Analysts at UOB Group noted that towards the end of the week, Asian economies including Indonesia, Singapore and Hong Kong will be on Good Friday holiday.
Key Quotes:
“India and the Philippines will be closed on Thursday-Friday (24-25 Mar).
Bank of Thailand (BOT) and Philippines Central Bank (BSP) will be announcing their rate decisions on Wednesday (23 Mar) while Taiwan’s CBC will meet on Thursday (24 Mar).”
“BOT is expected to be on hold at 1.50% this week. We think that monetary policy stance should continue to be sufficiently accommodative to help support Thailand’s economic recovery, while maintaining long-term economic and financial stability. Further expansionary monetary policy could only marginally improve the economic outlook.
As a consequence, the limited policy space should be preserved for future use as there remain downside risks to GDP growth from both external and domestic sources.
In Taiwan, the CBC is widely expected to continue to ease monetary policy with another 12.5 bps cut on Thursday as data pointed to another quarter of contraction in economic activities in1Q16. This would bring the benchmark interest rate to near historic low of 1.25% during the global financial crisis in 2009.”
(Market News Provided by FXstreet)