What are the main events for today? | investingLive

In the European session, we get a few low-tier releases like the construction PMIs and Eurozone retail sales. We have also the Swiss unemployment rate, although it’s not going to change anything for the SNB. The main highlight will be the BoE policy decision.

The BoE is expected to keep interest rates unchanged at 4.00%. We will also get the updated economic projections although minor or no changes are expected.

Some are expecting a surprise rate cut given the 25% probability from the market pricing, but I think it’s very unlikely at this meeting as it makes much more sense to wait another month to see the Autumn Budget and get more data ahead of the December meeting. The vote split is expected to be 6-3 in favour of a hold with Dhingra, Taylor and Ramsden voting for a cut.

In the American session, we don’t have anything on the agenda other than some Fed speakers. The market is now seeing a roughly 60% probability of a rate cut in December and that should be just fine at this point. The data in December will likely have the final say. Hopefully, we will get an NFP and CPI report before the next FOMC decision.