Economic calendar: PPI report as the key release of the day 📌

The macroeconomic calendar doesn’t include many major events today. The key report of the day will be the U.S. PPI inflation release along with the weekly jobless claims.

Expectations for the Producer Price Index (PPI) suggest a slight increase from 2.4% YoY in April to 2.6% YoY in May. Core inflation is expected to remain steady at 3.1% YoY. Weekly jobless claims are projected to decline slightly to 240,000 new claims, compared to 247,000 last week.

Detailed calendar for the day:

10:00 AM BST, Euro Zone - ECB's Schnabel Speaks

01:00 PM BST, Euro Zone - ECB's De Guindos Speaks

01:20 PM BST, Euro Zone - ECB's Schnabel Speaks

01:30 PM BST, United States - Inflation Data for May:

• PPI: forecast 0.2% MoM; previous -0.5% MoM;
• PPI: forecast 2.6% YoY; previous 2.4% YoY;
• Core PPI: forecast 0.3% MoM; previous -0.4% MoM;
• Core PPI: forecast 3.1% YoY; previous 3.1% YoY;

01:30 PM BST, United States - Employment Data:

• Jobless Claims 4-Week Avg.: previous 235.00K;
• Initial Jobless Claims: forecast 242K; previous 247K;
• Continuing Jobless Claims: previous 1,904K;

03:15 PM BST, Euro Zone - ECB's Elderson Speaks

05:00 PM BST, United States - WASDE Report

11:30 PM BST, New Zealand - PMI Data for May:

• Business NZ PMI: previous 53.9;