Central Bank Views – Action Forex https://www.actionforex.com Live Forex Analysis, Currency Rates, Economic Calendar, Technical Forecast, Fundamental News, Free Trading Signals. Best. USD Dollar, EUR Euro, JPY Yen, GBP Pound, CHF Swiss Franc, CAD Canadian Dollar, AUD Australian Dollar, NZD New Zealand Dollar Thu, 20 Feb 2020 06:00:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 Uncontrollable Coronavirus Spread Could Force the Fed to Resume Easing https://www.actionforex.com/action-insight/central-bank-analysis/273315-uncontrollable-coronavirus-spread-could-force-the-fed-to-resume-easing/ https://www.actionforex.com/action-insight/central-bank-analysis/273315-uncontrollable-coronavirus-spread-could-force-the-fed-to-resume-easing/#respond Thu, 20 Feb 2020 05:10:36 +0000 https://www.actionforex.com/?p=273315 The FOMC minutes for the January meeting revealed that policymakers remained content about the domestic growth outlook. However, they acknowledged the growing uncertainty emerged from the coronavirus outbreak. This could present significant downside risks to global growth. The situation of the epidemic has deteriorated significantly since the last meeting. We expect the Fed to turn […]

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RBA Minutes Reveal that Members Consider Cutting Rates Below 0.75%, Warn of Coronavirus Uncertainty https://www.actionforex.com/action-insight/central-bank-analysis/272631-rba-minutes-reveal-that-members-consider-cutting-rates-below-0-75-warn-of-coronavirus-uncertainty/ https://www.actionforex.com/action-insight/central-bank-analysis/272631-rba-minutes-reveal-that-members-consider-cutting-rates-below-0-75-warn-of-coronavirus-uncertainty/#respond Tue, 18 Feb 2020 05:25:49 +0000 https://www.actionforex.com/?p=272631 In contrast to February’s RBA meeting statement, which demonstrated a less dovish outlook, the minutes revealed that the members considered lowering the policy rate further. Yet, they decided to keep the powder dry on concerns over “risks associated with very low interest rates”. The central bank was upbeat about the housing market. While there has […]

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RBNZ’s Next Move could be Rate Hike https://www.actionforex.com/action-insight/central-bank-analysis/271204-rbnzs-next-move-could-be-rate-hike/ https://www.actionforex.com/action-insight/central-bank-analysis/271204-rbnzs-next-move-could-be-rate-hike/#respond Wed, 12 Feb 2020 05:12:15 +0000 https://www.actionforex.com/?p=271204 RBNZ left the OCR unchanged at 1%. Yet, its message came in less dovish than expected. The members were upbeat about the employment situation and inflation. While coronavirus would affect domestic economy, the impact would be short-lived. Policymakers project GDP growth to accelerate in the second half of the year. While they believe low interest […]

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RBNZ to Leave OCR Unchanged at 1% and Warn of Risks Associated with Coronavirus https://www.actionforex.com/action-insight/central-bank-analysis/270548-rbnz-to-leave-ocr-unchanged-at-1-and-warn-of-risks-associated-with-coronavirus/ https://www.actionforex.com/action-insight/central-bank-analysis/270548-rbnz-to-leave-ocr-unchanged-at-1-and-warn-of-risks-associated-with-coronavirus/#respond Sun, 09 Feb 2020 08:37:55 +0000 https://www.actionforex.com/?p=270548 RBNZ is widely expected to leave the OCR unchanged at 1%. Upbeat economic developments since the November meeting should warrant removal of easing bias in February. However, outbreak of coronavirus from China suggests that risks to global growth are greatly skewed to the downside. This should cause the members to retain a cautious tone next […]

