At 4pm Mario Draghi President of the ECB spoke mainly about the annual report of the ECB for 2014. Draghi discussed that the policies put in place by the ECB in 2014 they had expected inflation figures to reach 1.5% in 2016 and 1.8% in 2017. Although these expectations have not yet been met he then went on to say that the policies put in place in the summer of 2014 had been very effective and provided substantial support to the euro recovery area which ‘would have been in outright deflation’ without these measures being put in place.
According to news reports, Prime Minister David Cameron and President of the European Council Donald Tusk made a “Breakthrough” on plans to restrict benefits for EU migrants however tthere have been no agreement on the UK’s four aims; Immigration, Sovereignty, Competitiveness and protection for non-euro countries, as of yet.
Mortgage Approvals for December showed an Increase from the previous figure of 70.424K to 70.837K beating the expected decreasing figure of 69.600K perhaps indicating potential growth within the housing market.
GBP: 09:30 – PMI Construction (Jan) expected to fall from 57.8 to 57.6