This week marks a super central bank week, with the Reserve Bank of New Zealand taking the lead by announcing its rate decision at 9:00 on Wednesday.
Markets expect a 25 basis point hike, which would lift the benchmark rate from 2.75% to 3.00%.
The RBNZ holds press conferences only for its April, July and September decisions, so Wednesday's announcement will be a brief policy statement without updated economic forecasts.
The Bank of Canada's rate decision follows at 21:45 the same day, with a 25 basis point hike expected to take the benchmark rate from 2.25% to 2.50%.
At 22:30, BoC Governor Macklem and Senior Deputy Governor Rogers will hold a monetary policy press conference, with attention focused on their remarks on inflation, trade policy and the rate path.
Two major central banks are both expected to hike
Expectations of hikes from both central banks are crucial to shaping the market's view of a broad tightening cycle.
As global monetary tightening continues, the appeal of the US dollar index strengthens while gold's disadvantage as a non-yielding asset is magnified. Until major central banks shift from raising rates to cutting them, gold may struggle to sustain a prolonged rally.
Thursday: Fed and ECB may both stand pat
At 02:00 on Thursday, the Fed will release its rate decision, with the upper bound expected to remain unchanged at 4.00%.
Half an hour later, Fed Chair Warsh will hold a monetary policy press conference, with attention on his remarks about inflation and the rate path.
At 21:15 on Thursday, the ECB will announce its rate decision, with the three key rates expected to stay unchanged.
Half an hour later, ECB President Lagarde will hold a monetary policy press conference, with attention on her comments regarding inflation, energy prices and the rate path.
Fed and ECB rate curves in focus
The Fed and the ECB are the two most closely watched central banks in international markets, and their decisions serve as an important reference for assessing the global economic outlook.
The market expects both central banks to hike once more before year-end, but the probability of a move in October is not high, since both already raised rates in September and the interval is too short to judge economic conditions.
It may be December before both central banks have enough economic data to decide whether to launch a new round of hikes.
The US September core PCE price index annual rate will be released at 20:30 that day, with the previous reading at 3.00% and expectations at 3.10%, pointing to a slight increase.
Core PCE data is a key basis for the Fed's monetary policy decisions. It remains well above the central bank's 2% target, so even a 0.1 percentage point rise in September would reinforce market expectations for a Fed hike.
Friday: Bank of Japan rate decision
The timing of the BOJ decision is uncertain, but past experience suggests it could come between 11:00 and 13:30 Beijing time.
Markets expect the benchmark rate to stay unchanged at 1.25%, since the BOJ only just hiked on September 18 and the economic response and indicators have not yet fully reflected the policy effect.
At 14:30 that day, BOJ Governor Ueda will hold a monetary policy press conference, with attention on his remarks about inflation, demand recovery and the rate path. If he signals determination to keep raising rates, the yen will be supported.
USDJPY outlook
After joint intervention by the BOJ, Japan's Ministry of Finance and the US Treasury, market enthusiasm for shorting the yen has eased somewhat.
Over the past three months, USDJPY's downtrend has been very clear, and it has shown a pattern of sudden, unexplained plunges, which has a strong psychological deterrent effect on bulls.
Japan's rate decision is likely to be positive for the yen, even without a hike, and given the backdrop of joint US-Japan intervention, it is not advisable to rashly bet on further USDJPY gains at this point.
Risk warning and disclaimer: Markets carry risk and investment requires caution. The above content represents only the analyst's personal views and does not constitute any trading advice. Please do not treat this report as the sole basis for reference. Analyst views may change over time, and updates will not be announced separately.
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