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Trending Economic: Afternoon Brief [28 September 15]

CB consumer confidence for September the key economic data from U.S, we expect choppy trading for the Dollar ahead of ADP employment change on Wednesday. BoE Mark Carney is due to speak around 1920 GMT and any mentions from him about a weak global economy will send Cable further down. 

Euro area business confidence and economic sentiment improved but consumer sentiment deteriorated, overall the economic data during the month of September has continued to be positive and may support EUR. Key economic data to watch out are preliminary German CPI out at 1200 GMT Tuesday, followed by German unemployment rate early on Wednesday. 

Norges Bank Governor Olsen has said that a drop in NOK has been more than expected following last week’s rate cut by the central bank and downward revision to the rate path. However, Norway’s retail sales (m/m) for August has come in -0.15%, below an expected 0.3% rise, to add to this are a weakening outlook for Brent crude. Hence, we see NOK to remain weak going forward. 

RBI Governor Raghuram Rajan surprised the markets by slashing repo rates by 50bp to 6.75%, lowest rate in over four years. INR has gained as a result; this is because a rate cut is likely to spur growth in businesses due to a lowered