Markets are responding negatively to Donald Trump’s overnight “State of The War” address, which contained nothing new really and reiterated that the US would hit Iran “extremely hard” over the next two to three weeks. Oil prices are moving back up again – Brent crude is at around $108 this morning – bond yields are higher, and stocks are lower. The dollar is also firmer, regaining much of the ground it had given up over the past day or so. This sees EURUSD and GBPUSD trading at around $1.1530 and $1.3220 respectively this morning, both down about a cent from yesterday’s best levels. EURGBP is largely unchanged as it continues to hover just above £0.87.
Yesterday’s Events
US bond yields are about 5-6bps higher in overnight trading, having closed the New York session broadly flat, while German and UK yields are up around 3-5bps and 5-8bps respectively at the open this morning, reversing yesterday’s decline in yields. In equity markets, Asian stocks were mostly in the red overnight and European stocks are almost 2% lower at the start of play today, while the futures market points to a weak open for US stocks later in the day.
Bank of England Governor Andrew Bailey says the Monetary Policy Committee (MPC) has to respond to the energy price shock in a way that “causes the least damage in terms of activity in the economy and in terms of jobs”, and reiterates that he still thinks “markets are getting ahead of themselves…in pricing us to raise (interest) rates.”
Fed member Musalem says the “risks to the labour market and inflation both tilt in unfavourable directions, that is, toward a weaker labour market and greater persistence of above-target inflation.” He notes that “monetary policy is well positioned” to address these risks and expects “the current setting of the policy rate (in a range of 3.5% to 3.75%) will remain appropriate for some time.”
The Day Ahead
It is a relatively quiet day ahead in terms of economic data. The regular weekly jobless claims and February trade balance are due in the US, while the Bank of England publishes its Decision Maker Panel survey of inflation expectations. There are a few ECB/Fed members scheduled to speak over the course of the day.
Author: Feidhlim Glennon
Tel: 1800 30 30 03 / +353 (0)1 790 0000
1 Apr 2026
Todays Talking Points 01.04.26
Market Commentary
Optimism that an end to the conflict in the Middle East may be in sight, following comments by Iran’s President that his country “has the necessary will to end this war”, triggered a decline in oil prices and a strong rally in US stocks into the New York close. Asian equities are also sharply higher overnight, with Japan’s Nikkei up more than 5%. Not surprisingly, the dollar has given up some ground in the currency markets. EURUSD and GBPUSD have rebounded to around $1.1590 and $1.3280 respectively, from lows yesterday of about $1.1450 and $1.3170. EURGBP continues to edge higher, moving back above the £0.87 level for the first time since early March.
Yesterdays Events
Government bond yields, which ended lower yesterday, are heading further south this morning as the market continues to pare back expectations for central bank rate hikes. German 2- and 10-year yields have opened 7-8bps lower this morning, while equivalent UK yields are down around 12-15bps. In equity markets, the S&P 500 in the US closed almost 3% higher, while the STOXX Europe 600 is up more than 2.5% at the start of play today.
Headline inflation in the Euro area came in a bit lower than expected in March at 2.5%, albeit accelerating from 1.9% in February on the back of higher energy prices (which rose by almost 7% on the month). Core inflation – i.e. excluding energy and food prices – was also a touch lower than expected at 2.3%, down from 2.4% in February, with core goods inflation and core services inflation both edging lower last month (to 0.5% and 3.2% respectively).
ECB member Rehn says the central bank would have to respond to second-round inflation effects stemming from higher energy prices by raising interest rates, but he notes that the ECB should tread carefully and make its decisions on a meeting-by-meeting basis.
The Day Ahead
For the day ahead, economic data scheduled include the ISM manufacturing index (March), ADP employment report (March) and retail sales (February) in the US, and unemployment (February) in the Euro area. Final readings for the March manufacturing PMIs are also due in the main economies.
Author: Feidhlim Glennon
Tel: 1800 30 30 03 / +353 (0)1 790 0000
31 Mar 2026
Todays Talking points 31.03.26
Market Commentary
There was some respite for bond markets yesterday, with US Treasuries leading a decline in yields as the market priced back in some (small) chance of a Fed rate cut this year. The dollar generally remained on the front foot though, notwithstanding lower US yields, gaining ground against the euro and sterling. EURUSD is trading at around $1.1465 this morning, not far off its 2026 to date low of just over $1.14, while GBPUSD has fallen to a new low for the year at just under $1.32. EURGBP continues to edge higher and is currently trading at about £0.8690, which is around the middle of the extremely tight range of circa £0.86 to £0.88 that has prevailed over the opening three months of this year.
