Today is a key day for financial markets. Firstly, the US has announced reciprocal tariffs on most economies, although with the exception of Canada, the tariffs will not take effect for seven days. In addition, as it is the first day of the month, we will see a number of macroeconomic releases, including crucial data from the US labour market. Earlier, Europe will provide a series of PMI readings and preliminary CPI inflation figures from the Eurozone.
Macro Calendar (BST):
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08:00 AM Poland - Manufacturing PMI for July (forecast: 45.8; previous: 44.8)
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08:15 AM Spain - Manufacturing PMI for July (forecast: 51.5; previous: 51.4)
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08:50 AM France - Manufacturing PMI for July (forecast: 48.4; previous: 48.1)
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08:55 AM Germany - Manufacturing PMI for July (forecast: 49.2; previous: 49)
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09:00 AM Eurozone - Manufacturing PMI for July (forecast: 49.8; previous: 49.5)
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10:30 AM UK - Manufacturing PMI for July (forecast: 48.2; previous: 47.7)
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10:00 AM Eurozone - Preliminary CPI inflation for July (forecast: 1.9% y/y; previous: 2.0% y/y)
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10:00 AM Eurozone - Preliminary Core CPI inflation for July (forecast: 2.2% y/y; previous: 2.3% y/y)
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01:30 PM USA - NFP employment change for July (forecast: 110k; previous: 147k)
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01:30 PM USA - Unemployment Rate (forecast: 4.2%; previous: 4.1%)
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01:30 PM USA - Wages (forecast: 3.8% y/y and 0.3% m/m; previous: 3.7% y/y and 0.2% m/m)
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03:00 PM USA - ISM Manufacturing Index for July (forecast: 49.5; previous: 52.9)
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03:00 PM USA - Consumer Confidence Index (forecast: 61.9; previous: 60.7)
Earnings calendar:
- Exxon Mobile (before session)
- Chevron (before session)
Economic Calendar: U.S. PPI inflation takes center stage. What will today's session bring❓
Daily Summary: Oil Rebounds, EURUSD Falls Sharply 🗽 Wall Street Stabilizes After Nvidia Sell-Off
Chart of the Day: Yen resumes decline as intervention risks escalate (12.11.2026)
Economic Calendar: UK GDP, Series of Fed Speeches, and Inflation Pressure in Japan