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Inflation Data key for GBP

Inflation Data key for GBP

After the weekend G8 summit, sentiment on the markets was a little more upbeat yesterday. Markets took some comfort from news out of China that indicated it would fast track approvals for investment in infrastructure projects to combat a slowdown in the economy. This supports recent calls from the Chinese premier for policies to maintain growth after a series of weak economic data.

German and French leaders are meeting ahead of the European Union leaders in Brussels tomorrow evening. They propose to map a revised plan for the euro after the G8 summit at the weekend exposed disagreements on the way forward. They will aim to balance the French desire to stimulate growth with the German’s preference for austerity measures. It is believed that France will push for the issue of ‘euro bonds’ something that Germany has strongly opposed.

Sterling is set to take centre stage in currency markets this morning as investors look forward to today’s UK consumer price inflation data for clues on the future path of local monetary policy. Inflation is forecast to drop closer to the Bank of England’s target levels which could potentially give policymakers space to inject more cash into the UK economy which has slipped back into recession.

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