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Market Outlook
The minutes of the BoE meeting were published last week showed quite surprisingly that two of the nine members were in favour of a 25bp rate cut.
The Swedish central bank cut its target interest rate by 0.5% to a record 1.5% and decreased its economic growth forecast. Main focus this week will be on the sentiment surveys (ISM, Ifo etc.).
We expect the Fed to announce a rate hike of 25 basis points at their meeting on Thursday with no indication of a pause in the tightening.
Focus on Equities
Investors' summer rest was disturbed by oil prices flirting with $60 per barrel. Fortunately the further fall of bond yields guarded stock markets from a drama.
Foreign Exchange
The euro/dollar rate is down to test 1.2000. Provided that support at 107.60 holds, the outlook for the dollar/yen rate would be a further rise to 110.75.
Internaxx
