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Abshire-Smith Market Analysis

Two MPC members decision “finely balanced”

At the meeting the committee voted to leave interest rates and asset purchases (QE) unchanged at 0.50% and £375bn. Today’s release of the Minutes of MPC meeting 7 and 8 May 2015, were as analysts had expected that the members voted unanimously to stay unchanged. The headlines from the minutes were that two MPC members decision were “finely balanced” between unchanged and raising interest rates. The market impact from the minutes was minimal, the release was as the markets had expected, with las...

UK Inflation expected to turn negative

The ONS will release their latest reading of UK inflation at 9:30am this morning, and there is a strong chance that the reading will be negative. The previous inflation reading was zero, in short prices measured on a basket of goods, were unchanged from the previous month. The Bank of England’s mandate is to target a 2% inflation rate; during the financial crisis this was consistently overshot peaking above 5%. The Governor, Mervyn King would write a letter to the Chancellor explaining why the c...

Crude stabilises after ISIS seize Ramadi

Crude prices have move higher from the low 40 dollars in March, with WTI now stabilising around $60/barrel. The market has found support after the sustained and dramatic freefall, with the shift after the oversupply. Over the weekend there were reports that Islamic State (IS) had seized the city of Ramadi, previously a report that the group had expanded their grip within the volatile region would have pushed oil prices significantly higher. Though the announcement put a slight bid in oil price...

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