BoE decision today
An event laden day lies ahead, kick started with the overnight releases of NZ Business PMI, Japanese Current Account, Trade Balance, China Trade Balance and Australian Employment data. Markets continue to be steered by the European political and sovereign debt crises and in the wake of this bond yield’s continue to remain elevated, notably Spain where yields on the 10 year have remained above the 6% level.
The Bank of England announcement will be keenly awaited despite there being next to no chance of an actual interest rate change, the majority estimates seeing QE remaining at 325bn although interestingly ex Bank of England official, John Gieve noted that the Bank may extend its asset purchases today in what he termed a ‘close call’ decision, seeing little chance of it occurring over a longer period as inflation remained stubbornly sticky – this could weaken GBP a fraction.
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