BoE and Fed Ignite QE Hopes

Sterling witnessed a pullback against the majors yesterday after the BoE lowered its 2012 GDP growth forecast in its quarterly inflation report. This spurred market speculation of additional easing in the future. The central bank also forecast higher inflation in the near term. Across the Atlantic, prospects of further stimulus was kept alive after minutes of the Fed’s last policy meeting indicated that “several” officials are open to additional efforts to boost the economy if momentum falters. With Spanish GDP data indicating a contraction this morning and a light European economic calendar ahead, markets will closely eye today’s U.S. jobless claims and regional manufacturing data.

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