Swedish Week Ahead No 21
Temporary lower unemployment in April NSI: CPI significantly lower than forecasts
Temporary lower unemployment in April NSI: CPI significantly lower than forecasts
The credit rating upgrade by Moody's to investment grade is of course good news and a significant step for Turkey. However, a credit rating upgrade raises expectations of further capital inflows. This puts further strengthening pressure on the TRY and more pressure on the CBRT to control it, until the economic outlook brightens.
Exporters will be in the focus on the next week as tax payments are coming. RUB will get extra support and thus it will help to resist external risks which are increasing. US economic data continued to disappoint -the Philadelphia …
We expect rates to remain within the trading ranges that we have seen since the end of last year
• Q4 was a soft spot and mainland growth in Q1 is about as expected • No need for Norges Bank to change view based on today’s figures. GDP growth in Mainland Norway was 0.7% q/q in Q1. Our forecast …
CBR again kept all key rates unchanged but cut longer term REPO and other rates. Market was waiting for more dovish decision and thus RUB behaved quite strongly yesterday taking into account oil market poor dynamics. CBR again put an …
There is no reason to change view on Norges Bank if we are right, but if growth ends up say below 0.5% we will start thinking about a June cut again.
Currency basket priced almost unchanged, dropped by 3 kop (till 35.52). Despite the oil market correction and USD strengthening, exporters’ sales still provide RUB with some support. The situation will remain calm – at least till the CBR decision re …