Yesterday’s Events
US 2- and 10-year bond yields both fell by around 8bps, the former following a decline of almost 10bps on Friday, while equivalent German and UK yields followed some of the way lower, falling by 5-6bps and 3-4bps respectively. Yields generally are heading further south at the open this morning. European equities had a positive session, adding around 1%, but US stocks gave up earlier gains to close down on the day overall (the S&P 500 shedding around half a percent).
Fed Chair Powell says “we don’t know yet what the economic effects (of the conflict in the Middle East) will be,” but notes that “our (monetary) policy is in a good place for us to wait and see” how the economy evolves. The market has priced out the prospect of any Fed rate hike this year and, indeed, now sees some small chance of a cut before year-end.
The Day Ahead
Ahead of today’s data for the Euro area as a whole, inflation in Germany accelerated to 2.8% in March according to yesterday’s flash estimate, up from 2% in February. Not surprisingly, this was due to a surge in energy prices, which rose by almost 8% on the month. Similarly, inflation in France rose to 1.9% this month (from 1.1% in February) according to data released a short while ago.
Euro area headline inflation is expected to have picked up to 2.6% in March, from 1.9% in February, according to the consensus forecast, while core inflation (which excludes energy and food prices) is expected to be unchanged at 2.4%. Other data due today include consumer confidence (for March) and job openings (for February) in the US. There are a number of Fed/ECB members scheduled to speak over the course of the day also.
Author: Feidhlim Glennon
Tel: 1800 30 30 03 / +353 (0)1 790 0000
30 Mar 2026
Todays Talking Points 30.03.26
The Market Commentary
Oil prices are heading north at the start of play this week. Brent crude has risen to over $115 per barrel, not far off its high in the conflict to date of almost $120. Asian equity markets are a good deal lower overnight (Japan’s Nikkei is off more than 3%), after US stocks closed well down on Friday. Notably though, US bonds are taking their cue from the weakness in stocks with yields lower overnight. In FX, the yen has bounced off lows of over Y160 against the dollar after Japan’s Finance Ministry said “decisive action may soon be necessary” to address “speculative activity” in currency markets. Elsewhere, EURUSD and GBPUSD are trading at around $1.1500 and $1.3250 respectively this morning, a touch weaker than Friday’s closing levels, while EURGBP is trading at about £0.8680, having firmed a little at the end of last week. For the week ahead, the first-round effects of higher energy prices will be evident in Euro area inflation data for March due tomorrow, while the latest jobs report in the US (also for March) is due on Friday.
Yesterdays Events
Government short-dated bond yields fell on Friday, notwithstanding the continuing rise in oil prices, with US, German and UK yields declining by 5-8bps, while yields further out the curve finished well off their highs of the day. Equity markets were lower again at the end of the week, with the S&P 500 shedding almost 2% and the Stoxx Europe 600 falling by just over 1%. As mentioned, Brent crude oil prices have moved above $115 p/b, while European wholesale gas prices are also heading higher this morning, currently at over EUR 55 per MWh.
ECB member Schnabel says the central bank should not “rush into action” on interest rates in response to the “energy price shock”, noting that it “has time to look at the data and to analyze what is actually happening, whether there’s evidence of second-round effects, how strong the demand environment is and how likely it is that this inflation shock is becoming entrenched in inflation expectations and also in wage growth.”
The Day Ahead
Looking to the week ahead, as mentioned, Euro area inflation data for March are due tomorrow (Tuesday), with the consensus expecting headline inflation to have risen to 2.6% this month, from 1.9% in February, due to higher energy prices, while the employment report in the US on Friday is expected to show the economy added 60k jobs in March, following a decline of 92k the previous month. Other data due include the European Commission’s Economic Sentiment Indicator (March) for the Euro area today and the ISM manufacturing index (March) and retail sales (February) in the US on Wednesday.
