What are the main events for today? | Forexlive

We have two central bank decisions today (SNB and BoE) and the US Jobless Claims figures. The SNB might surprise with a hold, while the BoE will likely keep a wait-and-see stance.

08:30 GMT – SNB Policy Announcement

The SNB
is expected to cut by 25 bps bringing the policy rate to 0.25%. The Swiss CPI released recently beat expectations
with the Core measure remaining firm around 1.00% Y/Y. Moreover, the German
fiscal stimulus is expected to boost the European and Swiss economies. The SNB
might be less inclined to cut rates further now although the market prices a 65%
chance of one last cut at today’s decision (there’s a good chance of a surprise hold).

12:00 GMT/08:00 ET – BoE Policy Announcement

The BoE is
expected to keep the Bank Rate unchanged at 4.50% with a 7-2 vote split. The
central bank remains in an uncomfortable position amid high wage growth and
sticky inflation. The last UK CPI beat expectations across the board with the
services inflation measure, which is what the BoE is more concerned about,
jumping back to the 5.0% handle from 4.4% prior. Therefore, it’s unlikely that
they will signal much other than keeping rates steady until they get more
confidence on the inflation front.

12:30 GMT/08:30 ET – US Jobless Claims

The US Jobless
Claims continue to be one of the most important releases to follow every week
as it’s a timelier indicator on the state of the labour market.

Initial Claims
remain inside the 200K-260K range created since 2022, while Continuing
Claims continue to hover around cycle highs.

This week Initial
Claims are expected at 224K vs. 220K prior, while Continuing Claims are seen at 1887K vs. 1870K prior.