The Interest Rate decision was announced by the Bank of England and came out as expected and unchanged at 0.5%. This is no surprise as they have stated they will not be changing interest rates in the near future until real wages begin to rise and the economy gets closer to full capacity.
The European Central Bank announced that interest rates across the Eurozone lowered to 0.15% from 0.25%. And it has also taken the historic decision to impose negative interest rates on the region's banks.
It cut the deposit rate to -0.1% from 0.0% where banks will essentially be charged to hold funds with the ECB to encourage banks to lend to businesses or each other.
In a bid to get credit flowing to parts of the economy that need it, the ECB also opened a 400-billion-euro ($542 billion) liquidity channel tied to bank lending and officials will start work on an asset-purchase plan.
The ECB president signalled policy makers are willing to act again in order to try to revive the economy and bring inflation back up to the 2% target range, with inflation still falling and currently at 0.5%
The Initial Jobless Claims released by the US Department of Labour which is a measure of the number of people filing first-time claims for state unemployment insurance came in at 312,000 - a rise of 8,000 and 2,000 higher than predicted.
Continuing Jobless Claims released which is the number of individuals who are unemployed and are currently receiving unemployment benefits was estimated to go up to 2.625M from 2.623M but actually fell to 2.603M.
09:30 – GBP – Total Trade Balance For April
13:30 – USD – Non farm Payrolls for May Expected to decrease to 218K from 288K
13:30 – USD – Unemployment Rate for May – Expected to fall to 6.4% from 6.3%
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