Author: Feidhlim Glennon
Tel: 1800 30 30 03 / +353 (0)1 790 0000
Todays Talking Points 27.03.26
Market Commentary
Markets took their cue from higher oil prices with bond yields rising sharply and stocks selling off sharply during yesterday’s session. Perhaps with an eye on markets, Donald Trump has announced a ten-day extension to his ‘freeze’ on striking Iran’s power plants, saying talks with the country were going ‘very well’. Notably though, this has done nothing so far to stem the rise in oil prices, with Brent crude higher again overnight at almost $110 a barrel. The price action in FX was muted enough yesterday with the dollar marginally firmer once again. EURUSD and GBPUSD are trading at around $1.1520 and $1.3315 respectively this morning, leaving them both down around half a cent on the week to date, while EURGBP continues to hug the £0.8650 level.
Yesterdays Events
Government bonds yields backed up as central bank rate hike expectations firmed in tandem with the rise in oil prices, with US, German and UK 2- and 10-year yields across increasing by 10-13bps. The market is currently pricing in a bit more than three quarter-point rate hikes from both the ECB and Bank of England this year and about a 70% chance of a 25bps hike from the Fed. Equities sold off sharply with US and European stocks shedding between 1.5% and 2.5% on the day.
The OECD says the conflict in the Middle East “will test the resilience of the global economy”, noting that “the breadth and duration of the conflict are very uncertain, but a prolonged period of higher energy prices will add markedly to business costs and raise consumer price inflation, with adverse consequences for growth.” It has lowered its forecasts for Euro area and UK GDP growth this year to 0.8% and 0.7% respectively (from 1.2% for both in its previous projections in December) and raised its projections for inflation to 2.6% and 4% (from 1.9% and 2.5%).
Bank of England MPC member Breeden says “second-round effects” on inflation from higher energy prices “should be less likely (given) there’s slack in the labour market and the outlook for economic activity was lacklustre, even before the energy shock,” meaning “that firms and workers are likely to have less pricing power, less wage bargaining power.” Still, she says the MPC remains “alert” and will “learn a chunk more by the time of the April (interest rate) decision” about the risks to inflation.
Consumer confidence in the UK slipped to an eleven-month low in March according to the GfK indicator published overnight, with the survey noting that “people simply do not feel the economy is robust enough to ride out the knock-on effects from the Middle East conflict.” Separately, retail sales volumes fell by 0.4% in February (the month before the conflict), albeit following a sizeable gain of 2% in January. Over the three months to February, sales rose by 0.7% from the three months to November and were up 3% on the corresponding period a year ago.
The Day Ahead
It is a quiet end to the week in terms of economic data. The ECB publishes the results of its February survey of consumers short- and medium-term inflation expectations, while the University of Michigan publishes the final reading for US consumer confidence in March (sentiment fell in the early part of this month and may have declined further since). A few Fed members are scheduled to speak today also.
Author: Feidhlim Glennon
Tel: 1800 30 30 03 / +353 (0)1 790 0000
26 Mar 2026
Todays Talking Points 26.03.26
Market Commentary
It was a positive day in markets yesterday, with stocks higher and bond yields lower, amid some optimism regarding the chances of a ceasefire in the Middle East and a balanced assessment of the outlook for interest rates by ECB President, Christine Lagarde. However, doubts are emerging about the status of any talks between the US and Iran, sending oil prices higher again (Brent crude is back up at around $105 a barrel), which is weighing on markets at the start of play today. The euro and sterling didn’t manage to make any ground against the dollar in yesterday’s session. They are trading are about $1.1560 and $1.3350 respectively this morning, while EURGBP continues to hover just above the £0.8650 level.
Yesterdays Events
In government bond markets, German yields fell by 6-7bps, helped by Lagarde’s comments on interest rates, while UK yields were 6-12bps lower across the curve. US bonds underperformed with yields ending flat to marginally lower on the day. In equity markets, European stocks had a solid session, adding more than 1%, while the S&P 500 closed with gains of around half a percent.
ECB President Christine Lagarde says it is too early to decide on the interest rate response to the fall-out from the conflict in the Middle East. She notes that, “in the period ahead, incoming information will give us greater clarity on how the conflict is likely to evolve and how the economy is responding,” which in turn will allow the central bank to “set monetary policy as appropriate” to deliver on its 2% inflation target.
Business confidence in Germany fell this month according to the latest ifo Business Climate Index, which registered its lowest reading in just over a year. The survey notes that “uncertainty among companies has increased noticeably,” with the war in Iran putting “any hope of a recovery on ice for the time being.”
