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Morgonmötet 18 december 2014
Trading Strategy
Claes Måhlén, +46 (0)8-46 345 35, [email protected]
Pierre Carlsson, +46 (0)8-46 346 17, [email protected]
2
Nyheter
FOMC (nästa slide)
Kina: Priserna på nya bostäder sjönk i 67 av 70 städer i november. I årstakt är priserna -3,7% vs -2,6% i oktober
Grekland: Presidentkandidat Dimas fick 160 röster (min 200) och är således inte godkänd av parlamentet (ny röstning 22 dec och 29 dec )
3
FOMC : Pressmeddelande/presskonferens
Förvirrat pressmeddelande (duvigt) med både ny och gammal guidance
Ny: ”Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.”
Fisher och Plosser (hökar) reserverade sig och också duvan Kocherlakota
Presskonferens betydligt hökaktigare. ”Patient” betyder två möten och inget problem att höja räntan utan efterföljande presskonferens. Aprilmöte således inte uteslutet
Oljeprisfall trycker ner inflation och även kärninflation, men det är tillfälligt. Yellen tonar också ned fallet i breakeven-inflation
Länk till jämförelse oktober/december-statement
4
FOMC: December-prognoserPrognos (genomsnitt) 2014 2015 2016 2017 Longer RunBNP 2.35 (2.10) 2.80 (2.80) 2.75 (2.75) 2.40 (2.40) 2.15 (2.15)Arbetslöshet* 5.80 (5.95) 5.25 (5.50) 5.10 (5.25) 5.10 (5.10) 5.35 (5.35)Inflation** 1.55 (1.55) 1.65 (1.75) 1.85 (1.90) 1.90 (1.95) - (-)*Q4
** Core PCE, Q4
() föregående prognos
Fed Funds, årsslutet 2014 2015 2016 2017 Longer RunFed Funds, Medel 0.13 (0.17) 1.13 (1.27) 2.54 (2.68) 3.50 (3.54) 3.78 (3.79)Fed Funds, Median 0.13 (0.13) 1.13 (1.38) 2.50 (2.88) 3.63 (3.75) 3.75 (3.75)
St.Avvik. medel 0.00 (0.18) 0.59 (0.71) 0.96 (1.02) 0.26 (0.26)() föregående prognos
5
Fed guidance
Jun-04+25bp
Dec-03: � ” ...with inflation �quite low and resource use
slack, the Committee believes that policy
accommodation can be maintained for a
considerable period.”
�Oct-14: “...appropriate to maintain the 0 to 1/4 �percent target range for the federal funds rate
for a considerable time”
Jan-04: ” With inflation �quite low and resource use
slack, the Committee believes that it can be patient in removing its policy accommodation.”
May-04: �� ” At this juncture, �with inflation low and
resource use slack, the Committee believes that
policy accommodation can be removed at a pace that is likely to be measured.”
5 months
�Dec-14: “Based on its current �assessment, the Committee judges that it can be patient in beginning to
normalize the stance of monetary policy.”
6
Central bank calendar 2015
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecFed 28-Jan 18-Mar 29-Apr 17-Jun 29-Jul 17-Sep 28-Oct 16-DecECB 22-Jan 05-Mar 15-Apr 03-Jun 16-Jul 03-Sep 22-Oct 03-DecBoE 08-Jan 05-Feb 05-Mar 09-Apr 11-May 04-Jun 09-Jul 06-Aug 10-Sep 08-Oct 05-Nov 10-DecRiksbank 12-Feb 29-Apr 02-Jul 03-Sep 28-Oct 15-Dec
Norges Bank 19-Mar 07-May 18-Jun 24-Sep 05-Nov 17-DecReg. Network 06-Mar 05-Apr 05-Jun 11-Sep 04-DecSNB 19-Mar 18-Jun 17-Sep 10-Dec
RBA 02-Feb 02-Mar 07-Apr 05-May 02-Jun 07-Jul 04-Aug 01-Sep 05-Oct 02-Nov
RBNZ 28-Jan 11-Mar 29-Apr 10-Jun TBA TBA TBA TBA TBA TBA
BOC 21-Jan 04-Mar 15-Apr 27-May 15-Jul 09-Sep 21-Oct 02-Dec
BOJ 21-Jan 18-Feb 17-Mar 08-Apr 22-May 19-Jun TBA TBA TBA TBA TBA TBA
Sweden 13-Jan 17-Feb 11-Mar 14-Apr 12-May 11-Jun 14-Jul 13-Aug 10-Sep 13-Oct 12-Nov 10-DecNorway 09-Jan 10-Feb 10-Mar 10-Apr 11-May 10-Jun 10-Jul 10-Aug 10-Sep 09-Oct 10-Nov 10-Dec
Central bank meetings 2015
Scandi inflation 2015
7
Marknaden
Sedan onsdag 16:15 Börser: Upp
Räntor: Upp
FX: Starkare USD
Råvarupriser: Olja upp
Marknadsinformation
Latest% vs 16:15,
(17-dec)% vs 16:15,
(10-dec)EUR/USD 1.2343 -0.61 -0.64USD/JPY 118.48 0.95 -0.09GBP/USD 1.5589 -0.67 -0.69EUR/GBP 0.7918 0.05 0.04EUR/CHF 1.20096 0.01 -0.14EUR/NOK 9.1839 -0.46 2.89USD/NOK 7.4401 0.15 3.55EUR/SEK 9.4702 -0.22 1.22USD/SEK 7.6722 0.39 1.87
AUD/USD 0.8133 -0.66 -2.29USD/CAD 1.1636 -0.05 1.48NZD/USD 0.7715 -0.27 -0.10Coming 12 months #REF! #REF!
