The unexpected 8-1 votes in favour of QE to remain unchanged, with Adam Posen backing out from his earlier stance for further easing, resulted in Sterling breaking crucial levels against both the Euro and the US Dollar yesterday. This has taken calls for further asset purchases in the BoE’s next monetary policy meeting off the table, as inflation still continues to bother policymakers. The focus in today’s trading session returns to the Eurozone, where Spain and France are set to auction long tenure bonds amid resurgent contagion fears. The US jobless claims and Philly Fed manufacturing index are also expected to generate market interest today.
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