**As seen in Macro Walk report 01/02/22, subscribe at cablefxm.co.uk/reports
Broadly speaking, we saw an increase of rate hike bets via overnight indexed swap pricing. As we have seen since Q3 21, the RBNZ is seen as the most aggressive central bank in terms of its tightening policy, following the kiwi, the spot is closely contested by the BoE and the BoC. On the less hawkish side, the RBA is not seen moving until August with an implied cash rate of 0.4%
The USD OIS curve sees the Fed hiking rates as soon as May and hiking again in September. The Bank of Canada meets for the first time this year in January, the Bank of England meets in February. However, they're seen holding rates, the BoE is expected to deliver a second rate hike in March, taking the bank rate to 0.5%, while the BoC's move is priced in for March. The latter is expected to hike deliver 5 rate hikes in 2022
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