The Bank of England is set to keep its monetary policy unchanged at its first rate-setting meeting of the year. The BoE simultaneously publishes the minutes of the meeting and its quarterly Inflation Report.
At 3.00 am ET, Hungary's Central Statistical Office is scheduled to issue final foreign trade for November. According to preliminary estimate, the surplus totaled EUR 908 million in November.
At 3.15 am ET, Switzerland's retail sales data is due. Sales are forecast to drop 0.7 percent annually in December, reversing a 0.9 percent rise in November.
At 4.30 am ET, Markit releases U.K. construction Purchasing Managers' survey data. Economists forecast the PMI to fall to 53.8 in January from 54.2 in December.
Half an hour later, Eurostat is slated to issue euro area producer prices. Prices are expected to climb 1.2 percent annually in December following a 0.1 percent rise in November.
At the Monetary Policy Committee meeting, the BoE is expected to hold its key interest rate at 0.25 percent and its asset purchase plan at GBP 435 billion. The announcement is due at 7.00 am ET.
The bank is likely to upgrade its growth projections as the economy ended the year 2016 on a solid footing. In November, the MPC forecast 1.4 percent growth in 2017 and 1.5 percent in 2018.
In the meantime, the Czech National Bank announces its interest rate decision. The bank is set to kep its repo rate at 0.05 percent.
by RTT Staff Writer
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