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EUROPE
Ashoka Mody: Unwinding of the pound carry trade – vox
Between the first
quarter of 2013 and the end of 2015, London property prices rose rapidly, the
exchange rate appreciated, and the current account deficit widened. This column
argues that the rise of the pound was in fact a financial bubble, riding on a
property price-exchange rate carry trade. This unsustainable bubble was
deflated by Brexit.
5 things to watch in France’s conservative
primary – Politico
Matteo Renzi to lose constitutional referendum:
polls – Politico
Fear of Putin and a Baltic War Intensifies With
Trump’s Victory – BB
Desperation, anger, and
distrust permeate both sides of the Russian frontier.
UNITED STATES
Editorial: Trump Should
Flatter Putin, Not Embrace Him – View / BB
Financial Conditions Are
Rigged Against Donald Trump – BB
Yellen testimony:
December rate hike: check – Nordea
OTHER
Yield Forecast Update – Danske Bank
From reflation to Trumpflation
Asia monthly – Nordea
Trumpening happened, what now?
A higher global risk
premium and the fall in equilibrium real interest rates – vox
The Rebel Economist Who
Blew Up Macroeconomics – BB
Paul Romer takes World Bank job after trashing his discipline * Outraged
fellow economists accuse him of intellectual arson
REGULARS
Danske Daily
– Danske
Bank
Eye-Opener
– Nordea
Yellen takes centre stage * US CPI
inflation on track to accelerate to 2% by year-end? * Renewed peripheral
selling pressure * USD strengthens as a December Fed hike probability close to
100%
Morning Markets –
TF
The US dollar is on a mighty roll no
question about that and its most prominent victim this morning is the European
single currency which has has dipped beneath $1.06 for the first time since
December last year.
Euro wrap-up
– Daiwa
Daily Market Comment
– Marc
Chandler
Revaluation of the Dollar Continues
Daily Market Comment
– Macro
Man
Five fun Friday charts
Daily Press Summary
– Open
Europe
Schäuble suggests UK might have to
keep contributing to EU spending until 2030 *
Obama calls for “smooth and
transparent” Brexit negotiations * “Europe can die”, French PM warns * Retail
sales show highest rate of growth since April 2002 * German Finance Ministry
rejects European Commission’s call for more fiscal stimulus in Eurozone
Brussels Playbook
– Politico
Oettigate goes nuclear — Merkel,
leader of the free world
US Open – ZH
Euro In Historic Slide As Dollar
Surge, Bond Rout Continues
Frontrunning
– ZH
FX Update –
TF
Fed chair Janet Yellen failed to
throw out any roadblocks for the strong USD trend and the greenback blasted
higher across the board with EURUSD below 1.0600 overnight and USDJPY blasting
above 110.00.
FINNISH
Aamukatsaus – Nordea
EURUSD jatkoi laskuaan * Uusien
työttömyyskorvaushakemusten määrä USA:ssa laski alimmilleen sitten 70-luvun *
Yellen vahvisti markkinoiden odotukset joulukuun koronnostosta * Tänään ääneen
pääsevät EKP:n ja Bundesbankin johtajat Draghi ja Weidmann