The week ahead

This week is data heavy in the eurozone where purchasing managers indices and German confidence survey data are expected to show an improvement across the region even before the effects of eurozone QE are expected to have been felt.  The Euro Working Group meeting at the end of the week will be attended by European finance ministers and, not surprisingly, Greece will be almost the only thing on the agenda with speculation rife that the government can even meet the national pensions and wages due at the end of the month, let alone the two tranches of EUR 203 million and EUR747 million due to the IMF in early May.  Existing home sales in the US may be of interest if it confirms that weak Q1 data really was just down to the weather. We will see the Bank of England minutes relating to the last interest rate decision on Wednesday and would be surprised if it was anything other than a unanimous decision given weak inflation not to mention the upcoming election.