Thanks Matt. I think there are a few things that we are looking forward to on the calendar next week.

Firstly, after the ECB this week, the big focus next week turns to the FOMC and specifically with the recent rhetoric turning a little more hawkish - Powell talking about the inflexion point, talking about the recovery suddenly gathering speed - and I think the emphasis starts to swing back towards the growth picture in the US. I think this is an important point; possible adjustment to the narrative around growth, whether or not there's any expectation that we are approaching a period where we may be defining something as 'substantial further progress', although I think that will have to be communicated very carefully. I think, though, we are likely in a position where we are no longer not even thinking about thinking about raising rates, but H2 is going to be very strong and therefore we are going to need to start to consider how we communicate a normalisation of rates. To describe it: it is no longer full foot to the floor in the US, but certainly with an eye to the road ahead. That's where we see the Fed.

Secondly, on Thursday and Friday of next week we see Q1 GDP figures from both the US and the Eurozone, and I think this is going to be very specific, particularly bearing in mind our expectations that there is greater differentiation in the recovery from this particular covid crisis. Expectations are around 6% annualised level for US Q1 GDP growth and in the Eurozone, as was suggested at the ECB meeting this week, we're still expecting a negative print in Q1. Now, both of those are before we're expecting an acceleration back into positive territory in the Eurozone in Q2 and a further, faster acceleration of US growth into Q2. But I still think this very much fits with the differentiation theme that we've been looking at over a number of weeks now.

Lastly, on Friday, in some respects, the final piece of the puzzle, if you will: we'll be looking at the China PMI data for April. After China has attained its pre-covid activity levels, the focus comes back to, where is the sustained or equilibrium level of growth in China at the moment? What is the baseline growth level? Now, the interesting point, particularly for areas such as the Eurozone, which are very dependent on export demand led growth, is that I think this has important connotations for growth expectations - or sustainable growth expectations - for a number of other global export economies going forward. So these are the three areas I think that will drive sentiment and and positioning next week.