Economic calendar: ECB interest rate decision ahead 📣

Today's macro calendar is also filled with important publications. The key event of the day is the ECB's interest rate decision. The market consensus points to a 25 basis points cut to 4.25%, following the Bank of Canada, which also cut interest rates yesterday.

The ECB's interest rate cut is almost fully priced in. Therefore, market attention may shift to the press conference following the decision. It will be important to pay attention to any hints regarding potential further interest rate cuts for the remainder of the year.

Detailed schedule of the day:

07:00 AM BST, Germany - Durable Goods for April:

• German Factory Orders: forecast 0.6% MoM; previous -0.4% MoM;

01:15 PM BST, Euro Zone - ECB Monetary Policy Statement

01:15 PM BST, Euro Zone - ECB Interest Rate Decision for Jun:

• forecast 4.25%; previous 4.50%;

01:30 PM BST, Canada - Balance of Tade Data for April:

• Exports: previous 62.56B;
• Imports: previous 64.84B;
• Trade Balance: forecast -1.20B; previous -2.28B;

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

• Nonfarm Productivity (Q1): forecast 0.3% QoQ; previous 3.2% QoQ;
• Jobless Claims 4-Week Avg.: previous 222.50K;
• Initial Jobless Claims: forecast 220K; previous 219K;
• Continuing Jobless Claims: forecast 1,790K; previous 1,791K;

01:30 PM BST, United States - Balance of Tade Data:

• Imports: previous 327.00B;
• Exports: previous 257.60B;
• Trade Balance: forecast -76.20B; previous -69.40B;

01:45 PM BST, Euro Zone - ECB Press Conference

03:00 PM BST, Canada - PMI Data for May:

• Ivey PMI: forecast 65.2; previous 63.0;
• Ivey PMI n.s.a: previous 65.7;

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

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

• Natural Gas Storage: forecast 89B; previous 84B;

03:30 PM BST, United States - GDP data:

• Atlanta Fed GDPNow (Q2): forecast 1.8%; previous 1.8%;