Domestic data indicating deterioration in the services sector activity for June, which was much in line with the reports released earlier this week showing contraction in both manufacturing and construction sector activities, have just added fuel to the fire. The case for the BoE to change its policy stance by announcing additional asset purchases at tomorrow’s rate setting meeting remains strong.
In Europe service sector data released earlier today has confirmed contraction in the Eurozone. A raft of dire macro releases has provided room for the ECB to back the summit deal with an interest rate cut tomorrow. Markets remain closed across the Atlantic for the Independence Day holiday.
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