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RBA Left Cash Rate at 0.75%. Less Dovish on Growth Despite Headwinds https://www.actionforex.com/featured/269207-rba-left-cash-rate-at-0-75-less-dovish-on-growth-despite-headwinds/ https://www.actionforex.com/featured/269207-rba-left-cash-rate-at-0-75-less-dovish-on-growth-despite-headwinds/#respond Tue, 04 Feb 2020 07:10:07 +0000 https://www.actionforex.com/?p=269207 RBA left the cash rate unchanged at 0.75%. To our surprise, policymakers appeared more upbeat on the economic outlook than we had anticipated. While acknowledging uncertainty to growth mainly driven by bushfires and China’s coronavirus, the members adopt a wait-and-see mode to the impacts. They also preferred to gauge the impacts of the rate cuts […]

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RBA Probably Stays Put in February, Rate Cut Inevitably in Second Quarter https://www.actionforex.com/action-insight/central-bank-analysis/268784-rba-probably-stays-put-in-february-rate-cut-inevitably-in-second-quarter/ https://www.actionforex.com/action-insight/central-bank-analysis/268784-rba-probably-stays-put-in-february-rate-cut-inevitably-in-second-quarter/#respond Sun, 02 Feb 2020 07:13:09 +0000 https://www.actionforex.com/?p=268784 The encouraging employment report might make the case of rate cut less strong this month. Economic developments since the December meeting have been mixed at best. Although job market and inflation showed improvement, GDP growth in the third quarter slowed as contribution from household spending dropped while impacts of large bushfires in New South Wales […]

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BOE Voted 7-2 to Keep Rate Unchanged, Warned of Weak Inflation https://www.actionforex.com/action-insight/central-bank-analysis/268277-boe-voted-7-2-to-keep-rate-unchanged-warned-of-weak-inflation/ https://www.actionforex.com/action-insight/central-bank-analysis/268277-boe-voted-7-2-to-keep-rate-unchanged-warned-of-weak-inflation/#respond Thu, 30 Jan 2020 15:07:51 +0000 https://www.actionforex.com/?p=268277 BOE kept the Bank rate unchanged at 0.75% but revised lower GDP growth and inflation forecasts. British pound strengthened against US dollar as the Committee voted 7-2 for the decision. The market had anticipated more members to support rate cut. Once again, Michael Saunders and Jonathan Haskel favored lowering the policy rate. The decision to […]

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Fed Delivered Message with Dovish Tweak, Remaining Concerned about Low Inflation https://www.actionforex.com/action-insight/central-bank-analysis/267995-fed-delivered-message-with-dovish-tweak-remaining-concerned-about-low-inflation/ https://www.actionforex.com/action-insight/central-bank-analysis/267995-fed-delivered-message-with-dovish-tweak-remaining-concerned-about-low-inflation/#respond Thu, 30 Jan 2020 03:55:25 +0000 https://www.actionforex.com/?p=267995 FOMC left the Fed funds rate unchanged at 1.50-1.75% as widely anticipated. The accompanying statement contained few changes which were skewed to a mildly dovish side. Given the Fed’s dissatisfaction over weak inflation and uncertainty over global growth, the market has now priced in over 80% that the Fed would lower interest rate by at […]

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Chance of BOE Rate Cut Balanced, as Weak Inflation is Offset by Strong Business Sentiment and Job Market https://www.actionforex.com/action-insight/central-bank-analysis/267241-chance-of-boe-rate-cut-balanced-as-weak-inflation-is-offset-by-strong-business-sentiment-and-job-market/ https://www.actionforex.com/action-insight/central-bank-analysis/267241-chance-of-boe-rate-cut-balanced-as-weak-inflation-is-offset-by-strong-business-sentiment-and-job-market/#respond Mon, 27 Jan 2020 12:22:50 +0000 https://www.actionforex.com/?p=267241 The market is mixed regarding whether BOE will lower the Bank rate at the upcoming meeting. Now the dust has settled for Brexit, the focus is turned to BOE’s monetary policy decision. Weakening in inflation suggests that a rate cut might be appropriate. Meanwhile, a cut in governor Mark Carney’s last meeting could make the […]

