EUR:
Data from Germany’s Federal Statistics Office showed Europe’s largest economy
expanded by 0.8% in the first quarter, in line with estimates. Compared with a
year ago, GDP was up 2.5%.

Exports slowed and were hit by economic weakness in Germany’s trading partners
and were a drag on growth. These figures do little to encourage the ECB to keep
interest rates at these levels and give further reason to cut interest rates in
June.

EUR:
Data from Germany’s Federal Statistics Office showed Europe’s largest economy
expanded by 0.8% in the first quarter, in line with estimates. Compared with a
year ago, GDP was up 2.5%.

Exports slowed and were hit by economic weakness in Germany’s trading partners
and were a drag on growth. These figures do little to encourage the ECB to keep
interest rates at these levels and give further reason to cut interest rates in
June.

Germany also showed IFO figures from May decreasing which is an early indicator
of current conditions and business expectations for the next six months. The
closely watched business climate index fell to 110.4 points from 111.2 points
in April, suggesting economic activity could slow in coming months

CAD:
On Friday we also
saw inflation figures in Canada released in line
with expectations at  0.3% for the month of April and
year on year higher at 2.0%.

Today:
Earlier this morning we had UK mortgage approvals fall in April from 42,200
to 45,200 in March. Later today in the US, we have durable goods orders and
consumer confidence both expected to show a slight improvement. 

Key
Announcements: 
09.30 – GBP – Mortgage Approvals (Apr) – Came in lower at 42.2K

14.30 – EUR – ECB President Draghi’s Speech

15.00 – USD – Consumer Confidence (May) – Expected to Increase from 82.3 to 83.0

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