Market movers today
• In the US Chicago PMI is expected to fall back a bit to 55 following a surprisingly sharp rise last month to 58.7.
• The European Council meeting continues. Focus is on the European Semester, growth enhancing initiatives and how to tackle high youth unemployment.
• Several Fed speeches today (Lacker, Pianalto, Williams), which are likely to reiterate the message from other members in the past days that the Fed still sees the first rate hike far away.
• We expect Norwegian unemployment data to stabilise as construction activity has been increasing lately. Retail sales are expected to increase 0.7% m/m but fewer working days and more border trade could drag the actual change down.
• Swedish retail sales are expected to increase from 0.1% m/m in April to 2.5% m/m in May due to higher confidence.
Read the full report: FX Daily
Danske Bank