DAVY VIEW

This week’s March inflation data for the euro area will be watched closely for preliminary impacts of the ongoing war in the Middle East. Late last week, Spain’s inflation picked up to 3.3% – below consensus forecasts. We expect Ireland’s figure, to be released this morning, will also exceed 3% owing to higher energy prices. Other notable releases this week include UK GDP for Q4 (second estimate) and US nonfarm payrolls for March.