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European Economics Preview: ECB Rate Decision Due

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The interest rate decision from the European Central Bank is the major event due on Thursday. The announcement will be followed by a press conference.

The governing council of the ECB is holding its June policy session in the Lithuanian capital Vilnius. The announcement is due at 7.45 am ET. The bank is expected to maintain its refi rate at 0.00 percent and the deposit rate at -0.4 percent.

At 8.30 am ET, ECB President Mario Draghi holds customary press conference. Markets widely expect the bank to turn more dovish in its stance due to the recent intensification of risks.

Draghi is set to present the latest set of macroeconomic projections from the ECB staff.

At 2.00 am ET, Destatis is slated to issue Germany's factory orders data for April. Economists forecast orders to grow 0.2 percent on month after rising 0.6 percent in March.

At 3.00 am ET, industrial output and foreign trade figures from the Czech Republic are due. Industrial output is forecast to expand 2.7 percent on year in April following a 0.1 percent rise in March.

In the meantime, Hungary's industrial production data is due. Economists forecast output to grow 6.8 percent in April following March's 8 percent increase.

At 5.00 am ET, Eurostat releases euro area detailed GDP data. The statistical office is expected to confirm 0.4 percent sequential growth in GDP. In the meantime, Greece unemployment figures are due.

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