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EUROPE
Markets Believe the ECB Will Relax Rules on
Bond-Buying – WSJ
The limits to “whatever it takes”: Lessons from
the gold standard – vox
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 Data
– WSJ
May Will Let U.K. Parliament ‘Have a Say’ on
Brexit Trigger – BB
UNITED STATES
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 Imminent – Chris
Hamilton
OTHER
Bundesbank Sees Need to
Re-Calibrate Basel Reform Proposals – BB
Dombret says risky banks will see capital requirements rising * Bundesbank
to work with industry on Basel rule reform
Asia monthly: Worse
before getting better – Nordea
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 showing – FT
To maintain legitimacy, economic policy must seek to promote the
interests of the many not the few
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
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 Markets
– TF
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-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Greenback Remains Firm, Awaiting
Fresh Cues
Daily Market Comment –
Macro
Man
Dollar-yen in a prom dress
Brussels Playbook – Politico
US Open – ZH
Futures Flat, Global Stocks
Higher As Dollar Resumes Rise
Frontrunning
– ZH
FX Update
– TF
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 Floor
– TF
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.
FINNISH
Aamukatsaus – Nordea
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