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European Economics Preview: Bank Of England Policy Announcement Due

preview oct17 24jun21 lt

The monetary policy announcement from the Bank of England is due on Thursday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany's import prices for May. Import price inflation is seen rising to 11.3 percent from 10.3 percent in April.

At 2.45 am ET, the French statistical office Insee releases business sentiment survey results. The confidence index is seen rising to 109 in June from 107 in May.

At 3.00 am ET, Spain's revised GDP data is due. The economy is forecast to shrink 0.5 percent sequentially in the first quarter, as initially estimated.

At 4.00 am ET, Germany's ifo business confidence survey results are due. The business sentiment index is forecast to rise to 100.6 in June from 99.2 a month ago.

In the meantime, the European Central Bank releases economic bulletin. Also, Poland's unemployment data is due. Economists expect the jobless rate to fall to 6.1 percent in May from 6.3 percent in April.

At 7.00 am ET, the Bank of England's monetary policy announcement and the minutes of the meeting are due. Markets widely expect the monetary policy committee to hold the interest rate unanimously at 0.1 percent and the quantitative easing at GBP 875 billion.

Although the bank is expected to bring forward the timing of the first rate hike, policymakers are likely to avoid offering any hints at the meeting.

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