The Bank of England and the European Central Bank rate decisions are the highlights of the early morning, followed by Canadian building permits, U.S. jobless claims and pending home sales for the United States. In the afternoon, the Treasury department will sell $10 billion in 30-year bonds.

At 7 a.m. EDT, the Bank of England will announce its interest rate decision, and is expected to hold rates unchanged at 5.00%.

At 7:45 a.m. EDT, the European Central Bank will make its interest rate announcement, and is expected to hold the main refinancing rate unchanged at 4.25%. The move will be followed by the central bank's President Jean-Claude Trichet holding a press conference explaining the reasons behind the ECB's decision at 8:30 a.m. EDT.

At 8:30 a.m. EDT, the U.S. Department of Labor will release initial and continuing jobless claims for the weeks ending August 2 and July 26, respectively. Economists expect initial jobless claims to rise by 425k following a 448k increase in the previous week. Continuing claims are expected to decline to 3255k from 3282k previously.

Also at 8:30 a.m. EDT, the U.S. Bureau of Economic Analysis will release their 2007 Personal Income for Metropolitan Areas report.

In Canada, at 8:30 a.m. EDT, Statistics Canada will release building permits for June, which is expected to show a 1.0% month-over-month contraction, following May's 1.1% gain.

At 10 a.m. EDT, the National Association of Realtors will release pending home sales for June in the United States. The consensus is expecting a 1.0% month-over-month decline in the figure following a 4.7% pullback in May.

At 10:35 a.m. EDT, the U.S. Energy Information Administration will release natural gas inventories for the week ending August 1. The consensus expects a 62 Bcf build in inventories following a 65 Bcf rise the week prior.

At 1 p.m. EDT, the U.S. Treasury will auction $10 billion in 30-year bonds.

At 3 p.m. EDT, the U.S. Federal Reserve will release consumer credit statistics for June. Economists expect a decline to $6.3 billion compared to the $7.8 billion reported the week prior.

At 4:30 p.m. EDT, the Fed will release weekly U.S. M1 and M2 money supply.

At some point on Thursday, the International Council of Shopping Centers will release chain store sales for July, which are expected to rise 4.0% on the year compared to June's 4.3% increase.

7:00 GB BOE Interest Rate Announcement Exp: 5.00% Prior: 5.00%

7:45 EU ECB Interest Rate Announcement Exp: 4.25% Prior: 4.25%

8:30 EU ECB President Jean-Claude Trichet Speaks at monthly press conference

8:30 CA Building Permits (M/M) June Exp: -1.0% Prior: +1.1%

8:30 US Initial Jobless Claims 2-August Exp: +425K Prior: +448K

8:30 US Continuing Claims 26-July Exp: +3255 Prior: 3282K

8:30 US Personal Income for Metropolitan Areas (Y/Y) August Prior: +6.6%

10:00 US Pending Home Sales (M/M) June Exp: -1.0% Prior: -4.7%

10:00 CA Commodity Price Index

10:35 US EIA Natural Gas Storage Change 1-August Exp: +62 Bcf Prior: +65 Bcf

13:00 Treasury U.S. to Sell $10B in 30-Year Bonds

15:00 US Consumer Credit June Exp: +$6.8B Prior: +$7.8B

15:30 US M1 and M2 Supply

August 7 US ICSC Chain Store Sales (Y/Y) July Prior: +4.3%

By Erik Kevin Franco and edited by Megan Ainscow