Market movers today
• We will continue to scrutinise Fed speeches for signs of an imminent scale down of Fed’s asset purchases. Kansas City Fed president Esther George will be speaking today and it will be no surprise if she argues in favour of terminating Fed’s QE as she is regarded as a hawk and has been very critical of Fed’s QE. The view of board member Sarah Raskin will be more interesting as she is regarded as neutral.
• If UK PMI for the construction sector also comes out stronger than expected, it will add further ammunition to the argument that additional easing will not be needed in the UK.
• Danish currency reserve data are expected to show that Danmarks Nationalbank (DN) did not have to intervene to support DKK in May. DN has not needed to intervene in the FX markets since January, which in turn has killed speculation about a near-term rate hike.
Click here to read the full report: FX Daily
Danske Bank