Financial News: European Economic News Preview: Bank Of England Policy

European Economic News Preview: Bank Of England Policy Announcement Due

05/09/2024 - 02:26:00 (RTTNews)

(RTTNews) - The monetary policy announcement from the Bank of England is the only major event due on an otherwise light day for European economic news.

The nine-member monetary policy committee of the BoE is widely expected to keep the benchmark rate unchanged for the sixth consecutive meeting. At 5.25 percent, the current Bank Rate is the highest since early 2008.

Although markets see a dovish stance today, the bank is widely expected to cut the rate by a quarter point to 5.00 percent at the next meeting in June.

The BoE is also slated to publish its economic analysis as well as inflation projections. Following the publication of the report, policymakers will hold a press conference.

Retail sales from the Czech Republic and inflation and industrial production from Ireland are the other economic reports due from European economies today.

At 3.00 am ET, the Czech Statistical Office releases retail sales data for March. Sales are forecast to grow 2.7 percent on year, following a 1.6 percent rise in February.

At 6.00 am ET, inflation and industrial production from Ireland are due.

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