Economic calendar: FOMC minutes and Nvidia report after market close 📃

The key event for today is the release of the minutes from the Fed's last meeting in May. Apart from this event, investors should also pay attention to existing home sales data and EIA crude oil inventory data.

Today's Fed minutes might be interesting given the relatively hawkish recent comments from FOMC members. Bankers have highlighted disappointing CPI data throughout Q1 2024 and have cast doubt on rate cuts in the coming months or even throughout 2024. The minutes should reveal whether the actual stance of participants has become more hawkish, shifting expectations for the first rate cut.

Another key event will be Nvidia's quarterly report. 'Just' beating earnings forecasts might not be enough for the market, which has been setting higher expectations for the company. The question is whether CEO Jensen Huang and Nvidia will significantly surpass forecasts again and if the guidance for the upcoming quarters will be revised upward accordingly. Investors will find out the answer after the cash session closes on Wall Street.

Detailed schedule for the day:

09:05 AM BST, Euro Zone - ECB President Lagarde Speaks

03:00 PM BST, United States - Existing Home Sales for April:

• previous -4.3% MoM;
• forecast 4.21M; previous 4.19M;

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

• Gasoline Inventories: forecast -1.600M; previous -0.235M;
• EIA Weekly Distillates Stocks: forecast -0.100M; previous -0.045M;
• Crude Oil Inventories: forecast -2.400M; previous -2.508M;

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

09:10 PM BST, New Zealand - RBNZ Gov Orr Speaks

11:45 PM BST, New Zealand - Retail Sales Data:

• Retail Sales Quarterly Vs. Year Ago (Q1): previous -4.1%;
• Core Retail Sales: forecast 0.0% QoQ; previous -1.7% QoQ;
• Retail Sales (Q1): forecast -0.3% QoQ; previous -1.9% QoQ;

01:30 AM BST, Japan - PMI Data for May:

• au Jibun Bank Japan Manufacturing PMI: forecast 49.7; previous 49.6;
• au Jibun Bank Japan Services PMI: previous 54.3;