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SNB, BoE, Norges Bank and SARB to announce rate decision today
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UK retail sales growth expected to decelerate
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Another piece of data from the US housing market
8:30 am BST - Swiss National Bank rate decision. The Swiss National Bank is unlikely to change the settings of monetary policy today. SNB often mirrors actions of the European Central Bank but seldom does it immediately. Having said that, Swiss central bankers may postpone rate cuts until later meetings but comment on FX rate today.
9:00 am BST - Norges Bank rate decision. Central bankers are easing policy all around the World but Norway is an exception. Norges Bank delivered 2 rate hikes this year and it is rumoured that another increase may be coming soon. In case no such decision is made today, one could expect some hints on timing.
9:30 am BST - UK, Retail sales for August. UK retail sales readings for June and July managed to beat expectations but showed slowing growth. The trend is expected to continue with headline gauge showing 2.9% YoY (previous 3.3% YoY) and core measure showing 2.6% YoY (previous 2.9% YoY).
12:00 pm BST - Bank of England rate decision. Yesterday’s report showed significant slowdown in core and headline CPI gauges. Such a reading gives BoE more comfort to stay on hold until Brexit drama is resolved. No change to the level of interest rates is expected today and another Article 50 extension could tie BoE’s hands for longer.
1:30 pm BST - US data pack. A few semi-important reports from the US economy will be released today in the early afternoon. Initial jobless claims are expected to come in slightly lower than a week ago while Philly Fed manufacturing index for September should see a decline from 16.9 pts to 11 pts. Simultaneously, current account data for Q2 will be released and it is forecasted to come in at -127.8 billion USD.
2:00 pm BST - South African Reserve Bank rate decision. SARB delivered a 25 basis point rate cut in July and is expected to stay on hold today. Keep in mind that the South African decision announcement is not instantaneous so ZAR may enjoy elevated volatility starting from 2:00 pm BST.
3:00 pm BST - US, Existing home sales for August. The US housing market released yesterday was quite a big surprise. Both building permits and housing stats came in much higher than expected. However, existing home sales are seen dropping from 5.42 million in July to 5.37 million in August.
Central bankers’ speeches
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8:00 am BST - Riksbank’s Floden
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11:00 am BST - ECB’s Coeure
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1:00 pm BST - ECB’s Lautenschlaeger
