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The Most Important Central Bank Releases This Week
With three policy meetings taking place and two sets of minutes being released, this is a busy week for the G10 currency central banks. Policymakers at the Fed, BOE and SNB are all likely to hold rates. The BOE and SNB will almost certainly issue dovish remarks due to Brexit risk and potential CHF strengthening, respectively, but Fed policymakers are likely to strike a slightly different tone. The FOMC statement may sound more neutral, letting any dovishness show through in the Summary of Economic Projections and the Chairman’s press conference. ECB policymakers will meet as well in a non-monetary policy meeting that is likely to reinforce the message that slowing growth is temporary and that ECB policymakers still hope to tighten policy in the not-too-distant future. Minutes from both the BOJ and RBA are likely to skew dovish with further stimulus being considered by the BOJ and possible rate cuts this year from the RBA. Across the G10 currency central banks it is becoming increasingly clear that, although financial markets remain strong, the underlying economic picture is far from rosy.
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