Danske Bank analysts point out that the Bank of Russia (CBR) will announce its decision on the key rate and the central bank governor will hold a press conference and will be a key event for markets today.
“Together with Bloomberg and Reuters consensus, we expect a 25bp cut to 7.50% as the central bank has stated its confidence about decelerating inflation, and external conditions (lack of new anti-Russian sanctions by the US) are not shaking up the RUB.”
“In Europe, it is quiet on the data front and markets will stay tuned to the political headlines ahead of next week's EU summit and the ECB's Sintra Forum.”
“On the Scandi markets, today's big event will be the Swedish May inflation figures.”
“In the US, we get a range of data releases to keep an eye on today in light of the increased uncertainty over the macro outlook, notably industrial production and retail sales for May. In addition, the first estimate of consumer confidence from the University of Michigan for June is due out.”
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