Key highlights of the week ended August 7

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Australia
The Reserve Bank of Australia delivered a more positive assessment of the nation's economy, saying the monetary policy was likely to remain unchanged for the time being. While the central bank downgraded its economic growth outlook for the current financial year by half a percentage point, it estimated growth pace to accelerate to between 3% and 4.5% by December 2017. Additionally, in its quarterly statement on monetary policy, the central bank said the unemployment rate would peak below the RBA's previous projected high of 6.5%. Governor Glenn Stevens seemed particularly happy with recent jobs creation, and refrained from voicing his recent concerns about the Australian Dollar being overvalued. The currency has lost about 10 US cents since January to around $0.73. Mining investment was predicted to decline, but the housing sector was showing a strong performance and other parts of the economy would benefit from a weaker Aussie dollar, such as tourism. The RBA revised its forecasts for inflation in the coming years by half a percentage point. The weaker currency is expected "to place upward pressure on the final prices of tradeables over the next five years," the bank said.

UK
The Bank of England said on "Super Thursday" that it remained on course to begin gradually raising interest rates in the UK early next year. BoE officials agreed to leave the central bank's benchmark interest rate at 0.5% and the size of its bond portfolio at £375 billion after this month's policy meeting. Minutes of BoE meeting, published along with the rate decision, revealed the decision was not unanimous, as Ian McCafferty voted for an immediate hike in the benchmark rate. McCafferty claimed a rate rise was necessary to keep inflation in check and to ensure that future rate lifts are smooth and gradual. In the BoE's quarterly inflation report forecasts showed that policy makers predict annual inflation to climb back to its 2% goal by the third quarter of 2017 provided that interest rates rise in line with expectations in financial markets.

While revising the inflation outlook, the growth forecast remained broadly unchanged, with median expectations for the annual GDP growth rate at 2.6%-2.7% throughout the coming quarters of 2015, while remaining just around a 2.5% annual growth rate within the whole of the forecast period, ending in the third quarter of 2018. The jobless rate forecast showed slightly higher unemployment rates in the near-term, with the median rate estimated at 5.6% in fourth quarter of 2015, then falling further to 5.2% in the final quarter of 2016, and 4.9% in the last quarter of 2017.

Japan
The Bank of Japan kept its optimistic economic assessment and massive stimulus programme unchanged, reflecting its belief that inflation will pick up toward 2% price growth without extra monetary easing. In line with economists' expectations, the BoJ reiterated its pledge to raise base money, or cash and deposits at the central bank, at an annual pace of 80 trillion yen via purchases of government bonds and risky assets.

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Actual Topics

Mon, 10 Aug 2015 06:18:03 GMT

German, French industrial production declines in June

German industrial output unexpectedly declined in June, underscoring the risks for the Euro zone's largest economy from a weaker growth in emerging-market countries including China.

Fri, 07 Aug 2015 06:58:05 GMT

BoJ voices optimistic economic assessment

The Bank of Japan kept its optimistic economic assessment and massive stimulus programme unchanged, reflecting its belief that inflation will pick up toward 2% price growth without extra monetary easing.

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