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EUROPE
Top EU Official Calls Election of Trump, Le Pen
and Johnson “A Horror Scenario” – WSJ
Cameron, Merkel, Renzi
and Hollande facing domestic challenges * Brexit to French strikes, refugees
and elections occupy voters
The higher oil price
will lift the ECB’s inflation projection implying there is no need to do more
easing now and the ECB can concentrate on implementation. We have thus altered
our earlier expectation on a 10bp deposit rate cut. It will be challenging for
Draghi to communicate that there is no need for further monetary policy easing
but at the same time not to cause any tightening in the markets. We see a risk
Draghi’s words leading to somewhat higher yields and a stronger euro again.
GREECE
Europe's Pointless
'Breakthrough' on Greece – View / BB
Schäuble manouevres
through tortuous Greek deal – FT
IMF: No Cash Now for
Greece Because Europe Hasn’t Promised Debt Relief – WSJ
OTHER
G7 Summit: Risk of a Global Crisis, Maritime
Disputes and the Dollar
– Marc
Chandler
REGULARS
GBP pounds higher on “risk on”, oil
rises above 50, Norway oil survey due * Crucial figure for view on Norges Bank
* GBP rally continues as BoE repriced * Fed’s Bullard to guide rates higher
Brent has broken through the $50/b
barrier this morning for a seven-month high while dollar strength may be
bullying the likes of AUD and NZD but is under scrutiny against it major peers.
Euro wrap-up –
Daiwa
Dollar Softer in Consolidation Mode
Schrodinger's market
EU officials meet to discuss
contingency plans in event of Brexit * IMF suggests it is far from ready to
join third Greek bailout as Schäuble implies it’s a done deal * Merkel cabinet
agrees ‘carrot-and-stick’ integration law for migrants * Merkel “not worried”
about Turkey migrant deal as EU asks G7 for help with refugees * Commission
unveils ‘baby steps’ towards digital single market * Juncker warns China it
could face new EU tariffs on steel
New terror suspects
arrested — G7 — Boris bumbles
Futures Levitation Continues As
Brent Rises Above $50 For First Time Since November
The USD rally fizzled
accompanied by a mysterious spike in USDJPY overnight. USD traders' nerves will
remain on edge through the end of next week on the Fed’s clearly
data-dependence with a cluster of important US economic data releases ahead.
Today's Asian session
saw a pronounced 50 pip dip in USDJPY that analysts are struggling to account
for. With the macro data landscape favourable for this pair Saxo Bank head of
forex strategy John Hardy says the plunge was "mysterious" and may be
related to hedgining action ahead of month-end.
FINNISH
Yellenin
varovaisuus siirtyy syrjään? * Saksan Ifo-indeksi yllätti positiivisesti *
Norjasta saadaan tietoa öljyinvestoinneista * Britannia julkistaa
yksityiskohdat ensimmäisen neljänneksen BKT-luvuista