Market Movers ahead
The most important event in the Nordics is the Riksbank's announcement on Tuesday at 09:30 CET. Although we expect the Riksbank to stay on hold, we expect it remove the small rate cut probability in the updated rate path.
In Denmark, the FX reserves data for June is due out on Tuesday, which we expect to show that Danmarks Nationalbank did not intervene.
In Norway, it will be interesting to see whether house prices continued to fall in June given that they fell the most since the financial crisis in May.
In the US, several important releases are due out. Most important are the jobs report for June, ISM manufacturing, the FOMC meeting minutes and FOMC speeches.
In the euro area, the unemployment rate for May is due out on Monday.
Global macro and market themes
Central banks are beginning to discuss 'when to leave the party'.
Interestingly, both Mark Carney and Mario Draghi argue that a constant monetary policy is becoming more accommodative as the economy continues to recover.
There is a risk that central banks are too optimistic, as inflation expectations remain low.
Mario Draghi let the stimulus exit genie out of the bottle and we expect EUR/USD to move higher in 12M.
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