Central bank communication is currently the main market driver. Fed chairman Bernanke will repeat yesterday's testimony - this time in front of the Senate (see below). The session will include a Q&A as well. The overall message is expected to be little changed but changes in communication during the Q&A session could move the Treasury market. In the euro area ECB's Asmussen is due to speak at 09.00 CET.
In terms of data releases, focus will be on the US. The Philly Fed is expected to decrease slightly in July after a strong June reading (the highest since April 2011). Initial jobless claims are expected to drop back below 350 after last week's 360K reading.
German Finance Minister Schäuble will visit Athens today. WSJ reports that Schäuble plans to discuss a loan programme of up to EUR100m to SMEs in Greece, financed by the German KfW. Initial negotiations on how a potential gap in the EU/IMF package to Greece should be financed could also be on the agenda.
In the euro area FI markets the main events will be the government bond auctions in France and Spain. Spain will be tapping the 3Y, 5Y and 10Y. Despite the recent issuance of a new syndicated 15Y and today's issuance the 10Y segment has outperformed Italy the past week by about 10bp.
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Danske Daily: Central Banks Driving The Markets
Published 07/18/2013, 07:56 AM
Updated 05/14/2017, 06:45 AM
Danske Daily: Central Banks Driving The Markets
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