• The euro-area May confidence indicators are released today and no surprises are expected with confidence virtually unchanged since April. 
  
  
• In the US initial jobless claims have trended lower in recent weeks suggesting continued progress in the labour market. This stands in contrast to other more downbeat economic data released recently and it will be interesting to see if claims stayed subdued last week. 
  
  
• Further, US pending home sales to have increased 0.8% m/m in April in line with other indicators, showing improved activity in the housing market, says Danske Bank. 
  
  
• Minneapolis Fed President Kocherlakota (non-voter, dove) will speak this evening and ECB governing council member Novotny will speak in the morning. Norway will release unemployment data and Denmark employment data.