The Pound declined against the Euro and the Dollar yesterday as minutes from the Bank of England’s most recent meeting showed that policy makers were unanimous in extending the central bank’s asset-purchase program. All nine members of the Monetary Policy Committee meeting voted for the extension to help revive the economy; previously two members had voted against the proposal. Also to note the index of services fell 0.2% in the three months through October.
The Dollar made gains against the Pound while declining against the Euro as a report showed sales of new homes unexpectedly fell last month. New home sales fell 11.3% month-over-month in November, in contrast to forecasts of 1.7% increase. The Mortgage Bankers Association’s index of loan applications fell 11% last week.
The University of Michigan Confidence index was 72.5 in December, lower than forecast 73.8.
The Euro made gains against the Pound and the Dollar from a 3 month low due to dollar weakness resulting from a fall in new home sales. Moody’s Investors Service was the latest credit rating company to downgrade Greece’s debt as they downgraded it by one notch, from A2 to A1.
Data released 24th December
US 13.30 Durable Goods (November)
US 13.30 Initial Jobless Claims (w/e 19th December)