The Confederation of British Industry portrayed a positive sentiment towards the UK’s economy yesterday suggesting that the UK would avoid a technical recession and that the recovery will gain momentum this year which should eliminate the need for more quantitative easing. We will wait to see if the Governor from the Bank of England supports this sentiment later in the week. Out today in the UK Consumer Price Index (CPI) data is released providing information on the change in the price of goods and services purchased by consumers. Call in now for the latest update and the latest news.

The economic calendar on Monday was relatively light in Europe as the spotlight remains firmly on the developments in Greece. Violent protests broke out over the weekend as approximately 100’000 people took to the streets. The first of several necessary votes was passed over the weekend with the Greek parliament approving the austerity measures put forward by the prime minister. Greece now needs the Private Sector Investors (PSI) bond swap deal to be agreed and then the EU needs to approve everything before it can secure the new €130 billion bailout. The market will look towards Wednesdays supposed deadline day when the Euro-area finance chiefs will meet to discuss the proposed bailout once more before Euro governments will then hold parliamentary votes. Given the history of this bailout to date it will be a surprise if everything goes smoothly. Today see’s German economic sentiment data released. Call in now for the latest update and the latest news.

In the US, The Obama administration sent its $3.8 trillion budget plan to congress yesterday. The budget predicts growth of 2.7% this year and focuses on the importance of creating more jobs and reducing the growing national deficit which has been estimated to reach $1.33 trillion. Out today the key release is the US retail sales data. Call in now for the latest update and the latest news.

Elsewhere, data released yesterday showed that Japanese economy shrank more than expected. This will encourage the Bank of Japan officials to consider reassessing its monetary policy with a statement expected early this morning. In Australia, data released showed that the change in the number of new home loans granted increased more than expected. As well as the news out of Japan, today sees the release of retail sales figures for New Zealand. Call in now for the latest update and the latest news.

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