• UK will be labor market data (0830 GMT) covering the 3 months to February. At first blush, the report last month was softer-than-expected with the unemployment rate holding at 5.7% and headline average earnings growth easing from 2.1% to 1.8%. 
  
  
• However, the former came very close to registering the anticipated 0.1pp decline, and the latter at least in part reflected weaker-than-expected bonuses, possibly reflecting changes in the timing of payments relative to last year. 
  
  
• Nevertheless, with growth in employment remaining strong and the timelier claimant count data pointing to continued falls in unemployment, the tightening in the labour market still appears intact. 
  
  
• According to Lloyds Bank, the headline unemployment rate to move down to 5.6%. Challenging base effects imply annual pay growth is likely to edge down a little to 1.7%, though revisions of bonus seasonal adjustment may further complicate the picture.
  
  
• Internationally, inflation trends will be in focus. Although Eurozone CPI (0900 GMT) is expected to be unrevised in the final estimate for March at -0.1% y/y on the headline rate and 0.6% y/y on the core, the US CPI data (1230 GMT) for March are likely to be of more interest. 
  
  
• An increase in gasoline prices relative to February is expected to help keep the annual CPI rate at 0.0%, although favourable rounding may result in a stronger print. Meanwhile, the core rate is expected to hold at 1.7%, says Lloyds Bank. Some renewed softening in headline rates for both the US and Eurozone remains a possibility in the months to come, however.