It is all about the ECB today. We expect Draghi to deliver a new 'menu' of aggressive monetary easing consisting of: a 20bp deposit rate cut accompanied by a two-tier deposit rate system, stronger forward guidance plus an QE extension to December 2016 and an expansion of the monthly purchases to EUR75bn, see ECB Preview: Time to fulfil the high expectations , 27 November, for details. Fixed income markets are aggressively priced ahead of the meeting with at least some 15bp rate cut pencilled in for today. Importantly, we expect the December package to be the end of the easing cycle as we look for a strong euro-area recovery in 2016. The rate announcement will be at 13:45 CET and Draghi's press conference will start at 14:30 CET.
In the US, the ISM non-manufacturing index is expected to decrease a little to 58 from the October figure of 59.1. This is still a very high level indicating that the domestic part of the economy is in good shape. If the services sector holds up reasonably well, this should pave the way for the Fed despite the dire manufacturing ISM earlier this week. Note also that Fed's Yellen and Fischer will be speaking today.
Swedish and Norwegian central-bankers set to speak, see Scandi Markets.
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