The Day Ahead
Economic data due today include money supply/credit growth for February in the Euro area and the regular weekly jobless claims in the US. We will also hear from a number of Bank of England/Fed/ECB members during the course of the day.
Dealer Comments
Todays Talking Points 02.04.26
Market Commentary
Markets are responding negatively to Donald Trump’s overnight “State of The War” address, which contained nothing new really and reiterated that the US would hit Iran “extremely hard” over the next two to three weeks. Oil prices are moving back up again – Brent crude is at around $108 this morning – bond yields are higher, and stocks are lower. The dollar is also firmer, regaining much of the ground it had given up over the past day or so. This sees EURUSD and GBPUSD trading at around $1.1530 and $1.3220 respectively this morning, both down about a cent from yesterday’s best levels. EURGBP is largely unchanged as it continues to hover just above £0.87.
Yesterday’s Events
US bond yields are about 5-6bps higher in overnight trading, having closed the New York session broadly flat, while German and UK yields are up around 3-5bps and 5-8bps respectively at the open this morning, reversing yesterday’s decline in yields. In equity markets, Asian stocks were mostly in the red overnight and European stocks are almost 2% lower at the start of play today, while the futures market points to a weak open for US stocks later in the day.
Bank of England Governor Andrew Bailey says the Monetary Policy Committee (MPC) has to respond to the energy price shock in a way that “causes the least damage in terms of activity in the economy and in terms of jobs”, and reiterates that he still thinks “markets are getting ahead of themselves…in pricing us to raise (interest) rates.”
Fed member Musalem says the “risks to the labour market and inflation both tilt in unfavourable directions, that is, toward a weaker labour market and greater persistence of above-target inflation.” He notes that “monetary policy is well positioned” to address these risks and expects “the current setting of the policy rate (in a range of 3.5% to 3.75%) will remain appropriate for some time.”
The Day Ahead
It is a relatively quiet day ahead in terms of economic data. The regular weekly jobless claims and February trade balance are due in the US, while the Bank of England publishes its Decision Maker Panel survey of inflation expectations. There are a few ECB/Fed members scheduled to speak over the course of the day.
1 Apr 2026
Todays Talking Points 01.04.26
Market Commentary
Optimism that an end to the conflict in the Middle East may be in sight, following comments by Iran’s President that his country “has the necessary will to end this war”, triggered a decline in oil prices and a strong rally in US stocks into the New York close. Asian equities are also sharply higher overnight, with Japan’s Nikkei up more than 5%. Not surprisingly, the dollar has given up some ground in the currency markets. EURUSD and GBPUSD have rebounded to around $1.1590 and $1.3280 respectively, from lows yesterday of about $1.1450 and $1.3170. EURGBP continues to edge higher, moving back above the £0.87 level for the first time since early March.
Yesterdays Events
Government bond yields, which ended lower yesterday, are heading further south this morning as the market continues to pare back expectations for central bank rate hikes. German 2- and 10-year yields have opened 7-8bps lower this morning, while equivalent UK yields are down around 12-15bps. In equity markets, the S&P 500 in the US closed almost 3% higher, while the STOXX Europe 600 is up more than 2.5% at the start of play today.
Headline inflation in the Euro area came in a bit lower than expected in March at 2.5%, albeit accelerating from 1.9% in February on the back of higher energy prices (which rose by almost 7% on the month). Core inflation – i.e. excluding energy and food prices – was also a touch lower than expected at 2.3%, down from 2.4% in February, with core goods inflation and core services inflation both edging lower last month (to 0.5% and 3.2% respectively).
ECB member Rehn says the central bank would have to respond to second-round inflation effects stemming from higher energy prices by raising interest rates, but he notes that the ECB should tread carefully and make its decisions on a meeting-by-meeting basis.
The Day Ahead
For the day ahead, economic data scheduled include the ISM manufacturing index (March), ADP employment report (March) and retail sales (February) in the US, and unemployment (February) in the Euro area. Final readings for the March manufacturing PMIs are also due in the main economies.
