European Economic News Preview: Bank Of England Policy Decision Due

The monetary policy decision from the Bank of England is due on Thursday, headlining a busy day for the European economic news.

The BoE decision is likely to be a close call between a 25 basis-point and a 50 basis-point hike. The policy announcement and the quarterly monetary policy report are due at 7.00 am ET.

Purchasing managers’ survey results from the euro area and foreign trade data from Germany are other major economic reports due today.

At 2.00 am ET, Destatis is scheduled to issue Germany’s foreign trade data. Exports are forecast to grow 0.3 percent on month in June, in contrast to the 0.1 percent fall in May.

Half an hour later, the Federal Statistical Office releases Swiss consumer price figures. Inflation is seen easing to 1.6 percent in July from 1.7 percent in June.

At 3.15 am ET, Spain’s services PMI survey results are due. Economists forecast the index to remain unchanged at 53.4 in July.

At 3.45 am ET, S&P Global publishes Italy’s services PMI data. The services index is seen at 52.2 in July, the same as in June.

At 3.50 am ET, France’s final PMI survey results are due. The services PMI is expected to match the flash score of 47.4 in July.

At 3.55 am ET, S&P Global publishes Germany’s services and composite PMI data. Economists forecast the services index to fall to 52.0 in July, as initially estimated, from 54.1 in June.

At 4.00 am ET, Eurozone final PMI survey data is due. The services PMI is seen at 51.1 in July, in line with flash estimate, and down from June’s 52.0.

Half an hour later, UK S&P/CIPS final services PMI data is due. Economists forecast the services PMI to drop to six-month low of 51.5 in July, as initially estimated, from 53.7 in June.

At 5.00 am ET, Eurostat releases euro area producer prices for June. Producer price are forecast to fall 3.1 percent annually after easing 1.5 percent in May.

At 8.30 am ET, the Czech National Bank is set to announce its monetary policy decision. The bank is widely expected to hold the benchmark rate at 7.00 percent.

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