European Consumer Confidence is the major economic release this morning. Markets are forecasting an increase in confidence to -14.3 up from -.14.7.
Todays data will be released alongside employment figures for the Eurozone. The percentage of the total Eurozone work force that was unemployed and seeking work during the previous month is expected to stay at 6.5%.
Looking ahead today, the US will also release their Employment figures, markets are expecting the number of people who filled for unemployment benefits for the first time in the US to come in higher than last weeks figure of 215k. This is a key indicator to the US economic outlook.
Alongside this, Gross Domestic Product for the USA will also be reported. It is widely expected that GDP will have fallen massively to 1.3% quarter on quarter from 3.2%.
With no real major economic releases for the UK this week, the focus will shift to the European Central Banks Consumer Price Index Flash Estimate. Investors will keep a close eye on this, as a June rate cut is potentially on the cards for June. Inflation is expected to stay unchanged at 2.8%.
The pound has continued its strength against both the euro and the dollar, with markets reacting well to the news of the UKs general election in July. This could present an opportunity to take advantage of the rates, with the pound reaching month highs on the dollar and near two-year highs on the euro.