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Tuesday, May 3

3rd May - Quiet




Previously on MoreLiver’s:

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EUROPE
Speech Sabine Lautenschläger: The euro – idea and realityECB

Two Decisions from EuropeMarc Chandler
Turkey’s visa-free travel and 500-euro note

Paul Krugman’s Argument That The Eurozone Is Not An Optimum Currency Area Could Easily Be Applied To The USSocial Europe

Editorial: Europe's Refugee Deal With Turkey Is Working, Sort OfView / BB

Spring 2016 Economic Forecast: Staying the course amid high risksEC
Commission forecasts euro area growth of 1.6% and EU growth of 1.8% in 2016. Economic growth in Europe is expected to remain modest as key trading partners' performance has slowed and some of the so far supportive factors start to wane. As a result, GDP in the euro area is forecast to continue growing at modest rates over the 2015-2017 period.

Clive Crook: A Vote to Stay in the EU Isn't a Vote for EuropeView / BB


REGULARS
Danske DailyDanske Bank

Euro rates updateNordea

Eye-OpenerNordea
EUR/USD above 1.15, RBA cut rates, China PMI disappointed * Lower Danish FX reserves but no intervention? * The EUR/USD rate broke 1.15. We are looking to the 1.1650 area now * RBA cut benchmark rate by 25bp to 1.75%

Morning MarketsTF
The Reserve Bank of Australia surprised markets by cutting its policy rate by a quarter point to a record low 1.75% on Tuesday due to lower-than-expected inflation. Asian stock markets were mixed with Chinese shares up in the first day of trading this week after Monday's May Day holiday and Tokyo closed for Golden Week.

Euro wrap-up Daiwa

Daily Market Comment Marc Chandler
Dollar Continues to Push Lower

Daily Press SummaryOpen Europe
Former Chancellors Darling and Lawson trade blows over economic impact of Brexit * Cross party group claims EU membership central to fighting climate change and protecting the environment * Study shows EU migrants have higher employment rate than Britons * EU states could face fine of €250,000 for each refugee refused * German paper calling for more defence integration in EU to be delayed until after UK-EU referendum * Berlin restates commitment to concluding TTIP amid reports of concerns at the top level of the European Commission * Draghi rebukes ECB German critics * Germany’s right-wing party adopts anti-Islamic manifesto

Brussels PlaybookPolitico
TTIP leaks — Polarizing Poland

US OpenZH
"Unexpected" Australian Rate Cut To Record Low Unleashes FX Havoc, Global "Risk Off"

FrontrunningZH

FX UpdateTF
The Reserve Bank of Australia surprised consensus overnight with a quarter-point rate cut and by issuing dovish guidance which knocked AUD a few notches lower. Elsewhere USD weakness is mostly within the G3 as USDJPY stretched to new lows and EURUSD to new highs well clear of 1.1500.

From the FloorTF
With Monday trading dampened by the UK bank holiday FX markets in Europe this morning are starting on a sour note after the yen hit a new 18-month high the Aussie dollar was shaken by a surprise rate cut and the US dollar index slid to a 15-month low.
  

FINLAND & FINNISH
AamukatsausNordea
Kiinan tehdasteollisuuden vaikeudet jatkuvat yhä * USA:n tehdasteollisuuden hidas elpyminen jatkuu * Britannian teollisuuden ostopäällikköindeksi (PMI) pysyy heikkona * Raaka-ainevaluutat heikentyivät eilen