Exchange rate
Carry trades explain FX response to rate hikes – BIS bulletin
Value of funding currencies surges after surprise tightening as investors unwind positions, study shows
Japan suspected to have intervened again after yen jumps
Experts say currency would not automatically lose free-floating status with further FX interventions
Trends in reserve management 2026: survey results
101 central banks, responsible for $9.5trn+ reserves, reveal exclusive data on FX interventions, if the US dollar is still seen as a safe-haven currency and approaches to investing in 20+ currencies
Romania spends €2.1bn to stabilise leu as government falls
Central bank’s reserves went from €67bn in March to €64.9bn in April
Japan’s government reportedly intervenes in FX market
First intervention in nearly two years after yen fell to weakest level since July 2024
Bank of Botswana hikes rates in bid to boost transmission
Central bank admonishes lenders for ‘undermining the policy intent’
Solomon Islands governor calls for reduced reliance on mining
Luke Forau urges greater focus on boosting agriculture and tourism sectors
Schlegel suggests SNB prefers FX interventions to negative rates
President says central bank will adjust policy ‘if necessary’
Hedge ratios help explain swings in dollar – BIS study
Data on eurozone funds helps explain currency’s reaction to tariff announcements, authors say
‘Plaza accord 2.0’ will not fix global imbalances – IMF panel
But getting China and US to implement other necessary remedies will be challenging, speakers say
EU-US relations ‘broken in a deep way’ by Trump 2.0 – Blanchard
Economist says 27-strong bloc must not take sides with Beijing or Washington
Icelandic governor issues call to moderate wage demands
Central bank chief says country’s persistently high inflation can only be tackled through collective effort
FX interventions are about smoothing volatility – panel
Speakers at Central Banking Meetings also discussed reserve composition and transparency
Iran war has triggered ‘peak’ FX volatility, say reserve managers
Officials tell Central Banking Meetings that oil supply shock is on its way
Geopolitics becoming ‘key risk’ for central banks – panel
Experts at ECB conference say political upheaval now a greater concern than price growth
YCC, carry trades and the changing role of the yen
Marcello Minenna argues that as the BoJ adjusts its policy regime, changes in carry positioning are increasing the instability of the correlation between exchange rates and yield differentials
Economists expect BoK to tilt hawkish under Shin
Expert says new governor to bring ‘distinctly BIS-influenced framework’ to South Korean central bank
BoJ holds as Middle East conflict threatens higher inflation
Ueda says Japanese firms could pass on costs ‘more aggressively’ than after start of Ukraine war
Indonesia holds rates and adjusts FX rules to stabilise rupiah
BI says Middle East conflict provides greater reason for fiscal-monetary policy co-ordination
Financial markets infrastructure services – wholesale: Bloomberg
Tech firm helped Nigeria and Sri Lanka’s central banks to build essential FX market infrastructure, and Portugal and Ukraine’s treasuries to optimise debt auctions
BoT concerned about baht overvaluation, minutes show
February policy meeting discussed need to ‘closely monitor’ currency’s movements
RBI buys bonds as Iran war threatens economic outlook
Economists expect central bank to stay on hold, despite risk of higher inflation and lower growth
PBoC plans more market-based monetary policy formulation
Analysts expect Middle East conflict to have little impact on policy in China
Asian central banks prepare for conflict-induced energy shock
IMF’s Georgieva says Iran war creates energy and confidence risks for most of region