The outcome of the recent elections in France and Greece has cast doubts over Europe’s commitment to the austerity measures implemented to reduce debt levels in the region. Formation of a socialist government in France and a hung Parliament in Greece pushed the Euro lower against the majors yesterday.
Economic uncertainty is expected to dominate the BoE Monetary Policy Committee later this week and markets keenly await any indication that the MPC would implement further quantitative easing. The CEBR yesterday revealed that unemployment in the UK would climb until 2016 amid increased fiscal cuts. Across the Atlantic, weaker non-farm payrolls data continues to fuel the QE chatter.
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