DB Today -Global/Macro:Thursday,20July 2017

Credit Strategy - Early Morning Reid - Jim Reid

    We'll all be glued to the TV this afternoon as today sees the last main scheduledmacro event before the summer slow season well and truly kicks in. In saying thatI'm sure I'm tempting fate but if Mr Draghi doesn't surprise it feels that after hispress conference today (1.30pm BST) it may be relatively quiet on the macro frontuntil the Jackson Hole Symposium on August 24th-26th. The Bank of Englandmeeting in two weeks is surely less interesting post this week's inflation figure soall eyes on the ECB. The Fed rate decision next week could bring further detailson the balance sheet discussion but is also unlikely to be a meeting with a bigsurprise.

    FX Strategy - FX Daily - George Saravelos

    AUD/USD has broken the top of two-year range in recent days, driven by (1) asoft USD, (2) a firm China/commodity story, (3) slightly hawkish RBA minutesfollowing solid data. While the first two factors could persist, we doubt the lastone will, and thus see AUD as close to a peak.