Analysts at Danske Bank point out that today the euro area March flash PMIs are released, where they are expecting some stabilisation in the manufacturing index with an expected print of 49.1.

“We see services PMI continuing to rebound to 53.1 due to solid domestic demand. Today also brings German PMI; improving activity in Germany's industry will be an important ingredient for the euro area growth rebound we still expect to take shape in Q2. In the US, we get Markit PMIs (preliminary) for March, which will be particularly interesting on the back of this week's Fed meeting. We still think Markit manufacturing PMI will stabilise, so we expect the manufacturing index to come in at 54, up from 53. After the EU27's decision to grant a very short unconditional extension of Brexit, we will follow closely the response from leading UK politicians today and over the weekend ahead of next week's decisions in the House of Commons.”