EU: The European Central Bank’s monetary policy meeting will take place in Frankfurt. The rising cost of living is likely to dominate the meeting, but most economists expect the bank to stick to its timetable for keeping interest rates unchanged while it steadily reduces asset purchases over the course of this year. Consumer prices in the eurozone rose by a record 5.1 per cent in January.
UK: The UK’s Bank of England will also make its interest rate decision. Andrew Bailey, BoE governor, is predicted to announce a rise in rates from 0.25 per cent to 0.5 per cent. If it goes ahead, it would be the first back-to-back interest rate rise since 2004.
PMI: IHS Markit publishes purchasing managers’ index data for services in the eurozone, France, Germany, Italy and the UK. Last week, services businesses in the eurozone reported that tightened coronavirus restrictions had weighed on demand — particularly in consumer-facing and hospitality sectors — while staff absenteeism due to Covid-19 infections also limited activity.
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