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Zoom in EUR at BoE, ECB decision day

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The ECB and the BoE will give policy verdict today and are both expected to maintain the status quo. The BoE (12:00 GMT) should keep the bank rate unchanged at the historical low of 0.50% and the asset purchases target stable at GBP 375bn. The decision should be a non-event. Next week’s inflation report (Nov 12th) and the release of meeting minutes (Nov 19th) will be the key drivers on GBP-complex for the month ahead. Across the Channel, the ECB should also keep its rates steady. Although we do not expect any additional step in ECB policy, President Draghi’s speech will be at the center of the attention.
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