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Francesc Riverola - FXStreet.com 🎗
@Francesc_Forex
, 3 tweets, 1 min read Read on Twitter
HSBC 1/3: #CentralBanks: The Bank of England’s Monetary Policy Committee (#MPC) voted unanimously to keep its benchmark rate at 0.75% in September, as widely expected. It also voted to keep its asset purchase target at GBP 435bn.
HSBC 2/3: The MPC cited global weakness and the US-China trade war as weighing on the economy through weak exports, and that Brexit had weighed on business confidence and investment. Furthermore, the committee cut its growth forecast for Q3 to 0.2% from 0.3% as it signalled that
HSBC 3/3: policy rates could be cut if the UK’s departure from the EU continues to be delayed. The statement reiterated the line that rates could go in “either direction” under a no-deal break from the EU.
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Francesc Riverola - FXStreet.com 🎗
@Francesc_Forex
Rabobank 1/4: Expectations that the Federal Reserve is on the brink of cutting interest rates combined with forecasts that the Fed funds rate could be significantly lower by the end of the last year have unsurprisingly knocked the USD in recent weeks.
Rabobank 2/4: That said, the outlook for the greenback is complicated by a number of other factors. Firstly other major central banks are also pursuing accommodative policy settings. This should dilute the impact of lower Fed rates on the USD.
Rabobank 3/4: Additionally, slowing world growth and geopolitical risks are likely to stymie appetite for risky emerging market assets. As long as confidence in EM is shaky, there is good reason to expect the USD to find solid support.
Read 4 tweets
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Francesc Riverola - FXStreet.com 🎗
@Francesc_Forex
National Bank of Canada 1/5: With wages on the rise, one would have expected some cost-push inflation. But after picking up steam earlier in the year, consumer prices seem to be moderating again as evidenced by core PCE inflation rate dropping in Oct to 1.8% y-o-y,
National Bank of Canada 2/5: or below Fed’s 2% target. The core PCE’s more recent trends should be concerning from #Fed’s standpoint given that the three-month annualized rate sank to just 1.1%, lowest since May last year. The strong dollar is keeping import prices under wraps
National Bank of Canada 3/5: & it’s also possible firms, intent in maintaining market share, are opting to absorb rising costs instead of passing them on to consumers. Their profit buffer, made more significant thanks to earlier corporate tax cuts, seems to be helping cushion
Read 5 tweets
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Francesc Riverola - FXStreet.com 🎗
@Francesc_Forex
Mizuho Bank 1/4: As widely expected #BoJ reduced the volume of #JGB purchases. It cut purchases in the 10~25yr segment to ¥180bn and in the 25yrs+ segment to ¥60bn. Both maturity buckets saw a ¥10bn reduction. Despite the reductions, market was firm & the curve flattened a little
Mizuho Bank 2/4: There was also limited reaction in the currency market, as was the case at the most recent reduction in late June in the 5~10yr bucket. The #BoJ will be pleased that the move has been seen as a technical adjustment rather than a policy-relevant change.
Mizuho Bank 3/4: We continue to believe that as long as yields remain low, it will be possible for the #BoJ to further reduce buying levels without provoking accusations of policy tightening.
Read 4 tweets

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President @MBuhari has constituted an Economic Advisory Council (EAC) made up of the following members:
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