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 Tue, 07 Jul 2020 07:06:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.2 RBA Left Monetary Policy Unchanged. Second Wave in Outbreak Signals Huge Downside Risks https://www.actionforex.com/action-insight/central-bank-analysis/308895-rba-left-monetary-policy-unchanged-second-wave-in-outbreak-signals-huge-downside-risks/ https://www.actionforex.com/action-insight/central-bank-analysis/308895-rba-left-monetary-policy-unchanged-second-wave-in-outbreak-signals-huge-downside-risks/#respond Tue, 07 Jul 2020 07:04:34 +0000 https://www.actionforex.com/?p=308895 As widely anticipated, RBA left the cash rate unchanged at 0.25%. It also maintained yield curve control, targeting 3-year government bond yield at 0.25%. While the members were more upbeat about the near-term recovery, they remained cautious about the longer-term outlook. The members cited the uncertainty in the coronavirus development as the key risk. The […]

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FOMC Minutes: Changes in Forward Guidance and Asset Purchases could Come in September https://www.actionforex.com/action-insight/central-bank-analysis/307732-fomc-minutes-changes-in-forward-guidance-and-asset-purchases-could-come-in-september/ https://www.actionforex.com/action-insight/central-bank-analysis/307732-fomc-minutes-changes-in-forward-guidance-and-asset-purchases-could-come-in-september/#respond Thu, 02 Jul 2020 02:32:37 +0000 https://www.actionforex.com/?p=307732 The FOMC minutes for the June meeting revealed that the members had rigorous discussion about forward guidance, asset purchases and yield curve caps/targets. We expect the framework review will be completed this month, allowing the Fed to announce changes in forward guidance and the asset purchase program at the September meeting. It appears that many […]

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RBNZ Pledged to Expand QE and other Stimulus if Needed, as Risk to Outlook Skewed to Downside https://www.actionforex.com/action-insight/central-bank-analysis/305649-rbnz-pledged-to-expand-qe-and-other-stimulus-if-needed-as-risk-to-outlook-skewed-to-downside/ https://www.actionforex.com/action-insight/central-bank-analysis/305649-rbnz-pledged-to-expand-qe-and-other-stimulus-if-needed-as-risk-to-outlook-skewed-to-downside/#respond Wed, 24 Jun 2020 02:59:20 +0000 https://www.actionforex.com/?p=305649 As widely anticipated, RBNZ left the OCR unchanged at 0.25%. The size of QE also stays unchanged at NZD60B. Policymakers acknowledged that the spread ofcoronavirus is under control in the country for now. They also saw reasons for being more confident about the economic outlook. Yet, the central bank cautioned about the “significant economic challenges” […]

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RBNZ Preview: Cautiously Optimistic about Recovery while Pledges to Do More if Needed https://www.actionforex.com/action-insight/central-bank-analysis/305021-rbnz-preview-cautiously-optimistic-about-recovery-while-pledges-to-do-more-if-needed/ https://www.actionforex.com/action-insight/central-bank-analysis/305021-rbnz-preview-cautiously-optimistic-about-recovery-while-pledges-to-do-more-if-needed/#respond Mon, 22 Jun 2020 03:11:02 +0000 https://www.actionforex.com/?p=305021 RBNZ is likely to leave the OCR unchanged record low of 0.25% in June. Meanwhile, the size of the LSAP program (QE) will also stay at NZD 60B. Control of the coronavirus pandemic in the country has been more effective than previously anticipated. Policymakers will be more optimistic about domestic economic recovery than last month. […]

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BOE Expands QE Size, but Slows Pace of Purchases https://www.actionforex.com/action-insight/central-bank-analysis/304500-boe-expands-qe-size-but-slows-pace-of-purchases/ https://www.actionforex.com/action-insight/central-bank-analysis/304500-boe-expands-qe-size-but-slows-pace-of-purchases/#respond Thu, 18 Jun 2020 13:58:17 +0000 https://www.actionforex.com/?p=304500 BOE turned out to be less pessimistic than we had anticipated. The members acknowledged that global economic contraction in 2Q20 will be “less severe than expected”. While the size of QE is expanded, the members will likely slow the pace of asset buying. The policy rate stayed unchanged at record low. The decision sent gilts […]

