Market movers
Today we have a relatively light calendar with the US flash estimate for Markit services PMI in April as the only notable data release. The services PMI has been much more resilient than the manufacturing PMI but it is expected to have eased slightly from its high level above 59 in March.
ECB Council members Coeure and Constancio are both scheduled to speak today in connection with a conference on 'European Financial Integration and Stability' in Brussels.
Outside Scandinavia focus should at least temporarily turn from Greece to the Fed and US data this week. We expect the Fed to largely repeat the message from the previous meeting in its statement on Wednesday and to view the current weakness as temporary, see FOMC preview released this morning.
US data this week include Q1 GDP (Wednesday), the employment cost index (Thursday) and ISM manufacturing (Friday). In the euro area the main data releases are money and credit growth (Wednesday) and preliminary CPI (Thursday) where we look for an end to deflation with a rise in the inflation rate from -0.1% y/y to 0.1% y/y.
On Wednesday focus turns to the Riksbank meeting where we look for a rate cut of 10bp and an expansion of the QE programme of SEK30bn to a total of SEK70bn, see Weekly Focus: Riksbanken to add fuel to the currency war , 24 April.
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