8.7% of Europeans were unemployed in March, US GDP shrinks 4.9%

This week there is a packed schedule of economic data releases in the US, contrasting with a very light schedule in Europe.

In the Eurozone, the most important data will come out towards the end of the week. The first significant data to be released will be a number of surveys indicating the level of confidence among consumers, as well as economic operators in the industrial and services sectors, all for the month of April.

Meanwhile, economists expect the Eurozone Consumer Price Index (CPI) estimate to slightly increase to 0.7 per cent.

The unemployment rate, which will close this week's data schedule in Europe, is expected to have further increased to 8.7 per cent during March.

A consumer confidence survey will kick-start the week in the US.

Gross Domestic Product (GDP) figures for the first quarter of this year will also hit the wires. It is expected to have contracted by 4.9 per cent during the period.

Towards the middle of the week, the Federal Open Market Committee (FOMC) is expected to meet, though it is not expected to spring any surprises as interest rates are already on the floor.

The US schedule will wrap up with some data on personal income and spending which are both expected to have declined during March.

The UK economic schedule looks rather thin this week.

The UK CBI distributive trades report will provide the market with a picture of retail sales in Britain.

Meanwhile, the Nationwide house prices will provide an update on the UK housing market, and the Gfk Consumer confidence survey will wrap up the week.

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