Danske Markets

Market movers today Key focus will be tonight's FOMC meeting. It seems increasingly likely that the Fed will change its forward guidance away from the 'considerable time' language to something...

International rates The Fed is still expected to hike in April 2015. With growth and inflation firming and markets expecting a relatively shallow hiking cycle, there is room for higher US rates. ...

Market movers today Main data releases will be German ZEW and UK inflation. The German ZEW index has been very weak lately, falling in August to the lowest level in almost two years. We expect a...

The downward pressure on EUR/DKK has intensified following the ECB’s Mario Draghi’s Jackson Hole speech and further easing on 4 September. Hence, we are lowering our EUR/DKK forecasts to...

Total credit growth remained weak in August and underlying credit growth was just 10.0% annualised in July and August, suggesting that China could finally have reached the stage where credit growth is...

This week the scorecard recommends buying AUD, JPY and NOK, while selling GBP, EUR and CHF. Last week's signals resulted in a 1.5% loss. Especially the long JPY position was expensive but in fact...

IMM data released last Friday revealed that investors slashed net EUR shorts for the first time in four weeks. The move is probably a reflection of profit taking in light of the recent EUR/USD move...

Only tier-2 data on the agenda today. The US Empire survey will give a first clue about business confidence in September. It is expected to still be at a robust level of 15. Industrial production data...

The general election in Sweden points towards a change of government from the centre/right "Alliance" towards the Social democratic and Green Party coalition supported by the Left party. We doubt we...

The August data released this weekend was markedly weaker than expected and suggests the loss of momentum in growth could be more severe than expected (see below for details). Particularly weak...

• Bank Rossii keeps rates unchanged. • Sanctions and weakening RUB are pushing inflation up. • NPL growth continues. • New sanctions get tougher than ever. Assessment and...

Market movers ahead The FOMC meeting is likely to put forward the timing of the first rate hike. We see a close to 50-50% chance of a change to the forward guidance. Overall, we believe the FOMC...

US retail sales for August were stronger than expected and suggest that consumer spending is gaining strength. This adds to the picture of the recovery moving into a higher gear, as capital goods...

Headlines • Slightly bearish tone in credit markets this week. • Full throttle ahead in the primary markets. • New methodology for banks flagged by Moody’s. • High regulatory...

The impact on the remaining UK economy in the event of a Scottish 'Yes' vote is very uncertain: debt burden could increase by as much 10 percentage points to above 100% of GDP, while the public...

On Wednesday next week the Fed will decide whether or not to change its forward guidance from the ‘considerable time’ language to a guidance linking it to the economic developments and how...