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Wednesday, July 12

12th Jul - Rally on dovish Yellen

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Industrial production up by 1.3% in euro area – Eurostat

Fed Will Unwind the Balance Sheet at an Awkward Moment – BB
Yellen Heads to Congress Wondering Why Job Market Hot, Wages Not – BB
Yellen Testimony to House Financial Services Panel (Full Text) – BB
Yellen Sees Inflation as Key Uncertainty, Amid Moderate Growth – BB
Dovish Turn: Concerned About Inflation, Little Room For Hikes – ZH
Dollar Extends Losses on Go-Slow Fed; Stocks, Bonds Rally – BB
Bonds, Bullion, & Stocks Jump, Dollar Dumps On 'Dovish' Yellen Remarks – ZH
Yellen Warns Congress: US Debt Trajectory Is Unsustainable – ZH
The Caution Light Blinking in Yellen's Testimony – BB
The Janet Yellen Markets Once Knew Returns – BB

Of currency markets and central banks – Mark Dow
Macro and Credit - Bond ruck – Macronomics
The Daily Prophet: Can't Complain About a Lack of Volatility Now – BB
Perspectives Aug-Sep 2017 – Pictet
Why recessions followed by austerity can have a persistent impact – Simon Wren-Lewis

Morning Report APACTF
Asian markets were lower and the US dollar slipped 0.2% against the yen following the release of an email chain which could provide evidence of Trump campaign collusion with Russia.

FirstFT Daily Briefing FT
Trump Jr speaks out, 2024 Olympics face-off, Dolce & Gabbana unfiltered

Trump Jr. Email Casts Cloud Over Policy; U.K. Creditworthiness ‘Under Pressure’

“Best of the web” daily chartsLukas Daalder

Danske DailyDanske Bank

Trump Jr. spooks markets, Brainard cautious on further hikes * Yellen to take centre stage * EUR supply expectations drives yields, as Brainard pushes US yields lower * Trump Jr. email release pushes EURUSD to ytd high

Morning Markets TF
The US dollar stayed soft overnight on worries sparked by the US president's eldest son Donald Trump Jr's release of emails on Tuesday that some news reports said could be a "smoking gun" for the special counsel investigating allegations of the Trump campaign's collusion with Russia. Asian stock markets were mixed while gold and oil prices firmed.

From the FloorTF
Shares of social media giant Snap Inc. fell 9% to new lows below $16/share as the firm's own underwriter, Morgan Stanley, issued a downgrade and as competition from the likes of Instagram complicates its outlook. Meanwhile, oil prices are shooting higher and USD is weaker across the board.

Daily Market Comment Marc Chandler
Currencies Stabilize, but Yen Strengthens

Brussels PlaybookPolitico
Parliament’s €6M dream house — Two alphas in Paris — Brexatom storm

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

All Eyes On Yellen As Dollar Slumps On Trump Revelations, Stocks Rebound


FX UpdateTF
Stops were triggered in EURUSD above 1.1450 on the reaction to political revelations about the Trump campaign yesterday but we’re unsure of the quality of that break until we get a look at Fed chief Janet Yellen’s testimony today. The market remains remarkably complacent on the risk of Fed hawkishness.

USA:n pienyritysten luottamus korkealla | Yellen kongressin kuultavana | Poliittinen epƤvarmuus liikautti markkinoita