Monetary Policy & FX Review

Monetary Policy & FX Review is a review of monetary policy at eight central banks: the Fed, the ECB, the Bank of England, the Reserve Bank of Australia, the Reserve Bank of New Zealand, the Bank of Canada, the Swiss National Bank and the Bank of Japan. The aim of the review is to identify medium-term fundamental trends in major currencies based on central bank decisions and signals.

The review answers several questions. How has monetary policy changed? How has each bank’s statement changed since the previous meeting? Under what conditions does the probability of the next rate change rise or fall? How did the currency react to the decision, and what could limit that reaction? Each bank’s position is presented based on official sources: press releases, minutes and statements by bank officials. The review ends with a summary table of medium-term trends for eight currencies, with the main risk to each trend.