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Saturday, January 27

26th Jan - US GDP weakish, ECB still debated

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Giugliano: Europe Isn't Quite as United As It ClaimsBB
There is refreshing agreement on some issues, but there are plenty of red lines too.

The Hurdles That Remain to Merkel's Fourth TermBB

The rise and rise of Viktor OrbanFT
The man who has turned Hungary into a semi-authoritarian regime was once a democratic activist. What happened?

Europe’s biggest test will come in PolandFT
The country has become a proving ground for the strength of populism across the west

El-Erian: Draghi Acknowledges Twin Policy ChallengesBB
The ECB needs to balance Europe's strong growth against continued stimulus.

How the ECB Moved the Euro, and What Happens NextWSJ

Results of the Q1 2018 ECB Survey of Professional ForecastersECB

Monetary developments in the euro area: December 2017

The horse is drinking, albeit reluctantly
Slow loan growth, slowing money growth - ECB should start reducing monetary stimulus in the short run

EUR: Not much the ECB can do
It has been hard for President Draghi to talk down the EUR when its strength is driven by a solid domestic economy and the soft USD. Even at 1.25, EUR/USD is not out of sync with the short-term fundamentals. We target EUR/USD 1.30 this year. CEE FX remains in the sweet-spot.

ECB: Oh Lord, don’t let me be misunderstood?
Without saying anything new, ECB president Draghi moves markets. But probably not in the intended direction

Thoughts post the ECB meeting
Danske Bank

Draghi Clears Path for Euro-Area Economy as Momentum BuildsBB
ECB president adds to guidance with interest-rate prediction * Says euro strength partly justified by booming growth

Inflation expectations - the beginning of the ‘re-anchoringPictet

Fed preview: Yellen’s last meetingNordea
The FOMC meeting 30-31 January may not offer much new information. No new projections will be released. No press conference will be held. It will still be important because it is Chair Yellen’s last meeting and because of the annual voting rotation.

5 Things to Watch in Fourth-Quarter U.S. Growth –
Q4 GDP Unexpectedly Misses, Rising Only 2.6% Dragged By Soaring Trade Deficit – ZH
Fourth-Quarter U.S. GDP Growth – At A Glance – WSJ
U.S. GDP Grows Below-Forecast 2.6% on Trade, Inventory Drags – BB

U.S. Economy Doing Just Fine But 3% Growth Will Remain Elusive – BB
Blame the Shutdown for Extent of Miss on Fourth-Quarter U.S. GDP – BB
Why the Savings Rate Is a Reason to Worry About 2018 U.S. Growth – BB

"Biggest Theft In Crypto History": Over $400MM Stolen From Japanese Crypto Exchange – ZH
The Other Way To Steal Crypto: Armed Robbers Storm Ontario-Based Bitcoin Firm – ZH
Cryptocurrencies Tumble After Popular Japanese Exchange Halts Withdrawals – ZH

FirstFT Daily BriefingFT
Dollar’s volatility, Saudi shakedown, Google’s Indian conundrum

Hope Mixes With Fear In Davos, Dollar Pulls Back After Rally

“Best of the web” daily chartsLukas Daalder

Danske Daily Danske Bank

Daily Market Comment Marc Chandler
Trump-Inspired Dollar Short Squeeze Fades Quickly

Brussels PlaybookPolitico
GroKo groundhog day — Currency wars — Bunga bunga is back

Five Things You Need to Know to Start Your DayBB

Futures A Sea Of Green Amid Relentless Dollar Disintegration

Frontrunning ZH

Aamukatsaus Nordea
EKP piti rahapolitiikkansa ennallaan ja on luottavainen inflaation kiihtymisestä | Euro vahvistui päävaluuttoja vastaan | Iso-Britanniasta ja USA:sta saadaan tänään BKT-luvut

AamukatsausDanske Bank