Forex Flash: Expect a £25B extension of BoE QE in November – TD Securities (Barcelona) - As expected, the BoE's decision of keeping its interest rates at 0.5% and the asset purchases programme unchanged at £375B was unanimous with a 9-0 vote. However, TD Securities disagree with market consensus in regard to unchanged QE in November, as they believe the minutes suggest otherwise: “With the BoE having serious questions about the impact of and need for further QE, we think that we should see a £25bn extension in November to a total of £400bn, with a continuation of but tapering off of asset purchases being a good middle ground”, wrote Marcin Budkiewicz, Strategist at TD Securities, surprised with the strong jobless claims figures, much stronger than the underlying pace of growth would support. “Also had the ILO u-rate slip from 8.1% to 7.9% in Aug (8.1% consensus), its lowest reading since June last year”, Budkiewicz added.

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