BoE and FOMC day !

•      BoJ members show more agreement at this meeting

–     Only one dissenter of the current quantitative easing program in an 8-1 vote vs 4-5 split in Oct. 31st

–     PM Shinzo Abe announced that he was delaying the next hike in the consumption and called a snap election as a referendum on the tax

•      NZD/USD down after dairy product prices fell in the latest auction to the lowest level in more than five years

•      Highlights of the day: BoE and FOMC release the minutes of their latest policy meeting

–     After the significant downgrades of growth and inflation in last Wednesday’s inflation report, it will be interesting to see if Weale and McCafferty continued supporting a 25bps rate hike

–     In their previous minutes, the Fed mentioned that a stronger dollar and a slower global growth are risks to the US economy.

–     Since the release of Sept. 16-17 FOMC meeting minutes, the DXY index has appreciated approximately 3% and the global growth showed signs of further weakness

•      As for indicators:

–     Eurozone: current account balance for September

–     New Zealand: PPI for Q3 

–     US: Housing starts and building permits for October

–     Speakers: ECB executive Board member Peter Praet, BoE MPC member Nemat Shafik, Norges Bank Governor Oeystein Olsen and Riksbank Deputy Governor Martin Floden