Bank of England rate decision in focus at start of the week

Monday is an important day as the Bank of England announces its latest interest rate decision. A lack of inflationary pressures and weak official data support the view that the first rate hike is unlikely to take place before the end of the year. No change is therefore expected at Monday’s meeting.

Also the Eurogroup meeting will be held. Greece will surely be at the top of the agenda as the cash strapped country needs to agree on reforms in order to receive much needed bailout funds.
Meanwhile, the National Australia Bank releases updated business confidence data.

On Tuesday, the British Retail Consortium releases its latest Retail Sales Monitor, while the ONS issues industrial production numbers.

On Wednesday, wage inflation numbers are due from Australia. Then, industrial output and retail sales data are published in China, while Japan will release current account figures.

Later in the day inflation data will come out of Germany, Italy, Spain and France. Meanwhile the Eurozone will release the first estimate of first quarter GDP alongside industrial production data. From the UK we will see the second Inflation Report of the year published by the Bank of England.

Focus then turns to US, retail sales data.

Thursday will be a little quiet in terms of tier one data, with just US initial jobless claims being the major economic data.

On Friday, the first piece of data comes from Japan on consumer confidence.

In the European session the UK Construction output data are out followed by Eurozone trade balance data. Finally, the US publishes industrial output data.

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