Paris less liveable — When tomatoes attack

S&P Futures Unchanged As Europe Rises; Dollar Slide Sends Oil Above $47


FX UpdateTF

From the FloorTF

Parempi myöhään kuin liian aikaisin - Fedin kokouspöytäkirjan kyyhkymäinen sävy painoi dollaria * Huomio kohdistuu tänään Britannian heinäkuun vähittäismyyntiraporttiin * Tänään julkaistavassa EKP:n kokouspöytäkirjassa tuskin yllätyksiä