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Thursday, February 23

23rd Feb - Trump-plan delayed, markets nervous

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While Europe burns, Brussels scribbles – Politico
Justin Fox: The Europhile's Case for Europe – BB
Le Pen Says French Foreign Policy Must Be Decided in Paris – BB 
ECB Officials Doubt `Small Country' Britain's Post-Brexit Future – BB
German Domestic Demand Bolstered Growth in Final Quarter – BB
Bundesbank’s backhanded support for Angela Merkel – Politico
Martin O’Rourke: Eight reasons why the Dutch election matters – TF
Leonid Bershidsky: Why the Dutch Turned Against Immigrants – BB

Mohamed El-Erian: Political Risk Hampers the ECB – BB

US Tax Reform in Jeopardy and the State of the Strong Dollar Policy – Marc Chandler
Retailers Tumble After Trump Says "In Favor Of Border Tax” – ZH
Infrastructure Stocks Slump as Stimulus Not Seen Until 2018 – BB
Jennifer Harris: Trump Should Follow Reagan's Lead on Trade – BB

FOMC Minutes: Only ‘a few’ seem ready to hike in March – Danske Bank
Fed: One of the Biggest Drivers of the Rally May Not Materialize – WSJ
Whom to Listen to in the Fed Minutes – Tim Duy

Morning Report APACTF
The release of the FOMC minutes which showed the Fed inching its way towards its next hike sent ripples across global markets including forex and precious metals. Meanwhile the euro gained ground on news that a centrist candidate for the French election has strengthened his election prospects.



Danske DailyDanske Bank

USD under pressure as yields decline, Norwegian oil survey ahead * FAKE NEWS. Norwegian unemployment data * Rates decline as equity market struggles * USD under pressure as Fed sees modest inflation risks

Morning MarketsTF
The markets did not take kindly to yet more mixed signals from the Federal Reserve overnight and while more than three weeks have elapsed since its last meeting the FOMC minutes significantly lessened expectations on a rate-hike move in March.

From the FloorTF
Political risk both in Europe and across the Atlantic continue to dominate, with Trump's speech next week looming stateside and the Europe reeling from every new development in the French presidential election — but such extreme reactions to news out of Paris are unwarranted.
Daily Market Comment Marc Chandler
Dollar Chops About, as "Fairly Soon" Does not Mean mid-March

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

Futures Flat, Global Stocks Near Record High After Minutes Fail To Spark Dollar Rally

FX UpdateTF
The action overnight spoiled the only real trend we had going this week as euro shorts were squeezed on French presidential election campaign developments. Elsewhere US Treasury Secretary Mnuchin made more ambiguous comments on the strong dollar while the FOMC minutes were a pointless distraction.

Saksan talouselämän odotuksia mittaava IFO-indeksi nousi helmikuussa * Fedin avomarkkinakomitean pöytäkirja ei sisältänyt suuria yllätyksiä * EURUSD heikkeni alimmilleen kuuteen viikkoon