Market movers ahead
The market will monitor incoming opinion polls ahead of the second round of the French Presidential election.
The FOMC is set to meet on Wednesday. We do not expect major changes in monetary policy or the statement.
We expect the US labour market report to show employment gains of 170,000 in April.
We look for small declines in April's Chinese manufacturing PMI and the US ISM manufacturing indices due for publication next week.
FX reserve data is due in Denmark and Norges Bank is set to meet next week. We do not expect major changes in either announcement though.
Global macro and market themes
Markets are less worried about France, as Emmanuel Macron is the clear favourite against Marine Le Pen.
Do not get overexcited about Trumponomics.
With markets less worried about political uncertainty in Europe, focus may soon return to economics.
We do not expect much action at next week's Fed meeting.
The rising risk from North Korea is a joker.
Focus
Tensions are rising fast between the US and North Korea and are likely to escalate further if North Korea continues with plans to carry out a nuclear test (see Research: The rising risk from North Korea - and what it means for markets , 27 April.
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