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Amended: European Economic News Preview: BoE Chief To Testify Before Parliamentary Committee

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Bank of England’s Governor Andrew Bailey is set to testify before the parliamentary committee on Tuesday. No other major reports are due from Europe today.

At 2.00 am ET, the Office for National Statistics releases UK public sector finance data for October. The budget surplus is forecast to rise to GBP 21 billion from GBP 13.5 billion in September.

In the meantime, the European Automobile Manufacturers’ Association is set to publish Europe’s new car registrations data for October. Also, foreign trade data is due from Switzerland.

At 4.00 am ET, industrial production, producer prices and corporate sector wages are due from Poland. Economists forecast output to grow 1.6 percent annually in October, in contrast to the 3.1 percent decrease in September. At the same time, the annual decline in producer prices is expected to deepen to 3.5 percent from 2.8 percent.

At 5.15 am ET, BoE Governor Bailey along with Monetary Policy Committee members Dave Ramsden, Jonathan Haskel and Catherine L Mann are set to attend the Treasury Select Hearing.

At 8.00 am ET, Hungary’s central bank announces its monetary policy decision. The bank is expected to cut its base rate to 11.50 percent from 12.25 percent.

At 11.00 am ET, European Central Bank President Christine Lagarde is set to speak on the occasion of the 100th anniversary of the currency reform in Germany in 1923 organized by the German Ministry of Finance in Berlin.

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