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Eyes on the US at lunch time

Eyes on the US at lunch time

All eyes will be on the Non-farm payroll and the full unemployment figures which are due out at 1.30 pm. Optimism seems to be swelling as the market gears up for what it hopes will be the fourth time in a row where the numbers have come in better than expected. Although a pickup in the economic data would suggest the fed will begin tapering as soon as September the market seems to be coming to terms with the fact that no economic stimulus is a good thing as the economy clearly starts to revert back to normality.

Nothing of interest out of the Bank of England yesterday as it leaves interest rates unchanged at 0.5% and leaves the size of its asset-purchasing program unchanged at GBP 375 billion.

The ECB meeting gave us very little that we didn’t already know, with Mario Draghi going over what he’s already stated previously. He said the worst of the problems were behind us, interest rates would stay unchanged at 05% and monetary policy would stay accommodative as long as there was any hint of downside risk.

GBP/EUR pretty much unchanged from yesterday at 1.1470. USD AT 1.5150 and the EUR/USD presently trading at 1.3210.

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