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FX Daily: All smoke and no fire?
On paper, this week has the potential to leave lasting marks on the FX market. The Federal Reserve, Bank of Japan (JPY section below), Reserve Bank of Australia, Bank of England, Swiss National Bank, and Norges Bank will all announce rates. In the EM space, we’ll see policy announcements in China (Loan Prime Rates), Indonesia, the Czech Republic, Brazil, Turkey, Mexico, Taiwan, and Russia. In practice, when it comes to the broader implications of developed/major central bank decisions this week, we suspect the global picture for FX may not end up being particularly different by this Friday. The Fed meeting on ... (full story)