Economic calendar: Trump’s Bill and Eurozone PPI in Focus as Wall Street Takes a Break (04.07.2025)

Volatility and liquidity in the markets are expected to be limited today due to the absence of trading on Wall Street (Independance Day). Nevertheless, the United States remains in focus — with the scheduled signing of the “Big Beautiful Bill” by President Trump and any comments regarding the end of trade negotiations likely to be the main drivers of movement in the forex and commodity markets.

Despite an almost empty global calendar, there are still key publications for European markets. Following today’s German and French industrial data, we will also get a series of ECB member speeches (including President Lagarde), a producer inflation report, and PMI data for the construction sector in the Eurozone.

Today's Economic Calendar:

• 07:00 BST – Germany: Factory Orders for May

  • Actual: -1.4% MoM

  • Forecast: -0.2% MoM

  • Previous: 1.6% MoM

• 07:45 BST – France: Industrial Production for May

  • Actual: -0.9% MoM

  • Forecast: 0.3% MoM

  • Previous: -1.4% MoM

• 08:00 BST – Switzerland: Unemployment Rate for June

  • Forecast: 2.9%

  • Previous: 2.9%

• 08:30 BST – Eurozone: Speech by ECB President Lagarde

• 08:30 BST – Eurozone: S&P Global Construction PMI for June PMI

  • Previous: 45.6

• 09:00 BST – Eurozone: Speech by ECB’s Elderson

• 10:00 BST – Eurozone: Producer Price Index (PPI) for May

  • YoY: Forecast: 0.3%, Previous: 0.7%

  • MoM: Forecast: -0.5%, Previous: -2.2%

• 09:30 BST – United Kingdom: June Construction PMI

  • Forecast: 48.6

  • Previous: 47.9

• 19:00 BST – Eurozone: Speech by ECB President Lagarde