GBPUSD: Now some media commentators are talking about cable at 1.5000 if the PM cobbles some semblance of a deal..Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

ECB’s interest rate decision not unanimous Dissenters to the fore as core EU resists more QE

A decade on from the great financial crisis, and a good 7 years since ‘whatever it takes’ and here we are again, with the ECB trying to revive a dead donkey. Its interest target hasn’t been met in years, growth has slowed to a crawl, and Germany risks recession. So, instead of charging Eurozone banks 40 basis points on their excess reserves, they will now be slapped with a 50- basis point charge – though a two-tier system will be launched where a portion will escape this levy. Re-starting the (mainly government) bond buying programme in November with €20 billion monthly, this will continue until CPI reaches its target – opening the possibility of QE forever. Economic growth forecasts have unsurprisingly been downgraded.

Established on Oxford Street in 1864, for the first time high-street chain John Lewis reported a half-year loss – of £25.9 million. Outgoing chairman Sir Charlie Mayfield said, ‘’we have historically made the majority of our profits in the second half of the year…Should the UK leave the EU without a deal, we expect the effect to be significant’’.

Financial Markets and Political Commentary
 

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