The week begins with markets awaiting rate decisions from central banks overseeing the US dollar, euro and Japanese yen.

1. This week will see policy meetings at the US Federal Reserve, the European Central Bank and the Bank of Japan. All but the ECB are expected to keep rates unchanged, but with surprise hikes last week by the Reserve Bank of Australia and the Bank of Canada, the meetings are more expected. Volatility is likely to be high this week from Wednesday at the latest.
2. Global stock markets look bullishwith several global stock market indices hitting new annual highs including the S&P 500 index and the NASDAQ 100 index.
3. In the forex market, the US dollar started the week slightly stronger and is rising. Since the week’s opening, the Australian dollar is the strongest currency and the New Zealand dollar the weakest. Trend traders will likely still look for long trades in USD/JPY currency pair that recently hit a new 6-month high.
4. The Turkish lira fell to another record low yesterday after undergoing fresh weakness since President Erdogan’s election victory began to look likely.
5. Cocoa futures continue to hit multi-year highsstanding on the commodity market.
6. There are no major releases scheduled today, so it could be a typical quiet Monday for the market.