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May be working through the ‘J’ curve.

The pace of the US trade gap falling at the ‘expense’ of the reverse happening elsewhere might be increasing.

More info with US march trade numbers due out soon.

World budget deficits are in general too small for robust growth with the financial sector in its current phase.

Saudis continue as price setter.

Crude outperforming most other commodities that are not subject to monopoly price setting.

Highlights
ECB, BOE Expected to Hold Rates Steady
Germany’s trade surplus drops in March; below expectations
German Exports Unexpectedly Fell as Euro Appreciated
French Lending Rates Fell in First Quarter, Bank of France Says
Europe and US unite on stronger dollar
German March Industrial Output Fell on Construction Output
Bank of America’s Schmieding Says ECB Watching Labor Market
Euro Is `Anchor of Stability,’ Juncker Tells Boersen-Zeitung
Euro hits 2-month low vs. dollar on growth jitters before ECB meeting
European Bonds Advance Before ECB Rate Decision
Berlusconi to Take Office, Put Tremonti in Charge of Economy


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