Central banks have been in focus overnight with the Fed, the BoJ and RBNZ all announcing monetary policy, but surprisingly none of them have changed policy. However, this has led to some sharp swings in the forex markets as clearly some sort of action had been priced in, especially for the yen and the Kiwi dollar. Although there was no rate hike from the Fed last night (as expected) there has been a subtle hawkish shift in the FOMC statement. There has been far less emphasis on the global economic and financial factors. This has reduced some of the impediments preventing the Fed from hiking rates. However the Fed ... (full story)