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

European Economic News Preview: Bank Of England To Hold Key Rate

02/01/2024 - 00:29:00 (RTTNews)

(RTTNews) - The Bank of England is widely expected to leave its benchmark rate unchanged on Thursday but markets await suggestion on the future path.

The monetary policy announcement is due at 7.00 AM ET. The bank had kept the rate unchanged at 5.25 percent over the last two consecutive meetings. The current rate is the highest since early 2008.

The market was pricing rate cuts as early as in May. However, the bank is likely to move in the dovish direction.

The bank is also slated to release its quarterly Monetary Policy Report setting out the economic analysis and inflation projections. Manufacturing Purchasing Managers' survey results from major Eurozone economies are the other major economic reports due on Thursday.

At 3.15 am ET, Spain's manufacturing PMI survey data is due. The index is seen rising to 48.0 in January from 46.2 in December.

At 3.30 am ET, Sweden's central bank is set to announce its monetary policy decision. At 3.45 am ET, S&P Global is scheduled to issue Italy's manufacturing PMI data. Economists forecast the index to advance to 47.3 in January from 45.3 in the prior month.

Thereafter, final PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 4.00 am ET, Eurozone final manufacturing PMI data is due. The manufacturing index is expected to climb to 46.6, in line with the flash estimate, from 44.4 in December.

At 4.30 am ET, UK S&P/CIPS manufacturing PMI survey data is due. The final reading is seen at 46.9 in January, unchanged from the flash estimate.

At 5.00 am ET, Eurostat releases euro area flash inflation and unemployment data. Inflation is expected to ease to 2.8 percent in January from 2.9 percent in December. The euro area jobless rate is seen unchanged at 6.4 percent in December.

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