The monetary policy announcements from the Bank of England and the European Central Bank are due on Thursday, headlining a busy day for the European economic news.
Markets widely expect the BoE to hike its key rate later today, while the ECB to bring no changes to its policy stance.
At 2.00 am ET, consumer and producer prices are due from Turkey. Inflation is expected to surge to 46.68 percent in January from 36.08 percent in December.
At 3.00 am ET, the Hungarian Central Statistical Office releases retail sales data for December. Sales had advanced 3.8 percent in November.
At 3.15 am ET, Spain services Purchasing Managers’ data is due. The index is forecast to fall to 51.5 in January from 55.8 in the previous month.
At 3.45 am ET, services PMI data is due from Italy. The score is seen at neutral 50.0 in January versus 53.0 a month ago.
Thereafter, final PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.
At 4.00 am ET, IHS Markit releases Eurozone final composite Purchasing Managers’ survey data. The composite output index is seen at 52.4, unchanged from the flash estimate.
Half an hour later, UK Markit/CIPS final services PMI data is due. According to flash estimate, the services PMI dropped to 53.3 in January from 53.6 in the prior month.
At 5.00 am ET, Eurostat publishes euro area producer prices for December. Factory gate inflation is seen at 26.1 percent versus 23.7 percent in November.
At 7.00 am ET, the Bank of England announces its monetary policy decision. The bank is expected to hike its key rate by 25 basis points to 0.50 percent from 0.25 percent and maintain the quantitative easing at GBP 875 billion.
The BoE will also release the monetary policy report which contains its economic analysis and inflation projections.
At 7.45 am ET, monetary policy statement is due from the European Central Bank. The bank is likely to keep the main refinancing rate unchanged at zero.
At the press conference, ECB Chief Christine Lagarde is expected to repeat that inflation will slow later this year.
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