In the euro area the main event today will be the release of money supply M3and credit data for August. As usual, focus will mainly be on the credit data.According to the ECB’s most recent bank lending survey, banks have continued toease credit standards and demand for new loans also appears to be improving. Hence,we expect the contraction in new loans to have eased further in August.
In the US, it is unavoidable that the headline durable goods orders contractedmarkedly in August in the wake of the 22.6% m/m surge in July that largelyreflected a huge new order for new Boeing aeroplanes. However, the underlying trendin core durable orders has also been strong, suggesting acceleration in business capexin Q3.
ECB president Mario Draghi is scheduled to deliver at speech at 09:00 CET inVilnius, Lithuania. In a interview with a Lithuanian newspaper published thismorning, Draghi says that the ECB is ready to use additional non-conventional tools ifits inflation target is under threat, see WSJ. Bank of England governor Mark Carneyis also scheduled to speak today.
In Scandinavia, household lending will be released in Sweden while in Denmark theSystemic Risk Council will be meeting.
Read the full report: FX Daily