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FOMC to Stay Put this Week https://www.actionforex.com/action-insight/central-bank-analysis/266966-fomc-to-stay-put-this-week/ https://www.actionforex.com/action-insight/central-bank-analysis/266966-fomc-to-stay-put-this-week/#respond Mon, 27 Jan 2020 02:55:32 +0000 https://www.actionforex.com/?p=266966 It is widely expected that the Fed will leave the policy rate unchanged at 1.5-1.75% at the January meeting. Meanwhile, we believe the accompanying statement will contain only minor change from the one in December. Major economic data will be released days after the FOMC meeting. Yet, the Fed will likely reiterate that risk to […]

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BOC Turned Dovish Again, Opening Door For Rate Cut https://www.actionforex.com/action-insight/central-bank-analysis/266122-boc-turned-dovish-again-opening-door-for-rate-cut/ https://www.actionforex.com/action-insight/central-bank-analysis/266122-boc-turned-dovish-again-opening-door-for-rate-cut/#respond Thu, 23 Jan 2020 03:54:22 +0000 https://www.actionforex.com/?p=266122 While leaving the monetary policy unchanged at expected, BOC delivered a dovish tone at the accompanying statement. This raised hopes of a rate cut in coming months and sent the loonie lower. The central bank has turned less confident about the near-term economic outlook, forecasting that the slowdown in 4Q19 could continue in early 2020. […]

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BOC to Leave Rate Unchanged at 1.75%. Disappointing Data Likely Due to Temporary Factors https://www.actionforex.com/action-insight/central-bank-analysis/265412-boc-to-leave-rate-unchanged-at-1-75-disappointing-data-likely-due-to-temporary-factors/ https://www.actionforex.com/action-insight/central-bank-analysis/265412-boc-to-leave-rate-unchanged-at-1-75-disappointing-data-likely-due-to-temporary-factors/#respond Mon, 20 Jan 2020 15:35:13 +0000 https://www.actionforex.com/?p=265412 BOC is likely to leave the policy rate unchanged at 1.75% at the meeting this week. While several macroeconomic data released since the December meeting surprised to the downside, it could take a few more months to confirm the trend. BOC also appears to have downplayed the downside risks of the data. Meanwhile, signing of […]

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ECB to Leave Monetary Policy Unchanged, Focus Turns to Strategic Review https://www.actionforex.com/action-insight/central-bank-analysis/265152-ecb-to-leave-monetary-policy-unchanged-focus-turns-to-strategic-review/ https://www.actionforex.com/action-insight/central-bank-analysis/265152-ecb-to-leave-monetary-policy-unchanged-focus-turns-to-strategic-review/#respond Mon, 20 Jan 2020 07:21:19 +0000 https://www.actionforex.com/?p=265152 At the upcoming meeting, ECB members would likely acknowledge stabilization in the region’s economy, while reiterating accommodative monetary policy. The focus of the meeting would be the strategic review, the first assessment of the central bank’s monetary policy in two decades. We do not anticipate any change in the monetary policy – ECB is expected […]

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BOE Left Policy Rate Unchanged. Neutral Tone Maintained https://www.actionforex.com/action-insight/central-bank-analysis/259310-boe-left-policy-rate-unchanged-neutral-tone-maintained/ https://www.actionforex.com/action-insight/central-bank-analysis/259310-boe-left-policy-rate-unchanged-neutral-tone-maintained/#respond Thu, 19 Dec 2019 15:02:19 +0000 https://www.actionforex.com/?p=259310 At the last BOE meeting headed by Mark Carney, the members voted 7-2 to leave the Bank rate unchanged at 0.75%. The members voted unanimously to maintain the purchase of government bonds at 435B pound and corporate bonds of 10B pound. The members maintained a neutral stance in the monetary policy outlook. British pound declines […]

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BOE Preview – Members might Set a Dovish Tone while Leaving Rate Unchanged https://www.actionforex.com/action-insight/central-bank-analysis/258591-boe-preview-members-might-set-a-dovish-tone-while-leaving-rate-unchanged/ https://www.actionforex.com/action-insight/central-bank-analysis/258591-boe-preview-members-might-set-a-dovish-tone-while-leaving-rate-unchanged/#respond Tue, 17 Dec 2019 11:16:44 +0000 https://www.actionforex.com/?p=258591 BOE will likely leave the Bank rate unchanged at 0.75% this week. There will be no press conference or inflation report accompanying the meeting. However, it will be interesting to see if the members adjust its tone after UK elections. We expect the central bank to skew to the slightly dovish side, from neutral, at […]

