GBP
U.K. industrial production rose the most since September as oil and gas
extraction surged and manufacturing increased for a second month. Output gained
0.5 percent in March from the previous month. In the first quarter, industrial
output was revised to a 0.1 percent increase from a 0.1 percent decline, though
the ONS said the impact on GDP would be “minimal.”

The data comes before today’s Bank of England Governor Mark Carney will publish

GBP
U.K. industrial production rose the most since September as oil and gas
extraction surged and manufacturing increased for a second month. Output gained
0.5 percent in March from the previous month. In the first quarter, industrial
output was revised to a 0.1 percent increase from a 0.1 percent decline, though
the ONS said the impact on GDP would be “minimal.”

The data comes before today’s Bank of England Governor Mark Carney will publish
new forecasts for growth and inflation. While U.K. economic growth slowed to
0.3 percent in the first quarter, Markit Economics said its industry surveys
point to a pickup since then, led by services.

Manufacturing also rose to 0.4 percent in March from February, the ONS said,
exceeding the 0.3 percent estimate. Within manufacturing, the monthly increase
was led by pharmaceuticals and a broad category that includes furniture and the
repair of ships and aircraft. Oil and gas extraction surged 4.9 percent,
the most since February 2014.

Carney’s press conference in London will be his first public comments since the
surprise May 7 general election result that gave Conservative Prime Minister
David Cameron a majority in Parliament. He’ll discuss the outlook for monetary
policy and the risks to growth as activity in Europe, Britain’s biggest trading
partner, shows signs of recovery.

EUR
News emerged yesterday that Greece was forced to use an emergency account to
make their debt interest payment to the International Monetary Fund (IMF) on
Monday.

The government raided its emergency reserves of 650 million Euro’s, which
includes gold, to meet the repayments. This has further raised concerns weeks
after Greek finance minister Yanis Varoufakis warned his country was running
out of cash. Greece also used 100 million Euros of its cash reserves to
make the full payment on its IMF bailout loan interest in response to an appeal
for money.  

Key Announcements
EUR – 7:00 – German preliminary GDP is forecast to fall
GBP – 9:30 – Average
Earnings Index
GBP – 9:30 – Claimant
Count Change
GBP – 10:30 – BOE
Mark Carney Speaks
GBP – 10:30 – BOE
Inflation Report
USD – 13:30 – Monthly core retail and retail sales figure

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