GMTAuthor: Justin Low

Kuroda continues to touch on China in his recent commentary


  • Weakness is spreading in China's real economy
  • Will be watching China's economy carefully
  • Expect China's growth to be stable more or less
  • Says that BOJ can be considered to be dovish
  • Will continue persistent monetary easing
  • Will mull more easing if price momentum is lost
ForexLive
The fact that they are putting so much focus on China is a bit puzzling (generally, you don't try to talk about other nations' economies unless it is really needed). Feels like this is more of a tactic to try and distract markets from the fact that they are nowhere near heading towards their inflation target of 2%.

His monetary policy comments aren't of anything new. USD/JPY holds steady at 111.56 still, a little higher on the day.

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Wed 20 Mar 2019 03:45:03 GMT

All the previews of Wednesday's FOMC in the one place

Federal Open Market Committee announcement due at 1800 GMT on 20 March 2019  - (TD) - (RBC) - (Westpac, NAB) ForexLive

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All the previews of Wednesday's FOMC in the one place


https://az705044.vo.msecnd.net/20190320/powell-fomc.png Eamonn Sheridan
Wed 20 Mar 2019 03:45:03 GMT
Category: Central Banks
0


Federal Open Market Committee announcement due at 1800 GMT on 20 March 2019  - (TD) - (RBC) - (Westpac, NAB) ForexLive

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Pres. Trump rails against FB, Google and Twitter.
Asset 41
Wed 20 Mar 2019 03:20:58 GMT

1

Recap of RBA Bullock speech today … Sydney apartments financial stability risk

Michele Bullock is an Assistant Governor (Financial System) at the Reserve Bank of Australia, spoke earlier today Bloomberg have a recap up, focusing on 

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Recap of RBA Bullock speech today … Sydney apartments financial stability risk


https://az705044.vo.msecnd.net/20190320/rba.png Eamonn Sheridan
Wed 20 Mar 2019 03:20:58 GMT
Category: Central Banks
1
Michele Bullock is an Assistant Governor (Financial System) at the Reserve Bank of Australia, spoke earlier today Bloomberg have a recap up, focusing on 

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Wed 20 Mar 2019 02:43:41 GMT

BOJ dep gov Wakatabe says Japan is making progress towards fiscal health

I nearly wrote  'towards fiscal hell' in the headline. Purely in the interests of keeping it real of course. Bank of Japan Deputy Governor Wakatabe is speaking from his appearance in parliament

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BOJ dep gov Wakatabe says Japan is making progress towards fiscal health


https://az705044.vo.msecnd.net/20180605/wakatabe.png Eamonn Sheridan
Wed 20 Mar 2019 02:43:41 GMT
Category: Central Banks
0
I nearly wrote  'towards fiscal hell' in the headline. Purely in the interests of keeping it real of course. Bank of Japan Deputy Governor Wakatabe is speaking from his appearance in parliament

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Wed 20 Mar 2019 02:07:59 GMT

FOMC statement due Wednesday 20 March 2019 - preview

The Federal Reserve's Federal Open Market Committee statement will come at 1800GMT  Earlier previews can be found: - (TD) - (RBC) Via Westpac: NAB:

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FOMC statement due Wednesday 20 March 2019 - preview


https://az705044.vo.msecnd.net/20180502/fomc-federal-reserve.png Eamonn Sheridan
Wed 20 Mar 2019 02:07:59 GMT
Category: Central Banks
0
The Federal Reserve's Federal Open Market Committee statement will come at 1800GMT  Earlier previews can be found: - (TD) - (RBC) Via Westpac: NAB:

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Wed 20 Mar 2019 01:57:47 GMT

Federal Reserve FOMC statement is due today - preview

Announcement from the Federal Open Market Committee isa due t 1800GMT on Wednesday 20 March 2019   Previews posted already: - (TD) Adding this, via RBC (bolding mine):

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Federal Reserve FOMC statement is due today - preview


https://az705044.vo.msecnd.net/20181025/trump-powell.png Eamonn Sheridan
Wed 20 Mar 2019 01:57:47 GMT
Category: Central Banks
0
Announcement from the Federal Open Market Committee isa due t 1800GMT on Wednesday 20 March 2019   Previews posted already: - (TD) Adding this, via RBC (bolding mine):

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Wed 20 Mar 2019 01:16:02 GMT

PBOC sets USD/ CNY reference rate for today at (vs. yesterday at 6.7062)

The Bank skips open market operations today ForexLive

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PBOC sets USD/ CNY reference rate for today at (vs. yesterday at 6.7062)


Eamonn Sheridan
Wed 20 Mar 2019 01:16:02 GMT
Category: Central Banks
0
The Bank skips open market operations today ForexLive

