Economic calendar: CPI inflation from euro area, US core PCE

• European indices set to open higher
• CPI inflation data from France and euro area
• Core PCE data for May scheduled release at 1:30 pm BST

Futures markets point to a higher opening of the European cash session today. German DAX futures (DE30) are trading in the 16,100 pts area ahead of the opening. AUD and NZD are the best performing major currencies while CAD and USD are top laggards. Commodities and cryptocurrencies benefit from USD weakness.

Economic calendar for today includes inflation data released from Europe and the United States. Traders will be offered French CPI reading this morning at 7:45 am BST followed by CPI reading for the whole euro area at 10:00 am BST. US data pack for May, including core PCE inflation as well as personal income and spending data, will be released in the early afternoon at 1:30 pm BST. USDCAD may become more volatile around that hour as Canadian monthly GDP reading for April will be released simultaneously.

7:45 am BST - France, CPI inflation for June. Expected: 4.6% YoY. Previous: 5.1% YoY

8:55 am BST - Germany, unemployment rate for June. Expected: 5.6%. Previous: 5.6%

9:00 am BST - Italy, unemployment rate for June. Expected: 7.9%. Previous: 7.8%

9:00 am BST - Poland, CPI inflation for June. Expected: 11.7% YoY. Previous: 13.0% YoY

10:00 am BST - Euro area, CPI inflation for June

• Headline. Expected: 5.6% YoY. Previous: 6.1% YoY
• Core. Expected: 5.5% YoY. Previous: 5.3% YoY

1:30 pm BST - US, data pack for May

• Personal income. Expected: 0.3% MoM. Previous: 0.4% MoM
• Personal spending. Expected: 0.2% MoM. Previous: 0.8% MoM
• Core PCE. Expected: 4.7% YoY. Previous: 4.7% YoY

1:30 pm BST - Canada, GDP report for April. Expected: 0.2% MoM. Previous: 0.0% MoM

2:45 pm BST - US, Chicago PMI index for June. Expected: 44.0. Previous: 40.4

3:00 pm BST - University of Michigan index for June (final). First release: 63.9