Main points for Today • Switzerland should be able to withstand the SNB decision • Switzerland’s Finance minister said in an interview to a local newspaper that the economy can cope with the removal of the EUR/CHF minimum exchange rate. • The minister also added that if the exchange rate stays above 1.10, companies should be able to adjust as they are better placed than in 2011. • But given the downward pressure on euro, the rate is likely to move lower than higher, in our view. • Greece entered the final week for national elections: Syriza still lead the polls. • Today: • EU foreign ministers meet to discuss policy against Russia and terrorist attack in France. If they decide to maintain the current sanctions or impose new ones, this could hurt RUB further. • As for the indicators, Eurozone’s current account is due out. • This week: • Tuesday: German ZEW survey for January, both indices are expected to rise but it may not be enough to reverse the negative sentiment towards EUR. • Wednesday: Bank of England releases the minutes of its Dec. meeting. The focus will be on the number and names of dissenters. UK employment report. The forecast is for a strong report that suggests less slack in the labor market. Bank of Canada policy meeting. • Thursday: The highlight of the week-ECB meeting. Expectations for the Bank to introduce a large scale QE program have increased dramatically following SNB’s move. • Friday: Canada’s CPI for December.
Posted on: Mon, 19 Jan 2015 07:56:52 +0000
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