Thanks, Matt. I think that's right; I think it's a very interesting week next week.

We will start on Monday with trade data from China. Now, last week we spoke about how some of the recent data was disappointing, particularly on the consumption side in the Chinese economy, whilst external demand has stayed relatively resilient. And the data gives us a chance to see how this external situation is evolving. I think that's important in this regard, particularly in relation to some other data that we have out in the week - German industrial production for April and the ZEW for June - and how this fits in with what the Chinese domestic demand situation is on reliant export economies. So that may be of interest not just to see how the Eurozone is currently catching up in relation to expectations driven recovery so far, but also how that fits into the broader Chinese narrative.

And secondly, on Wednesday we'll be moving to the Bank of Canada. Now, a number of the global central banks have recentred the balance of risks to their outlook as a function of the covid recovery. Canada itself was one of the leaders in terms of tapering its asset purchases over recent months. Now, despite the fact that Q1 GDP in Canada was a little bit weaker than expected, albeit positive year on year, the Canadian economy has shown covid resilience; vaccination catch up, domestic demand remains strong, and total investment still seems quite solid. All of this amid a very strong commodity backdrop, which is obviously very positive for Canada. So we'll be looking for any hints of the actual process towards normalisation and how that plays out, not just for the Bank of Canada and expectations of interest rate rises there, but how that fits into the broader global normalisation narrative.

And then lastly, in many respects the event that a lot of people have been waiting for for a while: the ECB meeting for June. Now a lot of focus will come here on the renewed growth forecasts. This is a forecasting month where we get updates to the path of expected recovery in the eurozone. This is important specifically in relation to the PEPP purchase pace. Now, a couple of weeks ago, it was very much a consensus view that the ECB would taper the pace of its asset purchases as it's upgraded its growth outlook over coming quarters. However, with the tightening of the financial conditions from a currency perspective and from a core rate perspective, we seem to have backed down from that consensus, and it seems as if there is a smaller expectation on that front. But this will certainly be a key focus for markets. Core for me will also be the fact that where the inflation target stands, as with likely still to be a significant shortfall from target at the forecast horizon, for me, that puts a barrier to any significant monetary normalisation in the near term. But there'll be a clear focus on any commentary around euro from an FX rate perspective and also core rates and spreads and how that impacts sentiment, particularly given that a number of the Governing Council have described themselves as 'watching closely' in those regards. And I think more broadly, as we expect a renewed rebound or focus on the US labour market, it would be interesting to see how this fits in with the broader tentative dollar recovery.