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Wed 20 Mar 2019 00:58:05 GMT

2

More from RBA's Bullock - RBA encouraging banks not to tighten too much

Earlier post on the Reserve Bank of Australia's Bullock's speech is here Q&A headlines now: - RBA encouraging banks not to tighten too much - The house price slump is not yet stressing households or banks --

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More from RBA's Bullock - RBA encouraging banks not to tighten too much


https://az705044.vo.msecnd.net/20190320/lowe-rba-lending.png Eamonn Sheridan
Wed 20 Mar 2019 00:58:05 GMT
Category: Central Banks
2
Earlier post on the Reserve Bank of Australia's Bullock's speech is here Q&A headlines now: - RBA encouraging banks not to tighten too much - The house price slump is not yet stressing households or banks --

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Wed 20 Mar 2019 00:52:17 GMT

Reuters: BOJ board at loggerheads on next policy move - January meeting minutes

Reuters take on the Bank of Japan minutes is as described in their headline, the Board in disagreement I reckon the headline might be overstating the tensions, its one voice according to the report (bolded):

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Reuters: BOJ board at loggerheads on next policy move - January meeting minutes


https://az705044.vo.msecnd.net/20190320/usdyen-stop-buy-20-march-2019.png Eamonn Sheridan
Wed 20 Mar 2019 00:52:17 GMT
Category: Central Banks
0
Reuters take on the Bank of Japan minutes is as described in their headline, the Board in disagreement I reckon the headline might be overstating the tensions, its one voice according to the report (bolded):

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Wed 20 Mar 2019 00:06:10 GMT

RBA's Bullock upbeat on household's ability to service debt

Michele Bullock is an Assistant Governor (Financial System) at the Reserve Bank of Australia, speaking today Main points (via Reuters)  On these: - 'Holders can afford to service debt' is quite different to expecting household spending to improve (its been soft and thus a weight on economic growth).

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RBA's Bullock upbeat on household's ability to service debt


https://az705044.vo.msecnd.net/20190320/bullock-rba.png Eamonn Sheridan
Wed 20 Mar 2019 00:06:10 GMT
Category: Central Banks
0
Michele Bullock is an Assistant Governor (Financial System) at the Reserve Bank of Australia, speaking today Main points (via Reuters)  On these: - 'Holders can afford to service debt' is quite different to expecting household spending to improve (its been soft and thus a weight on economic growth).

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Tue 19 Mar 2019 23:53:18 GMT

Bank of Japan meeting minutes (January) out now

As noted previously, times have moved on from the Jan meeting. - The 'summary' from the meeting was out on January 31, way ahead of these minutes - Since then we have already had another meeting, just last week. The summary from this meeting will be published March 26. 

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Bank of Japan meeting minutes (January) out now


Eamonn Sheridan
Tue 19 Mar 2019 23:53:18 GMT
Category: Central Banks
0
As noted previously, times have moved on from the Jan meeting. - The 'summary' from the meeting was out on January 31, way ahead of these minutes - Since then we have already had another meeting, just last week. The summary from this meeting will be published March 26. 

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Tue 19 Mar 2019 19:14:33 GMT

Look for Fed dots to show no hikes this year, one in 2020 - Barclays

Barclays FOMC preview The Fed won't be changing rates on Wednesday or offering anything particularly enlightening on the path of interest rates but the changes are the margins will be telling.

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Look for Fed dots to show no hikes this year, one in 2020 - Barclays


//az705044.vo.msecnd.net/20181219/dot-plot.png Adam Button
Tue 19 Mar 2019 19:14:33 GMT
Author: Adam Button
Category: Central Banks
0
Barclays FOMC preview The Fed won't be changing rates on Wednesday or offering anything particularly enlightening on the path of interest rates but the changes are the margins will be telling.

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Tue 19 Mar 2019 02:56:05 GMT

JP Morgan on a sign in the RBA minutes of concern over rates

JP Morgan make specific note of this this in the Reserve Bank of Australia minutes: What that translates to is the RBA concern on higher rates in money markets, which would tend to diminish the impact of an RBA rate cut. Says JPM:

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JP Morgan on a sign in the RBA minutes of concern over rates


Eamonn Sheridan
Tue 19 Mar 2019 02:56:05 GMT
Category: Central Banks
0
JP Morgan make specific note of this this in the Reserve Bank of Australia minutes: What that translates to is the RBA concern on higher rates in money markets, which would tend to diminish the impact of an RBA rate cut. Says JPM:

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Tue 19 Mar 2019 02:22:02 GMT

Australia 3 year bond yield drops under the RBA cash rate

The Reserve Bank of Australia crash ate is 1.5%. 3 year government bonds here in Oz now yielding below that - First time since 2016 The cash rate at the start of 2016 was 2%, was cut 25bps in May and August of that year. 

