Four central banks will be holding their monetary policy meetings this week in what could be a volatile week.

Although no changes to interest rates are expected from all the four central bank meetings, the forward guidance will potentially lay the foundation for future path of interest rate hikes.

Starting the week, will be the Reserve Bank of Australia.

The central bank is expected to remain on the sidelines as officials wait for the quarterly GDP data that is due later in the week.

The Bank of Canada is expected to hold rates steady this week.

Although inflation has increased, there are chances that overall economic data remains mixed. In this aspect, the BoC is unlikely to push for aggressive rate hikes at this week’s meeting.

However, the markets could expect to see some hawkish forward guidance from the central bank.

The ECB’s monetary policy meeting will be closely followed as investors look to the central bank’s statement and its forward guidance.

The ECB will also be releasing the quarterly economic projections at this week’s meeting which could give some insights into how the Eurozone economy is expected to perform.

Last but not the least, the Bank of Japan‘s monetary policy decision is expected to be a non-event on Friday.

Interest rates are expected to remain unchanged alongside the central bank’s QE purchases.

Earlier last week, BoJ’s Kuroda commented that the central bank will maintain its QE purchases until inflation reaches the central bank’s 2% target rate