| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Switzerland | Trade Balance | May | 3.8 | 3.7 | 4.1 |
| 07:30 | Switzerland | SNB Interest Rate Decision | | 1.5% | 1.5% | 1.25% |
GBP traded flat and mixed against other major currencies in the European session on Thursday as investors prepared for the announcement of the Bank of England’s policy decision later in the day.
The BoE is widely expected to leave its benchmark rate - the Bank Rate - unchanged at 5.25% when it announces the outcomes of its June meeting at 11:00 GMT. Markets will scrutinise the BoE’s policy statements for clues on what changes in its monetary policy to expect later this year.
Wednesday’s UK CPI report showed the country’s headline inflation returned to the central bank's 2% target for the first time in nearly three years in May, while the core inflation eased to 3.5%, the lowest level since October 2021, but still elevated. These figures reinforced bets that the BoE will not deliver a rate cut until at least its August meeting.