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BoJ keeps main policy parameters unchanged

Chris Scicluna
  • Despite the more hawkish shifts of the other major central banks over the past week or so, the BoJ Policy Board decided today to keep its main monetary policy parameters unchanged.

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Fed hikes by 75bps as it heads towards a restrictive stance

Chris Scicluna
  • Despite intensified price pressures, the BoE is likely to hike by just 25bps today as GDP weakens and the external demand outlook clouds
  • Japan’s adjusted trade deficit hit a series high due to a surge in energy imports

 

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ECB calls emergency Governing Council meeting

Chris Scicluna
  • The PBoC eschewed a rate cut, helping the yuan to appreciate. 
  • Japan’s services data signalled the likelihood of firm GDP growth in Q2 with machine orders up sharply too. 
  • The Fed now seems bound to hike the FFR target range by 75bps later today. 

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UK labour market data were a mixed bag

Chris Scicluna
  • Softer UK labour market data suggest that weak economic activity might be starting to take its toll, with certainly no signs of a wage-price spiral
  • Drop in Japanese IP in April bigger than previously thought as China lockdowns exacerbated supply woes
  • Big rise in German inflation in May confirmed

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UK GDP declines for second month in April

Chris Scicluna
  • Will the Fed dare hike more than 50bps and the BoE dare to hike more than 25bps? And will the BoJ remain passive in the face of the weak yen?

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