Of course, there is a feeling that the markets began to wind down in anticipation of the end of the year, starting this week. The consequences of the Irish rescue at the end of the week and extend an agreement on a mechanism to overcome the crisis for the pound is still "digested". Britain's contribution amounting to 3.8 billion pounds in the form of bilateral loans was less than expected, while interest rates on them were comparable with help from the EU / IMF. There are still concerns that the British banks with a significant pressure on Ireland may need further recapitalization. To pound another important point was the morning data on money supply, which showed that the growth of money goes into negative territory over the same period last year, which was the first time since the beginning of the series in 1983. Differences in the fact that the Bank of England is focused on the incidence of nominal demand, which in turn underlies the maintenance of QE at the same level. Subsequently, the pound weakened against the euro this morning, however, in our opinion, this is not a panacea, and in the future, more volatility euros.
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