In Europe, market attention now shifts to three key central bank decisions, starting with the Swiss National Bank (SNB). The SNB is expected to keep interest rates unchanged at 0%, balancing between deflationary pressure and a persistently strong Swiss franc. Policymakers are trying to avoid unconventional easing measures for as long as possible, instead relying on FX interventions to stabilize the currency and buy time for inflation to recover.
Next is the Bank of England (BoE) decision, where markets are almost fully pricing in no change to rates at 3.75%. The key focus will be the voting split, which may highlight internal divisions between hawks and doves. While some members lean toward easing, rising geopolitical risks and inflation uncertainty could keep the bank cautious.
Finally, the European Central Bank (ECB) will announce its decision. With inflation risks resurfacing — partly driven by tensions in the Middle East — markets have begun to price in the possibility of rate hikes in the coming months. The ECB is expected to hold rates steady but may maintain a hawkish stance.
Thursday, March 19
- 08:00 AM GMT — UK wage data
- 08:30 AM GMT — SNB rate decision
- 08:30 AM GMT — Riksbank rate decision
- 09:00 AM GMT — Poland wage data
- 09:00 AM GMT — SNB press conference
- 12:00 PM GMT — BoE rate decision
- 01:15 PM GMT — ECB rate decision
- 01:30 PM GMT — CNB rate decision
- 01:45 PM GMT — ECB (Lagarde) press conference
- 02:30 PM GMT — US EIA natural gas inventories
Morning wrap (19.03.2026)
🔴BREAKING: Fed keeps interest rates unchanged. Keeps projection cuts.
BREAKING: US PPI much higher than expected 🚩US100 loses
📉Gold loses 2%
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