Economic Calendar - Top things to watch

U.S. economic data remain in focus as investors watch for further signals on the strength of the economy, with the latest reports on home sales and manufacturing activity topping the agenda.

U.S. Housing Data

The National Association of Realtors will release data on existing home sales for March on Thursday at 10:00AM ET. The consensus forecast is that the report will show existing home sales rose 0.9% to reach 6.18 million, following a decline of 6.6% in February.

On Friday, the Commerce Department will then publish a report on new home sales. The data - due at 10:00AM ET - is expected to show an increase of 12.0% in March to 885,000, following a steep drop of 18.2% in the preceding month.

Flash U.S. PMIs

IHS Markit's composite flash U.S. Purchasing Managers' Index (PMI) for April is due at 9:45AM ET on Friday, amid expectations for an increase to 59.9 from a reading of 59.7 in March. The index, which measures the combined output of both the manufacturing and service sectors, is seen as a good guide to overall economic health.

In addition, this week's rather light economic calendar also features the latest data on initial jobless claims, which fell to a new pre-pandemic low last week.

European Central Bank Policy Meeting

The European Central Bank is all but certain to keep interest rates at their current record low levels at the conclusion of its monetary policy meeting at 1145GMT (7:45AM ET) on Thursday.

President Christine Lagarde will hold a closely watched press conference 45 minutes after the rate announcement as investors seek further clues on central bank’s future pace of bond purchases.

The ECB has boosted its bond buying program to prevent a rise in borrowing costs from derailing the region’s economy, however recent signs of a swift recovery could raise questions over when it will start to withdraw support.

Source: Investing.com