Economic calendar: US data to begin interesting week

Summary:

• US PCE inflation for March to dominate the first day this week

• Soft indicators from the Eurozone economy for April

• BoE’s Carney to give a speech before noon

10:00 am GMT - Eurozone confidence indicators: April was not a breakthrough in terms of manufacturing PMI. The index failed to bounce substantially, instead it stayed close to the depressed level reached in March. Today will be another chance to get a picture of a level of confidence among consumers and businesses in the Eurozone economy. Economic confidence is likely to slightly deteriorate to 105 from 105.5, a subtle decrease is also forecast in the industry sector (exp. -2 vs. -1.7 points in March). In turn, a level of confidence in the services sector is expected to tick up to 11.5 from 11.3.

1:30 pm GMT - US PCE and income/spending data for March: As it proved on Friday, the first quarter in the US economy was amazing with a 3.2% GDP growth rate (QoQ, annualized), some flaws in this report could be found though. Taking into account a huge bounce in retail sales in March one may expect that personal spending also did increase markedly. The consensus calls for a 0.7% MoM rise, while personal income is expected to have risen 0.4% MoM. As far as PCE is concerned, headline PCE is expected to have picked up 1.6% YoY, whereas core PCE to have risen 1.7% YoY.

3:30 pm GMT - Fed index of manufacturing activity in Dallas: The consensus expects a rise to 10 in April from 8.3 in the prior month.

Central bankers’ speeches:

9:10 am GMT - BoE’s Carney