The Fed and BOJ continue to be on opposite ends of the spectrum with the former sending a rather hawkish message to markets that they are in it for the inflation fight. Meanwhile, the latter continues the same old communique while keeping monetary policy unchanged - which saw USD/JPY briefly hit above 145.00 for the first time since 1998.

The central bank bonanza this week doesn't stop there as we are set to see the SNB and BOE step up to the plate later today.

The Swiss central bank is expected to raise interest rates by 75 bps and bring its policy rate into positive territory from the current -0.25%. I would argue that risks are on the upside to that decision for any surprises.

Meanwhile, the BOE is expected to raise the bank rate by 50 bps to 2.25% but voting intentions and policymakers' opinions in the aftermath will be one to watch. The central bank is struggling to cope between soaring inflation and an economy that is headed towards a long recession, so there is some balance that needs to be struck between tighter policy and stopping that at the end of the day.