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  • The US FOMC minutes from the June policy meeting seem likely to be packed full of excitement. There were new members (more economists) at this meeting, and it seems that some discussion about exit strategies took place.
  • We have three ECB speakers today, of whom Draghi is likely to be the market focus. Questions about the Euro have been raised by politicians (especially in France) and it is just possible that this topic will receive some acknowledgement in the comments today.
  • Elsewhere teams played sports. Normally this would not sully economics, but behavioural economics does have a role. We do not see the defeat of Brazil in an Association Football match as changing the forthcoming presidential election result, but markets may speculate around the idea.
  • The Bank of England starts its two day policy meeting today. UBS has published a report on Scottish independence, arguing that it is wrong to ignore the issue. Whatever the outcome, there are likely to be significant economic changes as a result of the vote.

Listen to the audio version of this briefing.