European part of the Tuesday's session was marked by U.K. GDP and Current Account data. UK Gross Domestic Product in volume terms was estimated to have increased by 0.6% between Quarter 3 2014 and Quarter 4 2014, revised up 0.1 percentage points from the previous estimate of GDP. Analysts were forecasting no change from previous reading. GDP was estimated to have increased by 2.8% in 2014, compared with 2013, revised up 0.2 percentage points from the previously published estimate.

Separate report on Current Account showed that current account deficit was £25.3 billion in Quarter 4 2014, down from a revised deficit of £27.7 billion in Quarter 3 2014, but above predicted deficit of £21.2 billion. The narrowing of the current account deficit was mainly due to a narrowing in the deficit on the trade account, partially offset by a widening in the deficit on the secondary income account.

Wednesday's session brought U.K. Manufacturing PMI. U.K. Manufacturing PMI climbed to an eight-month high of 54.4 in March, ticking higher from 54.0 in February. This was in line with market expectations.The PMI has now remained above the neutral 50.0 mark for 24 consecutive months. Moreover, the average reading for the opening quarter as a whole (53.8) was the best growth outcome since the second quarter of last year.

On Thursday U.K. Construction PMI data was released. U.K. Construction PMI posted 57.8 in March, down from 60.1 in February and the lowest for three months, and below expectations on a reading of 59.7, but still well above the 50.0 no-change value. As a result, the latest reading pointed to a strong rate of overall construction output growth, albeit one that was below the average for 2014 as a whole (61.8).

Next week markets will be looking at:

Services PMI (Tuesday 10:30)

Trade Balance (Thursday 10:30)

Official Bank Rate/Asset Purchase Facility (Thursday 13:00)

Manufacturing Production (Friday 10:30)