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Hardy: A crucial week for the FX markets
As far as the markets are concerned, Summer if officially over. It's back to business as usual, and what a way to kick-off; six central bank meetings, a slew of economic data from the world's biggest economies and possibly the start of the much anticipated tapering from the US Federal Reserve.
As Saxo Bank's John Hardy explains, we can expect a raft of US business surveys, the main one being the latest jobs data, out on Friday. These will help determine whether the Federal Reserve will start slowing down its current stimulus programme.
In Europe, the big focus is on the European Central Bank, which is expected to leave
its interest rate unchanged. Investors are waiting to hear how President Draghi will word his latest forward guidance, especially since
more signs have emerged that the eurozone economy is gradually improving.
Last week, Draghi's British counterpart Mark Carney warned the Bank of England could provide more stimulus for the economy if markets threaten to choke off its recovery. The BoE is also likely to keep its policy on hold with the bank rate at 0.5 per cent.
Over in Japan, the Bank of Japan Policy Board meeting is also being held, also on Thursday, but the overall feeling is that there is little pressure for further monetary stimulus now.
01:22 minutes
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