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06.10.2011 12:08

European session: The pound slumped

Data:

07:00 UK Halifax house price index (August) -0.5%
07:00 UK Halifax house price index (August) 3m Y/Y -2.3%
10:00 Germany Manufacturing orders (August) seasonally adjusted -1.4%
10:00 Germany Manufacturing orders (August) not seasonally adjusted, workday adjusted Y/Y 3.9%
11:00 UK BoE meeting announcement 0.50%
11:45 EU(17) ECB meeting announcement 1.50%

The pound slumped against all its major counterparts after the Bank of England expanded its bond-purchase plan and kept its benchmark interest rate at a record low. 
Sterling tumbled after U.K. policy makers said they would increase their bond-purchase program by 75 billion pounds. 
The Swiss franc fell after the central bank said its currency holdings increased to a record last month after its decision to cap the currency’s gain. 
Today's meeting ECB will be the last chaired by President Jean- Claude Trichet before he hands the presidency to Italy’s Mario Draghi on Nov. 1.

EUR/USD: the pair decreased in  $1.3300 area.

GBP/USD: the pair fell in  $1.5300 area.

USD/JPY: the pair holds in Y76.55-Y76,85 area.

At 1230GMT, US data starts with initial jobless claims, which are expected to rise 19,000 to 410,000 in the October 1 week after falling sharply in the previous week on seasonal adjustment difficulties. Claims usually decline in the last week of a quarter before surging in the 
following week, though claims rose in last week of September in 2008-2010. At 1330GMT, the IMF gives it's regular biweekly briefing in Washington. 

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