Week Ahead-Fed, BoE, BOJ meetings to shape expectations
Sept 16 (Reuters) -Central bank decisions in the U.S., Japan, UK and Norway, China's loan prime rate fixing and a swathe of top-tier global economic dataheadline a pivotalweek for financial markets.
The U.S. Federal Reserve is widely expected to beginits long-anticipated easing cyclewith a 25 basis-pointreduction to a 5.00%-5.25% range at its Sept 17-18 policy meeting seen as the slightly more likely outcome, but only marginally so. LSEG's FEDWATCH currentlyprices a 25 bps cut on Wednesday around 55%.
The market impact will be in the Fed's economic projections, statement, and press conference. There is also a busy data schedule with retail sales, industrial production, housingdata, weekly jobless claims, and the Philly Fed Indexdue. Philadelphia Fed President Patrick Harker speaks on Friday.
The Bank of England is expected to leave rates on hold at 5.00% on Thursday. Markets 0#BOEWATCH price a 69% chance ofno change this month, -30 bps in November and -51 bps by December. The focus will be on the monetary policy summary and press conference. The UK releasesCPI and PPI data on Wednesday, which could change expectations; retail sales are due Friday.
Japan is on holiday Monday, but returns to a busy week with machinery orders, trade and CPI data due, followed by a Bank of Japan policy decision on Friday.The BOJ is expected to leave rates on hold at 0.25%, with another hike likely in 2024. The press conference will be key for expectations.
Euro zone data is limited to final August HICP, flash September consumer confidence and the German ZEW survey,but there is a raft of European Central Bank officials scheduled to speak, including President Christine Lagarde.
China is likely to leave its one-year and five-year LPRs unchanged on Friday despite rising expectations of more support measures to bolster the ailing property market with new home prices falling at the fastest pace in over 9 years in August.
Australia's employment data on Thursday will be key for Reserve Bank of Australia rate expectations as the labour market stays surprisingly resilient.
Canada publishes CPI, retail sales and PPI. The Bank of Canada releases its Septemberpolicy meeting summaryon Wednesday and Governor Tiff Macklem speaks on Friday.
New Zealand has Q2 current account and GDP data with Westpac expecting a 0.4% fall in GDP for the June quarter.
For more click on FXBUZ
Fed set to join the global easing cycle: https://reut.rs/4dYBzwD
Rates and inflation: https://tmsnrt.rs/3U8HdD2
Krishna Kumar and Andrew Spencer are Reuters market analysts. The views expressed are their own. Editing by Sonali Desai
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