RTTNews - Monday, German Ifo business confidence survey is the only major report due from the European economies.

At 2.00am ET, the Statistics Estonia is scheduled to release the foreign trade data for March. The trade deficit stood at EEK 1.1 billion in February, smaller than the EEK 1.57 billion deficit in January.

At 3.00am ET, a slew of statistical reports are due. Hungarian retail sales are forecast to drop 3.5% annually in March, larger than the 3.2% decline seen in February. Meanwhile, Czech consumer confidence and Spanish PPI are also due.

At 4.00am ET, a monthly business confidence survey is due from the Munich-based Ifo Institute for Economic Research. German business confidence is seen at 84.9 in May, up from 83.7 in April. Meanwhile, the expectations index is forecast to rise to 85.4 from 83.9 and current assessment to improve to 84.5 from 83.6.

The Hungarian Central Bank is set to announce the interest rate decision at 8.00am ET. The central bank is widely expected to hold the base rate at 9.5%.

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