| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | Factory Orders s.a. (MoM) | June | -0.2% | -0.8% | -0.4% |
| 08:00 | Eurozone | ECB Economic Bulletin | | | | |
| 08:30 | United Kingdom | PMI Construction | July | 52.6 | 52 | 48.9 |
| 11:00 | United Kingdom | BoE Interest Rate Decision | | 1.25% | 1.75% | 1.75% |
| 11:00 | United Kingdom | Bank of England Minutes | | | | |
Speaking at a press conference after the announcement of the Bank of England's policy decision, its governor Andrew Bailey noted that the near-term inflationary pressures have intensified significantly and the uncertainty surrounding the outlook is exceptionally high. He also added that the UK is forecast to enter a recession later in the year.
Baily also said that what the MPC does at this meeting isn't indicative of what they are going to do moving forward. According to him, a 50 bps rate hike today does not mean that the BoE's policymakers are on a pre-determined path to raise by another 50 bps. All options are on the table for the September meeting and beyond, he added.
The BoE's governor noted that more forceful action was justified in August because there are some indications of price pressure becoming more persistent and broader. Faster policy tightening now reduces the risk of a more extended and costly tightening cycle later, he said.