The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
German inflation still hovers over ECB objective in most populated states
In November, inflation in the most populated regions of Germany still hovers over the ECB’s objective. That’s what data disclosed on Thursday. The given result backed the major financial institution’s reason for a cautious reversal of its monetary policy in the European Union.
With price pressures mounting in the European bloc, in October, the EU’s main financial institution officially confirmed its intention to stop its 2.6 trillion euro bond-purchasing initiative at the end of 2018 and have interest rates lifted after next summer for the first time since 2011.
The EU major bank’s objective is to keep inflation in the European bloc close to, although below 2% a year.
The annual inflation rate in the most populated state of Germany, North Rhine-Westphalia, stood still sticking with a reading of 2.4%. That’s what follows from preliminary regional office data.
It turns out to be the highest result since October 2011.
As for the second-most populous state of this European country, Bavaria as well as Baden-Wuerttemberg that is the third annual inflation in those regions accounted for 2.7% in contrast with the outcome of the previous month - 2.8%.
Moreover, the state inflation outcomes, which aren’t harmonized in contrast with other euro zone nations, are anticipated to be officially uncovered at 1300 GMT.
A survey carried out before the publication of the regional data actually suggested that the European country’s harmonized consumer price inflation rate or HICP for short would speed down to 2.3% from October’s outcomes of 2.4% that turned out to be the highest outcome since February, 2012.
On Friday, the European bloc is expected to disclose preliminary inflation data for this month. As for the headline figure, it’s generally anticipated to speed down to 2% in contrast with October’s reading of 2.2%.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
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The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).