The European Central Bank will pretend it is not thinking about tapering when it meets next week, while the Bank of Canada will take a step back to access its recent decision to get the ball rolling on its QE exit process. As the two central banks set the stage for the FOMC meeting in the following week, the May CPI print out of America will catch the attention of the US dollar. In an otherwise quietish week, sterling will be hoping for a boost from the barrage of April production data that’s due in the UK.

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