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22 May 2015
Key takeaways from central bank events this week – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, highlights the key takeaways with respect to policy outlook from the central banks this week.
Key Quotes
“This week’s events have provided for a steady tone from the BoC and BoE, with a minor shift from the Fed and a dovish tilt to the RBA outlook as the ECB and BoJ reinforced their accommodative biases.”
“Key takeaways included:
Fed—less hawkish: Minutes pushed out expectations of June hike on the back of persisting growth concerns.
ECB—dovish: Coeure speech underscored commitment to easing on announcement of QE front-loading ahead of summer as ECB minutes reinforced desire for full implementation.
BOE—neutral: Minutes maintained steady, neutral bias.
BOJ—dovish: No changes to policy, minor changes to assessment.
BOC—neutral: Poloz maintained neutral bias, looking to closing of output gap by end 2016 on the back of export & investment-led growth.
RBA—dovish: Lowe speech highlighted FX challenges of global easing as minutes showed RBA open to further policy action.”
Key Quotes
“This week’s events have provided for a steady tone from the BoC and BoE, with a minor shift from the Fed and a dovish tilt to the RBA outlook as the ECB and BoJ reinforced their accommodative biases.”
“Key takeaways included:
Fed—less hawkish: Minutes pushed out expectations of June hike on the back of persisting growth concerns.
ECB—dovish: Coeure speech underscored commitment to easing on announcement of QE front-loading ahead of summer as ECB minutes reinforced desire for full implementation.
BOE—neutral: Minutes maintained steady, neutral bias.
BOJ—dovish: No changes to policy, minor changes to assessment.
BOC—neutral: Poloz maintained neutral bias, looking to closing of output gap by end 2016 on the back of export & investment-led growth.
RBA—dovish: Lowe speech highlighted FX challenges of global easing as minutes showed RBA open to further policy action.”