Market short on inspiration

IT’S A relatively quiet week for data, and although US equity markets are closed today for the Labor Day holiday, market activity often picks up after this date which traditionally signifies the end of summer vacations.  The Bank of England’s Monetary Policy Committee monthly meeting results are on Thursday, and although no change in interest rate is expected traders will be wary of any updates on the Quantitative Easing programme after last month’s shock announcement of another $50bn injection. Also on the watch list for traders this week we have the Fed’s Beige Book tomorrow – a gathering of anecdotal surveys used to inform FOMC members on recent changes in the economy – and the US trade deficit, expected to show little change from last month at around $27bn. OPEC meets on Wednesday but with the oil price stabilising around the $70 mark, the market view is for no change in output.