1. Swiss Consumer Price Index
2. Euro-zone Services Survey
3. Bank of England Rate Decision
4. European Central Bank Rate Decision
5. Canadian Ivey Purchasing Managers Index

Swiss Consumer Price Index (APR) (05:45 GMT; 01:45 EST)
                   (MoM)  (YoY)
Consensus:   0.9%  1.1%
Previous:       -0.1%  1.0%

Outlook: Inflation in Swiss consumer prices is expected to reassume a quicker pace in April as the consumer price index is anticipated to register at 0.9%.  In March, Swiss companies paid steep prices for production inputs such as crude oil and metals.  With employment conditions in their favor, producers may be able to begin passing these costs down to customers.  A report published in early April forecasted a 1.6% increase in consumer spending this year.  Furthermore, March's unemployment rate came in at 3.6%, very close to last July's 3-year low of 3.5%.  With the nation's manufacturing sector moving forward at a remarkable pace, high levels of employment are likely to be sustainable for months to come.  The combination of low unemployment and an inclination towards spending support the case for acceleration in consumer price inflation over April.  Therefore, an interest rate hike by the Swiss National Bank in June cannot be entirely ruled out in spite of March's dip into negative territory. 

Previous:  In March, the rate of inflation in Swiss consumer prices slowed to a pace not anticipated by economists.  From February, prices across the board declined by 0.1%, led by an 18% drop in the price of fruit and considerable losses in the prices of fuel, computer equipment, and cleaning products.  If not for the tumble in volatile food and energy products, the remaining goods' basket would actually have appreciated by 0.5%.  From the same time a year ago, consumer prices inflated at a rate of 1.0%.  Apparently, higher fuel and commodity costs paid by producers have not yet fully filtered down into the consumer arena as evidenced by the month-to-month decline in the CPI.  Following the revelation of a slowing rate of inflation, interest rate futures traders began to reevaluate their estimations of Swiss National Bank rate increases.  The slowing of inflation to the most sluggish pace in three months resulted in a build of sentiment that the SNB may pursue a more gradual course of rate tightening. 

Euro-zone PMI Services Survey (APR) (08:00 GMT; 08:00 EST)
Consensus:  58.7
Previous:  58.2

Outlook:   Growth in the Euro-zone's services sector is estimated to have picked up pace in April as the services purchasing manager's index is anticipated to register at a new five-year high of 58.7. Economists are expecting services growth to mimic acceleration in the manufacturing sector, which expanded at the fastest pace in over five years in March.  Europe's proven economic growth in recent months may be a result of companies reinvesting profits made abroad domestically.  Over March, economic confidence amongst Europeans rose to its highest point in nearly half a decade.  Anticipating that such confidence will result in heightened domestic demand, European companies are spending more on local facilities and hiring more employees.  Considering that services account for one-third of the Euro-zone's economy, feverish growth could put more pressure on inflation-pressure that already exists due to a proliferation in manufacturing.  Expansion across sectors is likely to bolster the European Central Bank's case that interest rates are relatively low and are due for further tightening.  

Previous:  March's growth in the services sector of the Euro-zone economy matched the previous month's five-year high as the region's services purchasing managers' index issued a value of 58.2.  Demand for exported services has been responsible for much of the sector's growth.  In both France and Germany, Europe's largest economies, exports have been rising in monthly succession.  The demand from abroad resulted in a rise of the PMI's new business sub-index to 56.8 from 56.4 the previous month.  This was the highest reading since January 2004, suggesting that growth is occurring through attraction of new customers as opposed to a higher volume of orders from repeat clients. In addition, the gauge's employment sub-index jumped to a five-year high of 54.1, indicating that companies are hiring new workers to meet fervent demand for services.  As a result of March's increase in business, service companies included in the Dow Jones Stoxx 600 Index saw an average increase of 7.4% in first-quarter profits.   

