What are the main events for today?
EUROPEAN SESSION
In the European session, we don’t have much on the agenda other than the final services PMIs for the major Eurozone economies and the UK. The data is not going to change anything for the respective central banks, so the market reaction will likely be muted.
The markets are currently being driven by expectations of an imminent US-Iran deal and the reopening of the Strait of Hormuz. This is setting trends into the US CPI, which is going to be the next major event.
AMERICAN SESSION
In the American session, we get the US ADP and the US ISM Services PMI. The ADP is expected to show 65K jobs added in July vs 98K in the prior month. The data is not going to change much given the stable labour market conditions and the Fed’s focus on inflation.
The US ISM Services PMI is expected at 54.5 vs 54.0 prior. The Flash S&P Global US Services PMI recently rose to the highest level since November 2025, although the agency noted that it might have been boosted by the 2026 FIFA World Cup, and conditions could deteriorate going forward due to the Middle East war. The good news is that the war seems to be ending (again), so that removes a risk for growth and should support economic activity further.
CENTRAL BANK SPEAKERS
- 20:05 GMT/16:05 ET – Fed’s Cook (neutral – voter)
This article was written by Giuseppe Dellamotta at investinglive.com.