USD: FOMC Rate Decision (Jul. 27)

UBS expects the FOMC to leave rates unchanged in its upcoming meeting, and hike only in December by 25bps. By that time, the Fed will have a half-year of evidence with which to assess the post-referendum impact on the financial markets and economy, as well as gauge the strength in domestic economy.

JPY: BoJ Monetary Policy Meeting (Jul. 29)

Our economists think, at the same time as government economic measures are being drawn up, the BoJ will conduct additional easing at 50% probability for July, 30% for Sept, 10% for Oct-Dec, and 10% for no easing this year.