The upcoming week in the US is headlined by the FOMC meeting minutes, March CPI report, and the preliminary reading of Michigan consumer sentiment for April. Investors will scrutinize March's minutes, alongside speeches from several Fed officials, for further cues on the potential timing of interest rate cuts this year, especially in the wake of strong jobs data released this week. On the economic data front, headline inflation is poised to accelerate for a second consecutive period to 3.4%, while the core rate is expected to dip to 3.7%, its lowest level since April 2021. On a month-over-month basis, both headline and core rates are anticipated to advance by 0.3%, easing from 0.4% increases in February. Moreover, the consumer confidence index is expected to edge down to 79.0 in April from a near three-year high of 79.4 in the previous month. In addition, attention will be on producer and foreign trade prices, the government's monthly budget statement, and the RCM/TIPP Economic Optimism Index. Elsewhere in America, the Bank of Canada is expected to leave interest rates unchanged for a sixth consecutive time amidst ongoing risks on the outlook for inflation. Key data to watch for includes Mexico's inflation figures and Brazil's CPI and retail sales reports.

In Europe, the European Central Bank is expected to maintain current interest rates, but the meeting is seen as crucial in determining the likelihood of future rate cuts, with focus on communication changes and indications of the cut size. On the economic calendar, Germany's exports are forecasted to decline by 0.5% from an 11-month high, while imports are expected to fall at a faster 0.9%. Industrial production in Germany is likely to advance for the second consecutive month, and in Italy, it is set to rebound. In Russia, inflation is predicted to remain steady at a 1-year high of 7.7%. Other upcoming data includes: Germany's final CPI data, France's balance of trade and final inflation figures, Italy's retail sales, Switzerland's unemployment rate, and Turkey's industrial output.  In the United Kingdom, the Office for National Statistics will release monthly GDP figures, as well as industrial production, construction output, and trade balance data. The UK economy likely grew by 0.1% in February following a 0.2% expansion in January, with manufacturing production returning to growth.

A busy week for Chinese economic releases will be headlined by the inflation rate and trade figures for March, set to provide deeper insights on the impact of Beijing’s economic support after key PMI figures for the period already surprised on the upside. In Japan, the spotlight will be on potential moves from the BoJ to defend the yen and Governor Ueda’s speech for insights on the central bank’s next moves. Additionally, Japan will release its consumer confidence for March and the current account for February. Elsewhere, the central banks in South Korea, New Zealand, Thailand, and the Philippines are likely to keep interest rates at multiyear heights. Also, South Korea will publish its labor report, and India's inflation figures. Last but not least, Singapore will post first quarter GDP figures, and its central bank will unveil its monetary policy statement. Finally, Australia will release the NAB business confidence and Westpac Consumer confidence data.