Macro commentaryIndexes and US bonds are relatively flat. Traders are looking into FOMC tomorrow.

RBA emphasizes the overvaluation of AUD given dropping mining investments and commodity prices decline on international market.

Today UK will publish its inflation data which will help to build the bigger fundamental picture with tomorrow’s employment release and BoE minutes.

Swiss National Bank is focusing some attention this week as ECB moved toward dovish monetary policy, introduced negative deposit rate and announced an asset purchase program (QE). EUR/CHF headed near 1.20 peg level and some traders speculate about possible SNB’s move to hold Swiss appreciation and defend peg.

EMU is releasing ZEW economic sentiment data which is deteriorating since February this year and new EU sanctions aimed at Russia will probably weigh further on economic sentiment.

In the afternoon comes US PPI which may be soft after weak production data that’s been released yesterday. PPI is a part of CPI (tomorrow) that’s being tracked by FOMC (also tomorrow) and therefore it might have some impact on market expectations.

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