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From the Floor: Hawks keep central banks in the frame — #SaxoStrats

 • Fed will likely start its quantitative tightening process
  • Bank of Japan will eventually need to perform an ECB-type downshift
  • Paucity of data releases will increase interest of central bank speeches
  • Japanese equities power higher but UK equities still weak
  • FOMC and weaker yen hurting precious metals

 By Clare MacCarthy

The week ahead will be dominated by a flow of news out of several of the world's major central banks with the US Federal Market Open Committee meeting on Wednesday playing the starring role. The Japanese, Australian, Norwegian and South African banks will also appear in the frame with announcements ranging from interest rate decisions to board minutes.

"We're seeing the dollar adrift ahead of the FOMC meeting with people struggling to find what the surprise scenario is, we've seen a downshift in rate expectations which are around 50:50 for December," says John J Hardy, Saxo's head of FD strategy. More immediately, and arguably more importantly, "The FOMC wants to get this quantitative tightening move our of the way ."
Source: SaxoTraderGO 

In stock markets, the week has got off to a firm start with Asian equities notching gains and Japan's Nikkei Index expected soon to push through 20,000 and test recent highs as risk-on sentiment continues. But in the UK, however, the mood around equities remains negative and still soured by political uncertainty, increasing inflation and a negative technical picture.

Finally, in the commodities sphere, the upcoming FOMC meeting and a weaker yen are hurting gold and silver with the latter testing a support line from July at $17.454 and the next support level situated at $17.05. But oil is doing better in the wake of last week's fund selling ahead of an unexpectedly rosy IEA outlook.

 Central Banks remain in focus as the hawks sharpen their claws. 
Clare MacCarthy is an editor at


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