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SNB Intervened Aggressively to Weaken Franc and Pledged to Continue So https://www.actionforex.com/action-insight/central-bank-analysis/304398-snb-intervened-aggressively-to-weaken-franc-and-pledged-to-continue-so/ https://www.actionforex.com/action-insight/central-bank-analysis/304398-snb-intervened-aggressively-to-weaken-franc-and-pledged-to-continue-so/#respond Thu, 18 Jun 2020 09:45:24 +0000 https://www.actionforex.com/?p=304398 SNB left the monetary policy unchanged in June. Meanwhile, the members reiterated the commitment to intervene in the currency market as Swiss franc has remained “highly valued”. Economic and inflation forecasts for this year were sharply downgraded as a result of the coronavirus pandemic and related restrictive measures . On economic developments, SNB noted that […]

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BOE to Expand QE and Discuss Negative Rates https://www.actionforex.com/action-insight/central-bank-analysis/303517-boe-to-expand-qe-and-discuss-negative-rates/ https://www.actionforex.com/action-insight/central-bank-analysis/303517-boe-to-expand-qe-and-discuss-negative-rates/#respond Tue, 16 Jun 2020 02:30:30 +0000 https://www.actionforex.com/?p=303517 Although there are signs that the coronavirus outbreak in the UK is stabilizing, its economic impact has just been emerged. Record contraction in GDP, sharp slowdown in inflation and weak employment indicators suggest that the BOE would have to maintain a very expansionary monetary policy stance. Together with lukewarm development in trade negotiation with the […]

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FOMC Signals to Increase Asset Purchases in Coming Months https://www.actionforex.com/action-insight/central-bank-analysis/302353-fomc-signals-to-increase-asset-purchases-in-coming-months/ https://www.actionforex.com/action-insight/central-bank-analysis/302353-fomc-signals-to-increase-asset-purchases-in-coming-months/#respond Thu, 11 Jun 2020 05:21:23 +0000 https://www.actionforex.com/?p=302353 As expected, FOMC left its monetary policy measures unchanged and downgraded the macroeconomic outlook. The members also project that the policy rate will stay unchanged through 2020. The accompanying statement showed few changes. Yet, the pledge to increase purchases by at least their current rate signals that the central bank will likely do more rather […]

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FOMC Preview – Standing Ready to Add Stimulus Despite Signs of Recovery https://www.actionforex.com/action-insight/central-bank-analysis/301622-fomc-preview-standing-ready-to-add-stimulus-despite-signs-of-recovery/ https://www.actionforex.com/action-insight/central-bank-analysis/301622-fomc-preview-standing-ready-to-add-stimulus-despite-signs-of-recovery/#respond Tue, 09 Jun 2020 04:52:36 +0000 https://www.actionforex.com/?p=301622 While we do not expect any change in monetary policy at the June FOMC meeting, there are a number of things that should be watched for. Chair Jerome Powell will discuss the economic outlook and the monetary policy stance at the press conference. The staff will also release the first macroeconomic projections since last December. […]

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ECB Expands and Extends PEPP, after Sharply Downgrading Inflation https://www.actionforex.com/action-insight/central-bank-analysis/300788-ecb-expands-and-extends-pepp-after-sharply-downgrading-inflation/ https://www.actionforex.com/action-insight/central-bank-analysis/300788-ecb-expands-and-extends-pepp-after-sharply-downgrading-inflation/#respond Fri, 05 Jun 2020 03:33:36 +0000 https://www.actionforex.com/?p=300788 ECB’s increase in stimulus was slightly more than we had anticipated. The move was mainly driven by the sharp downgrade in inflation outlook. The decision has sent a strong message to the market that the central bank is “undeterred” by German constitutional court’s ruling and will continue to adjust the monetary policy as appropriate. At […]

