Roundups &
Commentary
News – Between
The Hedges
Markets – Between
The Hedges
Recap – Global Macro Trading
Daily Risk Monitor – Global
Macro Monitor
The Closer – alphaville
/ FT
US: Bonds And Bullion Crunched, Stocks Unch'd – ZH
EUROPE
(for ECB, see the earlier Special, which has
been updated)
German elections 2013: On the Right,
Eurosceptics steal Merkel’s show
– Presseurop
The Birth of Fiscal Unions – Project
Syndicate
A fiscal union can
serve as a powerful mechanism for enhancing creditworthiness, while creating a
sense of solidarity among disparate countries. But such unions tend to work
only when there is an unmistakable shared security interest – something that
the EU lacks.
Banking Union in the Nordic context – BIS (pdf)
Keynote address by Mr
Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Nordic
Opportunities/SEB Seminar, London, 3 September 2013
Low for how long? Estimating the ECB’s
“extended period of time” – voxeu.org
The ECB has promised
to keep interest rates low for an “extended period of time”. In a broad hint to
the profession, President Draghi stressed a reasonable forecast of this period
could be extracted from a monetary policy reaction function. This column
presents one such forecast based on published macro forecasts and a reaction
function that fits the ECB’s past behaviour. The result is that ECB interest
rates will rise by May 2014 at the latest.
Towards a banking union – the state of play
from the ECB’s perspective – ECB
Speech by Jörg
Asmussen, Member of the Executive Board of the ECB, Handelsblatt Conference
“Banken im Umbruch” Frankfurt, 4 September 2013
Sweden: Selected
Issues – IMF
Sweden: 2013 Article
IV Consultation – IMF
Norway: Selected
Issues – IMF
Norway: 2013 Article
IV Consultation – IMF
Nordic Regional
Report: Selected Issues – IMF
Nordic Regional
Report: 2013 Cluster Consultation – IMF
UNITED STATES
What to Watch for in Friday’s Jobs Report – WSJ
Anticipating Friday’s Employment Report – dshort
Employment Situation Preview – Calculated
Risk
You can’t believe everything Larry Summers says
– Wonkblog / WP
If he raises a
concern, or asks what seems like a loaded question, you can’t infer that he
favors a specific course of action. He loves to think out loud, ponder every
side of a question.
The Market Impact of FOMC Minutes – FED
http://www.newyorkfed.org/newsevents/news/research/2013/rp130905.html
AUGUST
SERVICE ISM
Hits Highest Level
Since It Was Created in 2008 – WSJ
Soars To 58.6, Highest
Since 2005, Second Biggest Two Month Surge In History – ZH
Hits Highest Level
Since 2005! – Bespoke
ISM surprise, other
data point to solid employment report tomorrow – Sober
Look
Faster Growth Than
Forecast – dshort
58.6 in August, much
stronger than expected – Handelsbanken
58.6 indicates faster
expansion in August – Calculated
Risk
ASIA
The pictorial Indian FX swap – alphaville
/ FT
OTHER
Emerging Markets FX: Time for a pause – Nordea
EMEA Weekly, Week 37 – Danske
Bank (pdf)
TRIENNIAL CENTRAL BANK SURVEY
FX and derivatives
market activity in April 2013 – BIS
Interest rate derivatives
turnover in April 2013 – BIS
Global FX trade jumps more than a third in 3
years to $5.3 trillion a day: BIS – Reuters
Trading in foreign
exchange markets jumped by more than a third in the past three years to $5.3
trillion a day, or around 90 percent of Japan's entire annual economic output,
a leading central bank survey showed on Thursday.
The $5.3 Trillion a Day Currencies Market: 5
Things You Need to Know – WSJ
Swaps and FX trading gets non-dealer boost – IFRE