FX.co ★ European Economic News Preview: ECB Monetary Policy Announcement Due

The most significant economic event slated for Thursday is the monetary policy decision from the European Central Bank (ECB). The majority of the markets are predicting that the ECB will maintain the current interest rates, but they do also anticipate possible early rate cuts as the rate of inflation has experienced a notable decrease. The first likely reduction could potentially occur in April.

The policy announcement is scheduled for 8.15 AM ET with a follow-up press conference in Frankfurt conducted by ECB President Christine Lagarde at 8.45 AM ET.

In addition to this, there are other significant economic reports expected on Thursday. These include business confidence survey results from both France and Germany. At 2.45 AM ET, the French statistical office INSEE is set to release data from a business sentiment survey. Forecasts expect the index to hold steady at 100.

At 3.00 AM ET, Spain's INE will be publishing producer prices for December. Previously, producer prices saw a 7.4 percent decline in November.

Then at 4.00 AM ET, Germany's ifo, a market research group, is going to release data from its business confidence survey. Predictions suggest that the sentiment index could increase from 86.4 in December to 86.7 in January.

Around this time, Norges Bank will also be announcing its monetary policy decision. Speculations hint toward the bank maintaining a rate of 4.50 percent.

Furthermore, at 6.00 AM ET, the Confederation of British Industry plans to share findings from their Distributive Trades survey.