What are the main events for today?

In the European session, the focus will be on the Eurozone CPI report. We will also get the final PMI readings but they shouldn't change much for the market pricing unless we get big revisions. In the American session, the attention will switch to the US ISM Manufacturing PMI and the US Job Openings data.

09:00 GMT - Eurozone March CPI

The Eurozone CPI Y/Y is expected at 2.2% vs. 2.3% prior, while the Core CPI Y/Y is seen at 2.5% vs. 2.6% prior. We’ve got soft French, Spanish and German inflation figures over the last few days which saw the market increasing the bets for a 25 bps rate cut at the April’s meeting to 80% probability with a total of 63 bps of easing priced by year-end.

14:00 GMT/10:00 ET - US March ISM Manufacturing PMI

The US ISM Manufacturing PMI is expected at 49.5 vs. 50.3 prior. The S&P Global survey showed the Manufacturing sector falling back into contraction. The agency noted that “business confidence in the outlook darkened, souring further from the buoyant mood seen at the start of the year to one of the gloomiest readings seen over the past three years, largely caused by growing worries over negative impacts from recent policy initiatives from the new administration”. The most widely cited were concerns about the impact of Federal spending cuts and tariffs.

14:00 GMT/10:00 ET - US February Job Openings

The US Job Openings is expected at 7.632M vs. 7.740M prior. The last report showed an increase in job openings with a decline in the layoffs rate and a steady hires rate. It’s a labour market were it’s hard to find a job but there’s also low risk of losing one. Nonetheless, that was January data so it didn’t incorporate the recent developments in the Trump’s policies.

Central bank speakers:

• 08:15 GMT - BoE's Greene (neutral - voter)
• 08:15 GMT - ECB's Vujcic (neutral - voter)
• 08:20 GMT - ECB's Cipollone (dove - voter)
• 12:30 GMT/08:30 ET - ECB's Lagarde (neutral - voter)
• 13:00 GMT/09:00 ET - Fed's Barkin (neutral - non voter)
• 16:30 GMT/12:30 ET - ECB's Lane (neutral - voter)