BoE’s Policy Meeting Awaited
With Markit PMI gauges showing a robust level of expansion in the UK manufacturing, construction and services sectors for January, concerns among investors eased amid signs of a pickup in domestic activity despite muted inflation. Going forward, traders are likely to remain focused on the BoE’s policy meeting scheduled later today where the central bank is expected to hold its current policy stance.
Across the Atlantic, the ADP report showed that hiring pace in the nation’s private sector was weaker than expected for January, especially after last month’s ISM gauges showing mixed signs of development in the manufacturing and services sectors. In the Euro zone, concerns about a Greek exit strengthened among market participants, particularly after the ECB stated that it will stop funding Greece’s commercial banks.