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Analysts at Rabobank explained that perhaps the strange combination of some EM FX melting down and yet most major crosses doing nothing despite really odd headlines is a result of summertime trading and the fact that this week we get to look at lots of central banks again for once.

Key Quotes:

Tuesday, for example, has the BOJ, where we find out if all this bond-steepening and JPY gain has a real root-cause or not. Will they shift policy or just do nothing, or even double-down? (How?!)

Wednesday it’s a Fed meeting (see our Fed preview: ‘Amazing rates’ here), but nobody is expecting anything to happen. The same is true in Brazil. By contrast, the RBI are meeting in India and certainly could move again.

Thursday has the BOE, where the market is –amazingly given talk of the army on the streets””expecting a 25bp rate hike.

Friday then has US payrolls data, which always has the potential for some market movement: will it be USD positive or negative due to its amazing pace?