Business

Bloomberg FX strategist, Vincent Cignarella, explains why for dollar bulls betting on a continued rise in the dollar, the lack of a strong move higher following last week's repricing of March rate hike odds may be an ominous development.

Dollar Bulls Despair as March Fed Hike Looks Like It's Baked In

Federal Reserve Chair Janet Yellen’s remarks Friday all but confirmed what traders rushed to price in last week: a rate hike mid-month is close to a lock.

• Geopolitics, Deutsche Bank drag global stocks lower (Reuters)
• Deutsche Bank Turnaround Plan Gets Mixed Reaction (BBG)
• Conservative Groups Jeopardize GOP Plan to Repeal Health Law (WSJ)
• Russian Hackers Seek Hush Money From Liberal U.S. Groups (BBG)
• Automakers Near a Victory on Rollback of Fuel Standards (NYT)
• Brought Down by Long Bust, Texas Oilmen Pray for Another Boom (WSJ)
• General Motors Waves Goodbye to Europe (BBG)
• PSA targets Opel turnaround as GM exits Europe (Reuters)

Despite its widely telegraphed $8.5 billion public offering with another $2 billion expected to be raised from asset sales, Germany's biggest lender is down sharply this morning as much as 6.9% (currently 6.1% lower) as Wall Street analysts dig through the details of the bank's latest massive restructuring, which as reported yesterday seeks to undo many of the changes implemented by CEO John Cryan over the past two years (and which will lead to an 80% reduction in the bank's 2016 bonus pool).

At the end of January, the Euro soared following an FT piece in which Trump's trade advisor and director of the White House National Trade Council, Peter Navarro, launched what was then seen as the first shot in the transatlantic trade wars, when he accused Germany of using a “grossly undervalued” euro to "exploit the US and its EU partners", comments which triggered alarms in Europe’s largest economy.