Interest and exchange rate forecast - November 2012

Interest and exchange rate forecast - November 2012

No monetary policy fireworks in November

Economic Analysis

12 November 2012

There were no policy fireworks coming from London or Frankfurt this month as both the Bank of England and the European Central Bank chose to hold steady on monetary policy. In the lead up to November's BoE Monetary Policy Committee meeting, speculation of further quantitative easing was dampened, with the BoE seeming to shift its focus towards its Funding for Lending Scheme. With the US Presidential election now decided, attention has turned to the US 'fiscal cliff'. But with Congress remaining divided, look out for more fireworks coming from Washington. Ironically, failure to reach an agreement could be good news for the US dollar.

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