ECB Highlights Communication Challenges Ahead of Fed
With bond yields at or close to record lows and a great deal of scepticism surrounding CBs’ ability to significantly impact the real economy and drive inflation back to target despite clear guidance that the policy kitchen sink is coming (the ‘pushing on a string’ thesis).
The Gbp Week - Bias is Bearish
UK PMIs will be main DATA event risk. The composite comes next week, but bear in mind in June the overall number slipped to 49.7 in Jun, which was a softest since the post Brexit vote result of 47.6. This week's releases are expected softer at 47.7 vs 48.0 and firmer at 46.0 vs 43.1 last. Ouch!
Euro Corp Comment: Primary Remains a Seller’s Market
It was another measured week for European corporate bond activity last week, but issuance did increase from the previous week and signs from the three trades were extremely positive.
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