16 Feb 2015
Key events ahead: Eurogroup meeting, SNB’s sight deposit balance release – Danske
FXStreet (Barcelona) - The Danske Bank Research Team previews the key market moving events for today, noting that SNB’s sight deposit balance might give an overview regarding the central bank’s intervention in FX space in the previous week.
Key Quotes
“The main event today is the Eurogroup finance minister meeting in Brussels where the main topic is a possible extension or modification of Greece’s bailout programme that is set to expire on 28 February. The special session on Greece is scheduled to start at 17:30 CET.”
“Today’s meeting is being seen by some market participants as the last chance to get an agreement on a bailout programme for Greece, because the deal will also have to be approved by various national parliaments.”
“However, there is already talk of possibly scheduling another extraordinary Eurogroup meeting later this week. This will give more time to reach an agreement but nonetheless substantial progress towards an agreement is needed today.”
“In Switzerland the focus will be on SNB’s weekly publication of its sight deposit balance at 9:00 CET. This will give a crude estimate of SNB’s intervention in the FX market last week.”
“The sight deposit figure released last week suggested SNB intervention had again eased, suggesting that the preferred tool for securing a weaker CHF could be another interest rate cut.”
“There will be focus on developments in Eastern Ukraine to see if the ceasefire started on Sunday holds.”
“Norwegian trade balance is in focus”
Key Quotes
“The main event today is the Eurogroup finance minister meeting in Brussels where the main topic is a possible extension or modification of Greece’s bailout programme that is set to expire on 28 February. The special session on Greece is scheduled to start at 17:30 CET.”
“Today’s meeting is being seen by some market participants as the last chance to get an agreement on a bailout programme for Greece, because the deal will also have to be approved by various national parliaments.”
“However, there is already talk of possibly scheduling another extraordinary Eurogroup meeting later this week. This will give more time to reach an agreement but nonetheless substantial progress towards an agreement is needed today.”
“In Switzerland the focus will be on SNB’s weekly publication of its sight deposit balance at 9:00 CET. This will give a crude estimate of SNB’s intervention in the FX market last week.”
“The sight deposit figure released last week suggested SNB intervention had again eased, suggesting that the preferred tool for securing a weaker CHF could be another interest rate cut.”
“There will be focus on developments in Eastern Ukraine to see if the ceasefire started on Sunday holds.”
“Norwegian trade balance is in focus”