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PM Cameron announces a UK referendum on EU membership

PM Cameron announces a UK referendum on EU membership

UK Prime Minister David Cameron announced this morning that in the first half of the next parliament a referendum will be held on the UK membership in the European Union. The referendum will take place only after the UK has had a chance to negotiate treaty changes with other EU members. Cameron said that the EU treaty must be changed and he thinks the EU will be a very different body following the end of the Euro debt crisis.

The Bank of England policymakers voted 8-1 to maintain the size of quantitative easing at GBP 375 billion and also retained the interest rate at 0.5%.  Most members judged that it was not necessary at this meeting to change either Bank Rate or the size of the asset purchase programme in order to meet the inflation target in the medium term. In UK unemployment fell again in the three months to November, while the number of people in work rose to a fresh record high, data showed Wednesday. Reporting a round of upbeat jobs data, the Office for National Statistics said the official, international measure of unemployment, which has now fallen for ten straight months, fell 37,000 in the three months to the end of November to total 2.49 million.

On the FX market, even though Sterling’s safe-haven status has been questioned over the past few months, the pair settled higher and benefited from safe-haven related flows as markets reacted negatively to the fact that the BoJ refrained from aggressive policy easing. Going forward, market participants will get to digest the release of the most recent policy meeting minutes from the BoE on Wednesday. In terms of technical levels, supports are seen at 1.5800, 1.5778 and then at 1.5771. On the other hand, resistance levels are seen at the 30Day lower Bollinger level at 1.5882 and then at the 200DMA line at 1.5907.

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