31 Mar 2026
Todays Talking points 31.03.26
Market Commentary
There was some respite for bond markets yesterday, with US Treasuries leading a decline in yields as the market priced back in some (small) chance of a Fed rate cut this year. The dollar generally remained on the front foot though, notwithstanding lower US yields, gaining ground against the euro and sterling. EURUSD is trading at around $1.1465 this morning, not far off its 2026 to date low of just over $1.14, while GBPUSD has fallen to a new low for the year at just under $1.32. EURGBP continues to edge higher and is currently trading at about £0.8690, which is around the middle of the extremely tight range of circa £0.86 to £0.88 that has prevailed over the opening three months of this year.
Yesterday’s Events
US 2- and 10-year bond yields both fell by around 8bps, the former following a decline of almost 10bps on Friday, while equivalent German and UK yields followed some of the way lower, falling by 5-6bps and 3-4bps respectively. Yields generally are heading further south at the open this morning. European equities had a positive session, adding around 1%, but US stocks gave up earlier gains to close down on the day overall (the S&P 500 shedding around half a percent).
Fed Chair Powell says “we don’t know yet what the economic effects (of the conflict in the Middle East) will be,” but notes that “our (monetary) policy is in a good place for us to wait and see” how the economy evolves. The market has priced out the prospect of any Fed rate hike this year and, indeed, now sees some small chance of a cut before year-end.
The Day Ahead
Ahead of today’s data for the Euro area as a whole, inflation in Germany accelerated to 2.8% in March according to yesterday’s flash estimate, up from 2% in February. Not surprisingly, this was due to a surge in energy prices, which rose by almost 8% on the month. Similarly, inflation in France rose to 1.9% this month (from 1.1% in February) according to data released a short while ago.
Euro area headline inflation is expected to have picked up to 2.6% in March, from 1.9% in February, according to the consensus forecast, while core inflation (which excludes energy and food prices) is expected to be unchanged at 2.4%. Other data due today include consumer confidence (for March) and job openings (for February) in the US. There are a number of Fed/ECB members scheduled to speak over the course of the day also.
30 Mar 2026
Todays Talking Points 30.03.26
The Market Commentary
Oil prices are heading north at the start of play this week. Brent crude has risen to over $115 per barrel, not far off its high in the conflict to date of almost $120. Asian equity markets are a good deal lower overnight (Japan’s Nikkei is off more than 3%), after US stocks closed well down on Friday. Notably though, US bonds are taking their cue from the weakness in stocks with yields lower overnight. In FX, the yen has bounced off lows of over Y160 against the dollar after Japan’s Finance Ministry said “decisive action may soon be necessary” to address “speculative activity” in currency markets. Elsewhere, EURUSD and GBPUSD are trading at around $1.1500 and $1.3250 respectively this morning, a touch weaker than Friday’s closing levels, while EURGBP is trading at about £0.8680, having firmed a little at the end of last week. For the week ahead, the first-round effects of higher energy prices will be evident in Euro area inflation data for March due tomorrow, while the latest jobs report in the US (also for March) is due on Friday.
Yesterdays Events
Government short-dated bond yields fell on Friday, notwithstanding the continuing rise in oil prices, with US, German and UK yields declining by 5-8bps, while yields further out the curve finished well off their highs of the day. Equity markets were lower again at the end of the week, with the S&P 500 shedding almost 2% and the Stoxx Europe 600 falling by just over 1%. As mentioned, Brent crude oil prices have moved above $115 p/b, while European wholesale gas prices are also heading higher this morning, currently at over EUR 55 per MWh.
ECB member Schnabel says the central bank should not “rush into action” on interest rates in response to the “energy price shock”, noting that it “has time to look at the data and to analyze what is actually happening, whether there’s evidence of second-round effects, how strong the demand environment is and how likely it is that this inflation shock is becoming entrenched in inflation expectations and also in wage growth.”
The Day Ahead
Looking to the week ahead, as mentioned, Euro area inflation data for March are due tomorrow (Tuesday), with the consensus expecting headline inflation to have risen to 2.6% this month, from 1.9% in February, due to higher energy prices, while the employment report in the US on Friday is expected to show the economy added 60k jobs in March, following a decline of 92k the previous month. Other data due include the European Commission’s Economic Sentiment Indicator (March) for the Euro area today and the ISM manufacturing index (March) and retail sales (February) in the US on Wednesday.
