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Financial News: European Economics Preview: Bank Of England Policy Announc

European Economics Preview: Bank Of England Policy Announcement Due

11/05/2020 - 00:41:00 (RTTNews)

(RTTNews) - The monetary policy decision from the Bank of England is due on Thursday, headlining a busy day for the European economic news. The Monetary Policy Committee is widely expected to hold the key rate at a record low 0.10 percent but to expand quantitative easing by GBP 100 billion to GBP 825 billion. The bank is also set to publish its quarterly monetary policy report. Due to the Chancellor's statement, scheduled for Thursday afternoon, the BoE has brought forward the publication time to 2.00 am ET.

Other major economic reports due for the day are as follows

At 2.00 am ET, Destatis is set to release Germany's factory orders data for September. Orders are forecast to expand 2 percent on month, following a 4.5 percent rise in August.

At 3.00 am ET, retail sales from the Czech Republic and Hungary are due. Economists expect the Czech retail sales to grow at a weaker pace of 0.6 percent annually in September after rising 2.9 percent in the previous month.

At 3.30 am ET, Statistics Sweden publishes quarterly GDP, industrial output and orders data. In the meantime, Germany's construction Purchasing Managers' survey results are due.

At 4.00 am ET, Norges Bank announces its rate decision. The bank is expected to hold its rate at zero percent.

At 5.00 am ET, the European Commission is scheduled to publish Autumn economic forecast. In the meantime, Eurozone retail sales data is due from Eurostat. Sales are forecast to drop 1 percent on month in September, in contrast to an increase of 4.4 percent in August.

At 7.30 am ET, BoE Governor Andrew Bailey holds a press conference.

At 8.30 am ET, the Czech National Bank announces its interest rate decision. Economists forecast the bank to retain its key rate at 0.25 percent.

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