Wednesday, 21 March 2012

European Economics Preview: BoE Minutes, U.K. Budget In Focus

The minutes of the Bank of England's latest monetary policy meeting and the U.K. 2012 budget are the events that are set to dominate the scene on Wednesday.

The Swiss National Bank is set to publish money supply figures for February at 4.00 am ET. Swiss M3 money supply increased 8.2 percent year-on-year in January.

At 5.00 am ET, Iceland's central bank is expected to announce its interest rate decision. At the same time, Norway's unemployment figures are due. The jobless rate is seen at 3.3 percent in January.

At 5.30 am ET, the Bank of England is scheduled to release the minutes of the Monetary Policy meeting held on March 7 and 8. The bank had retained its key rate at 0.50 percent and the asset purchase programme at GBP 325 billion.

In the meantime, U.K. public sector finance data is due. Public sector net borrowing is seen at GBP 8 billion for February.

The German government is set to raise a maximum of EUR 5 billion from the issue of treasury notes at 6.30 am ET.

At 7.00 am ET, Ireland's Central Statistics Office is set to issue wholesale price data for February.

At 8.30 am ET, U.K. Chancellor George Osborne will present his Budget for 2012, setting out the government's plans for the economy and public finances in the year ahead. Osborne is under pressure to retain tight fiscal stance as rating agencies Fitch and Moody's have warned that the U.K. is at risk of losing its triple A rating.

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