The September Bank of Japan decision has taken on significantly more importance over the last couple of weeks, after Governor Ueda’s surprisingly hawkish interview flagged the possibility of an exit from years of negative rates sooner rather than later. As such, markets will see this meeting as an acid test as to whether the BoJ may indeed be ready to tighten policy, or if said interview was a red herring.

It’s a central bank bonanza this week, where a good number of these meetings are ‘live’, and where we should see further tightening. The Fed meeting is not a live one (they won't raise rates), but it will get central focus, as it always does.

The Bank of England’s Monetary Policy Committee are set to deliver a 15th consecutive hike at the September meeting, raising Bank Rate to 5.5%, a fresh high since 2008. Nevertheless, as the economy loses momentum, and inflation continues to slowly fade away from the double-digit peak, such a move is increasingly likely to be the ‘Old Lady’s’ last hike of the cycle, posing downside risks for the pound.