Market movers ahead

Danske Bank Markets:

Negotiations between Greece and three creditor countries progress slowly but deadline for avoiding default now appears to be extended until mid-June. 

We expect no new signals on policy in connection with the ECB meeting. Focus will be on ECB's plans to frontload bond purchases to avoid a seasonal squeeze. 

In the euro area we expect inflation to have increased to 0.1% y/y in May but there are upside risks after Italy and Spain have reported higher-than-expected inflation. 

In the US we expect non-farm payrolls to have increased 220,000 in May. In our view this is still strong enough to pave the way for a Fed-hike in September. 

In Denmark the foreign reserve data for May will show to what degree the Danish central bank has continued its purchases of DKK in May.