USDJPY's dip below 100 was interesting - still within the upward trend channel, probably a good time to buy. The overall USD weakness was driven by the lousy ISM index, which immediately pushed expectations of an immediate Fed's QE-tapering further out in time. Couple of good ones on Yurrup by Münchau and Krugman.
Previously on MoreLiver’s:
Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global
Macro Trading
The Closer – alphaville / FT
US: Stocks Ignore Horrible Economic Data, Surge On Tuesday Frontrunning –
ZH
EUROPE
Austerity, like a B-movie monster, will keep
coming back – FT
Wolfgang Münchau: Despite
its debt crisis, the eurozone behaves like a regular large, closed economy. The
trouble is that it is run, and often analysed, as no more than the sum of its
parts. The tragic error of the eurozone’s policy makers is to repeat this
fallacy of composition again and again. It is the same with austerity. That,
too, will return.
The Macroeconomics of European Disunion – Krugman
/ NYT
Every once in a while
it’s worth backing up and thinking about the fundamental craziness of aggregate
European policy.
The ECB, negative rate confusion and the prepay
tax option – alphaville
/ FT
Beat Siegenthaler at
UBS observed in a note on Monday that there still seems to be a lot of
confusion about the likelihood and usefulness of negative rates being
introduced.
Statement by the EC and the ECB following the conclusion
of the third review of the financial assistance programme for Spain – ECB
UNITED STATES
Why The Fed’s Not Tightening Any Time Soon – PragCap
Fed’s Williams Open to Trimming Bond Purchases – WSJ
He is open to cutting
the central bank's bond-buying program over coming months, as long as the
economy continues to make good progress.
Fed’s Lockhart: Nearing Time to Trim Bond
Purchases – WSJ
The Fed is nearing the
day where it can consider reducing the size of its bond-buying stimulus effort,
but even when that happens, smaller-sized purchases are unlikely to be the
major shift in policy some think them to be, a veteran U.S. central bank
official said.
ISM data came in on
the soft side with a sub-50 reading – Tim Duy’s
Fed Watch
ISM Manufacturing
Drops Below 50; Lowest Since June 2009 – Bespoke
Huge Miss in May ISM;
Manufacturing Now in Contraction – Mish’s
The ISM report: US
manufacturing slowest since 2009 – Sober
Look
Huge Manufacturing ISM
Miss Sends Markets Soaring – ZH
Public Construction
Hits 7-Year Low – WSJ
Construction Spending
increased in April – Calculated
Risk
OTHER
World-Wide Factory Activity, by Country – WSJ
World-wide
manufacturing was moderately expanding in May, according to one index, even as
the U.S. moved into contractionary territory and the
euro zone's downturn continued.
The Full List Of 2013's Bilderberg Attendees – ZH
Housing bubbles and capital controls – A Fistful
of Euros
OFF-TOPIC
The Ten Suggestions – FED
Chairman Ben S.
Bernanke at the Baccalaureate Ceremony at Princeton University, Princeton, New Jersey