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German CPI and EMU’s lending figures in the limelight – Danske Bank

FXStreet (Edinburgh) - Pernille Nielsen, Senior Analyst at Danske Bank, remarks today’s releases in the euro region.

Key Quotes

“Spanish and German inflation data for August are released ahead of the euro figure on Friday”.

“We expect a new-cycle low in Spanish inflation, which could fuel expectations of further ECB easing after Draghi’s dovish speech at Jackson Hole”.

“The German figure,released in the afternoon, is expected to be unchanged at 0.8% y/y”.

“Although we expect the euro aggregate to decline further to 0.3% y/y, we do not think it is enough for the ECB to ease in September”.

“Euro-area bank lending figures will also be interesting, as they determine the potential boost to liquidity from the second round of the ECB’s TLTROs starting in 2015”.

“The lending figures are also important as the better development seen recently will reduce the headwind to GDP growth in H2”.

“We expect further small improvements in lending to non-financial corporations, while money supply should continue to grow 1.5% y/y”.

Sweden Retail Sales (MoM) declined to -0.7% in July from previous 0.5%

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