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Financial News: European Economics Preview: ECB Set To Lift Rates

European Economics Preview: ECB Set To Lift Rates For First Time In 11 Years

07/21/2022 - 00:58:00 (RTTNews)

(RTTNews) - The European Central Bank is set to raise interest rates for the first time in 11 years as euro area inflation remains at an undesirably elevated level.

The central bank is expected to raise interest rates by 25 basis points, as the bank announced in June. The bank is also forecast to provide guidance on the proposed anti-fragmentation tool. The outcome of the governing council meeting in Frankfurt is due on Thursday at 8.15 am ET.

ECB Chief Christine Lagarde holds press conference following the meeting in Frankfurt at 8.45 am ET.

Other major economic reports due for the day are as follows

At 2.00 am ET, the Office for National Statistics releases UK public sector finance data for June. The budget deficit is seen at GBP 13.2 billion.

At 2.45 am ET, the French statistical office Insee publishes business confidence survey results. The business sentiment index is forecast to fall to 106 in July from 108 in June.

At 4.00 am ET, retail sales data is due from Poland. Economists expect sales to grow 21.5 percent on year in June, following a 23.6 percent rise in May.

At 7.00 am ET, Turkey's central bank announces its interest rate decision. The bank is expected to hold its one-week repo rate at 14.00 percent.

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