Economic calendar: ADP data and BoC decision

• Risk-on moods prevail on the markets

• ADP data to offer hints ahead of NFP release

• Bank of Canada expected to stay on hold

Upbeat moods prevail on the markets with stocks continuing a recovery rally. US Nasdaq index is trading within a striking distance of its all-time highs. There is quite a lot of data scheduled for release today. However, most of the European releases will be revisions to May's PMIs and should not have much impact on the market. On the other hand, we have an ADP report scheduled for release and it will be closely watched ahead of NFP release on Friday. Apart from that, traders should keep in mind that G7 finance ministers are rumoured to hold a video call today.

8:15 am BST - Spain, services PMI for May. Expected: 25. Previous: 7.1

8:45 am BST - Italy, services PMI for May. Expected: 26.5. Previous: 10.8

8:50 am BST - France, services PMI for May (final). First release: 29.4

8:55 am BST - Germany, services PMI for May (final). First release: 31.4

9:00 am BST - Euro area, services PMI for May (final). First release: 28.7

9:30 am BST - UK, services PMI for May (final). First release: 27.8

1:15 pm BST - US, ADP employment change for May. Expected: -9000k. Previous: -20236k

2:25 pm BST - US, services PMI for May (final). First release: 36.9

3:00 pm BST - Bank of Canada rate decision. Expectations: no change.

3:00 pm BST - US, non-manufacturing ISM for May. Expected: 44. Previous: 41.8

3:00 pm BST - US, factory orders for April. Expected: -14% MoM. Previous: -10.4% MoM

3:30 pm BST - DOE report on change in oil inventories.

• Oil inventories. Expected: +3mb

• Gasoline inventories. Expected: +1mb

• Distillate inventories. Expected: +2.7 mb