EUR/NOK to be unchanged by end of 2015

Jun 30, 2015 06:57 am UTC| Commentary

Despite the dovish Norway rate path, there is more positivity than the Central Bank on the Norwegian economy ahead and that the June cut was the last in this cycle. NOK will gradually strengthen again vs EUR in...

Bank of Israel easing on hold for now

Jun 30, 2015 06:53 am UTC| Commentary

The ILS is at historical highs but is experiencing fundamental appreciation pressures.According to Bank of America, the BoI is likely to continue with small FX interventions to try to keep it at current levels in nominal...

Norway Norges rate cuts to be very dovish

Jun 30, 2015 06:50 am UTC| Commentary

Norges Bank cut rates at the June meeting by 25bp to 1.0%, but signalled that another cut may be needed in September. Indeed rates markets are currently pricing in ~40% chance of a cut for the September meeting.This was...

Global growth rate likely to slowdown

Jun 30, 2015 06:23 am UTC| Commentary

Global growth was expected to be mildly supportive in 2015. The global growth rate is expected slow to 3.3% in 2015 after 3.4% in 2014 as GDP growth seemed to be normalizing to 2.0% in 2015 after just 1.5% in 2014 and to...

SNB playing the long game

Jun 30, 2015 06:22 am UTC| Commentary

EUR/CHF has remained anchored within its recent 1.03/1.06 trading range but began to drift lower during the second half of the month. The SNB maintained its policy stance at its quarterly meeting and delivered its by now...

NZ RBNZ cut to weigh on the currency

Jun 30, 2015 06:16 am UTC| Commentary

The NZD has taken over the EUR as the worst performing currency against the USD in G10 space. While market expected some easing bias from the RBNZ into its June meeting, the 25bp rate cut and further easing signals were...

CBR aiming to boost FX reserves to $500bn level

Jun 30, 2015 06:00 am UTC| Commentary

A surprising twist in CBR policy was the emergence of a completely new goal to boost FX reserves to the $500bn level. According to the CBR, that level is"comfortable" from a financial stability perspective and should be...