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European Economics Preview: BoE Likely To Hike Rates By 75 Bps
(RTTNews) - The Bank of England is set to join its global counterparts on Thursday with a 75 basis point rate hike.
Markets widely expect the BoE to raise the Bank Rate to 3.00 percent from 2.25 percent. This would be the biggest hike since 1989. The announcement is due at 8.00 AM ET.
The BoE is also scheduled to release its monetary policy report that provides the monetary policy committee's economic analysis and inflation projections.
On Wednesday, the U.S. Federal Reserve had lifted its benchmark rate by 75 bps for the fourth straight meeting but signaled more moderate moves ahead.
Other than the monetary policy decision, unemployment from Spain and euro area and final services Purchasing Managers' survey results from the UK are due today.
At 4.00 am ET, Spain's labor office publishes monthly unemployment data for October.
At 5.00 am ET, unemployment figures are due from Italy. Economists expect the jobless rate to remain unchanged at 7.8 percent in September.
In the meantime, Norges Bank announces its monetary policy decision. The bank is forecast to lift its key rate to 2.75 percent from 2.25 percent. At 5.30 am ET, UK S&P/CIPS final services Purchasing Managers' survey results are due. The services PMI is seen at 47.5 in October, unchanged from the flash estimate, and down from 50.0 in September.
At 6.00 am ET, Eurostat is slated to issue euro area unemployment data. The jobless rate is forecast to remain at 6.6 percent in September.
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