Daily Economic Outlook: 20 April, 2015

The ECB will announce details of its QE purchases, while ECB Vice President is scheduled to speak at the European Parliament. The only notable releases are German producer prices for March (0600 GMT) and euro area construction output for February (0900 GMT). 

According to Lloyds Bank, German annual producer output price inflation is expected to have remain negative, although forecast to rise to -1.6% from -2.1%. It suggests that pipeline price pressures remain weak and is consistent with headline and core CPI inflation rates staying at low levels until later in the year. 

Euro area construction output figures usually receive scant attention, but the strong rise of 1.9%m/m  in January supports evidence from other hard data, such as industrial output and retail sales, that show euro area economic activity picking up in the first quarter.

Moreover, recent survey evidence has already been painting a rosier picture for the euro area economy. Key survey releases due later in the week include the ZEW, German IFO and flash PMI reports for April, with further improvements in sentiment anticipated.