Market Movers
Focus continues to be on the Emerging Markets rout and moves in the oil price. Tentative signs of stabilisation have emerged but uncertainty is still high.
Euro area money and credit growth are expected to show solid gains. Real M1 growth is a good leading indicator and points to acceleration in growth over the next year.
The annual symposium in Jackson Hole hosted by the Kansas Fed will run from 27-29 August. The topic will be inflation dynamics and monetary policy. Research presented at previous symposiums has been important in shaping the thinking of the FOMC and with a very timely topic this could be the case this year as well. The programme will be released tonight at 01:00 CET.
The second release of the Q2 GDP data is likely to show a solid upward revision to 3.1% q/q AR from 2.3%. The main factors behind the revision are a larger contribution from net exports and better growth in non-residential investments. US initial jobless claims and pending home sales are also up for release.
The Danish central bank took a step towards normalisation of the Danish fixed income and FX market yesterday.
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