ECB Holds Rates Today as Economists Expect 25bp Hike From Bank of Japan by Year-End

According to market surveys and central bank announcements on July 23, the European Central Bank is expected to hold interest rates steady today, with economists anticipating another rate hike in September. Separately, a Reuters survey shows 86% of economists expect the Bank of Japan to raise rates by 25 basis points to 1.25% by the end of 2026, up from 79% in June. Additionally, 70% of surveyed economists forecast a further BoJ rate increase to at least 1.50% by Q2 2027.

In other economic data, Australia's employment rose by 76,300 in June, significantly exceeding market expectations, while the unemployment rate remained stable at 4.4%.