Yesterday we also had more positive employment data in the UK with 31.58 million people in work, up 44,000 from the previous quarter taking the employment rate to a record high of 74.2%. However the Office for National Statistics (ONS) has said the jobs market could be "cooling off". David Freeman, a senior statistician at the ONS stated that "The employment rate has hit another record high, but this time the increase is quite modest, with unemployment very little changed and further evidence the jobs market could be cooling off."
The Fed's Federal Open Market Committee (FOMC) "judged that if incoming data was consistent with economic growth picking up in the second quarter, labour market conditions continuing to strengthen, and inflation making progress toward the FOMC's two percent objective, then it likely would be appropriate to increase the target range for the federal funds rate in June".
09:30 – GBP: UK Retail sales (May) expected to increase to 0.6% from -1.3%
12:30 – EUR: ECB Monetary Policy Meeting
13:00 – USD: Initial Jobless Claims expected to fall to 276K from 294K