Today’s data has shown that manufacturing PMI in the UK edged higher for March, thereby suggesting that strong demand on the local front continues to keep Britain’s industrial activity supported. Moving ahead, market participants will eye March’s construction PMI later this week and the services PMI reading next week, in the UK, to gauge the nation’s overall activity for the first quarter of 2015.Across the Atlantic, today’s ISM manufacturing PMI report and ADP private sector employment data will keep investors interested in the latter half of the trading session. In the Euro zone, prints released yesterday showed that while the preliminary consumer price inflation remained in line with market estimates for March, the region’s unemployment rate fell less than expected for February.
Today’s final GDP data showed that the UK’s economic growth was unexpectedly revised up and business investments registered a rise for 2014, thereby strengthening expectations that domestic activity remains buoyant despite muted inflation in the nation. Moving ahead, Sterling investors will eye this week’s manufacturing and construction PMI readings for further direction.Across the Atlantic, traders will note the Conference Board’s survey today which is expected to show that confidence among US consumers deteriorated for March. In Germany, reports released earlier today showed that retail sales dropped less than expected for February, while the number of unemployed people for March registered a decline for the sixth consecutive month.
Appetite for mortgages in the UK continues to rise, with data today showing that mortgage approvals climbed for the third straight month and is now perched at a six month high.In Europe, confidence surveys are expected to show a notable pick up in private sector morale with the advent of ECB’s accommodative measures. Later today, the German CPI figures will be watched to ascertain the influence of volatile energy prices on overall inflation for the current month. The focus now shifts to the upcoming labour market reports from the US. However, a clearer picture will only unravel early next week, as the nonfarm payrolls report is due to be released on Good Friday.