All Eyes on Fed Today

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With the Fed set to deliver its interest rate decision today, most traders expect the central bank to stay put on the QE front, while extending its commitment to retain low interest rates until 2015. However, a dovish tone in its policy statement could trigger a wave of optimism on belief that the Fed is moving closer to embracing a fresh round of stimulus. The confirmation of contraction in manufacturing activity and elevated levels of unemployment in the Eurozone has strengthened calls that the ECB might also take decisive measures at tomorrow’s meeting.

At home, data continues to reveal Britain’s susceptibility to weakness emerging from the Eurozone, as its manufacturing PMI continued to contract for July.

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