FXstreet.com (Barcelona) - The economical focus today is set upon the monetary policy decisions of the Bank of England and the European Central Bank, both expected to maintain interest rates unchanged at 5.75% and 4.0% respectively.
In the case of the Bank of England, the biggest consensus is on the side of unchanged rates, although some voices point out to a possibility of a quarter of a basis point cut to 5.50%. The chances of a cut have been growing higher in the late days as we have seen negative data this week with weak readings concerning services sector activity and a worrisome contraction on the industrial sector.
However the major opinion is on the side of maintaining rates, as British economy has not shown evidence of suffering major consequences from the recent turmoil on financial markets.
On the ECB side the decision seems to be clearer. Most of the experts advance rates on hold at 4.0%, and the focus will be set on Mr. Trichet's press conference at 13.30 GMT for hints about the direction of the Bank's monetary policy for the coming months, once that inflation in the Euro area has ticked up to levels above the 2.0% upper margin of price stability.