Sterling Marches Backwards

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Although yesterday’s industrial production data in the UK was not as bad as envisaged, the numbers offered little hope that the BoE, in its quarterly inflation report later today, would hold back from slashing its growth forecast. Additionally, the BoE Governor is likely to issue a downbeat assessment of the domestic economy, leaving room for the central bank to adopt monetary easing measures. Across Europe, Germany showed signs of weakness as the nation’s factory orders declined and exports slipped, while S&P lowered its outlook on Greece. Chinese economic releases scheduled for the next two days are likely to be closely monitored for hints on risk sentiment.

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Sterling Marches Backwards

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