Monetary Policy Week in Review - 21 April 2012

[Central Bank News]

The past week in monetary policy saw two major emerging market economy's central banks cut rates; with India cutting by a surprise 50 basis points to 8.00%, and Brazil cutting an expected 75 bps to 9.00%.  The only other bank to adjust rates was Mongolia; hiking 100bps to 13.25%.  Meanwhile those that held interest rates unchanged were: Canada 1.00%, Chile 5.00%, Turkey 5.75%, Sweden 1.50%, and the Philippines 4.00%.

Looking at the central bank calendar, the week ahead sees the US Federal Open Market Committee (FOMC) meeting to determine its policy setting and forecasts; while it's unlikely to see further QE; people will be watching for further clues. Elsewhere the major banks meeting include the Bank of Japan and the Reserve Bank of New Zealand; both are unlikely to move, but the forex markets will be paying close attention. Israel, Hungary, and Mexico also meet to review monetary policy settings.

Apr-23	ILS	Israel	Bank of Israel
Apr-24	HUF	Hungary	The Magyar Nemzeti Bank
Apr-25	USD	United States	Federal Reserve
Apr-26	NZD	New Zealand	Reserve Bank of New Zealand
Apr-27	JPY	Japan	Bank of Japan
Apr-27	MXN	Mexico	Banco de Mexico

Source: www.CentralBankNews.info

Article source: http://www.centralbanknews.info/2012/04/monetary-policy-week-in-review-21-april.html

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