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Thursday, June 15

15th Jun - Bear day after tight Fed

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Nordic Outlook - June 2017 – Danske Bank

The Fed’s perception flaw – FT
Fed hikes, but struggling with low inflation – ABN AMRO
Hawkish Yellen ignores inflation and weaker data – Danske Bank

Financial forecasts – Calm summer? – June 2017Nordea
The receding political risks have continued to support risk appetite, and we do not see any immediate change to this environment. We make only small adjustments to most of our forecasts, including higher EUR/USD and lower USD/CNY.

EM FX: Financial forecasts – June 2017Nordea
We are changing a number of EM FX forecasts this time around. Short-term fluctuations around domestic and international political risks have been huge, but on average EM FX has continued to strengthen since the beginning of the year.

Majors & Scandies: June 2017 FX forecastNordea
Our global scenario remains intact; developed markets will continue to perform and risk appetite will remain firm even as some commodity/China worries may linger. The forecasts of EUR/USD and the commodity currencies have been revised.

Morning Report APACTF
All eyes were on the Fed and chief Janet Yellen played down a softening of price pressures in the last few months and voiced confidence the central bank was on course to hit its 2% inflation goal.

FirstFT Daily Briefing FT
Brexit olive branch, Man Booker prize, could Camembert disappear?

BOE Hawks on Hold, Why Britain Risks Being ‘Sick Man’ of Europe

Danske DailyDanske Bank

Fed to shrink its balance sheet relatively soon; lower oil prices; new forecasts * Hawkish Fed * Fed flattened the curve, but balance sheet & data could steepen it * New financial forecasts

Morning Markets TF
Crude oil prices steadied around seven-month lows in Thursday's Asian session after another steep drop on Wednesday. Asia-Pacific equities weakened with financial and energy stocks dented by the Fed's rate rise and lower oil.

From the Floor TF
Markets found themselves trying to "second-guess" the Fed yesterday, says Saxo Bank FX head John Hardy, with the dollar tumbling on a soft CPI print only to surge higher on a "less dovish than expected" FOMC.

Daily Market Comment Marc Chandler
Dollar Trades Higher in Wake of the FOMC

Brussels PlaybookPolitico
Goodbye roaming charges — How much will lunch cost in Parliament next week?

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI


FX UpdateTF
The market was expecting a very dovish Fed performance yesterday after weak US CPI and retail sales readings but the Fed only met the market about half-way. Still the market is strongly second-guessing the Fed’s forward guidance and may concentrate more on incoming data and whether the "Trump trade" remains on permanent hold.

Ei yllätyksiä keskuspankeilta * Englannin, Sveitsin ja Japanin keskuspankit kokoustavat tänään * Fed nosti odotetusti ohjauskorkoaan * USA:n pohjainflaatio hidastui toukokuussa odotettua enemmän