• Although the FOMC is widely expected to leave policy unchanged at its April meeting (1400 GMT), of key interest will be its interpretation of Q1 data trends in the post-meeting statement. Today's initial Q1 GDP estimate (1230 GMT) is expected to show anaemic growth of about 1% annualised. While that in part is likely to reflect adverse weather effects, any indication in the statement that downside risks to growth are deemed to be higher or more durable than previously assumed may trigger a market reaction. Meanwhile, explicit guidance on the likelihood of tightening at its following meeting in June is likely to be contentious and as such may be avoided. 
   
• Today's German CPI data for April (1200 GMT) will provide a indication of the likely outturn of tomorrow's release for the euro area as a whole. German import price numbers earlier this week showed a substantial rise, which suggests that the weak euro may be providing at least a partial offset to any deflationary pressures from low oil prices. Lloyds Bank expects German headline annual inflation to rise to 0.4%, from 0.3% in March, implying that inflation in the region has now passed its low for the year.  
  
  
• Most forecasters expect the Swedish Riksbank (0730 GMT) will today follow up on its March easing move with another modest cut to the repo rate, taking it even further into negative territory. While economic activity and inflation data have surprised to the upside compared to its February economic projections, the Riksbank remains concerned about the potential impact of a strong krona and so may want to send a further signal to markets.