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BOC Turns More Optimistic About Economy, Scales Back Term Financing https://www.actionforex.com/action-insight/central-bank-analysis/300452-boc-turns-more-optimistic-about-economy-scales-back-term-financing/ https://www.actionforex.com/action-insight/central-bank-analysis/300452-boc-turns-more-optimistic-about-economy-scales-back-term-financing/#respond Thu, 04 Jun 2020 04:12:30 +0000 https://www.actionforex.com/?p=300452 Turning more optimistic on the economic outlook, BOC scaled back some term financing facilities, while leaving the policy rate and QE programs unchanged. Policymakers suggested that the impacts of the coronavirus pandemic have peaked, despite ongoing uncertainties. The members have turned more optimistic about the economic developments. The judged that impacts of the pandemic on […]

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ECB Preview – Lagarde to Expand PEPP and Sharply Downgrade GDP and Inflation Forecasts https://www.actionforex.com/action-insight/central-bank-analysis/300134-ecb-preview-lagarde-to-expand-pepp-and-sharply-downgrade-gdp-and-inflation-forecasts/ https://www.actionforex.com/action-insight/central-bank-analysis/300134-ecb-preview-lagarde-to-expand-pepp-and-sharply-downgrade-gdp-and-inflation-forecasts/#respond Wed, 03 Jun 2020 08:27:11 +0000 https://www.actionforex.com/?p=300134 We expect ECB to add more stimuli and downgrade it macroeconomic projections at the upcoming meeting. It is likely that the more flexible PEPP will be expanded and extended. Previous meetings suggest that the members are reluctant to lower the deposit rate further. The concerns are mainly the limited impact on the economy and the […]

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New BOC Governor to Carry On Legacy, Keeping Rate and QE Intact https://www.actionforex.com/featured/299448-new-boc-governor-to-carry-on-legacy-keeping-rate-and-qe-intact/ https://www.actionforex.com/featured/299448-new-boc-governor-to-carry-on-legacy-keeping-rate-and-qe-intact/#respond Mon, 01 Jun 2020 12:34:43 +0000 https://www.actionforex.com/?p=299448 The upcoming BOC meeting (June 3) will be the first one headed by incoming Governor Tiff Macklem. We expect him to leave the policy rate unchanged at 0.25%. The unconventional monetary policy, i.e.: QE, will also remain the same. Given the disappointing GDP and inflation data, the accompanying statement will maintain a cautious tone, with […]

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RBA to Send More Upbeat Economic Assessment in June https://www.actionforex.com/action-insight/central-bank-analysis/299140-rba-to-send-more-upbeat-economic-assessment-in-june/ https://www.actionforex.com/action-insight/central-bank-analysis/299140-rba-to-send-more-upbeat-economic-assessment-in-june/#respond Fri, 29 May 2020 09:51:55 +0000 https://www.actionforex.com/?p=299140 We expect RBA to leave its monetary policy measures unchanged in June. Governor Philip Lowe appeared cautiously optimistic about domestic economic outlook. We expect the central bank will deliver a more upbeat economic outlook while pledge to leave the policy rate at record low level for years. The forward guidance will also be maintained, reiterating […]

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FOMC Minutes Sent Dovish Message about Recovery, Preparing to Adjust QE and Forward Guidance https://www.actionforex.com/action-insight/central-bank-analysis/296766-fomc-minutes-sent-dovish-message-about-recovery-preparing-to-adjust-qe-and-forward-guidance/ https://www.actionforex.com/action-insight/central-bank-analysis/296766-fomc-minutes-sent-dovish-message-about-recovery-preparing-to-adjust-qe-and-forward-guidance/#respond Thu, 21 May 2020 03:15:50 +0000 https://www.actionforex.com/?p=296766 The FOMC minutes for the April meeting revealed that the members were very much concerned about the job market and inflation outlook as a result of the coronavirus pandemic. While leaving the Fed funds rate unchanged at 0-0.25%, the members also maintained QE. The minutes revealed that “several” members proposed to make asset purchases a […]

