In Europe on Friday there was a report out revealing what analysts think about the ECB Monetary Policy Meeting on Thursday. It shows that most analysts expect interest rate cuts, but only a handful believe the ECB will embark on a quantitative easing programme.
On Thursday we learned that the US economy shrank for the first time in three years between January and March. It was expected that there would be a rebound in the following quarter.
However, the latest consumer spending data has dampened hopes that growth will surge back in this quarter. Consumer spending fell 0.1% in April - the first monthly decline in a year - surprising economists who anticipated a 0.2% rise.
The main focus of economic data today is Manufacturing PMI for both the Eurozone and the UK. Manufacturing PMI's are expected to show a decline for both the UK and the Eurozone.
There is also more mortgage approval data from the UK today. This is meant to fall from the previous month, showing that the banks are continuing to get tougher on who they are lending to.
09:00 - EUR - Markit Manufacturing PMI, expected to be lower at 52.5
09:30 - GBP - Markit Manufacturing PMI, expected be lower at 57
09:30 - GBP - Mortgage Approvals expected to come in lower at 64.75k
13:00 - EUR - German Inflation (CPI) YoY expected to fall to 1.1% from 1.3%
15:00 - USD - Markit Manufacturing PMI expected to come in higher at 55.4
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