Group 1 - The core impact dimensions include interest rate decisions, where rate hikes strengthen the local currency and attract cross-border capital inflows, while rate cuts weaken the currency and lead to capital outflows [1] - The forward guidance and economic forecasts indicate a hawkish signal with upward adjustments in interest rate and inflation expectations, which can strengthen the local currency [2] - The statements made during press conferences can significantly reverse initial market trends following decisions, especially regarding currency and financial stability [3] Group 2 - The transmission path of impacts includes interest rate arbitrage, where changes in cross-currency interest rate differentials lead to adjustments in carry trades and direct pricing of exchange rates [4] - The market behavior is characterized by three phases: the expectation phase before the decision, the landing phase immediately after the decision, and the digestion phase where the market rationalizes the guidance [5][6][7] Group 3 - Key influences of policy divergence include stronger currencies from central banks that raise rates more aggressively, while dovish signals that lower growth and rate expectations suppress the local currency [8] - A tightening monetary policy leads to a stronger currency, while a loosening policy results in a weaker currency, maintaining the interest rate differential trend [9] Group 4 - Trading and analysis focus on the differences between market expectations and actual decisions, which determine volatility, and the correlation between the yield curve and exchange rate movements [10]