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Sweden's Political Uncertainty Weighs In Short Run‏

ByDanske Markets
Published 10/04/2013, 10:55 AM
Updated 05/14/2017, 06:45 AM
Friday's Market Movers

In the US focus will remain on negotiations about a temporary funding bill and raising the debt ceiling. With no near term solution in sight, the government shut-down could also postpone key data releases next week.

Minutes from the last Fed meeting will give important insight into its surprising decision to delay tapering.

In the euro area we expect industrial production data to have improved in August, suggesting that the softness evident in July was temporary.

In the UK Bank of England will be on hold for now with signs of an accelerating recovery but plenty of room before the unemployment threshold will be reached.

In Scandinavia focus will be on inflation data for September in Norway and Sweden.

Global Macro And Market Themes
We see risk of a further correction in the stock markets as we get closer to the 17 October deadline for an agreement on the debt ceiling in the US.

Hard data in the US suggest relatively subdued growth below 2% in Q3. A pick-up in growth is now expected in Q4 instead.

In Italy Berlusconi's fate in the Senate does no longer appear to be a major threat to the current government after it survived a confidence vote in Parliament.

In the euro area hard data continue to be encouraging and ECB did not promise further easing to counter higher money market rates in Europe.

We see further upside risk to EUR/USD in the coming weeks.

To Read the Entire Report Please Click on the pdf File Below.

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