G10's key events scheduled for this week - UOB

Analysts at UOB noted some of the key events to take place this week.

Key Quotes:

"We expect the Fed to announce its balance sheet reduction (BSR) program in Sep FOMC but no rate hike is expected this week."

"The other major central bank will be the Bank of Japan (BOJ) with a monetary policy decision on Thurs (21 Sep, likely between 10:30am and 2pm SG time) but this is expected to be a nonevent (no change to current policy stance) and there is no update to their economic projections too."

"The US data will probably come in secondary to the FOMC and focus will be US housing-related data. As for rest of the developed economies, key data will be Japan Aug trade & UK Aug retail sales (both on 21 Sep) and the prelim Sep Markit PMI for various countries (22 Sep)."

"Reserve Bank of Australia will release its September rate meeting minutes (19 Sep) while RBA Governor will give a speech in Perth (21 Sep)."

"As for politics, attention will be on the German federal election on 24 Sep (Sun) where incumbent Chancellor Merkel look set to return to power for another term. Political risk in the Eurozone has been fading, particularly following the French election. While Germany and possibly Italy will go to the polls later in the year, we do not expect any major market or economic consequences from these elections."

"Attention will also be on New Zealand election on 23 Sep (Sat) which in comparison, remains too close to call."

"Meanwhile, US President Trump is scheduled to address the United Nations (UN) on Tuesday (19 Sep) and this is especially important after US ambassador to UN, Nikki Haley said on Sunday (17 Sep) that the UN security council has run out of options on containing North Korea’s nuclear program and the US may turn the issue over to the Pentagon."