The number of unemployed people in Germany fell for the seventh straight month in April, while the unemployment rate held steady at an all-time low.The number of unemployed people fell by a seasonally adjusted 16,000 from a month earlier, compared to forecasts for a gain of 1,000. Jobless claims fell by 3,000 in March, whose figure was revised from a previously reported flat reading. The rate of unemployment in Germany remained unchanged last month. In a report, German Federal Statistical Office said that German unemployment rate remained unchanged at a seasonally adjusted 6.2%, from 6.2% in the preceding month. Analysts had expected German unemployment rate to remain unchanged at 6.2% last month.

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, from Eurozone, Spanish GDP and Eurozone CPI data will be published. Spanish GDP is expected to rise by 0.7%, while CPI should fall to -0.1%. 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:

Spanish Flash GDP (Friday 9:00)

CPI (Friday 11:00)

Chicago PMI (Friday 15:45)

Revised UoM Consumer Sentiment (Friday 16:00)