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

European Economic News Preview: Bank Of England Policy Decision Due

06/20/2024 - 01:55:00 (RTTNews)

(RTTNews) - The monetary policy announcements from the Bank of England and the Swiss National Bank are the top events due on Thursday, headlining a hectic day for the European Economic news.

The BoE is widely expected to hold its interest rate at 5.25 percent for the seventh straight session despite inflation hitting the 2 percent target in May. The current bank rate is the highest since early 2008. The rate decision is due at 7.00 AM ET.

Elsewhere, the Swiss National Bank is set to cut its key policy rate by a quarter-point for the second consecutive meeting. The policy rate is seen at 1.25 percent. The bank announces the outcome of the quarterly meeting at 3.30 AM ET.

Norway's central bank is also forecast to leave its benchmark rate unchanged at 4.50 percent today. The statement is due at 4.00 AM ET.

New car registrations from Europe and producer prices from Germany are other major economic reports due on Thursday.

At 2.00 am ET, the European Automobile Manufacturers' Association is scheduled to issue Europe's new car registrations data for May. Registrations had increased 13.7 percent annually in April.

In the meantime, producer prices data is due from Germany. Economists forecast producer prices to fall at a slower pace of 2.0 percent annually after easing 3.3 percent in April.

Also, foreign trade figures are due from Switzerland.

At 4.00 am ET, Poland's statistical office releases industrial production, producer prices and corporate sector wage data.

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