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RBNZ to Maintain Dovish Tone in May, Preparing for QE Expansion https://www.actionforex.com/action-insight/central-bank-analysis/294012-rbnz-to-maintain-dovish-tone-in-may-preparing-for-qe-expansion/ https://www.actionforex.com/action-insight/central-bank-analysis/294012-rbnz-to-maintain-dovish-tone-in-may-preparing-for-qe-expansion/#respond Mon, 11 May 2020 09:26:11 +0000 https://www.actionforex.com/?p=294012 We expect RBNZ to leave its OCR at 0.25% at the May meeting. However, given the prospect of very gradual economic recovery, policymakers would maintain a dovish tone and suggest that further stimulus measures are likely. QE expansion is a likely move. The question is whether it will be announced this month or in June. […]

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RBA Forecasts Double-Digit Contraction and Unemployment in First Half of the Year https://www.actionforex.com/action-insight/central-bank-analysis/293415-rba-forecasts-double-digit-contraction-and-unemployment-in-first-half-of-the-year/ https://www.actionforex.com/action-insight/central-bank-analysis/293415-rba-forecasts-double-digit-contraction-and-unemployment-in-first-half-of-the-year/#respond Fri, 08 May 2020 06:00:32 +0000 https://www.actionforex.com/?p=293415 As revealed in the latest Statement of Monetary Policy (SMP), RBA sharply cut economic forecasts for this year. GDP is projected to record double-digit contraction in the first half of the year before recovery in 2021. The unemployment rate could peak at 10%, while inflation could fall the negative territory, this quarter. Policymakers did not […]

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BOE to Keep Stimulus Measures Unchanged in May. Could Announce QE Extension in Coming Two Months https://www.actionforex.com/action-insight/central-bank-analysis/292221-boe-to-keep-stimulus-measures-unchanged-in-may-could-announce-qe-extension-in-coming-two-months/ https://www.actionforex.com/action-insight/central-bank-analysis/292221-boe-to-keep-stimulus-measures-unchanged-in-may-could-announce-qe-extension-in-coming-two-months/#respond Mon, 04 May 2020 10:41:07 +0000 https://www.actionforex.com/?p=292221 We expect BOE to leave both the policy rate and other liquidity expansion measures unchanged this week. Despite government’s plan to ease lockdown measures amidst stabilization of coronavirus cases, the process will be gradual. Meanwhile, social distancing measures will remain for an extended period of time. These suggest that it will be a prolonged period […]

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RBA to Stay on Hold in May. Economic Forecasts to be Downgraded https://www.actionforex.com/action-insight/central-bank-analysis/292005-rba-to-stay-on-hold-in-may-economic-forecasts-to-be-downgraded/ https://www.actionforex.com/action-insight/central-bank-analysis/292005-rba-to-stay-on-hold-in-may-economic-forecasts-to-be-downgraded/#respond Mon, 04 May 2020 05:19:32 +0000 https://www.actionforex.com/?p=292005 RBA is widely expected to leave the cash rate unchanged at 0.25% on the May 5 meeting. It will also keep other stimulus measures, including targeting 3-year bond yield, term funding facility operation and QE, announced in March the same. The members will, however, markedly revise lower economic projections. In March, RBA lowered the policy […]

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Fed Markedly Downgraded Economic Assessments on Sharp Decline in Activities and Surge in Unemployment https://www.actionforex.com/action-insight/central-bank-analysis/291193-fed-markedly-downgraded-economic-assessments-on-sharp-decline-in-activities-and-surge-in-unemployment/ https://www.actionforex.com/action-insight/central-bank-analysis/291193-fed-markedly-downgraded-economic-assessments-on-sharp-decline-in-activities-and-surge-in-unemployment/#respond Thu, 30 Apr 2020 03:44:38 +0000 https://www.actionforex.com/?p=291193 While maintaining all monetary policy measures unchanged in April, FOMC sent a more negative message about the economy. The members noted the sharp deterioration in economic activities and a jump in unemployment, cautioning that the negative impacts could prolong in the medium term. The Fed pledged to maintain the ultra expansionary policy announced in March. […]

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