The highlight of the coming week will be the consumer price index report in the US, after two months of stronger-than-expected figures. The odds of a June rate cut from the Fed have fallen from almost 90% to about 50/50 in recent weeks. The European Central Bank will release a monetary policy decision on Thursday and while no change is expected, markets will be looking for clues that a rate cut is imminent. In contrast to the US, recent inflation readings in Europe have come in below forecasts. The local highlight will be the monetary policy decision from the Reserve Bank of New Zealand on Wednesday afternoon. No change is expected, but the tone and language will be closely monitored. Last but not least, the first quarter international reporting season beings and we’ll hear from some of the US financial heavyweights first up. Blackrock, Citigroup, JPMorgan and Wells Fargo are all announcing earnings on Friday in what is shaping up as a pivotal earnings season for the high-flying US market.