Danske Markets

• Our short GBP/USD position has been hit by weak US data • We still believe that GBP/USD will fall up to UK election • We expect US data to improve and still call for a Fed hike in...

Riksbank doubles QE - bullish for long-dated government bonds, positive for 5Y/10Y flatteners and it makes 5Y covered look attractive too. We do not expect new QE until this one runs out but a rate...

Today's main event is the FOMC-meeting, see FOMC preview: Fed to downplay Q1 data weakness , 27 April. A statement from the meeting will be released at 20:00 CET and there will be no press briefing...

The latest IMM data cover the week from 14 April to 21 April 2015.IMM positioning data released on Friday reveal the fourth consecutive week of short covering in speculative JPY positioning. As a...

The Office of National Statistics just released the first estimate of UK Q1 GDP growth (based on approximately 44% of the information). The figures show that growth slowed in Q1 15, down to 0.3 % q/q...

Euro implications Grexit - what if? p. 2: Our main scenario is still that Greece will remain in the eurozone as we expect the current 'game of chicken' to end eventually with the Greek political...

The SEK has traded on a weak note in recent days, ahead of the Riksbank's policy decision due tomorrow at 09:30. In our view this reflects expectations in the currency market of a clearly dovish...

Market movers today In the UK we expect GDP growth to have eased a bit to 0.4% q/q in Q1 15 from 0.6% q/q in the previous quarter, as hard data in terms of retail sales, production and construction...

Market overview Fed and BoE likely to postpone rate hikes Progress on Iran nuclear deal Theme: NDFs an important EM risk management tool Easier to price NDFs against Scandinavian currencies ...

Credit spreads tighter after Greece reshuffling in negotiation team High primary market activity Q1 earning season intensified with overall good results primarily driven by currency effects The...

Synthetic HY credit spreads tightened last week. The iTraxx Crossover tightened some 14bp over the week. Despite significant intra-week spread widening, the Nordic HY cash market (measured by our...

There is a heavy calendar in the US this week and we see potential for a shift upwards in the market's fed funds rate expectations on the back of positive data releases and the tone in the FOMC...

This week the scorecard recommends buying CAD, NZD and AUD, while selling GBP, JPY and EUR. Last week's signals resulted in a 0.4% loss. Especially the short GBP and NOK positions were expensive. ...

Market movers Today we have a relatively light calendar with the US flash estimate for Markit services PMI in April as the only notable data release. The services PMI has been much more resilient...

We expect the FOMC statement to acknowledge the weakness in recent data but to emphasise that the Committee still views the soft patch in US growth as caused at least in part by temporary factors. The...

The key event in Sweden will be on Wednesday (at 09:30 CEST), when the Riksbank publishes its monetary policy decision. We expect a small repo rate cut (10bp) to -0.35% and an expansion of the...