BOE, RBA to Hold Rates, Cite Global Economic Concerns

  • Monday, February 4, 2019

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The Most Important Central Bank Releases This Week

Five of the G10 currency central banks are active this week–two of which are holding policy meetings–but none are likely to have much impact compared to numerous other market-moving events. In particular, lingering Brexit uncertainty, U.S. political turmoil (including the President’s State of the Union Address) and slowing growth in both Europe and China are likely to be the market drivers this week. Nevertheless, it is worth note that the three Fed policymakers scheduled to speak this week will likely indicate a neutral stance. Meanwhile, policymakers from the ECB and Riksbank are likely to sound slightly more hawkish, while the BOE and RBA are both likely to hold rates and issue dovish remarks, but for different reasons. The BOE is likely to sound dovish due to persistent Brexit uncertainty, while the RBA is likely to be more influenced by global trade concerns, especially as related to slowing growth in China.

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