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Danske Bank analysts suggest that a range of ECB speakers will draw attention today.

Key Quotes

“We will watch in particular what Chief Economist Philip Lane has to say at 16.30 CEST today, as sceptical voices about the ECB package have grown louder. In a Handelsblatt interview yesterday, he already hinted that the ECB has leeway to cuts interest rates further.”

“Financial market focus continues to be on the US liquidity situation, see FX Edge: After the USD liquidity scare. In terms of data releases, today’s focus is on the US PCE core, Swedish retail sales and the Norwegian unemployment rate. We expect US PCE core to have risen +0.2% m/m in August, implying an unchanged PCE core inflation rate at 1.8% y/y.”

“In the euro area, today’s highlight will the Commission’s economic confidence indicators. PMIs and Ifo painted a gloomy picture about the state of the euro area economy. In today’s release, in particular we will look out for whether service sector confidence is sliding further.”