European Economics Preview: ECB Set To Maintain Status Quo

The interest rate announcement from the European Central Bank is due on Thursday, headlining a busy day for the European economic news.

The ECB is unlikely to announce any monetary policy change after the Governing Council meeting at 7.45 am ET.

President Mario Draghi is set to begin his customary post-decision press conference at 8.30 am ET. This will be the final meeting of Draghi as ECB chief.

At the September meeting, the ECB had unveiled a stimulus package that included a fresh round of bond purchases and a 10 basis points cut to the deposit rate to -0.50 percent as well as the introduction of a tiering system for reserve remuneration.

At 3.15 am ET, France’s flash composite Purchasing Managers’ survey results are due. Economists forecast the composite indicator to rise to 51 in October from 50.8 in September.

At 3.30 am ET, Germany’s flash PMI report is due. The composite index is forecast to climb to 48.8 in October from 48.5 in September.

In the meantime, Sweden’s central bank is set to announce its policy rate decision. The bank is set to hold its key rate at -0.25 percent.

At 4.00 am ET, IHS Markit is scheduled to issue euro area composite PMI data. The composite index is expected to improve to 50.3 in October from 50.1 in September.

Norges Bank announces its policy rate decision at 4.00 am ET. Economists forecast the bank to hold its key rate at 1.50 percent.

At 7.00 am ET, Turkey’s central bank announces its rate decision. Economists forecast the central bank to cut its interest rate sharply to 15.50 percent from 16.50 percent.

The material has been provided by InstaForex Company – www.instaforex.com