The Swiss Platform for Sustainable Cocoa (SWISSCO) has published its report on the results from 15 value chain projects in eight countries, generating insights into approaches to tackle the various socio-economic and environmental sustainability challenges in the cocoa sector.
Three major central banks – SNB, BoE and ECB – are set to announce their policy decisions. All three will keep their interest rates unchanged. This comes in the wake of Fed's outlined plans for rate cuts in 2024 in the dot plot released overnight. Now, that raises questions about whether these central banks will follow and signal policy loosening for the next year.
Dollar declined broadly after FOMC announcement, and stays as the worst performer in the week. On the other hand, Yen has capitalized further on the falling treasury yields in the US and Europe, emerging as the strongest performer for the week so far. Australian Dollar also found support in the wake of strong Australian employment data, ranking as the second strongest currency following the Yen.
The currency markets are currently in a state of anticipation, with Dollar trading within familiar range as investors await FOMC rate decision. The critical question facing the markets is whether Fed will signal the pace of rate cuts in its updated dot plot. In September, the median projection indicated the federal funds rate would remain at 5.125% by the end of 2024, implying no rate cuts from the current level. While revisions to this projection are expected, the exact pace and extent of potential rate cuts remain uncertain.