Key highlights of the week ended October 9

Note: This section contains information in English only.
Source: Dukascopy Bank SA
UK
The Monetary Policy Committee of the BoE voted 8-1 to keep rates at a record-low 0.5% in October, with Ian McCafferty maintaining his call for an increase. The MPC minutes also revealed a relatively soft central bank's outlook for inflation in the UK, suggesting that the rate hike would be postponed at least to the next year. The BoE said that cost pressures in Britain's labour market were rising too slowly for inflation to return to its 2% target, especially given the past strength of the Sterling. However, even though, the inflation fell back to zero in August in the UK, the policymakers are confident that robust domestic growth and the fading effect of last year's slump in oil prices would cause it to bounce back towards its projected target next year. Overall, the BoE forecasted that inflation would stay below 1% until spring 2016. 

Japan
As was broadly expected, the Bank of Japan made the decision to keep its monetary policy unchanged in spite of growing concerns over economy and inflation that is clearly below the bank's target rate of 2%. The central bank's policy board made up its mind to hold the yearly asset purchases, which is the primary tool for beating deflation and generating inflation, at 80 trillion yen. The BoJ Governor Haruhiko Kuroda stated that the bank is going to steadily implement its Qualitative and Quantitative Easing programme, in order to reach the inflation target of 2% as soon as possible. In addition to that, the Governor noted that the BoJ will take into consideration all existing threats to the Japanese economy and optimize its monetary program in an appropriate way.  

Australia
The Reserve Bank of Australia kept the official cash rate unchanged at a record low for a fifth month in a row, pointing to increased uncertainty surrounding the global economic outlook due to slowdown in China and east Asia. The Board decided to leave the cash rate at 2.0%. The central bank said that a moderate expansion continued in Australia, even though growth had been somewhat below longer-term averages for some time. Yet, economic expansion was accompanied with stronger growth of employment and a stable rate of joblessness over the past year. The RBA admitted that the nation's economy was set to operate with a degree of spare capacity for some time yet, with domestic inflationary pressures subdued. Inflation was estimated to remain consistent with the target over the next one to two years, even with a lower exchange rate. 

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Actual Topics

Mon, 12 Oct 2015 06:12:05 GMT

Italy's industrial output declines in August, France's industrial production rebounds

Following a rebound in July, Italy's industrial production output slid into negative territory on a monthly basis in August.

Fri, 09 Oct 2015 07:03:04 GMT

Japan machinery orders unexpectedly drop in August, while current account surplus widens on weaker Yen

A rebound in capital expenditure in Japan was proved elusive, as machine orders fell at their fastest pace since 2014 in the eighth month of the year, undermining the BoJ optimism.

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