Data:
08:00 France Manufacturing PMI (preliminary) February 48.5 48.7 50.2
08:00 France Services PMI (preliminary) February 52.3 51.9 50.3
08:30 Germany Manufacturing PMI (preliminary) February 51.0 51.1 50.1
08:30 Germany Services PMI (preliminary) February 53.7 53.6 52.6
09:00 Eurozone Manufacturing PMI (preliminary) February 48.8 49.3 49.0
09:00 Eurozone Services PMI (preliminary) February 50.4 50.7 49.4
09:30 United Kingdom Bank of England Minutes
10:00 Eurozone Industrial New Orders s.a., m/m December -1.3% +0.6% +1.9%
10:00 Eurozone Industrial New Orders, y/y December -2.7% -2.8% -1.7%
The pound declined after minutes of this month’s Bank of England meeting showed two policy makers voted for a larger increase in asset purchases than the amount finally agreed.
Sterling fell versus and gilts gained as the minutes revealed Adam Posen and David Miles wanted a 75 billion-pound ($117.8 billion) boost in quantitative easing, instead of the 50 billion pounds supported by the other seven policy makers. Gilts also rose before a report this week forecast to confirm the U.K. economy contracted in the fourth quarter, boosting demand for safer assets.
Posen and Miles votes for 75 billion pounds of additional stimulus because of “the considerable margin of spare capacity remaining in the economy and the extent of deleveraging still likely to be required,” the minutes of the Feb. 8-9 meeting showed. They saw a risk of a “prolonged period of depressed demand causing inflation to fall materially below” the central bank’s 2 percent target.
EUR/USD: the pair was limited $1.3210-$ 1.3260.
GBP/USD: the pair fell in $1,5660 area.
USD/JPY: the pair grown above Y80,00.
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