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This week offers a busy economic calendar. The Fed gathers on Wednesday, the BOE on Thursday and the BOJ on Friday.
The Fed is expected to hike interest rates by 25 bp points.
The BOE will likely leave interest rates unchanged and this will be the last MPC with Kristin Forbes, who previously voted to increase interest rates for the British economy. She once argued her decision to the growing risk of a major inflation overshoot.
The BOJ will likely keep targeting the 10-year yield, though buying less JGBs and giving a sense that it is reducing its balance sheet. That’s not the point, in fact a lower number of JGBs purchases allows the Central Bank to steepen the yield curve, while the US dollar/yen is more likely a function of the 10-year yield differential.
A busy economic calendar starts on Tuesday with the UK CPI, Eurozone ZEW and US PPI.
On Wednesday it is meant to be released China retail sales and industrial production, German CPI, UK and Eurozone labor market data, US CPI and retail sales followed by the Fed meeting and later in the session the New Zealand GDP.
On Thursday the Australian labor market data, French and Italian CPI, UK retail sales, Eurozone trade balance, the BOE meeting, regional Fed manufacturing trackers, US jobless claims and finally US industrial production data.
On Friday, a lighter calendar, though still interesting, with the BOJ meeting, Eurozone CPI, US building permits, housing starts and the Michigan Consumer Sentiment Index.
The Fed is expected to hike interest rates by 25 bp points.
The BOE will likely leave interest rates unchanged and this will be the last MPC with Kristin Forbes, who previously voted to increase interest rates for the British economy. She once argued her decision to the growing risk of a major inflation overshoot.
The BOJ will likely keep targeting the 10-year yield, though buying less JGBs and giving a sense that it is reducing its balance sheet. That’s not the point, in fact a lower number of JGBs purchases allows the Central Bank to steepen the yield curve, while the US dollar/yen is more likely a function of the 10-year yield differential.
A busy economic calendar starts on Tuesday with the UK CPI, Eurozone ZEW and US PPI.
On Wednesday it is meant to be released China retail sales and industrial production, German CPI, UK and Eurozone labor market data, US CPI and retail sales followed by the Fed meeting and later in the session the New Zealand GDP.
On Thursday the Australian labor market data, French and Italian CPI, UK retail sales, Eurozone trade balance, the BOE meeting, regional Fed manufacturing trackers, US jobless claims and finally US industrial production data.
On Friday, a lighter calendar, though still interesting, with the BOJ meeting, Eurozone CPI, US building permits, housing starts and the Michigan Consumer Sentiment Index.
