Yesterday’s Bank of England meeting delivered a dovish surprise and raised fresh question marks over the credibility of central bank forward guidance.

The Federal Reserve stuck to the script during its monetary policy meeting on Wednesday, tapering its quantitative easing programme, but suggesting that interest rate hikes remain some way off.

The Federal Reserve is all but certain to announce a tapering of its quantitative easing programme at its policy meeting on Wednesday.

What to expect from a potentially highly volatile week in the foreign exchange market.

The ECB tried to push back against expectations for higher European rates following Thursday’s Governing Council meeting with very mixed success, as the euro still rallied sharply and expectations for hikes in the Eurozone were actually brought forward in markets.

While we don’t expect any major fireworks from the European Central Bank at this Thursday’s meeting, the bank’s communications will be key to the near-term evolution of the euro.

The major currencies were relatively range bound last week ahead of a busy fortnight of central bank announcements, starting with Thursday’s ECB meeting.

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