The just out labour market report in the UK has revealed that hiring pace in the nation remained robust and domestic wages continued to grow at a firm rate for the three months ended February, thereby offering evidence that spare capacity in Britain’s jobs market continued to fall, despite stalled consumer prices in the UK.Across the Atlantic, investors will keep a tab on today’s inflation data in the US which is expected to show that growth in consumer prices, excluding food and energy, remained unchanged for March. Additionally, the preliminary Reuters/Michigan consumer sentiment survey will be noted today to gain an insight into the health of domestic spending for April.
The RICS survey released overnight revealed that activity in Britain’s housing market improved more than expected for March. With little on the domestic macroeconomic front today, focus among market participants is likely to stay on tomorrow’s labour market data in the UK, to gauge if domestic wages continued to grow at a robust pace, despite muted inflation in the nation.Following yesterday’s monetary policy meeting the ECB Chief, Mario Draghi, expressed confidence in the central bank’s stimulus programme and stated that he sees no signs of a bubble in the bond markets. Across the Atlantic, the weekly jobless claims survey along with speeches by key US Fed officials is likely to keep investors interested in the latter half of today’s trading session.
In the absence of major macro triggers in Britain this morning, market participants will keep a tab on the RICS housing market survey in the UK scheduled later today. The print will gauge activity in the nation’s real estate sector, especially amid signs of a shortage in the housing market.Across the Atlantic, after yesterday’s retail sales report showed a less than expected rebound for March, investors will note today’s industrial production data in the US to gauge morale among local manufacturers. In the Euro zone, focus among traders is likely to remain on the ECB’s post meeting press conference where comments by Mario Draghi will be digested to verify if he offers any new insight into the ongoing talks between Greece and its creditors.