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no economic policy decisions (large or small) are expected to be made at this weekend’s summit but the EUR/USD could rally if Merkel appears more conciliatory. Either way, don’t expect much from the G8 meeting especially after Obama moved the meeting from Chicago to Camp David to give it a more informal feel
“Several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough.”
http://www.ft.com/cms/s/0/0cd8c1b0-9f7b-11e1-a255-00144feabdc0.html#axzz1v5FlbIke
The central bank took a gloomier view of Britain's growth than before and, in a surprise to markets, lowered its medium-term inflation prediction - a sign that while more stimulus for the economy is not immediately on the cards it could come if conditions worsen
http://uk.reuters.com/article/2012/05/16/uk-britain-boe-king-idUKBRE84E1KS20120516
