Danske Markets

The euro area housing market is extremely diverse; in terms of housing markets,it comes across as independent economies rather than a single market.At the one end, the German housing market is warming...

Market movers todayThe main market mover on Friday was the labour market report in the U.S.. We have scaled down our forecast for non-farm payrolls from 190k to 180k, given the drop in the employment...

The May job report showed 175,000 in job gains in May, and a small downward revision leaves the three-month average at 155,000. This is consistent with some slowing in GDP growth in Q2, but is still...

Market movers aheadWe believe U.S. retail sales advanced at a decent pace in May. We are looking for a marginal increase in the University of Michigan survey.The calendar in the euro area is thin, but...

Sell (rec) FRAJUN14 versus buy (pay) JUN15 in a curve steepener but with more risk in the front contract, thus a long delta position. Open position @ +38bp. Potential target @ +52bp, stop @ +28bp....

Finland is a well-functioning economy with good institutions, a high educational level and strong fundamentals for economic development despite current challenges. Finland is ranked 11th in the world...

Market movers todayThe likelihood of a cut in either the refi rate or the deposit rate in connection with today's ECB meeting is, in our view, extremely low - not least after PMIs released across the...

Despite the fact that we currently find Russian monetary policy to be excessively tight, we expect the Russian central bank (CBR) to keep all its key policy rates unchanged on Monday. There are...

It is time to add long term optionality in USD hedges in order to preserve profit potential in the event of a lower EUR/USD. We have highlighted that while the EUR/USD is expected to remain trendless...

The discussion in the Governing Council was not on whether to cut rates or not. Instead, focus was on whether there had been enough changes to warrant action and the conclusion was that this was not...

In 2011, the European debt crisis spread to Italy, which caused the interest rate on 10-year government bonds to rise to a record high around 7%. Former Prime Minister Silvio Berlusconi was forced to...

Market movers todayU.S. ISM non-manufacturing will be followed closely, given the surprise drop in the manufacturing ISM. We expect an improvement, which if confirmed would support the thesis that the...

If the analogy to the Fed stopping its asset purchases and hiking rates is removing the punchbowl just when the party gets going, then what is the analogy to the Fed reducing its asset purchases?...

Market movers todayWe will continue to scrutinise Fed speeches for signs of an imminent scale down of its asset purchases. Kansas City Fed president Esther George will be speaking today; it will be no...

We expect the European Central Bank (ECB) to keep policy rates unchanged at Thursday’s meeting. The EUR/DKK has been relatively stable below the central rate since the 24 January independent...

Time to fade the sell-off in the belly of the EUR swap curveReceive 1Y EUR swaps, 2Y forward (versus 6M Euribor)Enter ½ position @ 0.925%, with an option to enter next ½ position above...