US housing data to pick up

The drop in oil prices since H2-2014 has, so far, provided a limited boost to output growth in the world's two largest economies. 

China's GDP growth continued to moderate in Q1-2015 and US data prints have largely disappointed market expectations. However, housing could emerge as a relatively bright spot for the US. 

"We expect March new home sales to have remained strong, above the key 500,000 level, helped by easier credit conditions and first-time buyers (slowly) increasing their participation" says Standard Chartered

After several weak prints, the durable goods may remain soft, dragged down by feeble aircraft orders. Trend in manufacturing remains poor, due to currency headwinds and the side-effects of the oil-price slump.