Daily Economic Outlook: 4th June, 2015

The data and events calendar is devoid of 'big hitters' today and market focus will be on tomorrow's US labour market report and the looming series of payments to the IMF by Greece this month, including around €300m on Friday. Today's Bank of England MPC meeting is widely expected to result in no change in policy. The minutes of the meeting, due in two weeks' time, is expected to show a unanimous vote. It is worth noting that a new policy setting schedule will take place from 6 August, when the policy announcement, minutes and Inflation Report will be released at the same time, says Lloyds Bank. This information deluge in August may result in some volatility.

Ahead of the US labour market data tomorrow, initial jobless claims are seen falling to 275,000 in the week ending 30 May from 282,000 in theprevious week. The market median forecast is 278,000. The downward trend in jobless claims remains intact, suggesting that the labour remainsfirm, although the 'hard' data on broader economic activity at the start of Q2 has disappointed. US Challenger job cuts figures are also due, butthey receive limited attention.