The Fed surprised the markets yesterday as it did not reduce the monthly bond buying -- basically, the recent tightening of financial conditions will be not allowed to continue given the risk to the recovery. Hence, rates and volatility are expected to decline going forward. As seen yesterday, this is very positive for the stock market.
Initial jobless claims in the US are expected to provide more information about the underlying trend as last month's decline was due to technical factors.
Existing home sales in the US will also attract attention, as housing market indicators such as mortgage applications suggest the recent increase in mortgage rates is taking its toll on housing activity.
The Swiss National Bank (SNB) will announce the result of its Q3 monetary policy meeting. With no inflation and a still strong franc we expect the SNB to keep its policy unchanged and hence to maintain the 1.20 minimum target on EUR/CHF. While money growth has accelerated and the economic outlook in general has improved, we doubt that the SNB will begin to discuss monetary policy exit already at today's meeting.
Norges Bank meeting is at the top of the agenda for the Scandies.
To Read the Entire Report Please Click on the pdf File Below.
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Thursday's Danske Daily
Published 09/19/2013, 11:27 AM
Updated 05/14/2017, 06:45 AM
Thursday's Danske Daily
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