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England Minutes for October

Yesterday was a day that allowed the pound to gain against both the USD and EURO but unfortunately today the pound has dropped following the latest Bank of England Minutes for October.

The pound fell and U.K. government bonds advanced as minutes of the Bank of England’s most recent meeting showed the majority of policy makers saw increased risks from a slump in the euro-area economy. While two officials voted to increase the key interest rate by 25 basis points and the remaining seven opted to keep it at a record low, the Monetary Policy Committee said pessimism about the global economy had increased.

The euro continues to fluctuate against the dollar and pound as investors weigh the prospects of additional monetary easing from the European Central Bank. Tomorrow we have the Purchasing Managers Index  forecast to show manufacturing in the region contracted for the first time in 16 months, adding to the case for more stimulus. The 18-nation currency slid the most in a week yesterday as billionaire hedge-fund manager David Tepper said investors should sell it because of the European Central Bank’s policies.

In the US, focus will be on September CPI data. Markets expect the headline rate will have fallen to 1.5% (consensus 1.6%). a six month low. If confirmed, it will likely reinforced disinflationary concerns.

GBPEUR 1.2622
GBPUSD 1.6025
EURUSD 1.2693
GBPSEK 11.644
GBPAED 5.8858
GBPAUD 1.8243
EURGBP 0.7915
GBPJPY 171.39
GBPTHB 51.807