In Sweden we are particularly interested to see how industrial production fares(Friday 08:30) following the very strong reading in November. We need to see acontinuation of that trend in December to feel comfortable with our rather optimisticcall on GDP growth in Q4 (0.8% q/q). Other outcomes of interest during the weekare Manufacturing (Monday at 08:30 CET) and Services PMI (Wednesday at 08:30CET) and, not least, manufacturing orders (Friday at 09:30 CET).
In Norway the coming week brings January data for the PMI and December data forindustrial production. Given the strong Q4 business tendency data, we believe thedownside risk is limited and predict a rise in the PMI to 52.5 and an increase inindustrial production of 0.4% m/m.
On Tuesday Danmarks Nationalbank is set to publish January’s currency reservefigures. EUR/DKK has traded above the central rate and perhaps close tointervention levels over the past couple of weeks; hence, it cannot be ruled out thatDN has needed to step into the market in January to support DKK.
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Danske Bank