Economic calendar: ECB policy review announcement and US jobless claims

European markets seen opening mostly lower
ECB is most likely to announce its new inflation target today
US initial jobless claims

There are a few events of note scheduled for today. The European Central Bank has completed its 18-month strategy review and is set to announce the results today. Announcement is scheduled for 12:00 BST and is likely to include a shift in the inflation target to 2% from "below but close to 2%" currently - which would theoretically allow for inflation overshoots. European Central Bank President Lagarde will speak following at a 1:30 pm BST news conference. When it comes to the US trading hours, investors will be offered Initial jobless claims figures. Economists expect to see 350,000 first-time applicants for unemployment benefits for the week ended July 3. Oil traders should stay on guard in the afternoon as the DOE will release a report on oil inventories. German trade balance data was released at 7:00 am BST and it turned out to be a disappointment. The German trade surplus widened to € 12.3 billion in May of 2021 from € 7 billion a year earlier. However, today's figures came below analysts' expectations of € 15.4 billion.

12:00 pm BST – ECB policy review announcement

1:30 pm BST - US Initial Jobless Claims. Expected: 350k. Previous: 364k

4:00 pm BST - EIA Crude Oil Stocks Change. Expected: -4.033 M. Previous: -6.718 M

Central bankers’ speeches:

1:30 pm BST – ECB President Lagarde

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8 July 2026, 7:20 PM

FOMC Minutes: Hawkish tone confirmed. EURUSD rebounds nonetheless

Economic reports

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