Danske Markets

After a second wave of sell-off in the fixed income markets, we expect to be sidelined for a while as far as delta exposures further out on the curve are concerned. Uncertainty is simply too high...

Market movers ahead We expect a 1.4% m/m increase in overall US retail sales in May on the back of an increase in auto sales and higher gasoline prices. Greece and its creditors will work on...

Bond yields rising going into the summer as reflation theme builds US data is turning and the Fed will soon become more hawkish EUR/USD to go lower when Fed hike becomes evident Stocks in limbo...

FX Quant Strategy provides a quantitative overview of the currency market, including several valuation tools and monitors, focusing on the FX options market. This week we recommend two FX option...

As expected, the Monetary Policy Committee (MPC) voted to maintain the Bank Rate and the stock of purchased assets at 0.50% and GBP375bn, respectively.The minutes from the May meeting are released on...

In April the net portfolio outflow was DKK5.6bn driven by domestic investment funds buying DKK21bn of foreign assets. It was the first month of net portfolio outflow since October last year.The...

Market MoversThere's not too much on the European agenda today apart from the continued focus on Greece. Bank of England has a policy meeting but is unlikely to make any changes. ECB's Liikanen and...

The ECB meeting provided little news and the introductory statement was broadly unchanged from mid-April. However, bond yields continued higher on Mario Draghi's comments despite his continued signal...

Now is the time to position for the final stage of the USD 'rocket'.ECB and Greece set to cap topside risk in EUR/USD near term.We recommend selling EUR/USD spot for a 1.0200 target.To Read the Entire...

Potential growth in the euro area is estimated to be much lower than the pre-crisis rate, implying the output gap will close quickly and the unemployment rate will continue to decline going forward. ...

Market Movers The main event today will be the ECB meeting, see ECB preview . We do not expect any policy changes or new signals. Draghi is likely to continue to signal a firm commitment to continue...

The European high yield credit indices ended the week only moderately wider but intra week the volatility was high. The iTraxx Crossover index closed yesterday at around 287bp but intra-week it peaked...

Danmarks Nationalbank (DN) purchased DKK in FX intervention for DKK35bn in May leaving the FX reserve at DKK658.9bn and accumulated intervention since the beginning of April at DKK68.9bn. We expect...

Euro-area HICP inflation increased to 0.3% y/y in May from 0.0% y/y in April. The biggest surprise was an increase in core inflation to 0.9% y/y in May from 0.6% y/y in April (consensus 0.7% y/y). ...

Norges Bank June rate cut is closed to fully priced in.Models, positioning and technicals suggests EUR/NOK downside.Sell EUR/NOK for a 8.3000 target.To Read the Entire Report Please Click on the pdf...

Market Movers German unemployment is expected to show a decline of 10k in May and an unchanged unemployment rate of 6.4%. The trend in unemployment has been down since Q4 and has now reached the...