• BoE interest rate decision and inflation report to take the spotlight at noon

  • Data from the Canadian housing market scheduled for early afternoon

  • USD traders will watch for the weekly US labour market figures

In terms of macroeconomic releases Thursday’s calendar looks quite empty. However, we have a few important readings and events scheduled with the BoE meeting being the most important one as quarterly inflation report is going to be released. Apart from that, we will get reading from the Canadian housing market and the US labour market. What is more, in the morning hours monthly ECB Economic Bulletin will be released. Throughout the day a number of central bankers will deliver their speeches.

12:00 pm BST – UK, Interest rate decision and inflation report. Long awaited event by the GBP traders. Market consensus expects that England’s central bankers will leave interest rates unchanged, however this meeting is more important than others as quarterly inflation report is going to be released. BoE inflation report contains projections and prospects for the UK inflation for the two following years. Inflation report press conference with Governor Carney will be held half an hour later.

1:15 pm BST – Canada, Housing Starts for January. A piece of data from the Canadian housing market. Housing starts print concerns the number of residential buildings that began building over the reported month. We have seen some strong readings over the past months as the last seven prints beat market expectations. This time surveyed economists point for a reading of 210k what would indicate a little downside against 217k seen last month.

1:30 pm BST – US, Initial Jobless Claims. A weekly reading from the US labour market concerning the number of people who have filled for the unemployment insurance over the past week. Initial jobless claims have been constantly showing decreasing values since the financial crisis. This time market consensus expects a reading of 232k what would indicate a minor increase against 230k seen last week.

Central banks speakers scheduled for today:

8:45 am BST – ECB’s Weidmann

9:00 am BST – RBA Governor Lowe

9:15 am BST – Fed’s Kaplan

10:15 am BST – ECB’s Villeroy

10:30 am BST – ECB’s Mersch

10:45 am BST – ECB’s Praet

1:00 pm BST – Fed’s Harker

2:00 pm BST – Fed’s Kashkari

5:45 pm BST – BoC’s Wilkins

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GBPUSD retreated towards 61.8% retracement level of the last major leg lower. Will today’s BoE inflation report provide fuel to resume rally? Source: xStation5