Analysts at Danske Bank note that it’s the beginning of a big central bank week as on Wednesday, we have the FOMC, where they expect Powell to open the door wide for a July rate cut.

• “We also look for September and December cuts.
• On Thursday, the Bank of Japan (BoJ) wraps up a two-day policy meeting. It is one of the small meetings, with no new forecasts on GDP and inflation. We expect the BoJ to keep its ‘QQE with yield curve control’ policy unchanged.
• In Norway, we expect Norges Bank to raise its policy rate by 25bp to 1.25% at Thursday’s rate-setting meeting, as indicated clearly both in its March monetary policy report and even more so at its May meeting.
• On Thursday, the Bank of England meeting is probably not important. In our view, the bank is firmly on hold.”