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22 Feb 2016
Eurozone: Flash PMIs and Riksbank minutes in focus - TDS
Research Team at TDS, suggests that the Eurozone flash PMIs for February are likely to show a mixed picture.
Key Quotes
“We expect a decline in the German manufacturing PMI to 51.4 (consensus: 52.0) on continued slow momentum in the manufacturing industry, while the France services PMI likely rose to 50.9 (consensus: 50.4), as it continues to edge away from the brink of 50. The ECB’s Lautenschlager is also speaking, and any evidence of her being less hawkish than in the past will be a constructive sign for more action at the ECB’s March meeting.
Riksbank Minutes are out for the Feb 11 monetary policy meeting. These should be interesting: while surprising markets by cutting the repo rate by 15bps, there were two dissents to the decision. Given the laborious nature with which the minutes discuss each member’s view, we should get some thorough insights into Deputy Governors Ohlsson and Flodén’s dissents. The Riksbank also promised an appendix on their FX intervention mandate which might help clarify recent tensions between the government and the Riksbank on how much muscle the latter has when it comes to intervention.”
Key Quotes
“We expect a decline in the German manufacturing PMI to 51.4 (consensus: 52.0) on continued slow momentum in the manufacturing industry, while the France services PMI likely rose to 50.9 (consensus: 50.4), as it continues to edge away from the brink of 50. The ECB’s Lautenschlager is also speaking, and any evidence of her being less hawkish than in the past will be a constructive sign for more action at the ECB’s March meeting.
Riksbank Minutes are out for the Feb 11 monetary policy meeting. These should be interesting: while surprising markets by cutting the repo rate by 15bps, there were two dissents to the decision. Given the laborious nature with which the minutes discuss each member’s view, we should get some thorough insights into Deputy Governors Ohlsson and Flodén’s dissents. The Riksbank also promised an appendix on their FX intervention mandate which might help clarify recent tensions between the government and the Riksbank on how much muscle the latter has when it comes to intervention.”