Bank of England Rate Decision (11:00 GMT; 07:00 EST)
Consensus: 4.50%
Previous:  4.50%

Outlook:  After the shakeup in the market following the unexpected hike in Australia's overnight lending rate, the market will likely translate their newfound taste for central bank policy decisions onto that of the Bank of England.  However, this trend is not likely to find its way into the MPC meeting in London.  Since the last rate decision on April 6th, inflation has continued to abate while growth across different sectors of the economy remains mixed.  One of the main objectives of monetary policy, controlling price growth, seems to be well within means.  The annual read on the consumer good's index slowed in March to 1.8%, below the bank's target 2.0%; while further up the supply chain, input and output prices for producers also fell back for the same period.   It seems that economic performance is also necessitates little action from policy officials.  First quarter GDP figures posted at a benign 2.2% on the back of a fourth quarter, in line with the BoE's forecast in February's inflation report.  This will likely keep a second rate cut following last August's 25 basis point shift for some month's to come.  Furthermore, individual sectors are making little case for future inflationary worries.  Appreciation in the housing sector has stalled with the RICS price balance and the Nationwide house price indicator both backing off in April.  Even consumer spending, which has been propped up by rising confidence, has commanded little attention, as underlying growth remains soft.  Market players should also take note of the shakeup in the ranks with Robert Lambert being replaced after leaving before April's meeting and Stephen Nickell, the sole proponent of rate cuts since December, leaving after the coming session.

European Central Bank Rate Decision (11:45 GMT; 07:45 EST)
Consensus: 2.50%
Previous:  2.50%

Outlook:  In spite of recent economic data pointing to rapid expansion and a build of inflationary pressure in the European economy, the European Central Bank will probably leave the refinancing rate unchanged on Thursday given President Jean-Claude Trichet's near affirmation that rates would not move in May at an April 6 news conference.  Trichet clearly stated that a May rate hike did "not correspond to the present sentiment of the governing council."  However, the market has already priced in an increase at the Bank's June meeting with several economic indicators supporting such a case.  In March, consumer confidence in the Euro-zone rose to its highest point in nearly five years, suggesting that Europeans are ready to spend at a rate that can sustain higher borrowing costs.  Due to the first quarter's surge in oil prices, price inflation in the region jumped to 2.4% in April-well above the ECB's comfortable ceiling of 2.0%.  Furthermore, money supply, which the bank uses to gauge medium-term inflation, is growing swiftly and causing prices to increase more rapidly.  After effectively ruling out a rate increase this week, the ECB is likely to wait until June to tighten rates for the sake of credibility.  By then, the Bank will have a greater aggregation of GDP and inflation forecasts and perhaps more breathing room to increase the refinancing rate thanks to a strengthening euro. 

Canadian Ivey Purchasing Managers Index (APR) (14:00 GMT; 10:00 EST)
Consensus:  61.0
Previous:  67.2

Outlook: After exploding in March, the Ivey School of Business's purchasing managers' index is expected to fall back down closer to its first quarter average in April.  While the reading above 50 still indicates expansion, growth is not anticipated to take on the pace it did in March.  As the Bank of Canada continues to tighten rates and the Canadian dollar rallies to historical highs on a commodity-based economic push, manufacturers could see demand from abroad begin to dwindle.  With no clear signs of commodity demand cooling off any time soon, rates may tighten even further and the Canadian currency could persist in setting new highs.  In such a case, Canadian manufacturers will lose significant pricing power.  This could bring about another monthly decline in the price sub-index.  Unlike last month when a declining price sub-index failed to dampen the headline figure, future tumbles in pricing could prove to be a drag on the overall index. 

Previous:  Business purchasing activity accelerated faster than expected in March as the Ivey purchasing managers' index rose to 67.2 as opposed to an anticipated value of 62.0.  March's reading represented the highest value since the third quarter of 2005.  Most notable was the jump in the gauge's inventory index to 62.1 from 54.1, suggesting that stockpiles at Canadian companies grew significantly. The supplier delivery sub-index also increased, implying that it took a greater amount of time to deliver orders to customers after orders were placed.  As is quite often the case, a drop in the survey's employment measure was mirrored by falling prices.  In the past, price inflation has had a tendency to slow when companies scale back on hiring.  While inflation continued in March, it did not take on nearly the intense pace witnessed in January and February. Evidently, Bank of Canada rate hikes have sufficiently curbed inflation without stifling growth as indicated by the strong headline figure amidst a falling price sub-index.   

Richard Lee is a Currency Strategist at FXCM.