Fed Passes Baton to ECB

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The Fed Chairman, Ben Bernanke's much awaited speech at the Jackson Hole annual symposium provided little in terms of specifics to boost the economy. Although he fell short of explicitly hinting at QE3, he reiterated that unemployment is “a grave concern” and that the Fed would stand guard to counter economic shocks, propelling high yield currencies. The US jobs and manufacturing data later this week is likely to be scrutinised for further cues.

In Europe, the ECB policy meeting on Thursday holds prime focus, as the central bank is expected to outline measures designed to rescue troubled European nations. Meanwhile, the U.K. received some solace after data revealed an uptick in the manufacturing PMI for August.

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