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Currency; an increasingly important variable for central banks? - Rabobank

FXStreet (Guatemala) - Analysts at Rabobank explained that for a number of monetary authorities faced with interest rates close to or at zero, the value of the currency has become an increasingly important variable in determining monetary conditions.

Key Quotes:

“The SNB, the RBA and the RBNZ are among those developed world central banks whose actions or words openly validate this view”.

“Others such as the ECB and BoJ are far less candid on issues related to the exchange rate although by following extremely accommodative policies both of these central banks have achieved an easing in monetary policy conditions via the exchange rate in recent months”.

“In view of the creep of disinflationary pressure it is likely that many central banks will continue to welcome depreciating currencies in 2015”.

“That said, since not all currencies can weaken simultaneously, there will be winners and losers in this race to the bottom”.

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