Monetary policy is back in the spotlight on Thursday, with a parade of European Central Bank (ECB) officials expected to deliver speeches.

The ECB will launch its Economic Bulletin at 09:00 GMT. The publication is published two weeks after each Governing Council meeting. One hour later, the European Commission will release its economic growth forecasts, which will be closely watched by the financial markets.

ECB Executive Board member Benoit Coeure will kick off the speaking engagements at 10:00 GMT. Later in the day, central bank Vice President Vitor Constancio will deliver remarks. Finally, ECB Board member Sabine Lautenschlager will issue remarks at 18:20 GMT.

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In terms of economic data, the Swiss government will release its monthly unemployment rate at 06:45 GMT. The jobless rate is expected to hold steady at 3.1% in October.

Fifteen minutes later, the German government will report its monthly trade balance for September. Berlin’s trade surplus is forecast to dip to €21.1 billion from €21.6 billion.

Later in the day, the Greek government will release a bevy of reports including industrial production, consumer inflation and the unemployment rate. Separately, Portugal will unveil its latest trade and unemployment figures.

In North America, the US Labor Department will release initial jobless claims for the week ended 3 November. The number of Americans filing for first time unemployment benefits is expected to rise to 231,000 from 229,000 the previous month.

Earlier in the day, the Chinese government reported a bigger than expected rise in annual inflation, with both consumer prices and producer prices extending a long run of gains.

China’s consumer price index (CPI) rose 1.9% in the 12 months through October, following a gain of 1.6% the month before. The producer price index (PPI), which measures inflation at the factory-gate level, climbed 6.9% year-over-year.

EUR/USD

The euro has had a relatively uneventful week, with technical traders keeping the currency at or around 1.1600 US. The EUR/USD exchange rate was last seen trading around 1.1592. The pair faces immediate resistance in the 1.1620 region. On the opposite side of the spectrum, support is located at the 1.1553 level.

GBP/USD

The British pound briefly fell below 1.3100 US on Wednesday, culminating an 80-pip drop on dovish sentiment surrounding the Bank of England (BOE). Cable would later regroup and was last seen trading at 1.3125. Investors should eye a break below 1.3090 as confirmation of a bearish reversal.

US OIL

After a relentless run, US oil prices have consolidated below $57.00 a barrel. However, the market remains in a firm uptrend supported by a combination of technical and fundamental indicators. The US crude contract continues to trade at a more than $6 bargain to global benchmark Brent.

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