Consumption and inflation data from US, Q1 GDP from US and employment data from Australia will plunge global economies further down the black hole of bad data.
Employment data from US, Canada and New Zealand coupled with RBA and BOE interest decisions will be the highlights of the economic week.
Three major central banks (Fed, ECB and BOJ) will hold their meetings during the week and we will have preliminary Q1 GDP readings from US and EU.
Preliminary April PMI data will give us an insight into the devastative effects of pandemic on economies while investors will be looking for a continuation of slowdown in initial jobless claims.
The world continues to be dominated by the coronavirus related news and it will continue in this post-Easter week with special attention paid to data from China, the country where it all originated, and where life first started to go back to normal.
News relating to the virus and government actions will continue to dominate the markets with employment data from Canada being a potential market mover.
Government actions and news events will dominate the week along with resurgence in importance of employment data from US.
We expect lockdowns to engulf more and more countries making economic data secondary to the fiscal and monetary measures, preliminary PMI data will be among the first to show direness of the situation.
Fed’s meeting will be the main event of the week followed by BOJ and SNB meetings, employment data from UK and Australia as well as consumption data from US and Canada.
ECB meeting will dominate the otherwise slow week with economic data followed by GDP readings from EU, UK and Japan and unavoidable coronavirus news.