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Ashoka Mody: Unwinding of the pound carry trade – vox
Between the first quarter of 2013 and the end of 2015, London property prices rose rapidly, the exchange rate appreciated, and the current account deficit widened. This column argues that the rise of the pound was in fact a financial bubble, riding on a property price-exchange rate carry trade. This unsustainable bubble was deflated by Brexit.
5 things to watch in France’s conservative primary – Politico
Matteo Renzi to lose constitutional referendum: polls – Politico
Fear of Putin and a Baltic War Intensifies With Trump’s Victory – BB
Desperation, anger, and distrust permeate both sides of the Russian frontier.
Editorial: Trump Should Flatter Putin, Not Embrace Him – View / BB
Financial Conditions Are Rigged Against Donald Trump – BB
Yellen testimony: December rate hike: check – Nordea
Yield Forecast Update – Danske Bank
From reflation to Trumpflation
Asia monthly – Nordea
Trumpening happened, what now?
A higher global risk premium and the fall in equilibrium real interest rates – vox
The Rebel Economist Who Blew Up Macroeconomics – BB
Paul Romer takes World Bank job after trashing his discipline * Outraged fellow economists accuse him of intellectual arson
Danske Daily – Danske Bank
Eye-Opener – Nordea
Yellen takes centre stage * US CPI inflation on track to accelerate to 2% by year-end? * Renewed peripheral selling pressure * USD strengthens as a December Fed hike probability close to 100%
Morning Markets – TF
The US dollar is on a mighty roll no question about that and its most prominent victim this morning is the European single currency which has has dipped beneath $1.06 for the first time since December last year.
Euro wrap-up – Daiwa
Daily Market Comment – Marc Chandler
Revaluation of the Dollar Continues
Daily Market Comment – Macro Man
Five fun Friday charts
Daily Press Summary – Open Europe
Schäuble suggests UK might have to keep contributing to EU spending until 2030 *
Obama calls for “smooth and transparent” Brexit negotiations * “Europe can die”, French PM warns * Retail sales show highest rate of growth since April 2002 * German Finance Ministry rejects European Commission’s call for more fiscal stimulus in Eurozone
Brussels Playbook – Politico
Oettigate goes nuclear — Merkel, leader of the free world
US Open – ZH
Euro In Historic Slide As Dollar Surge, Bond Rout Continues
Frontrunning – ZH
FX Update – TF
Fed chair Janet Yellen failed to throw out any roadblocks for the strong USD trend and the greenback blasted higher across the board with EURUSD below 1.0600 overnight and USDJPY blasting above 110.00.
Aamukatsaus – Nordea