MUFG Research previews the six G10 central banks meeting during the month of July.

"Following the nine G10 central bank meetings in June, this month will be a little less active although July will end with a flurry of key meetings. Six G10 central banks meet this month starting with the RBNZ (8th) which didn’t meet in June. Pricing for a hike by the RBNZ has eased somewhat since the drop in crude oil prices extended further in June but the implied probability of a 25bp hike remains close to 70%. The BoC meets a week later (15th) with policy likely to remain on hold. Similarly, the ECB at its meeting (23rd) will keep its policy stance unchanged following the hike in June," MUFG notes.

"The final week of July will see the FOMC meet (29th) followed by the BoE (30th) and then the BoJ (31st) with all three central banks likely to keep policy unchanged. Amongst these three, pricing for a hike is currently highest for the Fed with an implied probability of 32%," MUFG adds.