Market movers today
• There are no major market movers but plenty of tier-two data. Kick-off at 08:00 CET with German consumer confidence, which is expected to show a small uptick.
• Spanish GDP is likely to have declined just 0.1% q/q in Q2 as already suggested by Banco de España. Data suggest that the recession may soon come to an end. Nevertheless, the housing market and banking sector continue to look fragile.
• The European Commission’s confidence indicators are expected to show further improvement in July across sectors.
• German inflation is expected to remain unchanged at 1.9%. Looking further ahead we expect German inflation to remain somewhat below 2%.
• US consumer confidence and Case-Shiller housing market index will be watched carefully ahead of the FOMC meeting tomorrow.
• Swedish GDP is likely to have grown 0.7% y/y wda. This is a bit below the Riksbank’s 1.2% forecast but unlikely to be weak enough to trigger a rate cut.
Read the full report: FX Daily
Danske Bank