The European session is off for a steady start. Flows remain light, but at least euro/$ has pushed on to test offers from $0.9220. EMU March retail sales will be released at 11.00BST. On a year-on-year basis we are anticipating a reading of 1.9 per cent, from 1.3 per cent. Elsewhere India’s foreign minister Jaswant Singh speaks on the tensions with Pakistan at 11.00BST. US markets are open today. April personal income and personal spending will be seen at 13.30BST. For income we are looking for 0.3 per cent, from 0.4 per cent. For spending consensus is for 0.7 per cent, from 0.4 per cent. But these will be overshadowed by May consumer confidence at 15.00BST. Here consensus is for 109, unchanged from previous. April existing home sales (exp 5.4 million, prev 5.4 million, will also be seen at this time. Bundesbank President Ernst Welteke gives a speech on the euro at 16.30BST.