Market movers ahead
Some weak indicators are on the cards in the US and the Fed's tone is likely to be on the soft side, which the market has already discounted.
Numbers should again confirm low inflation in Europe but show a return to growth in Spain.
A rush of data could spell a volatile week for the Norwegian krone and it is worth keeping an eye on Danish data for any signs of a rate hike.
Global macro and market themes
The budget deal in the US has enabled markets to focus on the positives again: the prospect of a long period of recovery and low interest rates.
Weak data and political turmoil have sent bond yields down again but sooner or later we expect to see tapering and eventually rate hikes in the US, which have merely been postponed. There is little scope for further falls in yields.
Incoming data have disappointed somewhat but the European recovery is still on track and the euro could certainly strengthen further against the US dollar.
The Chinese economy is on the up again.
No rate changes or strong new signals from the Norwegian and Swedish central banks.
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