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RBA Hinted Further Easing in 1Q20 https://www.actionforex.com/action-insight/central-bank-analysis/258336-rba-hinted-further-easing-in-1q20/ https://www.actionforex.com/action-insight/central-bank-analysis/258336-rba-hinted-further-easing-in-1q20/#respond Tue, 17 Dec 2019 04:25:41 +0000 https://www.actionforex.com/?p=258336 At the RBA minutes for the December meeting, policymakers affirmed that it was appropriate to leave the cash rate unchanged at 0.75%. While acknowledging stabilization in the economy, the members, however, noted that further easing would be possible. They pledged to reassess the economic development in February 2020 and act if needed. given the employment […]

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Lagarde Carries On Draghi’s Legacy at ECB https://www.actionforex.com/action-insight/central-bank-analysis/257413-lagarde-carries-on-draghis-legacy-at-ecb/ https://www.actionforex.com/action-insight/central-bank-analysis/257413-lagarde-carries-on-draghis-legacy-at-ecb/#respond Thu, 12 Dec 2019 15:08:52 +0000 https://www.actionforex.com/?p=257413 At the first ECB led by Christine Lagarde, the members decided to leave the deposit rate unchanged at -0.5%. Meanwhile, the main refi rate and marginal lending rate also stay unchanged at 0% and 0.25%, respectively. The pace of the asset purchase program, effective on November 1, also stays at 20B euro per month. These […]

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SNB Maintains World’s Lowest Policy Rate https://www.actionforex.com/action-insight/central-bank-analysis/257314-snb-maintains-worlds-lowest-policy-rate/ https://www.actionforex.com/action-insight/central-bank-analysis/257314-snb-maintains-worlds-lowest-policy-rate/#respond Thu, 12 Dec 2019 10:31:56 +0000 https://www.actionforex.com/?p=257314 SNB left the policy rate unchanged at -0.75% in December. Again, the members reiterated the commitments to intervene in the currency in order to curb the appreciation of Swiss franc, which is described as “highly-valued”. They also affirmed to maintain the expansionary monetary policy so as to lift inflation to target level. On economic developments, […]

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Fed Set a Neutral Tone and Signaled that Rate will Stay Unchanged Throughout 2020 https://www.actionforex.com/action-insight/central-bank-analysis/257107-fed-set-a-neutral-tone-and-signaled-that-rate-will-stay-unchanged-throughout-2020/ https://www.actionforex.com/action-insight/central-bank-analysis/257107-fed-set-a-neutral-tone-and-signaled-that-rate-will-stay-unchanged-throughout-2020/#respond Thu, 12 Dec 2019 04:06:43 +0000 https://www.actionforex.com/?p=257107 As widely anticipated, FOMC left the Fed funds rate unchanged at 1.5-1.75% in December. Trying to deliver a neutral tone, there were only few changes in the policy statement and the updated economic projections. The median dot plot shows that the members expect the policy rate to remain the same in 2020, before rate hike […]

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Fed to Leave Policy Rate Unchanged in December, and Likely for 2020 https://www.actionforex.com/action-insight/central-bank-analysis/256168-fed-to-leave-policy-rate-unchanged-in-december-and-likely-for-2020/ https://www.actionforex.com/action-insight/central-bank-analysis/256168-fed-to-leave-policy-rate-unchanged-in-december-and-likely-for-2020/#respond Mon, 09 Dec 2019 04:52:33 +0000 https://www.actionforex.com/?p=256168 We expect the FOMC will leave the Fed funds rate unchanged at 1.5-1.75% in December. The employment report released last week confirmed a resilient job market. Other indicators showed little deviation from the trend observed in October. Indeed, unless global and domestic conditions deteriorate materially, it is likely that the monetary policy will remain unchanged […]

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