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Danske Bank

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Danske Bank, founded in 1871 and headquartered in Copenhagen, is the largest bank in Denmark.
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US Manufacturing Disappoints Again

In the euro area, we receive the final euro area inflation data for April. We will especially look out for what drove the still strong service inflation and the measures of domestic inflation as these are key for the monetary policy outlook...

Scandi Inflation Expectations on Today's Menu

Economic and market news...

We Now Expect Two Rate Cuts From Fed This Year

We revise our Fed call to 2 rate cuts of 25bp this year in September and December.

We Now Expect Two Rate Cuts from Fed This Year

We revise our Fed call to 2 rate cuts of 25bp this year in September and December. It will be a close call between July and September but with macro indicators showing no signs of sudden weakening, we lean towards September as our base case.

Powell Did Not Shake Markets

Today offers a light schedule in terms of tier-1 data releases....

JPY Weakness Extends

In the US, today's focus will be on Q1 flash GDP data, where consensus expects growth to moderate to 2.4% Q/Q AR (Q4 3.4%)...

No Surprises from ECB

In the euro area, focus today is on final March inflation data for Germany, France, and Italy...

Taking Stock on QT and Data

Besides the obvious focus on rate cut timing cues, we will keep an eye on the updated rate and economic projections as well as more detailed discussion on QT.

Bank of England Preview – We Still Pencil in the First Cut in June

We expect the Bank of England (BoE) to keep the Bank Rate unchanged at 5.25% on 21 March, which is in line with consensus and current market pricing.

BoJ Hike in Sight – But No Reason to Rush

The inflation target has been met for 22 consecutive months. Price pressures consistently rhymes with 2% annual inflation but the sustainability of that depends on wage increases.We think the BoJ is almost ready to hike the interest rate to zero and dismantle yield curve control. However, we see no reason to rush and expect them to stay on hold at the March meeting ending Tuesday, but it is admittedly a close callWhether the BoJ potentially exits NIRP in March or April does not alter our strategic bullish view on the JPY in 2024.

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