Economic calendar: Non-manufacturing ISM in the spotlight

• Non-manufacturing ISM expected to decline

• Range of central bankers scheduled to deliver speeches

• German stock market remains shut for the holiday

Around 8:30 am BST - Court of Justice of the European Union ruling on FX-mortgages. EU top court will issue a ruling on FX-mortgages today that will be used as a guide for Polish courts in similar cases. Traders should keep in mind that elevated volatility on PLN-tied FX pairs is likely to accompany the announcement.

9:30 am BST - UK, Services PMI for September. UK construction PMI released yesterday disappointed and slipped deeper into contraction territory. The services gauge is the only one that still sits above the 50 pts threshold but market expects that it has slid to 50.3 pts in September. 

10:00 pm BST - Euro area, Retail sales and PPI inflation for August. While retail sales and PPI inflation can be seen as quite an important data, it should be noted that EUR is likely to move on trade-related headlines today. Having said that, these releases may be overlooked by the market and do not have much of an impact.

1:30 pm BST - US, Jobless claims. Jobless claims reports seldom move the market nowadays. However, a prolonged period of rising claims could be seen as a warning signal. Market consensus expects a reading of 215k.

3:00 pm BST - US, Non-manufacturing ISM for September and factory orders for August. Manufacturing ISM for September showed significant deterioration in the US economy and triggered a sell-off on global stock markets. In case services gauge disappoints and declines more than expected, things may get much worse. Markets consensus expectes a decline from 56.4 pts to 55 pts. Simultaneously, the factory orders report for August will be released and it is expected to show a 0.3% MoM decrease.

Central bankers’ speeches

• 7:45 am BST - Fed’s Evans

• 8:45 am BST - ECB’s Guindos & Fed’s Evans

• 9:10 pm BST - Riksbank’s Ohlsson

• 12:05 pm BST - Riksbank’s Skingsley

• 1:30 pm BST - Fed’s Quarles

• 2:40 pm BST - ECB’s Holzmann

• 3:00 pm BST - BoE’s Tenreyro

• 5:10 pm BST - Fed’s Mester

• 6:00 pm BST - Riksbank’s Ingves

• 6:00 pm BST - Fed’s Kaplan