What to watch (1/2)

It's a busy day coming up with a slew of data due for release.

• Perhaps most noteworthy will be inflation prints out of Spain and Germany. The Spanish print will be released at 8:00BST / 9:00CET with economists looking for HICP to rise to 8.4%Y/Y from 7.6% in February. German state CPIs will be released throughout the morning - we have already seen North Rhine Westphalia come in higher than the national print would indicate. We will be closely watching to see whether the other states similar rises. If so, Euribor futures are likely to see a considerable move this morning (with the move likely to be priced in by the time the national print is released.
• Also this morning BOE's Broadbent is due to speak at 9:10BST / 10:10CET. He is an influential member of the MPC but normally stays relatively reserved about his voting intentions and expectations of future monetary policy. Given this, any subtle messaging surrounding the outlook is likely to have the potential to move SONIA, gilt and GBP markets this morning. His speech is entitled the MPC at 25. The text of his speech will be released.