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Thursday, March 9

9th Mar - ECB's big nothing

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The ECB Faces a Balance Sheet Dilemma – BB
ECB Preview: Don't Expect Fireworks Yet – ZH
Press release Monetary policy decisions – ECB
ECB staff macroeconomic projections, March 2017 –
Euro, Bund Yields Spike As Draghi "No Longer Sees Urgency In Taking Further Actions" – ZH
Draghi Tiptoes Toward the QE Exit – BB
ECB fine tunes communication as recovery broadens – Pictet
Hawkish twist but full QE implementation is needed – Danske Bank
Overall dovish, with slight fine-tuning – Nordea

NFP uncertainty sharpens focus on hourly earnings –
5 Things to Watch in the February Jobs Report – WSJ

Morning Report APACTF
Asian equities were trading mostly flat at the open with concerns over crude oil prices which fell to $50 levels overnight. Traders are also waiting on China's CPI and PPI data.



Danske DailyDanske Bank

ECB’s Draghi to turn more hawkish today? * Upgrade of US payrolls forecast after strong ADP numbers * Euro rates higher ahead of ECB today * USD higher on ADP figures

Morning MarketsTF
US job data due today is foreseen to support the expected rate hike next week while in Europe the ECB today will most likely announce to keep its interest rates stable.

From the FloorTF
Crude oil took its biggest plunge in a year on Wednesday after government data showed US oil inventories kept rising despite Opec's and non-Opec producers' efforts to cut production. Commodities prices are widely under pressure in the run-up to an expected US interest-rate hike next week.
Daily Market Comment Marc Chandler
Pre-ECB Squaring Lifts Euro in a Strong USD Context

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

Crude Plunges Below $49, Dragging Markets Lower; All Eyes On Draghi


FX UpdateTF
At today’s European Central Bank press conference, ECB president Mario Draghi faces the tall task of insisting that bank's policy is going nowhere for now and that the recent growth and inflation pickup across Europe won’t have near-term signaling implications for ECB guidance. Can he succeed?

EKP:ltä hienosäätöä * USA:n yksityisen sektorin työpaikkojen määrän kasvu (ADP) ylitti odotukset * Kiinan kuluttajahintojen inflaatio hidastui helmikuussa 0,8 prosenttiin * USA:n öljyvarastojen kasvu sysäsi öljyn hinnan laskuun