In the US session GDP and Unemployment Claims figures were released. GDP increased at an annual rate of 0.5% in the first quarter of 2016, according to the "advance" estimate released by the Bureau of Economic Analysis. Analysts were expecting 0.7% increase. The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), residential fixed investment, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment, private inventory investment, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

In the week ending April 23, the advance figure for seasonally adjusted initial claims was 257,000, an increase of 9,000 from the previous week's revised level, in line with market forecasts. The previous week's level was revised up by 1,000 from 247,000 to 248,000. The 4-week moving average was 256,000, a decrease of 4,750 from the previous week's revised average. This is the lowest level for this average since December 8, 1973 when it was 252,250. The previous week's average was revised up by 250 from 260,500 to 260,750.

Tomorrow's session will bring Net Lending to Individuals data. Increase to 5 billion pound is forecasted. In the US session Chicago PMI and Revised Consumer Sentiment figures will be released. Analysts are predicting decrease to 53.1 in GDP, while revised consumer sentiment should increase to 90.3 compared to a prelim reading.

Figures to watch:

Net Lending to Individuals (Friday 10:30)

Chicago PMI (Friday 15:45)

Revised UoM Consumer Sentiment (Friday 16:00)