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The Norges Bank meeting will take centre stage in the Scandies today and analysts at Danske Bank expect Norges Bank to broadly ‘pre-commit’ to a September hike.

Key Quotes

“The Bank of England is also meeting but it’s a ‘small meeting and there will be no press conference or updated projections.  Instead, keep an eye on the minutes, which will give info on the likelihood of an August hike. We believe the chances of an August hike are shrinking as data has disappointed a bit and uncertainty gone up recently due to trade war tensions.”

The SNB meeting will be important for FX markets.”

“In the afternoon, focus will turn to the US again with the releases of the Philadelphia Fed survey and initial jobless claims  . After the comments yesterday by Fed Chairman Jerome Powell that the Fed is for the first time starting to hear about ‘decisions to postpone investment, postpone hiring…’ a lot of focus will be on survey data in the coming months to gauge if the trade war uncertainty is starting to impact the economy.”

“Finally, we have US house price data and euro consumer confidence and the ECB’s Jens Weidmann is due to speak in Paris.”