With Non Farm Payroll data having been released at the end of last week, (and coming in with a whopping +312,000 against expectations of +176,000), the most interesting part of the month has already passed. There are minor data releases today and tomorrow with Non-Manufacturing PMI at 15:00 (All times GMT unless stated otherwise) today and the US trade balance out at 13:30 tomorrow. Although no longer deemed as significant as it once was, reducing this is a target for the US President, but when you are looking at a figure of $54bn you’ve still got a mountain to climb. Wednesday brings all sorts of good stuff with Eurozone unemployment at 10:00, Canadian housing starts at 13:15 and a Canadian rate decision at 15:00, although we are not anticipating any change. The minutes of the FOMC meeting will be released at 16:00 and as usual will be studied for evidence of any subtle shift in opinion. Thursday brings US New Home Sales at 15:00 GMT and a couple of evening speeches to provide the added risk of a surprise comment to overreact to. We round the week off on Friday with UK Industrial Production at 09:30 and US core CPI at 13:30, expected to show no change from last month’s 2.2% YoY.