Yesterday, Sterling reacted positively against the majors to the much awaited quarterly inflation report, as the BoE Governor rejected calls for lowering the benchmark interest rate. However, the BoE expects British economic growth to stall for 2012, as risks from Europe continue to cloud the domestic economic outlook. Today’s trade data substantiates the fact that a global slowdown on the back of the European debt crisis is impacting the UK economy.
Meanwhile, further policy actions by the Chinese central bank remain as Chinese inflation eased and other domestic macro data continued to disappoint. The ECB’s monthly report and US trade and jobless claims figures are keenly anticipated.
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