FX.co ★ European Economic News Preview: ECB To Keep Rates On Hold

The European Central Bank's monetary policy announcement is the key economic event to watch this Thursday.

Analysts anticipate that the ECB will maintain its key interest rates, following the first rate cut in five years this past June, which saw the main refinancing rate reduced by 25 basis points to 4.25 percent.

The bank is expected to withhold additional guidance on its future policy trajectory, focusing instead on concerns over the robustness of wage growth and underlying inflation.

The results of the ECB's governing council meeting will be released at 8:15 AM ET. Subsequently, ECB President Christine Lagarde will hold a press conference at 8:45 AM ET. Other significant reports scheduled for today include labor market data from the UK and new car registration figures from Europe.

At 2:00 AM ET, the Office for National Statistics will publish UK labor market statistics. The unemployment rate is predicted to remain steady at 4.4 percent for the period ending in May.

Additionally, the European Automobile Manufacturers' Association will release new car registration data.

Foreign trade figures from Switzerland are also expected. The trade surplus is projected to decrease to CHF 5.05 billion in June from CHF 5.8 billion in May.

At 5:00 AM ET, Eurostat will release construction output data for the euro area for the month of May.