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Sweden: ECB Signals Low For Long‏

ByDanske Markets
Published 03/11/2013, 09:00 AM
Updated 05/14/2017, 06:45 AM
Market Movers

We expect retail sales in the U.S. to show only a slight increase in February.

Industrial production figures for January will likely show increases in the U.S. and China and a small decline in the Euro area.

We expect Haruhiko Kuroda to be approved as the Bank of Japan governor late next week. We also expect Koichi Iwata and Hiroshi Nakaso to be approved as new deputy governors.

On Thursday, we expect Norges Bank to keep rates unchanged.

Inflation figures due to be released in the U.S., China and Sweden, Norway and Denmark over the coming week should attract some attention.

Global Update
As expected, the European Central Bank kept all rates unchanged. The Governing Council discussed cutting rates but the consensus was not to as the council is content with the medium-term outlook for the euro area economy.

The Bank of England kept its policy in terms of rates and asset purchases unchanged at the meeting this week.

Apparently, UK Treasury officials are discussing proposals to change the remit of the Bank of England to coincide with the arrival of Mark Carney as the new governor in July.

As expected, currency reserve data showed that Nationalbanken did not intervene in February - therefore, an impending Danish rate hike does not seem likely.

ISM non-manufacturing increased in February, indicating resilient private consumption did not soften in response to the tax increase and higher gasoline prices.

The Bank of Japan did not announce any additional easing at this week's monetary meeting, which was the last meeting of Governor Shirakawa.

To Read the Entire Report Please Click on the pdf File Below.

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