BoE Quarterly Bulletin Offers No Surprise
Today’s BoE quarterly bulletin indicates that a majority of the borrowers in the UK are unlikely to be affected by an increase in borrowing cost and strengthened prospects that high housing sector debt is unlikely to hinder the central bank’s policy stance going forward. However, market participants have shown little reaction to this publication and the Pound remained range bound against its peers. Sterling investors will keep a tab on manufacturing production numbers for October, due for release tomorrow, for further direction.
With no major macro releases scheduled across the Atlantic, the greenback is anticipated to remain supported on the back of Friday’s upbeat labour market report released in the US. Meanwhile, today’s weak German industrial production growth caused the Euro to weaken against its peers.