Europe Summary and Highlights 10 Sep
Largely sideways ahead of ECB and US inflation data
Energy complex still under upward pressure, especially distillates
Europe
Quiet morning with FX mainly flat ahead of the ECB and the US inflation data. Energy complex nonetheless remains pressured upwards, with Brent up 1% to $102, and with diesel for instance up 4% and pushing new highs (only the brief May22 spike highs above).
NOK actually seeing a little bit of current profit-taking on the day, as it runs into the May EUR/NOK and USD/NOK lows and a little shy of the bigger NOK/SEK highs, after the relentless energy fuelled run from the profit-taking NOK pullback into June.
Focus turns to the ECB, with the hike a given and the attention on the presser and forecasts, and then the US inflation data kicking off with PPI.