•
Dollar weaker all around despite excellent
economic news
– All
yesterday’s US indicators were better than expected and better than the
previous month: existing home sales, Markit manufacturing PMI, Phili Fed
index, jobless claims
– USD
weakness must therefore have been in anticipation of dovish comments at today’s
Jackson Hole seminar
– I see USD
weakness as only temporary
•
NOK is biggest gainer
– Mainland
economy expanded 1.2% qoq in Q2, much higher than expected
– Strong
growth, high inflation, low unemployment make for a hawkish background to Sep.
18th Monetary Policy Report = NOK to remain
underpinned
•
Today:
– Canada: CPI for
July expected to slow, retail sales for June expected to decelerate =
CAD-negative
US: Fed Chair Yellen gives the
keynote speech at the Jackson Hole seminar for central bankers. The market
expects dovish comments on the continuing problems of the labor market,
therefore the risk is that her comments are more hawkish than expected. ECB
President Draghi also speaks
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