European Economic News Preview: Bank Of England To Hold Rate
(RTTNews) - The monetary policy announcement from the Bank of England is the top economic event due on Thursday.
The BoE is widely expected to hold its benchmark bank rate at 4.00 percent after a quarter-point reduction in August. The bank had lowered the rate five times since August 2024 and took it to the lowest since early 2023.
UK inflation was projected to peak at 4 percent in September, which limits the scope for further rate cuts. Nonetheless, markets anticipate another reduction in November. The BoE releases monetary policy statement and minutes at 7.00 AM ET.
Other major economic reports due for the day are current account from the euro area and foreign trade from Switzerland.
At 2.00 am ET, Switzerland's customs office publishes foreign trade data for August. The trade surplus is forecast to rise to EUR 5.22 billion from EUR 4.59 billion in July.
At 4.00 am ET, the European Central Bank is scheduled to issue euro area current account for July. The current account surplus is expected to fall to EUR 34.6 billion from EUR 35.8 billion in June.
At 5.00 am ET, Eurostat publishes euro area construction output data for July.
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