Economic calendar: ISM and European CPI in the spotlight

• ISM manufacturing expected to improve slightly in August

• Further slowdown in European inflation

• Revisions to European PMIs for August

Global stock markets are treading water on Tuesday with neither bulls, nor bears being able take control. A lot of manufacturing PMI indices will be released today but most of the readings will be revisions to preliminary August data. Reading from Italy and Spain will be the first ones for August and they may have some impact on the market. US ISM manufacturing and CPI data from Europe could be important risk events for EURUSD as the pair is closing in on psychological 1.20 handle.

8:15 am BST - Spain, manufacturing PMI for August. Expected: 52.7. Previous: 53.5

8:45 am BST - Italy, manufacturing PMI for August. Expected: 52. Previous: 51.9

8:50 am BST - France, manufacturing PMI for August (final). First release: 49

8:55 am BST - Germany, manufacturing PMI for August (final). First release: 53

9:00 am BST - Euro area, manufacturing PMI for August (final). First release: 51.7

9:30 am BST - UK, manufacturing PMI for August (final). First release: 55.3

10:00 am BST - Euro area, CPI inflation for August. Expected: 0.2% YoY. Previous: 0.4% YoY

2:45 pm BST - US, manufacturing PMI for August (final). First release: 53.6

3:00 pm BST - US, ISM manufacturing for August. Expected: 54.5. Previous: 54.2 

9:40 pm BST - API report on oil inventories. Expected: -1.1 mb

Asian session ahead

2:30 am BST - Australia, GDP report for Q2 2020. Expected: -6% QoQ