Market movers today
• In terms of data releases we have a relatively thin calendar. ECB will announce the weekly repayment of the 3Y LTRO, which is likely to attract attention after excess liquidity has dropped to below EUR250bn. Money market fixings have been moving upwards although the trend in the weekly LTRO repayment has been decreasing and is currently below EUR3bn.
• The main release in the US will be the final University of Michigan confidence data. The leading indicator jumped in May and has since been broadly flat. The improving housing market is a supportive factor while sequester concerns do not seem to have impacted the overall economy as negatively as feared.
Read the full report: FX Daily
Danske Bank