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European Economic News Preview: ECB Monetary Policy Announcement Due
(RTTNews) - The monetary policy announcement from the European Central Bank is the major event due on Thursday.
Markets widely expect the ECB to hike the key rate by a final quarter point today. However, such a move raises the risk of recession in the currency bloc.
The ECB has raised rates by a cumulative 375 basis points with hikes in every policy session of the current tightening cycle that began in July last year. At the last meeting in July, the main refinancing rate, or refi, was lifted by 25 basis points to 4.25 percent.
The governing council of the ECB releases the statement at 8.15 am ET and ECB President Christine Lagarde is set to hold the press conference at 8.45 am.
The ECB will also publish staff macroeconomic projections today, at 9.45 am ET.
Consumer prices from Sweden and producer prices from Switzerland are the other economic reports due on Thursday.
At 2.00 am ET, Statistics Sweden releases consumer prices for August. Consumer price inflation is forecast to slow to 4.9 percent from 6.4 percent in July.
At 2.30 am ET, the Federal Statistical Office is set to issue Swiss producer and import prices for August. Producer and import prices had declined 0.6 percent on a yearly basis in July.
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