There are no vital market movers scheduled for the week to come.
ECB President Jean-Claude Trichet speaks in Bremen on Friday. We
expect Trichet (again) will call for a strengthened EU-coordination to
place further difficulty on European leaders.
Also Friday, troubled Spanish GDP figures for Q4 are released. We
project a slight increase of 0.2% q/q.
In Norway CPI figures for January are released on Thursday.
*Global update*
Both the US ISM and the European PMIs signal a very strong start to
2011 while the Chinese PMIs were more mixed.
ECB and FED rhetoric signals that hikes are still far away. At the ECB
governing council meeting Jean-Claude Trichet was slightly more dovish
in his rhetoric.
Despite strong US figures Fed chairman Ben Bernanke focuses on high
unemployment, so we continue to look for the first hike around
mid-2012.
*Focus*
The ECB turns market focus to inflation and the Fed to deflation.
Especially after the recent movement in EUR/USD, standard- to
long-term upside for the currency pair remains.
*Full Report in PDF*
Source: ActionForex.Com
No comments:
Post a Comment