U.S. data dependency in full swing

With the Fed now fully in data dependent mode, market participants will have plenty to chew on during the upcoming week.

• The labour market likely continued its improvement with 272k jobs added in March, although the unemployment rate was probably unchanged at 5.5% and wages likely expanded by only 0.2%. 
• Other data should be mixed, with mfg ISM improving modestly, trade deficit contracting, and construction activity shrinking once again. 
• While somewhat better on the whole, this week's data is unlikely to materially alter the market's perception about the probability of a June rate hike.