In the UK, data just released indicated that services PMI remained unchanged for May. Recent weak domestic economic releases have strengthened calls for additional easing and have shifted focus on to the BoE’s monetary policy stance due later today. Meanwhile, the ECB yesterday maintained status quo at its policy meeting. However, hopes that the central bank might soon unveil measures to prop up ailing Spanish banks had led the Euro higher. Across the Atlantic, QE3 chatter is getting louder by the day, with top Fed officials supporting the probable move. Against this backdrop, today’s testimony by Ben Bernanke to US lawmakers holds significant importance.
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