Insight on Fed, BoE rate setting meetings

In the US, the main focus will be on the minutes of the last Federal Open Market Committee meeting. Meanwhile market participants will also look at the headline and core Producer Price Index (PPI) data for April. Housing market data, in particular home sales, mortgage applications and house price indices should shed some light on the state of this sector. In terms of labour market data, initial jobless claims along with continuing claims should complete the data flow for the week.

In the UK, similar to the US, the minutes of the Monetary Policy Committee (MPC) meeting will be closely scrutinised for indications of the voting trends during the last meeting. The markets will also be looking closely at the Gross Domestic Product (GDP) figures for the first quarter along with the retail sales figures for April. Meanwhile, the CBI May Industrial trends survey, government and private spending figures are also due to be released this week. Trade balance figures in terms of exports and imports, both for the first quarter, with the preliminary money supply figures for April, will complete the rest of this week's data schedule.

In the Euroland, on the activity front, we will have data related to the eurozone manufacturing and services Purchasing Manager Index (PMI). Elsewhere industrial new orders for March will offer a view on the strength of the manufacturing sector. Also due this week is the construction output figure for March. Finally, a view on the economic sentiment through the ZEW survey should be of particular interest.

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