As suggested in the CFTC Commitments of Traders report in the week ended September 22, NET SHORT for USD Index futures increased -906 to 9 146 contracts. Speculative long positions dropped -1 424 contracts and short positions slipped -518...
As widely anticipated, SNB left the policy rate unchanged at -0.75%. It reiterated the view that Swiss franc remained “highly valued” and the commitment to intervene in the FX market. The central bank will publish data on money and...
As widely anticipated, RBNZ left the OCR unchanged at 0.25% today. The cap of Large Scale Asset Purchase (LSAP) program, a.k.a. QE, also stays at NZD 100B. Meanwhile, the central bank reiterated the forward guidance that the OCR will...
We expect SNB to leave the policy rate unchanged at -0.75%. While it does not rule out the possibility of further rate cut, the central bank's main tool is FX intervention to curb excessive strength in Swiss franc. Economic...
After a big move in August, the RBNZ will likely leave the OCR unchanged at 0.25% and the cap of Large Scale Asset Purchase (LSAP) unchanged at NZD 100B. It is, however, expected to offer more indication on the...
BOE voted unanimously to leave the Bank rate unchanged at 0.1%. The asset purchase program also stayed at 745B pound in September. At the meeting, policymakers acknowledged stronger-than-expected recovery in the UK. Yet, they reiterated that the outlook remained...
The Fed left the policy rate unchanged at 0-0.25% and the asset purchases program unchanged in September. There are substantial changes in the policy statement, reflecting the formal adoption of average inflation targeting. Updated economic projections revealed a more...
RBA minutes for the September meeting contained little new information. The members highlighted uncertainty of the economic outlook with lockdowns in Victoria would likely derail Australia’s recovery. Australian dollar is climbing higher at the time of writing this report....
Renewed uncertainty of Brexit talks, sharp selloff of sterling last week and increased speculations of further rate hike have made this week's BOE meeting a closely-watched one. While the central bank is expected to leave the policy rate and...
After announcing to adopt a new monetary policy framework at Jackson Hole symposium weeks ago, the focus of the upcoming FOMC meeting is on the more clarification of average inflation targeting, the members’ view on the economic outlook (to...
ECB left all the monetary policy measures unchanged in September. The staff upgraded the near-term growth outlook, as well as core inflation forecasts for 2021 and 2022, suggesting the central bank's optimism over the recovery. Policymakers continued to stress...
BOC announced to leave the policy rate at the effective lower bound of 0.25% and maintain the pace of asset purchases at CAD 5B/week of Canadian government bonds. While acknowledging that economic activities have rebounded more than expected since...
ECB is expected to maintain the monetary policy measures in September. The focuses on the meeting include policymakers’ response to the recent strength in euro, the updated economic projections and ECB’s strategy review after Fed Chair Jerome Powell’s announcement...
As widely anticipated, RBA left the cash rate and the 3-year bond yield target unchanged at record of 0.25% at today's meeting. Yet, the decision to expand the size of Term Funding Facility (TFF) and the tone in the...
We expect RBA would leave the monetary policy unchanged in September. Since March, RBA has been adopting a number of measures to lower the borrowing costs and provide liquidity to the market. These include keeping the cash rate at...
At the annual Jackson Hole Symposium, Fed Chair Powell briefed the market on the results of the Fed's strategic review of its monetary policy strategy. Powell announced the new approach to deal with price stability and maximum employment, the...
We expect US dollar's downtrend to resume downtrend in coming months after consolidation. Fiscal stalemate suggests that the Fed would shoulder more burdens in delivering stimulus. This should lead yields to decline further, supporting weakness in the greenback.
Stalled Hopes...
The FOMC minutes for the July meeting revealed that the members remained concerned about the outlook of economic recovery. They had discussed a number of tools for further easing, including forward guidance, asset purchases, and yield curve targets. Meanwhile,...
Recent strength in Australian dollar has sent AUDNZD to the highest level in 2 years. Notwithstanding the second wave of coronavirus outbreak, and the renewed lockdown measures, in Victoria, Aussie has remained firm. While all major currencies have appreciated...
We expect RBNZ to leave the OCR unchanged at 0.25% this week. It will likely increase the size of the Large-Scale Asset Purchase (LSAP) Program (QE) to NZD 80-90B from the current NZD 60B. The accompanying statement would contain...