Jerome Powell economic calendar AI image

It's a big week in terms of what is on the calendar but it will be starting off rather slowly with pretty much a nothingburger today. Major central banks are in the spotlight with the Fed set to step up to the plate first. After that, we'll have the SNB and BOE followed by the BOJ on Friday.

The SNB and BOE are expected to deliver a 25 bps rate hike respectively while the Fed is expected to stand pat and stay on the sidelines. Meanwhile, the BOJ isn't expected to do anything but once again they are the ones that have the most propensity to surprise if anything else this week.

After Ueda's remarks on a "quiet exit", the yen will be liable to swings on the BOJ decision and communication this week surely. And if the verdict is that Ueda was just trying to yank the chain of yen bears with his remarks in the weekend before, then there could hell to pay as traders seek retribution.

Considering that we'll only get to the Fed on Wednesday, it may be a rather quiet start to the week in the next two days before things pick up. And to round things off, we will also be getting euro area PMI data on Friday which at this point in time, sort of looks like it might outweigh the ECB in terms of impact on the euro for this month.