Market movers today
* After financial markets have digested the outcome of the general election in Germany, focus will shift to flash PMIs for the euro area in September. The better-thanexpected Chinese manufacturing PMI released this morning suggests that global manufacturing is improving and we also expect euro area flash PMIs to have improved moderately in September.
* ECB president Mario Draghi is scheduled to speak before the European Parliament. We will look for signals suggesting that the ECB could be preparing to offer a new LTRO.
* After Fed’s surprise decision last week to delay tapering considerable attention will be paid today to speeches by several FOMC-members. Lockhart and Fischer are both non-voting hawks and will probably be critical of the decision. Most interesting will be the speech by Dudley as he must be considered a member of the ‘ruling’ majority supporting Bernanke on the FOMC board.
Read the full report: FX Daily
Danske Bank