Todays Talking Points 27.03.26
Market Commentary
Markets took their cue from higher oil prices with bond yields rising sharply and stocks selling off sharply during yesterday’s session. Perhaps with an eye on markets, Donald Trump has announced a ten-day extension to his ‘freeze’ on striking Iran’s power plants, saying talks with the country were going ‘very well’. Notably though, this has done nothing so far to stem the rise in oil prices, with Brent crude higher again overnight at almost $110 a barrel. The price action in FX was muted enough yesterday with the dollar marginally firmer once again. EURUSD and GBPUSD are trading at around $1.1520 and $1.3315 respectively this morning, leaving them both down around half a cent on the week to date, while EURGBP continues to hug the £0.8650 level.
Yesterdays Events
Government bonds yields backed up as central bank rate hike expectations firmed in tandem with the rise in oil prices, with US, German and UK 2- and 10-year yields across increasing by 10-13bps. The market is currently pricing in a bit more than three quarter-point rate hikes from both the ECB and Bank of England this year and about a 70% chance of a 25bps hike from the Fed. Equities sold off sharply with US and European stocks shedding between 1.5% and 2.5% on the day.
The OECD says the conflict in the Middle East “will test the resilience of the global economy”, noting that “the breadth and duration of the conflict are very uncertain, but a prolonged period of higher energy prices will add markedly to business costs and raise consumer price inflation, with adverse consequences for growth.” It has lowered its forecasts for Euro area and UK GDP growth this year to 0.8% and 0.7% respectively (from 1.2% for both in its previous projections in December) and raised its projections for inflation to 2.6% and 4% (from 1.9% and 2.5%).
Bank of England MPC member Breeden says “second-round effects” on inflation from higher energy prices “should be less likely (given) there’s slack in the labour market and the outlook for economic activity was lacklustre, even before the energy shock,” meaning “that firms and workers are likely to have less pricing power, less wage bargaining power.” Still, she says the MPC remains “alert” and will “learn a chunk more by the time of the April (interest rate) decision” about the risks to inflation.
Consumer confidence in the UK slipped to an eleven-month low in March according to the GfK indicator published overnight, with the survey noting that “people simply do not feel the economy is robust enough to ride out the knock-on effects from the Middle East conflict.” Separately, retail sales volumes fell by 0.4% in February (the month before the conflict), albeit following a sizeable gain of 2% in January. Over the three months to February, sales rose by 0.7% from the three months to November and were up 3% on the corresponding period a year ago.
The Day Ahead
It is a quiet end to the week in terms of economic data. The ECB publishes the results of its February survey of consumers short- and medium-term inflation expectations, while the University of Michigan publishes the final reading for US consumer confidence in March (sentiment fell in the early part of this month and may have declined further since). A few Fed members are scheduled to speak today also.
26 Mar 2026
Todays Talking Points 26.03.26
Market Commentary
It was a positive day in markets yesterday, with stocks higher and bond yields lower, amid some optimism regarding the chances of a ceasefire in the Middle East and a balanced assessment of the outlook for interest rates by ECB President, Christine Lagarde. However, doubts are emerging about the status of any talks between the US and Iran, sending oil prices higher again (Brent crude is back up at around $105 a barrel), which is weighing on markets at the start of play today. The euro and sterling didn’t manage to make any ground against the dollar in yesterday’s session. They are trading are about $1.1560 and $1.3350 respectively this morning, while EURGBP continues to hover just above the £0.8650 level.
Yesterdays Events
In government bond markets, German yields fell by 6-7bps, helped by Lagarde’s comments on interest rates, while UK yields were 6-12bps lower across the curve. US bonds underperformed with yields ending flat to marginally lower on the day. In equity markets, European stocks had a solid session, adding more than 1%, while the S&P 500 closed with gains of around half a percent.
ECB President Christine Lagarde says it is too early to decide on the interest rate response to the fall-out from the conflict in the Middle East. She notes that, “in the period ahead, incoming information will give us greater clarity on how the conflict is likely to evolve and how the economy is responding,” which in turn will allow the central bank to “set monetary policy as appropriate” to deliver on its 2% inflation target.
Business confidence in Germany fell this month according to the latest ifo Business Climate Index, which registered its lowest reading in just over a year. The survey notes that “uncertainty among companies has increased noticeably,” with the war in Iran putting “any hope of a recovery on ice for the time being.”
The Day Ahead
Economic data due today include money supply/credit growth for February in the Euro area and the regular weekly jobless claims in the US. We will also hear from a number of Bank of England/Fed/ECB members during the course of the day.