Macro-prudential policies are key to cope with systemic risk – ECB’s Constancio


Since the summer, we have argued that the potential for a further EUR/NOK move lower in 2017 was increasingly limited on the back of, for example, the outlook for relative rates, the oil price, seasonality and speculative positioning. With the latest set of disappointing economic data releases, we think this case has been strengthened. In addition, the 2018 fiscal budget was a potential NOK positive but at a fiscal impulse of 0.1pp, it turned out neutral. Since the summer, we have argued that the potential for a further EUR/NOK move lower in 2017 was increasingly limited on the back of, for example, the outlook for relative rates, the oil price, seasonality and speculative positioning. With the latest set of disappointing economic data releases, we think this case has been strengthened. In addition, the 2018 fiscal budget was a potential NOK positive but at a fiscal impulse of 0.1pp, it turned out neutral. Since the summer, we have argued that the potential for a further EUR/NOK move lower in 2017 was increasingly limited on the back of, for example, the outlook for relative rates, the oil price, seasonality and speculative positioning. With the latest set of disappointing economic data releases, we think this case has been strengthened. In addition, the 2018 fiscal budget was a potential NOK positive but at a fiscal impulse of 0.1pp, it turned out neutral. Since the summer, we have argued that the potential for a further EUR/NOK move lower in 2017 was increasingly limited on the back of, for example, the outlook for relative rates, the oil price, seasonality and speculative positioning. With the latest set of disappointing economic data releases, we think this case has been strengthened. In addition, the 2018 fiscal budget was a potential NOK positive but at a fiscal impulse of 0.1pp, it turned out neutral.

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  • US economic data next on tap election focus.
  • North Korea, Japanese snap election focus in the background.
  • As of writing the pair is retreating 0.01% at 112.18 facing the immediate support at 111.78 200-day sma.

USD/JPY looks to USTs, US data a.

In the meantime, spot appears to have found some decent support in the 111.70 region.

North Korea and the (high) probability of an LDP victory at the Sunday elections in Japan.

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The pair is struggling to add gains to yesterday’s advance against the resurgence of all the.

USD/JPY levels to consider focus focus focus focus:

 

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