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What to watch (2/2)

MARKET INSIGHT
  • The SNB decision due at 8:30GMT / 9:30CET will probably not be a huge market event. The SNB will likely shrug off recent CHF strength and retain their language around the CHF, describing the currency as “highly valued”, again reiterating that they are willing to intervene as necessary. Any deviation from this (which is unlikely) could have market implications however. For the full MNI SNB preview see here.
  • The Norges Bank decision at 9:00GMT / 10:00CET follows a firm commitment in both December and January to lift the deposit rate by another 25bps to 0.75%. Burgeoning inflationary pressure and a fading COVID headwind should translate to a higher, steeper rate path projection that puts policy above the neutral rate at the end of 2023 – a prospect that’s already baked into market expectations. For the full MNI Norges Bank preview see here.
  • Outside of these, we have the Riksbank annual account of 2021 Monetary Policy due at 8:30GMT and the ECB's Economic Bulletin due at 9:00GMT (although the juicy parts of that are always pre-released). We are also due to hear from ECB's Elderson (and Schnabel after the close), BOE's Mann and the Fed's Waller, Evans and Bostic

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