Fischer said that the US is already close to meeting the central bank’s goals on employment and inflation, and that growth is expected to pick up. However, no specific time frame was given. Investor focus has now shifted to Federal Reserve Chair Janet Yellen's speech on Friday at the annual central bankers' meeting in Jackson Hole, Wyoming. Yellen is expected to give guidance on interest rate policy, and the markets are likely to get nervous about what indications may be given regarding a rate hike.
While investors weighed the prospects of an interest rate hike in the coming months, oil prices dropped by nearly 3 %, retreating from last week's two-month highs. This was based on worries about Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising U.S. oil rig count.
11:00 - GBP : CBI Industrial Order Expectations, -9 expected