European Economic News Preview: Bank Of England To Pause Rate Cuts

The Bank of England is set to hold its benchmark interest rate on Thursday after the US Federal Reserve slashed its key rate by 50 basis points.

The BoE is expected to maintain its bank rate at 5.00 percent today but markets now focus on the pace of quantitative tightening programme. The bank could unveil another GBP 100 billion reduction in gilt holdings over the coming twelve months.

The monetary policy announcement is due at 7.00 AM ET.

Other major economic reports due to be released on Thursday are current account from the euro area and new car registrations from Europe.

At 2.00 am ET, the European Automobile Manufacturers’ Association publishes new car registrations for August.

In the meantime, foreign trade figures are due from Switzerland.

At 4.00 am ET, the European Central Bank is slated to release euro area current account data for July. The current account surplus is expected to fall to EUR 40.3 billion from EUR 51.0 billion in June.

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