Today is shaping up as a hectic day for markets and traders alike, with plenty of significant information set for release.

The most significant event for markets is the BoE’s interest rate meeting later tonight. With Brexit negotiations in full swing, the central bank will be keeping a close eye on the UK economy for signs of a downturn due to uncertainty over their economic relationship with Europe. As the long grind of Brexit negotiations sets in, the economic data over recent months has been mixed. The UK had seen a spike in inflation due to a weaker pound after the Brexit referendum, fuelling calls for a tightening of interest rates to curb inflation. The last few months however have seen the pound strengthen, which has kept inflationary pressures in check. Almost as important as the monetary policy decisions is the language used by MPC members and the BoE Governor (who is speaking a short time after interest rate data is released) when giving speeches. This will give an insight into the thinking of central bank officials as to what the strength and weaknesses are in the economy while also giving an economic outlook for the country and the likely direction of future monetary policy movements. Also out of the UK is the publishing of Services PMI data.

As for the rest of the announcements today, Europe is reporting Spanish & Italian Services PMI’s, European, German & French Final Services PMI’s, European Retail Sales and ECB Economic Bulletin. Finally, the US is publishing Challenger Jobs Cuts, Unemployment Claims, Final Services & ISM Non-Manufacturing PMI’s, Factory Orders and Natural Gas Storage data.