At 07:30 GMT, German Markit Manufacturing PMI (Apr) is expected to come in at 57.5 from 58.2 previously. Markit Services PMI (Apr) is expected at 53.7 v 53.9 previously. Markit PMI Composite (Apr) is expected to be 54.8 from 55.1 prior. The expectation is for a slip in these data points, confirming that the December reading was a short-term high. For Manufacturing, it was the highest since before the financial crisis and for service, it was the highest since June 2011. This weakness is a worry for the ECB. EUR traders will be closely following this data release.
At 08:00 GMT, Eurozone Markit Manufacturing PMI (Apr) is expected to come in at 56.1 from 56.6 previously. Markit Services PMI (Apr) is expected at 54.6 v 54.9 previously. Markit PMI Composite (Apr) is expected to be 54.9 from 55.2 prior. This data is also expected to soften once again from the highs in December. EUR crosses may see a spike in volatility should the released data differ from the expected consensus.
At 14:00 GMT, US Existing Home Sales (MoM) (Mar) is expected to be 5.55M against 5.54M previously. After reaching a seven-year high in November at 5.81M, this data point had slipped lower in the following months, signalling a little softness in the sector, however, it recovered somewhat last month. That recovery is expected to continue with this reading. USD crosses may be moved by this data, as analysts try to understand the impact on the economy.
Major data releases for the week:
On Tuesday, at 01:30 GMT, Australian CPI data will be released.
On Thursday, at 11:45 GMT, The ECB will announce its Interest Rate Decision, with a Press Conference and Monetary Policy Statement to follow at 12:30 GMT.
At 23:30 GMT, Japanese CPI data will be released.
On Friday, at 02:00 GMT, The BOJ will announce its Interest Rate Decision and release its Monetary Policy Statement. A Press Conference will follow at an undisclosed time, usually two to three hours later.
At 08:30 GMT, UK Gross Domestic Product data will be released.
At 12:30 GMT, US Gross Domestic Product data will be released, along with Personal Consumption Expenditures.