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Thursday, February 2

2nd Feb - BoE not scared, Trump-worries

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Credit Suisse’s five scenarios for the Greek crisis – ZH
Dutch Elections: Resignation of Minister a game changer? – ABN AMRO
Editorial: How to Defeat Le Pen – BB
An Italian residence permit, yours for €500,000 – Politico

A New Front Opens Up Against Merkel’s Re-Election Bid –
Deutsche shares drop after second full-year net loss – FT
View: Actually, Germany Hates the Undervalued Euro – BB

Minister Quits as Biggest Post-Communist Protests Rock Romania – BB
Romanian minister resigns after huge anti-graft protest – Reuters

Economic Bulletin Issue 1, 2017 – ECB
Economic growth in the euro area is broadening – ECB
Financial cycles and the macroeconomy – ECB
Wage adjustment and employment in Europe – ECB

Bank Rate held at 0.25%, bond purchases unchanged –
Inflation Report, February 2017 – BOE
BOE Sees Stronger Growth as Some Officials Flag Inflation Unease – BB
Pound Slides After BOE – ZH
Worstall: ‘Brexit bust’ - BoE Upgrades Growth Projections – Forbes
BoE maintains neutral bias despite increasing inflation – Danske Bank
BoE a bit more hawkish but no tightening imminent – Nordea
Sterling Reverses Lower on BOE – Marc Chandler

UK confirms it will leave customs union – Politico
UK government publishes Brexit white paper – Politico
British Brexit paper stresses hope for mutual EU/UK benefit – Reuters

Fed nods to improved sentiment but March hike unlikely – Nordea
US FOMC Review – Daiwa
Fed Is Already Reversing QE In A Strange Sort Of Way – Forbes

Trump Slams ‘Dumb Deal’ With Ally Australia After Testy Call – BB
Trump harangues Australia PM over refugee deal in curt phone call – FT
Trump’s Refugee Ban and the Legal Battles Ahead: QuickTake Q&ABB
Open letter to Trump from Google, Apple, Facebook, others – ZH
Trump Twitter Bursts Throw Decades-Old Alliances Into Disarray – BB
SG’s Albert Edwards on TrumpZH

Martin Enlund: Global: a G20 Hamburg accord?Nordea
Team Trump’s currency rhetoric is making G20 FX discussions more likely. After last year’s "Shanghai accord", a Hamburg accord might be possible. G7/G20 can have a short-term impact. The political calendar of 2017 just became even more interesting.

Barry Ritholz: Try Breaking Your Media Filter Bubble BB

Morning Report APAC TF
The US dollar was bid after the Fed left rates unchanged and offered a positive view of the US economy.

Parliamentary approval signals start of EU exit process, Australian PM has ‘worst phone call’ with Trump and the long arm of Myanmar’s military

Deutsche Bank Posts Loss, May Wins Brexit Vote

Danske DailyDanske Bank

Strong PMIs, Fed monitoring developments, BoE ahead * Swedish PMI hits a 7-year high * Futures continue to point to June Fed hike * Dollar stronger on the day

Morning MarketsTF
The post-election dollar surge underpinned by the Trumpflation trade is beginning to look like it is in full-on retreat as the indications are that the firebrand president is increasingly pursuing a weaker-dollar strategy. The Fed meanwhile watches on and wrings its hands.

From the Floor TF
It's been a strong fourth quarter for the US and there is every chance that Europe will follow suit in the first quarter of 2017. 
Daily Market Comment Marc Chandler
Dollar Remains on Backfoot After ADP and FOMC

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

10 things you need to know before the opening bell BI

Dollar Slide Accelerates After Fed Fails To Boost Confidence, Pressures US Futures


FX UpdateTF
The FOMC statement released late yesterday saw a number of small language adjustments few of which indicated any new urgency on the need for the next rate hike. The US dollar is settling lower once again as the market eyes Friday’s jobs report and what if anything will stop the greenback’s slide.

Euroalueen teollisuuden odotukset kuuden vuoden huipussa * BoE:n päätöksessä Brexitin pelätyt seuraukset painavat inflaation kiihtymistä enemmän * Fed ei tehnyt muutoksia rahapolitiikkansa * Japanin 10-vuotisen valtionlainan korko nousi yli 0,1 prosenttiin