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Week Ahead 12 ? 16 Aug 2013

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Next week´s key events US After a thin week of US data next week offers retail sales, CPI and consumer sentiment. The USD has weakened over the past trading session, and the focus on the tapering debate will make these numbers closely watched. Euro zone Growth numbers from the Euro zone will be out next week. Data has recently been on the strong side, with surprise index about to reach its turning point. Could next week´s numbers be a trigger for somewhat lower rates? Japan Japan can look forward to a strong Q2 growth report next week. This, in turn, can affect the market´s expectation of the consumption tax hike, however, the implication for the currency is not clear-cut. Sweden Inflation and production data is out from Sweden next week. Pricing for a September Riksbank cut has been fairly stable at 2-4bps and any negative surprise next week could push the market to price higher probability for a September cut.

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