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3 Central Banks that are doing nothing with monetary policy– SocGen

FXStreet (Delhi) – Kit Juckes, Research Analyst at Societe Generale, suggests that we have FOMC Minutes, ECB Minutes and a UK MPC meeting today but the common factor is that none of these central banks are actually doing anything with monetary policy.

Key Quotes

“Overnight, the Chinese equity market re-opened and bounced, but not as much as some hoped and that was enough for a reversal of the recent risk rally. A pause for breath after the recent gyrations isn’t a bad idea, but it doesn’t answer the bigger question - whether the bounce in EMFX, equities and commodities represents a chance to sell, or a turn in the trend and the start of a Q4 rally?”

“I’m sceptical, nervous of renewed weakness, but expecting the debate to rage on with neither side winning for a few more days yet. It’s not strictly an FX conclusion, but I’d rather go long under-priced US breakeven inflation, than long (correlated) higher-yielding currencies.”

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