Danske Markets

Financial markets will again be looking for clues about timing of tapering and possible strengthening when Fed chairman Ben Bernanke speaks late tonight. In Germany we expect only a slight...

This week the scorecard recommends buying JPY, USD, CAD while selling EUR, NOK, NZD. The USD/JPY rose more than 1% and broke above the 100 level in the week ending Friday 15 November. According to...

On 12 November we entered a long position in the NOK/SEK based on relative yields and relative inflation (SEK under pressure - NOK/SEK supported by relative yields). We argued that on the back of the...

The latest IMM data covers the week from 5 to 12 November. Speculative investors scaled back on net long EUR, GBP, AUD and CHF positions, and bought the USD in the week ending 12 November. In...

Market movers today Today there might be focus on the political situation in Italy after Silvio Berlusconi's Freedom Party officially split during the weekend. If anything it appears to have...

We believe the Riksbank will cut rates by 25bp in December. The Riksbank's three weeks' old inflation forecast was 0.4pp off the mark, and we find nothing that implies a return to its path when...

Review In the past month, rates have continued lower and yield curves have steepened further in Europe and the US, driven by dovish central banks, mixed data, and declining inflation. The ECB in...

We continue to see potential in the housing recovery despite the increase in mortgage rates.Housing activity remains depressed compared with any longer term sustainable level and prices are not...

Starting on Monday 18 November (depending on market conditions) SBAB will start introducing a new 5Y covered bond (SE0005468022) maturing on 19 December 2018. The coupon rate is set at 4%. The initial...

We continue to have a positive USD view for 2014. Relative monetary policy with the ECB on easing bias and tapering from the Fed should continue to push the EUR/USD lower. We now forecast that the...

The euro area's manufacturing PMIs are expected to be broadly unchanged in November, but still consistent with a slight improvement in growth. In the US minutes from the October Fed meeting could...

Central banks are on diverging paths these days. In the US the strong payroll report put Fed tapering back on the agenda. Average job growth in the past three months is now 201k, which is broadly...

The final euro inflation figure will be interesting after the flash estimate dropped to 0.7% and the ECB cut the refi rate. The final German and Spanish figures were revised downward, but we estimate...

Following low inflation data, the ECB's rate cut and slow data, we think probabilities have flipped over to a December rate cut. However, if the Riksbank decides to stay on hold, the first hike will...

Two overall tendencies have dominated global financial markets sentiment. On the one hand, strong US macroeconomic data – for example the October labour market report and Q3 GDP numbers –...

GDP growth in Q3 eased to 1.9% q/q ann. (consensus 1.7%, DBM 2.0%) from 3.9% q/q ann. in Q2. The slowdown in growth was primarily driven by weaker private consumption and exports. Growth in private...