European Economics Preview: Bank Of England Policy Announcement Due

preview oct30 16jun22 lt

The monetary policy announcements from the Bank of England and the Swiss National Bank are due on Thursday, headlining a busy day for the European economic news.

The BoE is widely expected to raise its interest rates for a fifth policy session in a row amid surging inflation. The Monetary Policy Committee is set to hike the bank rate by 25 basis points to 1.25 percent, the highest level since 2009. The announcement is due at 7.00 AM ET.

The Swiss National Bank is likely to continue its expansionary monetary policy stance. Markets widely forecast the central bank to retain the policy rate and interest on sight deposits at the SNB at -0.75 percent. The central bank releases the outcome of its policy meeting at 3.30 AM ET.

Other economic reports due for the day are as follows

At 2.00 am ET, the European Automobile Manufacturers' Association releases Europe new car registrations data for May. Registrations were down 20.6 percent in April.

At 3.00 am ET, the Czech Statistical Office issues producer prices for May. Producer price inflation is expected to rise to 28.0 percent from 26.6 percent in April.

At 4.00 am ET, Italy's final consumer and harmonized inflation figures for May. The statistical office is expected to confirm the consumer price inflation at 6.9 percent.

At 5.00 am ET, Eurostat is set to release Eurozone labor cost data for the first quarter.

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