Improvement in Japan's fiscal balance expected

Jun 19, 2015 08:06 am UTC| Commentary

A trend reversal appears to be taking place in the Japanese economy: the growth rate of nominal GDP ("expansionary power", or a driver of increasing tax revenue) is stronger than the ten-year JGB interest rate...

Russian assets seized in Belgium, France - can spread to the rest of the EU and also the US?

Jun 19, 2015 07:56 am UTC| Commentary

Following last years ruling by an international court over the Yukos affair, requiring the Russian state to pay USD 50bn as compensation, a Belgian court has ruled in favour of the seizure of around EUR 1.65bn of...

QE purchases cuase liquidity surplus to reach €400bn next week

Jun 19, 2015 07:55 am UTC| Commentary

The June TLTRO settles on Wednesday, 24 June, which is the settlement day of next weeks MRO. A very large part of the TLTRO take-up will represent an injection of new liquidity since the roll from the existing ECB...

EUR-CZK moves closer to 27.00 floor

Jun 19, 2015 07:52 am UTC| Commentary

EUR-CZK has been drifting lower towards its 27.00 floor, and reached its lowest since mid-March yesterday: the difference with mid-March however is that the EUR was rapidly weakening then, and CZK was struggling not to...

Norges Bank indicates future rate path

Jun 19, 2015 07:49 am UTC| Commentary

It was clear that Norges Bank was going to cut rates. The Norwegian central bank surprised by signalling a further rate cut in September in an unusually clear manner for a central bank. The likelihood was higher than 50%,...

ECB's June TLTRO indicates banks borrowing meets expectation

Jun 19, 2015 07:33 am UTC| Commentary

At the ECBs June TLTRO, 128 banks borrowed about 73.8bn of liquidity. Such result is broadly in line with the expectations of 80bn (consensus, 60-80bn). As a reference, at the previous three TLTROs, the ECB allotted a...

Greece likely to impose Capital controls without breakthrough

Jun 19, 2015 07:06 am UTC| Commentary

Heads of state, Euro area have scheduled an emergency summit for 22 June in which could be the last attempt to strike a deal to prevent a financial crisis for Greece.With the end-of-June IMF deadline fast approaching,...