Market Movers
Today's market movers are most likely to be central bank speeches. ECB's executive board member Coeure and chief economist Praet are both scheduled to speak. ECB members have in general sounded dovish since the latest ECB meeting in the beginning of September and following the downward revision to euro inflation for August the market will scrutinise the speeches for any hints on future ECB policy.
Fed member Lockhart, who is a voter and considered dovish, is also scheduled to speak. He will talk about the US economy but it is unclear whether there will be a Q&A session. In case he takes questions from the audience, attention will be on additional information about last week's dovish message from the FOMC.
In terms of data, US existing home sales are due for release and we expect the upward trend to have continued in August.
During the rest of the week focus will be on the Norges Bank meeting, global PMIs and euro area lending figures.
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