Market movers ahead
The FOMC minutes should reveal more information on triggers for the next rate hike. US regional surveys are due to give the first indications of August activity.
We expect UK data for retail sales and house prices to show more weakness following the Brexit vote.
Chinese property prices are likely to slow from strong increases.
There are no market movers in Scandinavia in the coming week.
Global macro and market themes
Risk sentiment has been supported by positive macro momentum, lower tail risks and monetary easing.
We see more upside for now but too-high earnings expectations and a potential loss of macro momentum are looming.
Bonds are still supported by QE.
We expect EUR/USD to be range bound in coming months before moving higher.
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