EUR
The European Central Bank (ECB)  began its new stimulus programme
yesterday, buying up covered bonds, which are debt backed by cash flow
from mortgages or consumer loans. It was reported reported that the ECB
has wasted no time in mopping up debt from France. The ECB hopes that the
scheme will encourage banks to offer credit to small businesses in Europe, to
drive economic activity and inflation.

GBP

EUR
The European Central Bank (ECB)  began its new stimulus programme
yesterday, buying up covered bonds, which are debt backed by cash flow
from mortgages or consumer loans. It was reported reported that the ECB
has wasted no time in mopping up debt from France. The ECB hopes that the
scheme will encourage banks to offer credit to small businesses in Europe, to
drive economic activity and inflation.

GBP
The pound rose to a one-week high versus the dollar after reports showed U.K.
home prices gained for a second month in October rising 2.6% (MoM). A
separate gauge of consumer confidence in the third quarter increased three
points versus year ago, the Deloitte Consumer Tracker showed today. This is the
highest since the survey began in 2011. 

Net lending to businesses continues to fall, despite efforts from the bank of
England to increase business borrowing. Net lending to all firms fell to 3.9
Billion in second quarter of 2014. The report suggests that businesses are
trying pay down debt instead of borrowing. 

Key Announcements
USD – 15:00 BST  – US Existing Home Sales expected to increase from 5.05
to 5.1 Million

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