Financial News: European Economic News Preview: ECB To Keep Rates

European Economic News Preview: ECB To Keep Rates On Hold

07/18/2024 - 01:41:00 (RTTNews)

(RTTNews) - The monetary policy announcement from the European Central Bank is the top economic event due on Thursday.

Markets expect the ECB to keep its key rates on hold today after cutting the rates for the first time in five years in June. The main refinancing rate was lowered by 25 basis points to 4.25 percent.

The bank is also set to refrain from providing more information about its future course of action as they are more concerned about the strength of wage growth and underlying inflation.

The ECB releases the outcome of the governing council meeting at 8.15 am ET. Following the announcement, ECB President Christine Lagarde holds press conference at 8.45 am ET. Other major reports due today are labor market data from the UK and new car registrations from Europe.

At 2.00 am ET, the Office for National Statistics releases UK labor market statistics. The jobless rate is seen unchanged at 4.4 percent in the months to May.

In the meantime, the European Automobile Manufacturers' Association is set to issue new car registrations data.

Also, foreign trade figures are due from Switzerland. The trade surplus is forecast to fall to CHF 5.05 billion in June from CHF 5.8 billion in May.

At 5.00 am ET, Eurostat releases euro area construction output for May.

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