BOJ Rate Decision in Focus as Sticky Inflation, Weak Yen Shape USD/JPY and Nikkei Outlook 
China Holds Loan Prime Rates Steady for 14th Month as Economic Recovery Remains Uneven 
Japan Services Producer Prices Rise 3.2% in June, Supporting BOJ Rate Hike Expectations 
BOJ Holds Rates at 1% as Inflation Outlook Eases, October Rate Hike Still Possible 
RBA Signals More Rate Hikes Possible as Australia Battles Stubborn Inflation 
Singapore Central Bank’s Exchange Rate Policy Explained: Why MAS Uses the S$NEER Instead of Interest Rates 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
Eurozone Bond Yields Fall as Oil Slump Eases Inflation Fears Ahead of Central Bank Meetings 
Australia Inflation Cools as Core CPI Misses Forecasts, Easing RBA Rate Hike Pressure 
Fed Holds Interest Rates Steady as Kevin Warsh Says Rising Treasury Yields Tighten Financial Conditions 
Japan PM Sanae Takaichi Unveils Growth Plan as BOJ Independence Concerns Lift Bond Yields 
Dec 13th, 2023, FOMC statement (7:00 pm GMT)
Dec 14th, 2023, SNB monetary policy (8:30 am GMT)
ECB monetary policy statement (1:15 pm GMT)
BOE Monetary policy (12:00 pm GMT)
FOMC-
The Federal Reserve expected to keep policy rates on hold. The main things to watch out for are US Fed updated economic projections and new dot plots. Markets anticipate a 25 bpbs rate cut by Fed in Mar due to easing US inflation.
Levels to watch- US dollar index
Major resistance- 104.35,105
Major support- 103.25,102.40
ECB -
ECB anticipated to keep rates unchanged and rule out any further rate hikes in the near term. Markets predict an aggressive six-quarter rate cut in 2024and any dovish comments from the ECB chairman will drag EURUSD lower to 1.0660.
Major resistance- 1.0820,1.0900
Major support- 1.0720,1.0660
Swiss National Bank (SNB)-
Swiss National Bank will keep borrowing costs steady at 1.75%. According to UBS Group AG economist, SNB expected to cut rates from June 2023 as inflation slowed drastically in Nov 2023.
Major resistance- 0.8865,0.8900
Major support- 0.8660,0.8600
Bank of England (BOE)
BOE to keep rates unchanged at 5.25% with the vote split to be 6-3. Markets anticipate an 80 bpbs rate cut in 2024 with the first cut in August.
Major resistance- 1.2620,1.2725
Major support- 1.2500,1.2470
