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Expectations Blur with Fed, BoE and BoJ Rate Decisions Ahead

Expectations Blur with Fed, BoE and BoJ Rate Decisions Ahead

Monetary policy isn’t the straightforward fundamental driver it once was. This past week, the Dollar struggled despite strong NFPs and a certainty of a FOMC hike while the Euro rallied after reports the ECB discussed the future of hikes. Be prepared for unusual response to the Fed, BoE, BoJ and even SNB decisions ahead.

US Dollar Forecast: Dollar Will Find Less Lift in Next Fed Hike, Policy Promise

Despite a remarkably robust set of economic data – that included strong February payrolls – and a rise in rate expectations to the point of certainty that the Fed will hike Wednesday, the Dollar lost ground this past week.

Euro Forecast: ECB Hawkish Twist, Macron's Improving Odds Giving Euro a Lift

With the European Central Bank feeling more optimistic in the region’s progress and the odds of the National Front’s Marine Le Pen winning the French presidential election fading (thanks to a resurgent Emmanuel Macron), obstacles to further Euro strength appear to be fading quickly.

British Pound Forecast: British Pound Bogged Down By Brexit and Fears of Economic Weakness

The British Pound closed out the week dropping for a sixth day versus the Euro, its worse run since August, and had a second straight week of declines against the Greenback. This coming week, the BOE is unlikely to back away from its ultra-accommodative policy stance.

Japanese Yen Forecast: Narrowing Fed Interest Rate Forecast to Curb Bullish USD/JPY Outlook

USD/JPY stands at risk of facing increased volatility over the coming week as the Federal Open Market Committee (FOMC) is widely expected to deliver a March rate-hike, while the Bank of Japan (BoJ) continues to pursue its Quantitative/Qualitative Easing (QQE) Program with Yield-Curve Control.

Australian Dollar Forecast: Australian Dollar Likely To Struggle if Fed Delivers

The Australian Dollar seems likely to continue lower if US interest rates rise this week, but the prevalent idea that Australian rates won’t rise this year faces new challenges.

New Zealand Dollar Forecast: Kiwi Continues to Fall Amid Dovish RBNZ, Rising Fed Hike Expectations

For now, there are few good things to say about the New Zealand Dollar, the worst performing major currency in March thus far.

Canadian Dollar Forecast: Canadian Dollar Remains Weak Thanks to Oil Decline, Data Generally Soft

USD/CAD has neared the top of a six-month range, and beyond the usual relationship the Canadian Dollar maintains will oil, it is now at the mercy of US trade negotiations under the Trump administration.

Chinese Yuan Forecast: PBOC, Fed Remain Key Drivers to Yuan

The USD/CNH fell to a major support zone around 6.8845 on Friday after the non-farm payroll report failed to inspire a bullish-run in the Dollar. Earlier in the Asian session, PBOC’s officials’ talks on exchange rates added strength to the Yuan as well

Gold Forecast: Gold Prices Cling to Support as Markets Await Fed

Gold prices fell for the second consecutive week with the precious metal down 2.67% to trade at 1201 ahead of the New York close on Friday. Bullion is down more than 5% off the yearly high and has been fueled by expectations for higher borrowing costs from the Fed.

Equities Forecast: S&P 500 & Nikkei 225 at Risk with FOMC, BoJ on the Docket

Global equity indices ended neutral to slightly off for the week. The ECB met on Thursday and held on their path for monetary policy as expected, with Mario Draghi saying nothing to spark any significant volatility in European markets.

Oil Forecast: Testing Week Ahead for Crude Oil Prices

Crude oil prices have broken to the downside over the past few days, finally reflecting the ongoing imbalance between plentiful supply and limited demand.

See what live coverage is scheduled to cover key event risk for the FX and capital markets on the DailyFX Webinar Calendar.

See the DailyFX 1Q 2017 forecasts for the Dollar, Euro, Pound, Equities and Gold in the DailyFX Trading Guides page.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.