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  • ECB President Draghi was sounding characteristically dovish in comments yesterday. However, Bundesbank President Weidmann was rather pointedly mentioning the legal obstacles to quantitative measures.
  • Euro area data is all rather mundane. If the ECB has achieved anything (note the conditional nature of that statement) it is that they have focused investor attention firmly onto consumer price inflation. German final GDP is the main release, and not expected to change.
  • US GDP data is expected to change - a wider trade gap will detract, although the unremitting hedonism of the US consumer should mitigate that to give a 3.3% annualised figure. The consumer is also on display with consumer confidence data, expected to hit a cyclical high.
  • Japanese service sector prices rose 0.9% yoy excluding the consumption tax. Bank of Japan Governor Kuroda was busy asserting that inflation would hit 2% sometime in 2015. The BoJ minutes did show some scepticism that quantitative measures would do much to help achieve that.

Listen to the audio version of this briefing.