Rate cuts by year-end
Fed: 83 bps (92% probability of no change at the upcoming meeting) ECB: 59 bps (70% probability of rate cut at the upcoming meeting) BoE: 92 bps (99% probability of rate cut at the upcoming meeting) BoC: 42 bps (55% probability of no change at the upcoming meeting) RBA: 119 bps (97% probability of rate cut at the upcoming meeting)RBNZ: 81 bps (89% probability of rate cut at the upcoming meeting) SNB: 23 bps (68% probability of rate cut at the upcoming meeting)BoJ: 16 bps (99% probability of no change at the upcoming meeting)
The positive Trump's comments on China late yesterday saw the market paring back some of the agressive easing bets we had just before his remarks. For example, the market doesn't see any chance of a 50 bps cut for the RBA now.
In my opinion, we will continue to see de-escalation and eventually get some key developments that will take us back to the market pricing in better times ahead.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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