Economic calendar: US ADP, JOLTS, ISM and Powell's speech in the market spotlight

• European exchanges remain closed due to holidays
• Markets await macro data from the US (ADP report, JOLTS, ISM manufacturing)
• Fed decision and Powell's speech the main event on Wall Street

Today, financial markets around the world will turn their attention primarily to the US, where a number of important publications will be announced ahead of the highly anticipated Fed decision and Jerome Powell's conference. In the early afternoon, attention will be drawn to the ADP report indicating the change in employment among private, US businesses. It is unclear how the market will react to the report, although as long as there is a risk of elevated and persistent inflation, it has clearly 'stopped' from liking weaker-than-forecast 'stagflationary' data recently. At 2:45 PM GMT, S&P PMI manufacturing data will be published, but attention will focus mainly on the more important ISM manufacturing data, published 15 minutes later.

At 3 PM GMT we will also learn JOLTS data, which will show the number of new job openings in the U.S. and the broader dynamics of layoffs and employment. The Fed will almost certainly keep rates unchanged, and it seems that Powell will signal a willingness to keep interest rates high until policymakers are fully confident of a downward trend in inflation. On the other hand, the hawkish message may be tempered by somewhat weaker recent releases from the US. Yesterday, consumer sentiment according to the Conference Board surprised negatively, while the previous week's GDP figure was weak.

Economic calendar

9:30 AM GMT UK - Manufacturing PMI (final reading). Previously: 48,7

1:15 PM GMT - USA, ADP report. Expectations: 180 thousand Previously: 184 thousand.

2:45 PM GMT, USA - S&P PMI manufacturing. Expectations: 49.9 Previously: 49,9

3 PM GMT, USA - ISM manufacturing. Expectations: 50 Previously: 50.3

3 PM GMT, USA JOLTS - Expectations: 8.69 million Previously: 8.75 million 

3:30 PM GMT, US construction spending: Expectations: 0.3% vs -0.3% Previously

3:30 PM GMT US - Change in oil inventories (EIA)

• Crude oil inventories. Expectations: -2.5 million vs -6.36 million previously
• Gasoline inventories. Expectations: -1.02 million vs -0.634 million previously
• Distillate inventories. Expectations: 1 million vs 1.6 previously

US - FOMC Decision. Expectations: 5.5% vs 5.5% previously

US - Fed chair, Powell conference

Quarterly results of companies: Pfizer (PFE.US), Mastercard (MA.US) - before the session on Wall Street