Economic calendar: ADP report and FOMC meeting Minutes in the spotlight 📃

Today's economic calendar includes several significant publications that could impact global financial markets. Investors will receive final PMI data for the services sector from the world's major economies and the ADP employment report from the USA. Following this, the ISM non-manufacturing report and the durable goods orders report for May are published. And at the end of the day, the minutes of the latest FOMC meeting is released, which will shed a light on the potential Fed's monetary policy perspective.

However, the key event of the day will be the release of the ADP employment report. Expectations indicate an increase of 159k employed in June, which is a similar result compared to the previous month. Investors and economists will look for clues in the report regarding potential further normalization of the labor market. At yesterday's conference in Portugal, Jerome Powell stated that the current labor market is still competitive, and an unemployment rate of 4% is still low. Today's employment report will be the first in a series of reports, culminating with the release of the NFP along with unemployment and wage data on Friday.

Detailed calendar of the day:

08:15 AM BST, Spain - PMI Data for Jun:

• HCOB Spain Services PMI: forecast 56.5; previous 56.9;

08:30 AM BST, Switzerland - PMI Data:

• procure.ch PMI: forecast 44.9; previous 46.4;

08:45 AM BST, Italy - PMI Data for Jun:

• HCOB Italy Services PMI: forecast 53.9; previous 54.2;

08:50 AM BST, France - PMI Data for Jun:

• HCOB France Services PMI: forecast 48.8; previous 49.3;

08:55 AM BST, Germany - PMI Data for Jun:

• HCOB Germany Services PMI: forecast 53.5; previous 54.2;

09:00 AM BST, Euro Zone - PMI Data for Jun:

• HCOB Eurozone Services PMI: forecast 52.6; previous 53.2;

09:30 AM BST, United Kingdom - PMI Data for Jun:

• S&P Global/CIPS UK Services PMI: forecast 51.2; previous 52.9;

10:00 AM BST, Euro Zone - Inflation Data for May:

• PPI: forecast -4.1% YoY; previous -5.7% YoY;
• PPI: forecast -0.1% MoM; previous -1.0% MoM;

12:00 PM BST, United States - FOMC Member Williams Speaks

12:30 PM BST, United States - Challenger Job Cuts for Jun:

• previous 63.816K;

12:30 PM BST, United States - Challenger Job Cuts:

• previous -20.3% YoY;

01:15 PM BST, United States - Employment Data for Jun:

• ADP Nonfarm Employment Change: forecast 163K; previous 152K;

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

• Jobless Claims 4-Week Avg.: previous 236.00K;
• Initial Jobless Claims: forecast 234K; previous 233K;
• Continuing Jobless Claims: forecast 1,840K; previous 1,839K;

02:45 PM BST, United States - PMI Data for Jun:

• S&P Global Services PMI: forecast 55.1; previous 54.8;

• S&P Global Composite PMI: forecast 54.6; previous 54.5;

03:00 PM BST, United States - Durable Goods for May:

• Factory orders ex transportation: forecast 0.3% MoM; previous 0.7% MoM;

03:00 PM BST, United States - ISM Data for Jun:

• ISM Non-Manufacturing Prices: previous 58.1;
• ISM Non-Manufacturing Business Activity: previous 61.2;
• ISM Non-Manufacturing Employment: previous 47.1;
• ISM Non-Manufacturing New Orders: previous 54.1;
• ISM Non-Manufacturing PMI: forecast 52.6; previous 53.8;

03:00 PM BST, United States - Durable Goods for May:

• Durables Excluding Transport: previous -0.1% MoM;
• Durables Excluding Defense: previous -0.2% MoM;
• Factory Orders: forecast 0.2% MoM; previous 0.7% MoM;

03:15 PM BST, Euro Zone - ECB President Lagarde Speaks

03:30 PM BST, United States - EIA Data:

• EIA Weekly Distillates Stocks: forecast -1.100M; previous -0.377M;
• Gasoline Inventories: forecast -1.500M; previous 2.654M;
• Crude Oil Inventories: forecast -0.400M; previous 3.591M;

07:00 PM BST, United States - FOMC Meeting Minutes