Tomorrow's Macro Roadmap: JGB auction / Swiss GDP & sight deposits / BOE, ECB & Fed speak / Buba report / US NAHB
The data calendar is pretty light tomorrow, apart from the China data dump. On the policy maker front, we get BOE's Mann, who delivered an LSE lecture on UK international exposures last Tuesday. Her stance is hawkish-conditional: signalled willingness to vote for a hike if inflation expectations and outturns continue to rise into 2027. Kocher is the Austrian National Bank Governor and ECB GC voice on inflation persistence; he tends to align with the hawk wing alongside Nagel.
In Switzerland, the SNB will release its update on sight deposits for last week at 10:00 CET. They are far from a perfect proxy for SNB interventions in foreign exchange markets and are influenced by other factors, yet they remain worth monitoring. In its latest statement, the central bank said that
"in view of international developments, we are increasingly prepared to intervene in the foreign exchange market. We stand ready to intervene in the foreign exchange market to curb a rapid and excessive appreciation of the Swiss franc, which would jeopardise price stability."
In the US, the NAHB housing index is expected to remain unchanged in May.