Quiet start to the week on economic data front, but early moves seen
All eyes on the USD as we start this week and the hawkish dot plot shift from the Fed and neutral Bullard added fuel to the USD bull's to close last week. Global indices took a hit, so will that theme continue into the start of this week with the Nikkei currently down around 3.75% ouch! No sign of ETF buying yet from the BoJ.
Quite often a down day on Friday is a down day for Monday too in equities, so that is what I would expect in the normal run of things. Index Futures markets are all weak, so watch out for accelerating stock weakness into the cash open.
In terms of data ahead it is very quiet with only some Swiss data due, so risk tone will be the driver for this morning,
0800 BST Swiss money supply
0900 BST Swiss Total Sight Deposits
This is the report that helps show the level of SNB intervention. We know that they still regard the CHF as highly valued and keep up with regularly buying euros and dollars to try and weaken the CHF.
