Market movers ahead
Although the US job market has picked up, we expect Ben Bernanke to argue that full-on recovery is still some way off – as is any tightening of monetary policy.
In Europe, the week’s PMI, IFO, ZEW and consumer confidence data are unlikely to signal any great sea-change in the economy.
The Chinese PMI for March will shed some light on what is actually going on there after the big swings in data around Chinese New Year.
Global update
US retail sales are continuing to climb despite higher taxes and gasoline prices, and there were some strong data from the job market.
The EU countries seem slightly more open to more expansionary fiscal policy, while industrial production data revealed further decline in the euro area, albeit at a slower rate.
Data from China generally disappointed and it does not look like GDP growth will pick up in Q1, but there is uncertainty due to Chinese New Year.
Norges Bank signalled that a first rate increase in Norway is a year off and there may even be a chance of a further rate cut, but we consider this unlikely.
Focus
- We will be publishing new economic forecasts and analyses in the coming week: Global Scenarios on Tuesday and Nordic Outlook on Thursday.
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector.
This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange.
Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.