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Eurozone markets likely to be dominated by the Fed this week

EGBS
  • With much of Asia out for holidays (Australia, China, Hong Kong, Taiwan) it has been a rather subdued start to the week's trading. Bund futures are up 0.08 today at 172.96 with 10y Bund yields down -0.1bp at -0.275% and Schatz yields down -0.2bp at -0.689%.
  • Eurozone markets this week are likely to be dominated by the FOMC meeting (with the decision scheduled for Wednesday). Any discussion on pace of purchases or withdrawal of stimulus among the pickup in inflation in the US is likely to have knock-on effects to EGBs.
  • Domestically, speeches are likely to trump data this week. There are a number of speakers this week, with one of the highlights likely to be the ECB's biennial Conference on Forecasting Techniques which takes place Tuesday to Wednesday with an introduction from Philip Lane. Although likely to be more theoretical in nature, the ECB's staff projections provide important guidance to the Governing Council, and while we have only just received a new set of forecasts, some of the techniques presented could give greater insight into the evolution of these forecasts in the future.
  • On the data front, e have final reads of HICP data from a number of countries this week, but that is unleikly to be market moving.
  • Today's highlights are a speech from ECB's Schnabel (on climate change) and Eurozone industrial production.
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