This also follows news of the resignation of their chief executive Stephen Crawshaw. This has once again cast a shadow on the British lending market and the BOE and government will be hoping that they don’t have another Northern Rock situation on their hands. Sterling had performed quite well against the Euro last week but unfortunately retreated this morning.
Today in the UK we have mortgage lending data figures due and also Halifax house price survey and PMI manufacturing figures. Germany and the Eurozone as a whole have their PMI manufacturing figures due this morning with Mr Trichet due to speak later today as well.
In the US we have construction spending and ISM manufacturing numbers released on this – a busier day for data than most Mondays. Also later there is the release of the Aussie interest rate decision due to show no change on rates at 7.25%.
The market could be active today but most dealers will be awaiting the rate decisions on Thursday here and in the Eurozone.