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Australia 3 year bond yield drops under the RBA cash rate


https://az705044.vo.msecnd.net/20190319/rba-cash-rate.png Eamonn Sheridan
Tue 19 Mar 2019 02:22:02 GMT
Category: Central Banks
0
The Reserve Bank of Australia crash ate is 1.5%. 3 year government bonds here in Oz now yielding below that - First time since 2016 The cash rate at the start of 2016 was 2%, was cut 25bps in May and August of that year. 

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Tue 19 Mar 2019 02:11:15 GMT

RBA Minutes - responses

National Australia Bank with comments on the Reserve Bank of Australia March 2019 meeting minutes (Link is here to the minutes:  )  RBA minutes - 'significant uncertainties' on the economic outlook NAB remarks, pretty much what I have covered already, which makes sense given the RBA have already told us they are the jobs data:

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RBA Minutes - responses


https://az705044.vo.msecnd.net/20190319/audusd-rba-minutes-2.png Eamonn Sheridan
Tue 19 Mar 2019 02:11:15 GMT
Category: Central Banks
0
National Australia Bank with comments on the Reserve Bank of Australia March 2019 meeting minutes (Link is here to the minutes:  )  RBA minutes - 'significant uncertainties' on the economic outlook NAB remarks, pretty much what I have covered already, which makes sense given the RBA have already told us they are the jobs data:

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Tue 19 Mar 2019 01:15:19 GMT

PBOC sets USD/ CNY central rate at 6.7062 (vs. yesterday at 6.7088)

Daily reference rate from the People's Bank of China  … i got me some headline gremlins! - 6.7062 (vs. yesterday at 6.7088) PBOC inject 50bn yuan through 7-day reverse repos in open market operations (OMOs)

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PBOC sets USD/ CNY central rate at 6.7062 (vs. yesterday at 6.7088)


Eamonn Sheridan
Tue 19 Mar 2019 01:15:19 GMT
Category: Central Banks
0
Daily reference rate from the People's Bank of China  … i got me some headline gremlins! - 6.7062 (vs. yesterday at 6.7088) PBOC inject 50bn yuan through 7-day reverse repos in open market operations (OMOs)

Asset 24 View More
Tue 19 Mar 2019 00:31:35 GMT

3

RBA minutes - 'significant uncertainties' on the economic outlook

Reserve Bank of Australia March 2019 monetary policy meeting minutes  Headlines via Reuters: Nothing we didn't already know from this today. Points 2, 3 and 4 = We dunno what to do and we won't be doing it soon anyway

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RBA minutes - 'significant uncertainties' on the economic outlook


https://az705044.vo.msecnd.net/20190319/kangaroo.png Eamonn Sheridan
Tue 19 Mar 2019 00:31:35 GMT
Category: Central Banks
3
Reserve Bank of Australia March 2019 monetary policy meeting minutes  Headlines via Reuters: Nothing we didn't already know from this today. Points 2, 3 and 4 = We dunno what to do and we won't be doing it soon anyway

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Tue 19 Mar 2019 00:26:09 GMT

Japan economy minister Motegi says hopes BOJ keeps doing its utmost towards 2%

Japan's  economy minister Motegi says he hopes the Bank of Japan keeps doing its utmost towards achieving the inflation target Dunno who rattled his cage. 

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Japan economy minister Motegi says hopes BOJ keeps doing its utmost towards 2%


Eamonn Sheridan
Tue 19 Mar 2019 00:26:09 GMT
Category: Central Banks
0
Japan's  economy minister Motegi says he hopes the Bank of Japan keeps doing its utmost towards achieving the inflation target Dunno who rattled his cage. 

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Mon 18 Mar 2019 22:06:32 GMT

RBA's Kent speech - not on his economic outlook nor current monetary policy

Reserve Bank of Australia Assistant Governor (Financial Markets) Christopher Kent speech. Topic is Bonds and Benchmarks Like the headline says, there is nothing on his outlook for the economy nor his outlook for monetary policy. Perhaps in the Q&A …. stay tuned I guess (I'll post separately if anything pertinent to traders ) 

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RBA's Kent speech - not on his economic outlook nor current monetary policy


https://az705044.vo.msecnd.net/20160615/kent.png Eamonn Sheridan
Mon 18 Mar 2019 22:06:32 GMT
Category: Central Banks
0
Reserve Bank of Australia Assistant Governor (Financial Markets) Christopher Kent speech. Topic is Bonds and Benchmarks Like the headline says, there is nothing on his outlook for the economy nor his outlook for monetary policy. Perhaps in the Q&A …. stay tuned I guess (I'll post separately if anything pertinent to traders ) 

Asset 24 View More
Mon 18 Mar 2019 20:46:29 GMT

1

Reserve Bank of Australia minutes (March 2019 meeting) due today

There is not much new information expected to be contained in the minutes. RBA Governor Lowe has spoken since the meeting. He spoke extensively, the key takeaway from Lowe, to boil it down to just one, is that the Bank is watching labour market developments for its next move. 

