US Q1 GDP could be revised to negative; Q2 bounce looks shallow

In the US, Q1 GDP growth could be revised to negative territory in the second print, which could further fuel debate about winter-related seasonal adjustment issues. 

The statistics agency has said the seasonal adjustment technique could be "improved" (it may release new adjustments in July).The problem is that even with better weather, US data has remained lacklustre lately. 

"We expect a slight uptick for durable goods data, but the underlying trend remains challenging given ongoing headwinds from the oil price slump and the rise of the US dollar in recent months. Further north, we forecast Canada's central bank will keep its main rate at 0.75%", says Standard Chartered.