In the US, only a few ‘second tier’ data releases are scheduled next week. March durable goods and shipments for March (Fri) will provide an update on whether the recent weakness of manufacturing is primarily weather-related or a result of the dollar’s appreciation. The shipments data is used to calculate the investment component of GDP, and will be watched for indications of whether the current substantially reduced expectations for Q1 growth need to be lifted. “We expect both durable goods and shipments to pick up modestly in March. Existing (Wed) and new (Thurs) home sales are both likely to show sales picking up as the weather improves.” – said Lloyds Bank There will be no Fed speakers over the coming week prior to the next FOMC meeting on April 28-29th. As a result, markets will have little in the way of new information to drive speculation about interest rate policy.
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