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Wednesday, April 19

19th Apr - GBP breaks higher, risk-off

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French elections: a Le Pen win would hit euro area periphery – Pictet
French election: key questions for the final days – Politico
Macro Digest: Euro emerges as French election surprise – TF
Editorial: Theresa May’s Brexit Gamble – BB
SocGen: "The Pound Short Covering May Just Be Starting" ZH

Goldman Pours Cold Water On Trump's Fiscal Stimulus Plan

FX Forecast Update: Political risks in charge – Danske Bank
World Economic Outlook, April 2017: Gaining Momentum? – IMF
IMF Raises Global Forecast While Warning of Protectionism Threat – BB
IMF Finds Over 20% Of US Corporations At Risk Of Default Should Rates Rise – ZH

Morning Report APACTF
The UK prime minister is betting she can secure a personal mandate and parliamentary backing to take her through Brexit talks.|

UK prime minister moves to strengthen Brexit hand

Sterling Move Suggests Softer Brexit Ride, Election Won’t Make EU Talks Simpler

Danske DailyDanske Bank

UK election; rates to new lows since Trump was elected President * Low Euro-area inflation numbers – old news * US rates in driver’s seat on geopolitics and lower expectations of a US tax reform * GBP stronger on UK general election

Morning Markets – TF
Theresa May's snap election call for June 8 may have lit a fire under sterling but global indices took a bit of a pummelling led by the internationally-dominated FTSE 100.| With the French elections elevated geopolitical tensions and growing concerns over the Trump trade there is a lot going on.

From the FloorTF
An uneasy combination of geopolitical fears, lower bond yields, and a softer dollar is boosting gold to multi-year resistance levels near $1,290/oz.

Daily Market Comment Marc Chandler
May's Bold Move and Fed Expectations

Brussels PlaybookPolitico
May’s election gamble — How to lobby Brexit

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

European Stocks, Futures Rebound As Stronger Dollar Eases Haven Demand


FX UpdateTF
Sterling squeezed brutally higher after UK Prime Minister May called a snap election for June 8. But we may have seen the bulk of the action for now as we await important news from France.
Elsewhere AUD and other commodity currencies are weak on faltering reflation theme.

May sai punnan nousuun * Öljyn hinta on palannut aiempaan vaihteluväliinsä maaliskuun pudotuksesta * USA:n 10-vuoden korko viiden kuukauden pohjissa * Ruotsin hallituksen kevään budjettiehdotus ei tuonut mukanaan suuria yllätyksiä