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Financial News: European Economics Preview: Bank Of England Rate Decision

European Economics Preview: Bank Of England Rate Decision Due

05/07/2020 - 00:02:00 (RTTNews)

(RTTNews) - The outcome of the monetary policy committee meeting of the Bank of England and the monetary policy report are due on Thursday, headlining a busy day for the European economic news.

Policymakers are likely to unanimously vote to hold the benchmark interest rate at 0.10 percent and quantitative easing unchanged at GBP 645 billion.

In the meantime, industrial production data from Germany is due. Orders are forecast to fall 7.5 percent on a monthly basis in March, reversing a 0.3 percent rise in February.

At 2.45 am ET, industrial production and foreign trade figures are due from France. Production is expected to shrink 12.4 percent on month in March, in contrast to February's 0.9 percent increase.

At 3.00 am ET, industrial production and foreign trade figures are due from the Czech Republic. Economists forecast output to fall 14.2 percent annually, after easing 0.9 percent in February.

Half an hour later, UK Halifax house price data is due. House prices are expected to fall 0.7 percent on month in April after staying flat in March.

At 4.00 am ET, Norges Bank is set to announce its policy rate decision. The bank is expected to hold its key rate at 0.25 percent.

In the meantime, Italy's retail sales data is due for March.

At 5.00 am ET, February unemployment figures are due from Greece. The jobless rate stood at 16.4 percent in January.

At 8.30 am ET, the Czech National Bank releases its interest rate decision. The bank is expected to cut its rate to 0.50 percent from 1.00 percent.

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