A whole host of data is due this week in the run up to Easter. Following a poor run of recent economic fundamentals, the UK faces crucial PMI surveys which will provide further insight into whether the UK slipped back into recession last quarter. Expectations remain in negative territory, which if confirmed, may put pressure on Bank of England policymakers ahead of their interest rate and quantitative easing decisions on Thursday. In the US, traders will be making bets on Friday’s US non-farm payrolls announcement. The FOMC’s minutes will also be published in mid-week which may add further fuel to the fire as event risk is likely to dominate. In Europe, unemployment data is expected to remain at record high levels whilst PMI data is also scheduled for release. The European Central Bank will meet a day earlier than usual this week ahead of the Easter holidays but is not expected to alter is current ultra loose monetary policy stance. Elsewhere, the Japanese yen has started the month on the back foot after weak economic data weighed on the country’s growth outlook.

Sterling

The Bank of England Monetary Policy meeting is widely expected to leave interest rates on hold, however, after a recent string of poor data in the UK, markets have not ruled out a possible addition to the Banks asset purchasing programme.

US dollar

The dollar finished the month broadly weaker after comments throughout the week from various Federal Reserve officials damaged confidence in the economic recovery in the states.

Euro

The EU Financial Minsters meeting on Friday boosted the firewall for European debt markets. The total figure now stands close to the €1 trillion mark; however, there are now estimates that suggest the firewall needs to be closer to €5 trillion.

Japanese yen

The Bank of Japan’s Tankan survey released has left the yen on the back foot, showing a manufacturing reading of -4. This was well below the -1 figure expected. Chinese final PMI data came in at 11-month highs which may prove supportive for risk appetite and weigh on the safe haven yen as traders seek higher yields elsewhere.

Travelex Global Business Payments Malta, freephone: 800 733 22, www.travelex.com/mt/

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