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Economic calendar: ISM and Bank of Canada decision in focus

7:55 AM 1 June 2022

  • European markets trade slightly higher

  • Bank of Canada expected to deliver 50 bp rate hike

  • ISM manufacturing for May at 3:00 pm BST

Slightly more positive tones can be observed on the Europea morning after a mixed Asian session. Economic calendar for the day ahead is packed with various releases. However, a bulk of those are revisions of PMI data for May and will not have a major impact on the markets. Nevertheless, there are also some events and release schedules that have a potential to move the markets. Manufacturing ISM may have some minor short-term impact on USD but Bank of Canada rate decision will surely boost volatility on CAD market. Bank is expected to deliver a 50 basis point rate hike, second in a row, with the main rate expected to return to pre-pandemic levels (1.50%).

8:15 am BST - Spain, manufacturing PMI for May. Expected: 52.0. Previous: 53.3

8:45 am BST - Italy, manufacturing PMI for May. Expected: 53.6. Previous: 54.5

8:50 am BST - France, manufacturing PMI for May (final). First release: 54.5

8:55 am BST - Germany, manufacturing PMI for May (final). First release: 54.7

9:00 am BST - Euro area, manufacturing PMI for May (final). First release: 54.4

9:30 am BST - UK, manufacturing PMI for May (final). First release: 54.6

10:00 am BST - Euro area, unemployment rate for April. Expected: 6.7%. Previous: 6.8%

2:45 pm BST - US, manufacturing PMI for May (final). First release:  57.5

3:00 pm BST - Bank of Canada rate decision

3:00 pm BST - US, ISM manufacturing index for May. Expected: 54.5. Previous: 55.4

3:00 pm BST - US, construction spending for April. Expected: 0.6% MoM. Previous: 0.1% MoM

9:40 pm BST - US, API report on oil inventories. Expected: -0.7 mb. Previous: 0.57 mb

Central bankers' speeches

  • 12:00 pm BST - ECB President Lagarde

  • 4:30 pm BST - Fed Williams

  • 6:00 pm BST - Fed Bulard

  • 6:00 pm BST - Fed Mester

Wall Street earnings releases

  • Gamestop (GME.US) - after market close

  • NetApp (NTAP.US) - after market close

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