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Tuesday, August 30

30th Aug - Quiet

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Markets Believe the ECB Will Relax Rules on Bond-BuyingWSJ

The limits to “whatever it takes”: Lessons from the gold standardvox
Institutional constraints are essential in determining the sustainability of monetary policies, and hence central banks’ ability to pursue their targets.

U.K. Treasury’s Warning of Bank Outflows Falls Flat in Post-Brexit DataWSJ

May Will Let U.K. Parliament ‘Have a Say’ on Brexit TriggerBB

Fed's Fischer says U.S. job market 'very close' to full strength Reuters

Fischer: Rate Decision Not "One And Done,  Takes Markets Into Account"ZH

Is Fischer 'Stan the Man' or the 'Odd Stan Out' on Rate Hikes?BB

If Fed Doesn't Re-Implement QE, a Spread Inversion is ImminentChris Hamilton

Bundesbank Sees Need to Re-Calibrate Basel Reform ProposalsBB
Dombret says risky banks will see capital requirements rising * Bundesbank to work with industry on Basel rule reform

Asia monthly: Worse before getting betterNordea
As we have argued, the market is re-pricing the Fed and the USD has strengthened. We expect it to continue for some time. For this reason, we expect general Asian FX to weaken vs the USD in the coming three months. We also expect the CNY to be among the currencies weakening most, due to domestic reasons. This could give a second-round downward pressure to Asian FX. From early next year, most EM FX are expected to find support from the recovering oil prices but any appreciation will be gradual.

Martin Wolf: Capitalism and democracy: the strain is showingFT
To maintain legitimacy, economic policy must seek to promote the interests of the many not the few

Danske DailyDanske Bank

Rallying Treasuries, booming US consumer, plenty of bond supply * Eyes on German inflation data * US yields erase Friday’s spike * The USD continues its rally

Morning MarketsTF
The dollar is broadly higher against other major currencies and still riding the positive sentiment that washed over it in response to the Fed's hawkish tone over the weekend. Meanwhile Apple is braced for official confirmation that the EU will hit it with a bill for over one billion euros of back taxes that it claims a sweetheart deal with the Irish tax authorities allowed it avoid.

Euro wrap-upDaiwa

Daily Market CommentMarc Chandler
Greenback Remains Firm, Awaiting Fresh Cues

Daily Market Comment Macro Man
Dollar-yen in a prom dress

Daily Press SummaryOpen Europe 

Brussels PlaybookPolitico
Futures Flat, Global Stocks Higher As Dollar Resumes Rise


FX UpdateTF
USD bulls must note the lack of further downside momentum in asset markets after Friday’s Yellen speech even if the USD remains relatively firm and Fed funds continue to price in higher rate hike odds. Today Fed vice chair Stanley Fischer is out speaking again.

From the FloorTF
A broadly positive Asian session coupled with strong German import price data has risky assets enjoying stronger sentiment this morning while the USD rally now rests on rate hike hopes alone.

Suomen vienti kohoavien kauppamuurien varjossa * USA:n yksityinen kulutus pysyi yhä vahvana * Suomalaisten kuluttajien luottamus nousi elokuussa * Tänään julkaistavan Saksan inflaation odotetaan kiihtyvän

11 seurausta ansioturvan leikkauksesta Allan Seuri