European Economics Preview: ECB, BoE Decisions In Focus
The European Central Bank and the Bank of England are widely expected to announce monetary stimulus later today. While the ECB is seen resorting to interest rate cuts, the BoE is widely expected to sanction another GBP 50 billion asset purchases.
At 3.30 am ET, Statistics Netherlands is slated to release consumer prices for June. Annual inflation was 2.5 percent in May.
The Spanish government plans to raise between EUR 2 billion and EUR 3 billion from the auction of 3-year, 4-year and 10-year bond auction. The results are due at 4.30 am ET.
In the meantime, French long-term debt auction results are due. The maximum target for the issue is EUR 8 billion.
The Federal Ministry of Economy and Technology is scheduled to release Germany's factory orders at 6.00 am ET. Economists forecast orders to remain flat in May after falling 1.9 percent in April.
The Bank of England is likely to come up with an additional stimulus of GBP 50 billion. At the end of two-day rate setting meeting, the Monetary Policy Committee is expected to lift the size of asset purchase programme to GBP 375 billion.
Also, the nine-member MPC is seen leaving the key interest rate unchanged at a historic low of 0.50 percent. The announcement is due at 7.00 am ET.
The European Central Bank is set to announce its decision at 7.45 am ET. ECB President Mario Draghi is likely to reduce the main refinancing rate by 25 basis points to 0.75 percent.
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