Market movers ahead
With expectations of low inflation for several years to come, the ECB is likely to announce the easing of monetary policy when the bank presents its inflation forecast for 2016 - however, at this time, probably not in the form of an actual rate cut.
How much of the recent weakness in US data can be put down to the weather? The February labour market and ISM data will shed some light.
PMI and production data from Sweden and Norway could very well fall on the back of recent significant increases.
Global macro and market themes
Euro area inflation did not fall further in February but is still very low and the ECB is about to acknowledge that it will remain low in the medium term and so monetary policy should be relaxed.
Janet Yellen has stressed that it will take a lot to change the Fed's policy of tapering, which we expect to continue despite data still being mixed.
The Chinese central bank has allowed an unusual depreciation of the yuan but we do not see this as a sign of crisis.
GDP growth surprised on the downside in Denmark and the upside in Sweden, but in both cases this was mainly due to technical factors. There is still a good case for a rate cut in Sweden.
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