What are the main events for today?

The European session is empty on the data front with just a low tier release like the Eurozone current account. Just before the start of the American session, we have the BoE rate decision which is going to be one of the main events for today coupled with the US jobless claims figures.

11:00 GMT/07:00 ET – BoE Rate Decision

The BoE is
expected to keep rates unchanged at 5.00%. The expectations for such a move
have been shaped by relatively strong data with PMIs firmly in expansion,
inflation moderating at a slow pace and the unemployment rate ticking lower.
The market then expects the central bank to cut by 25 bps in November and
December.

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

The US Jobless
Claims continues 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
have been on a sustained rise (although they’ve improved recently) showing that
layoffs are not accelerating and remain at low levels while hiring is more
subdued.

This week Initial
Claims are expected at 230K vs. 230K prior, while Continuing
Claims are seen at 1850K vs. 1850K prior.