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Friday, May 12

11th May - Minor panic selling from ATH



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EUROPE
Germany: Strong economy puts Merkel in pole position for election – Nordea
ECB Economic Bulletin, Issue 3 / 2017 – ECB
The ECB’s asset purchase programme and TARGET balances – ECB


UNITED STATES
Tim Duy: Pressure Builds on the Fed to Raise Rates Faster – BB
Ben Carlson: Rising rates often don't mean trouble for stocks – BB


REGULARS
Morning Report APACTF
New Zealand’s central bank kept interest rates at the record low of 1.75% and forecast they will remain there for an extended period. The NZD collapsed following the dovish comments from RBNZ Governor Graeme Wheeler.

FirstFT FT

WSJ CityWSJ

Danske DailyDanske Bank

Eye-OpenerNordea
BoE Super Thursday, Swedish inflation and Norwegian budget * After a calm day where yields inched lower, keep an eye on the Italian auctions * NOK rallies on oil

Morning MarketsTF
Crude oil futures have retaken the key $47 and $50/b levels in WTI and Brent on the back of larger-than-expected inventory drawdowns in the US. The news has boosted Asian equities and energy shares in particular.

From the FloorTF
A Moody's downgrade of six large Canadian banks has sparked fears of broader collapse in Canada's credit markets, knocking the Canadian dollar despite 2017's biggest one-day rebound in oil prices. The New Zealand dollar fell on dovishness from the RBNZ.

Daily Market Comment Marc Chandler
Canadian and New Zealand Dollars Get Whacked, While Greenback Consolidates

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your Day BB

10 things you need to know before the opening bellBI

US OpenZH
Europe, US Futures Slip Despite Brent Bouncing Back To $51

Frontrunning ZH

FX UpdateTF
A very dovish RBNZ relative to expectations and a Moody’s downgrade of several large Canadian banks had the NZD and CAD in the doghouse overnight. Today’s focus switches to sterling on UK economic data and the Bank of England’s Super Thursday.


FINNISH
AamukatsausNordea
Englannin keskuspankilla supertorstai vuorossa | Ruotsin inflaation odotetaan nousseen | Norjan hallitus julkaisee korjatun budjettinsa