Economic calendar - US CPI report, BoC decision and FOMC Minutes

• Futures point to higher opening of indexes in Europe
• Norwegian krone lost value after lower CPI reading
• CPI report, BoC decision and FOMC Minutes are key reports of the day
• RBNZ kept rates unchanged

Futures point to a higher opening of today's session on the Old Continent and the US. This comes after a slightly better session yesterday on Wall Street and mixed sentiment in APAC markets. The CPI report from the US, the BoC decision and the FOMC Minutes were the most important readings of the day.

Morning trading was dictated by three factors. The RBNZ kept interest rates on hold, but indicated a hawkish stance toward keeping rates on hold for an extended period. Fitch lowered its outlook index for China, but maintained its A+ rating. The BoJ's Ueda indicated that the central bank would maintain the accommodative dimension of monetary policy for some time.

The Norwegian krone lost ground shortly after 07:00 am BST after a lower-than-expected CPI inflation reading for March.

Key readings of the day:

01:30 pm BST - US CPI readings for March

• CPI report for March in y/y terms - Expectations: 3,4%. Previously: 3,2%
• CPI report for March in m/m terms - Expectations: 0.3%. Previously: 0,4%
• CPI baseline report for March in y/y terms - Expectations: 3,7%. Previously: 3,8%
• CPI baseline report for March in m/m terms - Expectations: 0.3%. Previously: 0,4%

02:45 pm BST - BoC interest rate decision - Expectations: 5,0%. Previously: 5,0%

03:30 pm BST - BoC conference after interest rate decision.

03:30 pm BST - EIA report on the change in US crude oil inventories. Expectations: 2.4 mn. Previously: 3.2 mn. (API report indicated higher crude inventories yesterday).

07:00 pm BST - Minutes of the latest FOMC meeting (FOMC Minutes).