Research Team at RBS, suggests that even after the “comprehensive assessment”, we expect only fine tuning of inflation targets and the framework for quantitative and qualitative easing with negative interest rates from the BoJ.
Key Quotes
“In light of the recent inflation situation, we also foresee steps towards additional easing. Specifically, the approach likely to be chosen will take into account financial institution profitability, without making limits to quantitative easing superfluous and avoiding any impression of a pullback in monetary easing.
However, if Governor Kuroda is intent on a surprise, there is some small possibility of a shift to targeting long-term rates.”
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EUR/USD remains near 1.0400 post-US PCE
The US Dollar’s inconclusive price action allows some recovery in EUR/USD, keeping the pair around the 1.0400 region following the release of PCE inflation data for the month of January.
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Gold slumps to fresh multi-week lows below $2,840
Gold stays under bearish pressure and trades at its lowest level in three weeks below $2,840. The uncertainty surrounding the Trump administration's trade policy and month-end flows seem to be weighing on XAU/USD, which remains on track to snap an eight-week winning streak.
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GBP/USD clings to gains just above 1.2600 after PCE data
GBP/USD remains positively oriented in the 1.2600 neighbourhood as the Greenback is navigating a vacillating range following the PCE inflation release.
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