Halister News

(Bloomberg) -- Canadian GDP seen rising 3.9% y/y in July after increasing 4.3% in June (forecast range +3.8% to +4.2%)

(Bloomberg) -- Following are forecasts for today’s economic releases as compiled by Bloomberg News.

• Per. Income 0.2% m/m; range 0% to 0.4% (73 estimates)
• Per. Spending Nom. 0.1% m/m; range -0.1% to 0.3% (70 estimates)
• Pers Spend Infl Adj -0.1% m/m; range -0.2% to 0.2% (14 estimates)
• PCE Deflator 0.3% m/m; range 0.2% to 0.4% (43 estimates)
• PCE Deflator 1.5% y/y; range 1.4% to 1.6% (33 estimates)
• Core PCE Prices 0.2% m/m; range 0.1% to 0.2% (58 estimates)
• Core PCE Prices 1.4% y/y; range 1.3% to 1.4% (40 estimates)
• August’s data will begin to show distortion related to hurricanes. "Service spending should be less affected than goods consumption but could still be negatively impacted by utility outages”: Bloomberg Intelligence
• In July, personal income advanced 0.4 percent, the most in five months; personal spending rose 0.3 percent, the most in three months

To contact the reporters on this story: Chris Middleton in Washington at cmiddleton2@bloomberg.net; Vincent Del Giudice in Denver at vdelgiudice@bloomberg.net To contact the editors responsible for this story: Alex Tanzi at atanzi@bloomberg.net Kristy Scheuble

(Bloomberg) -- ING recommends receiving 2-year HUF interest-rate swaps, targeting move to 0.14% from 0.245% at initiation of trade, strategist Petr Krpata and economist Peter Virovacz write in emailed note.

• See this week’s selloff in Hungarian rates as a “great opportunity” to fade the move as spillovers from the external environment, related to more hawkish Fed and prospects of U.S. tax reform, should have a short-lived impact on the Hungarian curve
• “The National Bank of Hungary does not want the market to price in higher Bubor over the next two years and will step in should the market not correct itself”
  • Expect 3-month Bubor to turn negative early 2018, prompting 2-year IRS to trade “at least below 0.15%”
  • See central bank “likely ensuring the spread between overnight deposit rate and 3-month Bubor remains at 15-20bps”
• NOTE: Emerging-Market Sell-Off May Concern Dovish NBH: Inside Hungary

To contact the reporter on this story: Marton Eder in Budapest at meder4@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Anil Varma

--NIKLAS MAGNUSSON

--ALESSANDRO SPECIALE