The US calendar is once again likely to dominate, with ISM non-manufacturing PMI and external trade data and Fed policy meeting minutes due for release and Chairperson Powel scheduled to speak on 8th April. In Europe, there is little of note until Friday’s dual release of German industrial output and external trade figures for February. The Reserve Bank of Australia policy meeting is in less than 24 hours time.
Monday 5th April
European Union, Switzerland, United Kingdom, New Zealand: Public holiday (Good Friday).
United States: ISM non-manufacturing PMI (March). The manufacturing PMI surprised to the upside but the service sector is considerably larger and more relevant to headline growth. The consensus forecast is that the ISM PMI rose to 58.5 from 55.3 in February, which would cement the picture of a US economy which grew more rapidly in the last month of Q1.
Tuesday 6th April
Australia: Reserve Bank of Australia policy meeting and statement. The RBA will all in likelihood keep its policy rate unchanged at a record-low of 0.1% with markets likely to focus on any changes to the central bank’s QE program and forward guidance.
Wednesday 7th April
United States: External trade in goods and services (February). The trade deficit oscillated in a narrow, record-high range of $67-69bn range in the previous three months with the rise in imports continuing to match the rise in exports.
United States: FOMC members Evans and Barkin to speak.
United States: Federal Reserve to release minutes of March policy meeting.
Thursday 8thApril
United States: Federal Reserve Chairperson Powell to speak.
United States: Initial jobless claims (week ending 8th April).
Friday 9th April
United Kingdom: Housing market data (March). The RICS House Price Balance and Halifax House Price Index will provide an early indication of whether UK house prices continued to rise last month.
Switzerland: Labour market data
Eurozone: German industrial output and external trade data (February);
