The U.S. dollar was seen falling slightly on the day. Economic data showed the release of the German final GDP data for the first quarter. The quarterly pace of GDP was seen rising 0.3%, unchanged from the previous estimates.
Retail sales from the UK showed an increase of 1.6% on the month. This was higher than the forecast of 0.8%. The previous month’s data was also revised to show a decline of 1.1% which was slightly better than the initial estimates.
The ECB released its meeting minutes which showed that officials were concerns that the slowdown would continue further than expected.
Economic data for the day will see the release of the second GDP estimates for the first quarter. Median forecasts estimate that the first quarter GDP remained unchanged at 0.1%. Later in the day, the U.S. trading session is expected to see the release of core durable goods orders. Forecasts point to a 0.5% increase. However, the headline durable goods orders are expected to fall 1.3%, declining almost half from the gains made in March.
The BoE Governor Mark Carney and Fed Chair Jerome Powell are expected to speak later in the day.