S&P500 future 2011.0 1.35 -1.78
Oil prices (Brent) 61.3 2.05 -6.13Gold spot 1199.3 0.46 -2.54Wheat 651.3 4.08 12.33
Latestbp vs 16:15, (17-dec)
bp vs 16:15, (10-dec)
US 2y 0.60 3 0US 5y 1.61 6 0US 10y 2.14 6 -7US 30y 2.73 2 -14German 2y -0.07 0 -4German 10y 0.59 2 -9Sw eden 2y 0.00 -1 0Sw eden 5y 0.10 0 -7Sw eden 10y 0.92 1 -9
8
S&P-termin och eurodollar-future
FOMC statement
Press conf: ”A couple means two”
9
Inprisning eurodollar-futures (förändring vs spot)
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
172014 Dec
Dec-15Sep-15Jun-15Mar-15
Sources: Bloomberg, Macrobond
10
Per
cen
tag
e po
ints
300
325
350
375
400
425
450
475
500
525
550
575
Percen
tage po
ints
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3.0
3.1
Jun Jul Aug Sep Oct Nov Dec
2014
Barclays US Corporate High Yield Dec17 Eurodollar future (right)
Sources: Bloomberg, Macrobond
High yield och Fed
11
USA: Breakeven-inflation
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3.0
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2014
5y5yf breakeven inflation (swap based)
12
Higher rate spreadStronger EURWeaker USD
-120
-110
-100
-90
-80
-70
-60
-50
1.225
1.250
1.275
1.300
1.325
1.350
1.375
1.400
May Jun Jul Aug Sep Oct Nov Dec
2014
EUR/USD (right) Rate basket, 2y and 5y
Sources: Bloomberg, Macrobond
EUR/USD och räntespread
13
Det händer idag
USA Initial jobless claims
14:30 Philly Fed
16:00
UK Retail sales
10:30
Sverige KI-barometern
09:00
EU-toppmöte
idag
KI konjunkturläget
09:15
Emissioner USD 16 mdr 5y TIPS
19:00
14
UK (10:30): Retail sales tänks lägreB
ala
nce
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10P
ercent
-4
-3
-2
-1
0
1
2
3
4
5
6
7
2008 2009 2010 2011 2012 2013 2014
Retail Sales Ex Automotive Fuel yoy (right) Consumer Confidence
Sources: Bloomberg, Macrobond
Retail sales spås på 0,3/4,5% mom/yoy i nov från 0,8/4,6%
15
Sverige (09:00): KI-barometern lägre
Ind
ex
60
70
80
90
100
110
120
Index
30
35
40
45
50
55
60
65
70
2006 2007 2008 2009 2010 2011 2012 2013 2014
PMI Manufacturing (right) NIER business confidence
Sources: Bloomberg, Macrobond
KI-barometern väntas på 102,9 för dec från 103,6 (SHB: 102,9)Tillverkning väntas på 105,8 för dec från 108 (SHB: 106,9)Konsumentförtroendet tänks till 98 för dec från 96,8 (SHB: 97,9)
16
Kurvan och consumer confidence
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
-50
-25
0
25
50
75
100
125
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Swedish households:Next 12 months compared to developments over last 12 months (right)
SGB 10y-2y
Sources: Bloomberg, Macrobond
Morgonmötet 18 december 2014
Trading Strategy
Claes Måhlén, +46 (0)8-46 345 35, [email protected]
Pierre Carlsson, +46 (0)8-46 346 17, [email protected]
18
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