3 European G10 Central Banks Due Today

Following yesterday's FOMC meeting, the focus this morning will switch to European central banks:

• The SNB decision is due at 8:30GMT / 9:30CET. A 50bp hike is expected, reinstating the Eurozone-Swiss rate differential. A sluggish return for inflation back to target is seen persisting, justifying the extra tightening. The MNI Markets team expects that global banking turmoil should curtail impulse to hike 75bps, despite high CPI. For the full MNI SNB Preview click here.
• The Norges Bank decision is due at 9:00GMT / 10:00CET. The MNI Markets team expect a 25bp hike, in line with the guidance handed down in January. Fresh path projections are likely to point to higher peak rate in Q3. For the full MNI Norges Bank Preview click here.
• The BOE decision is due at 12:00GMT / 13:00CET. The MNI Markets team expects a 25bp hike following yesterday's stronger-than-expected inflation print (with the reversal of the January downside surprise to services inflation the tipping point in our view for the three centrist members). As of yesterday's close markets were pricing in around 23bp for today's meeting, up from 14bp prior to the inflation print. We continue to expect 2-3 MPC members to vote for unchanged rates (Cunliffe potentially joining the doves). Note there is no MPR or press conference today. For the full MNI BOE Preview click here.