Euro surges again as ECB’s Nowotny hints at rate hikes
• He didn’t say anything about a timeline, and his comments just referred to how rates could be raised once normalization begins.
• Still, just his discussion of rate hikes was enough to trigger another surge in the euro.
• Outlook for EUR/USD remains positive near-term (hawkish ECB signals and a cautious Fed).

Bank of England remains on hold but adds a hawkish touch
• BoE remained on hold, but the vote was 8-1 (exp. 9-0). Kristin Forbes dissented, wanted a hike.
• Also, BoE said that “some members” would consider a reduction in stimulus if there is any further upside news on growth or inflation.
• GBP surged. May see more dissenters in next meetings. Watch out for UK CPI data next week.

SNB stands pat, reiterates CHF is overvalued
• SNB kept its policy unchanged too. Reiterated usual rhetoric that CHF is overvalued. Non-event.

Norges Bank shifts to a slightly more dovish tone
• NB remained on hold too. Shifted to a slightly more dovish bias due to slowing inflation.
• NOK came under selling pressure. Could remain on the back foot (dovish NB, lower oil).

Today’s highlights:
• US: Industrial production for Feb. and prel. U of M consumer sentiment for Mar.
• G20: G20 Central bank governors and Finance ministers meeting. Focus will be on trade issues.

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