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Reserve Bank of Australia minutes (March 2019 meeting) due today


https://az705044.vo.msecnd.net/20180423/rba.jpg Eamonn Sheridan
Mon 18 Mar 2019 20:46:29 GMT
Category: Central Banks
1
There is not much new information expected to be contained in the minutes. RBA Governor Lowe has spoken since the meeting. He spoke extensively, the key takeaway from Lowe, to boil it down to just one, is that the Bank is watching labour market developments for its next move. 

Asset 24 View More
Mon 18 Mar 2019 15:12:21 GMT

2

ECB's Praet: No evidence of emerging eurozone superstar firms

Comments from the ECB's Praet: More to come You can hardly name a European company that's exciting in any field at the moment. I don't know how any major reforms are ever going to come.

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ECB's Praet: No evidence of emerging eurozone superstar firms


Adam Button
Mon 18 Mar 2019 15:12:21 GMT
Author: Adam Button
Category: Central Banks
2
Comments from the ECB's Praet: More to come You can hardly name a European company that's exciting in any field at the moment. I don't know how any major reforms are ever going to come.

Asset 24 View More
Mon 18 Mar 2019 13:29:24 GMT

11

Goldman Sachs FOMC preview: How far will the Fed take the 'patient' theme?

Goldman Sachs on Wednesday's FOMC meeting This week's Federal Reserve decision isn't intriguing in terms of rates but it's important for guidance and communication, something that could spark a market reaction.

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Goldman Sachs FOMC preview: How far will the Fed take the 'patient' theme?


//az705044.vo.msecnd.net/20190318/powell-laptop.png Adam Button
Mon 18 Mar 2019 13:29:24 GMT
Author: Adam Button
Category: Central Banks
11
Goldman Sachs on Wednesday's FOMC meeting This week's Federal Reserve decision isn't intriguing in terms of rates but it's important for guidance and communication, something that could spark a market reaction.

Asset 24 View More
Mon 18 Mar 2019 07:03:35 GMT

Some BOJ officials said to see price goal out of reach through 2021 - report

Bloomberg reports, citing people familiar with the matter It is reported that the BOJ has not started discussions on numerical forecasts for next month's quarterly outlook report yet, but I reckon it's best to be aware of the situation that they could be erring towards a more pessimistic view when they provide their first estimates for inflation/growth forecasts for the following fiscal years through 2021.

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Some BOJ officials said to see price goal out of reach through 2021 - report


//az705044.vo.msecnd.net/20180731/bank-of-japan.png Justin Low
Mon 18 Mar 2019 07:03:35 GMT
Author: Justin Low
Category: Central Banks
0
Bloomberg reports, citing people familiar with the matter It is reported that the BOJ has not started discussions on numerical forecasts for next month's quarterly outlook report yet, but I reckon it's best to be aware of the situation that they could be erring towards a more pessimistic view when they provide their first estimates for inflation/growth forecasts for the following fiscal years through 2021.

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Mon 18 Mar 2019 03:38:36 GMT

1

Barclays on the FOMC coming up this week - 'risks are skewed toward a dovish surprise'

A preview of the Fed this week from Barclays weekly rate outlook This in (very) brief: Recent Fedspeak suggests that the Fed is likely to pare back its economic projections and the path of the hiking cycle at the upcoming meeting

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Barclays on the FOMC coming up this week - 'risks are skewed toward a dovish surprise'


Eamonn Sheridan
Mon 18 Mar 2019 03:38:36 GMT
Category: Central Banks
1
A preview of the Fed this week from Barclays weekly rate outlook This in (very) brief: Recent Fedspeak suggests that the Fed is likely to pare back its economic projections and the path of the hiking cycle at the upcoming meeting

Asset 24 View More
Mon 18 Mar 2019 02:47:10 GMT

AUD traders - heads up for RBA minutes (March meeting) due Tuesday

Reserve Bank of Australia monetary policy meeting minutes due at 0030GMT on March 19 2019 NAB is looking at the discussion on Q4 GDP: - . ASB are looking for:

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AUD traders - heads up for RBA minutes (March meeting) due Tuesday


Eamonn Sheridan
Mon 18 Mar 2019 02:47:10 GMT
Category: Central Banks
0
Reserve Bank of Australia monetary policy meeting minutes due at 0030GMT on March 19 2019 NAB is looking at the discussion on Q4 GDP: - . ASB are looking for:

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