Today’s data calendar is rather thin. In the US, the main focus will be on the releaseof housing starts and building permits for May as well as the release of theUniversity of Michigan confidence indicator. The housing market has been a pointof weakness lately, as the soft trend in housing starts continued in March and buildingpermits actually declined, and the severe weather conditions during the winter monthsdo not seem to be the only depressing factor. Recently Fed chair Yellen has noted theweakness in housing, and though the bar appears high for a pause in tapering, it willbe interesting to see if the current weakness persists.
This morning, ECB’s Coeure will be speaking in Warsaw and his comments will beclosely followed for clues on potential upcoming easing measures, after several ECBboard members have been in the media discussing the ECB’s options. St Louis FedPresident James Bullard (non-voter) will also speak today.
Ireland features on Moody’s sovereign rating calendar for today and there had beenno news at the time of writing. Ireland is currently rated ‘Baa3’ (positive).
Read the full report: FX Daily
Danske Bank