The European session is empty on the data front with just a low tier release like the Eurozone current account. Just before the start of the American session, we have the BoE rate decision which is going to be one of the main events for today coupled with the US jobless claims figures.
11:00 GMT/07:00 ET - BoE Rate Decision
The BoE is expected to keep rates unchanged at 5.00%. The expectations for such a move have been shaped by relatively strong data with PMIs firmly in expansion, inflation moderating at a slow pace and the unemployment rate ticking lower. The market then expects the central bank to cut by 25 bps in November and December.
12:30 GMT/08:30 ET - US Jobless Claims
The US Jobless Claims continues to be one of the most important releases to follow every week as it’s a timelier indicator on the state of the labour market.
Initial Claims remain inside the 200K-260K range created since 2022, while Continuing Claims have been on a sustained rise (although they’ve improved recently) showing that layoffs are not accelerating and remain at low levels while hiring is more subdued.
This week Initial Claims are expected at 230K vs. 230K prior, while Continuing Claims are seen at 1850K vs. 1850K prior.
