Spreadex Market Update
Euro indices trading fairly range bound
In Governor Mervyn King’s final Monetary Policy Committee meeting, the Bank of England voted against restarting its bond buying, and in a widely expected move, took the decision to leave interest rates at 0.5 percent. Whilst King remains as one of three policy makers who argue that an extra 25 billion pounds of bond purchases are required to boost Britain’s sluggish economy, he look set to remain in the minority on the nine-member MPC. Most seem to feel that signs of recovery in the economy means there is no need for extra stimulus now.
The European Central Bank kept its main interest rate at 0.5 percent as policy makers awaits to see if the recent strong data can materialise into an economic recovery. After the previous rate cut in May, Draghi promised that the ECB would remain ready to act again if necessary, however, the pressure to do so has been removed as data continues to improve.
U.S Unemployment Claims data has shown that 346,000 have filed for unemployment insurance for the first time during the past week, against a 345k forecast. Shaving 11,000 off the previous figure, the data is somewhat encouraging. However, the data gives no sense of direction for today’s trading and no clues as to what the Non-Farm figure may be tomorrow.
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