Market movers today
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- German IFO expectations are projected to decline in line with the decrease seen in the German manufacturing PMI in June. The current IFO assessment is also likely to decline slightly in June, but both indices are still expected to be at fairly high levels.
- Angela Merkel will be speaking at the CDU convention in Berlin about the CDU election platform. Much of the party programme (no new taxes, a balanced budget, family-friendly) was already revealed at a speech held by Merkel yesterday.
- Fed's Richard Fisher will be giving a lecture on U.S. monetary policy and economy in London.Market participants will listen for messages on QE tapering, but keep in mind that Fisher is a hawk and non-voter.
- We believe the spike in EUR/SEK is overdone. There is more downside than upside risk to EUR/NOK after last week's sharp rise.
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