We have another one of our hugely successful ‘Bank of England’ webinars this afternoon at 14.00 GMT. Last month’s predicted the GBP rise to 1.10 and 1.63 against the euro and the dollar respectively; what will we predict on Thursday? Find out what we think the potential move in QE will do for the pound before anybody else! Email me at research@worldfirst.com if you need an invitation

And so it is here. The decision that will lay down the path for sterling for possibly the next 12 months will be announced at Noon today.

The interest rate decision is once again a foregone conclusion and the focus will be on whether the Bank of England will extend its asset purchases or not. We are in the camp that believe that they will extend and therefore that sterling will take a blow after its recent good run. This blow may however be tempered by any accompanying statement.

the MPC would have been swelled by the news that the services industry in the UK expanded nicely in the month of October with the services PMI coming out at 56.7 against an expectation of 55.5. This further indicates that the GDP figures released 2 weeks ago by the ONS will be appraised higher.

The Fed meeting was a bit of a damp squib as they decided to continued their policy of no change with the key statement of rates staying ultra low for an ‘extended period’. Market reaction was slight.

We of course also have the ECB decision today; a hold on interest rates and a nod towards the December meeting are expected

Other than the big central bank decisions we have Industrial and Manufacturing Production from the UK and EU Retail Sales before Initial Jobless Claims from the US this afternoon.

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