Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Economic Data, BOE In The Spotlight On Thursday

Published 03/22/2018, 02:49 AM
Updated 02/20/2024, 03:00 AM

A combination of economic data and monetary policy will drive an active schedule for the financial markets on Thursday. With the markets still abuzz from the Federal Reserve’s decision to raise interest rates, attention now turns to the Bank of England (BOE).

The BOE’s Monetary Policy Committee will coalesce on Thursday to vote on interest rates, with the official verdict scheduled for 12:00 GMT. Officials are expected to vote unanimously for keeping the benchmark rate at 0.5%.

There are plenty of market-moving events before and after the BOE rate decision. Action begins at 07:45 GMT with reports on French GDP and business sentiment. Fifteen minutes later, Brussels will release the latest current account surplus for the euro area.

IHS Markit will dominate the headlines between 08:00 and 09:00 GMT, as the research institute unveils the latest PMI data for the eurozone. Services, manufacturing and composite PMI reports are scheduled for Germany, France and the eurozone. All data sets are preliminary and will cover the month of March.

At 09:00 GMT, the IFO Institute will report on German business sentiment for the month of March. The report is considered an important proxy for underlying business conditions in Europe’s largest economy.

The United Kingdom’s Office for National Statistics will report on retail sales at 09:30 GMT. Receipts at retail stores are forecast to rise 0.4% in February and 1.3% compared to last year.

Shifting gears to North America, the US Department of Labor will release weekly jobless claims data at 12:30 GMT. The number of Americans filing for unemployment benefits is forecast to decline slightly to 225,000 in the week ended 17 March.

Markit will also release fresh US PMI data covering the manufacturing and services industries. The Kansas City Fed will round out the headlines with a report on regional manufacturing at 15:00 GMT.

AUD/USD
The Australian dollar held its ground against the greenback on Thursday despite weaker than expected jobs data. Aussie employment rose by 17,500 for February, as unemployment edged up to 5.6% from 5.5%. Analysts had called for a monthly jobs gain of 20,000 and for unemployment to hold steady. The AUD/USD was last seen at 0.7760.
AUD/USD M15 Chart
EUR/USD
Europe’s common currency extended its recovery on Thursday, with the EUR/USD adding 0.2% to 1.2364. The pair has swung through volatile ranges in recent days, including a brief stint in the low 1.2200 region. Immediate resistance is located at 1.2414, which is the swing high from 14 March.
EUR/USD M15 Chart
GBP/USD
Cable’s strong uptrend continued on Thursday, as traders turned their attention to the first BOE meeting in the wake of the latest Brexit transition deal. GBP/USD rose 0.2% to 1.4164. The pair is eyeing resistance at 1.4170. A clean break above this level would lead to 1.4210.
GBP/USD M15 Chart

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.