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Dollar Dominant as Markets Work Through Central Bank Deluge

FOREX
  • Yesterday's Fed decision continues to work its way through market prices, with the greenback on top and rising against all others in G10. The hawkish interpretation of yesterday's decision is similarly hitting equities from the open, adding an anchor to high beta currencies including AUD, NZD and NOK ahead of the NY crossover.
  • Central bank decisions from Switzerland and Norway left little mark on markets this morning, with decisions largely going alongside expectations.
  • The SNB raised rates by 50bps and downgraded the front-end of their inflation forecast - putting downward pressure on peak rate expectations for H1 2023.
  • In Norway, a 25bps rate rise was accompanied by a lower terminal rate, and suggested the bank are nearing the peak of their tightening cycle.
  • Focus turns to decisions from the BoE and ECB, both of which are expected to tighten policy today. Data due later today includes weekly jobless claims numbers as well as the November US retail sales release.
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