The MPC decision of keeping the interest rate unchanged at its historical low at .5% and holding their bond buying plans as it is at 175b with no further adding at this meeting waiting for the reaction of the recent added 50b Stg of the meeting of July when the voting was split 6 to 3 to add 50B instead of 75B and one of those three was Marvin king himself and those previous opposing members have referred to the possibility of public confidence damage in the recovery which can flatter it suggesting that the inflation could be under the BOE target for a sustained period. So, The market was ready for new 25b Stg and this decision could underpinned the sterling to get over 1.66 breaking its previous resistance at 1.667 versus the greenback which was already under pressure across the broad as the current optimism which could contain the market sentiment pushing the US stocks up closing Dow for the first time this year above its recent resistance at 9600 rising the demand for the higher yielding currencies for taking risk after the recent better than expected economic data from US in the previous weeks which refer to a diminishing of the recession pressure and an increasing of the inflation outlook which can come accompanied with the recovery and this helped the gold to get above 1000$ this week.
God willing, we wait today for the release of US UN. Michigan consuming sentiment survey preliminary reading of September to know the impact of the recent economic improving on the consumers. The number of August was 65.7 and we wait today for a similar number and we could have a number above 70 this can underpin the current market optimism increasing the demand for getting risk and US stocks moving up momentum at the closing of this week which can give it a technical support in the beginning of next week and putting further pressure on the greenback which have had lost most of its recent support levels across the broad this week.