The ECB President had upped the ante in the run up to yesterday’s monetary policy meeting but failed to announce any definite measures to tackle the deepening debt crisis, resulting in severe blow to the Euro against the majors. Though Draghi kept hopes of the central bank intervention alive, he transferred the onus on the region’s governments to act first.
Today’s US non-farm payrolls data is likely to be pivotal for risk sentiment, as a weaker reading could reignite speculation of QE3. At home, the BoE maintained the status quo at its policy meeting yesterday and is seemingly vindicated by today’s services PMI which has indicated an expansion, though at a slower pace.
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