The UK and Europe have been fairly quiet today after yesterday's data dump. The biggest news is that the pound has managed to find a base around 1.5070 after yesterday's sharp selloff. 1.5150 has capped gains so far today. The Bank of England Q1 lending report contained mixed messages: on the positive side it said that the mortgage market should improve substantially this quarter, but on the downside it said that lending to SME's was basically unchanged in Q1. This is not market moving stuff, but it is mildly supportive of more QE at this week's BOE meeting, which is pound negative.