The positivity surrounding the measures undertaken at the EU Summit fizzled out as Finland and the Netherlands opposed the EU plan to use the region’s permanent bailout fund to buy sovereign bonds in the secondary market. Additionally, data indicating a contraction in manufacturing activities in Europe and the US has provided food for thought for both the ECB and the Federal Reserve to take additional steps to boost their economies. With an economic calendar on the light side, markets are likely to trade in a tight range in today’s trading session.
In the UK, construction sector activity has deteriorated for June, supporting the case for QE at the BoE meeting later this week.
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