The BoE’s minutes of the last policy meeting has revealed that members had voted 8-1 to leave the QE program unchanged. However, downbeat retail sales just released, easing inflation and calls of more easing by the IMF have strengthened the case for more QE. Meanwhile, markets are expected to remain edgy ahead of the EU summit scheduled later today where the risk of the meeting falling short of expectations is high, given the divide among Eurozone members on growth versus austerity. Cautious comments from the former Greek Prime Minster, Japan’s credit rating downgrade and lowering of Chinese growth forecast by the World Bank have further dampened market sentiment.
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