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Wednesday, January 24

24th Jan - Weaker USD and stocks, trade wars

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Germany says “yes, but” to common deposit insuranceFAZ

The German Swindle Built Into The EuroForbes
Berlin and the German media have pushed away any talk of particular advantages. They certainly deny that the country engineered matters in this way. This may be so. No one at the euro’s birth anticipated such a result, not even the Germans. But whether the advantage was planned or not, Berlin, it is clear, has certainly gained.

It’s June or nothing for eurozone reform: Bruno Le Maire
French economy minister tells POLITICO that Paris and Berlin will take the big decisions.

Euro Demands Draghi's Attention at First ECB Meeting of 2018 BB
The currency is already trading above projections for the year * Policy makers meet in Frankfurt to discuss stimulus plan

Leonid Bershidsky: How Europe Can Face Up to Reality on ImmigrationBB
The focus of its efforts should shift from keeping people out toward building effective integration systems.

Inequality and Poverty across Generations in the European Union
A Dream Deferred: Inequality and Poverty Across Generations in EuropeIMF

Beppe Grillo’s 5Star farewell
Comedian removes all mention of the party and its backers from his blog.

And the next Italian prime minister is … - Politico
The field is wide open ahead of March 4 election.

Euro area business activity expanding at its fastest pace in nearly 12 yearsPictet

Fed Chair Powell is ‘Yellen in disguise’ Danske Bank

Trump makes first move on trade - more to comeDanske Bank
The action on solar and washing machines could very well be the first in a series of moves. Pending is a decision on steel and aluminium tariffs and/or quotas – and the investigation into intellectual property rights and demand for transfer of technology to Chinese companies in exchange for market access.

History Suggests Mnuchin’s Dollar Rhetoric Could BackfireBB
Daniel Moss: The End of the 'Strong Dollar' Policy (Yes, Again)BB

USD Tumbles After Mnuchin Endorses Weaker USD, Ross Speaks Of Trade WarsZH

Martin Enlund: EURUSD - Time to question the Quadvergence
EUR/USD has been supported by four interrelated factors over the past year: growth, inflation, politics and long-term monetary policy direction. We think some of these drivers will turn in another direction.

M.C. Klein: NAIRU -  not just bad economics, now also bad politicsFT
A morally odious theory is empirically unsupportable and increasingly questioned by a younger generation of central bankers. Expect politicians to make more noise about the Fed's controversial choices after Yellen is gone.

Ray Dalio Says Bond Bear Market Has Begun, Expects Historic CrashZH

Signs of Caution At Davos, UBS Reshuffles Wealth Management, Senate Confirms Fed’s Powell

“Best of the web” daily chartsLukas Daalder
Danske DailyDanske Bank

Daily Market CommentMarc Chandler
Dollar Takes Another Leg Lower

Brussels PlaybookPolitico
Central bank reshuffle — Europe day in Davos — Czarnecki sacking

Five Things You Need to Know to Start Your DayBB

Futures A Sea Of Green As Dollar Bloodbath Accelerates


Aamukatsaus Nordea
Julkaisemme Economic Outlookin tänään | Tänään saadaan euroalueen ostopäällikköindeksit | Saksan ZEW-indeksi oli odotuksia vahvempi
AamukatsausDanske Bank
Presidentinvaalit ja euroPeter Nyberg
Suomalaisille on vuosikausia vakuutettu, ettei EU:sta (tai euroalueesta) voisi kehittyä liittovaltiota muuallakin kuin Suomessa vallitsevan poliittisen vastahakoisuuden takia
EU ei toimisi huonommin ilman euroa, mutta ajoittaisia integraation syventämis- ja laajentamisperusteiksi kelpaavia kriisejä olisi nykyistä vähemmän.
…varma asia on, että Suomen presidentillä on säilytetty valta ulkopoliittisissa kysymyksissä. Hänellä on siten osaltaan oikeus ja velvollisuus osallistua kotimaisiin keskusteluihin ja päätöksiin euroalueen tiivistymisestä. Valinnanvaraa on sekä euroa ja siten liittovaltiota kannattavien että niitä vastustavien ehdokkaiden osalta. Jokainen äänestäjä ottakoon tämä huomioon ja antakoon tämän vaikuttaa omaan päätökseensä poliittiselle vakaumukselleen sopivalla tavalla.