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. AMERICAN SESSION In the American session, we get the US ADP report and the US ISM Services PMI. The ADP is expected at 120K vs 109K in the prior month. The US jobs data has been pointing to a stable/strengthening labour market for months which led the Fed to shift its focus from employment mandate to the inflation one. The ISM Services PMI is expected at 53.8 vs 53.6 in the prior month. The S&P Global noted that the flash PMI data for May recorded only modest growth of business activity as demand was again squeezed by a further spike in prices and jobs were cut as firms worried over rising costs and the economic outlook. Moreover, the agency found that input costs jumped in May at the steepest rate since late-2022 on the back of rising war-related supply constraints and steep energy cost increases. Costs were not only cited as causing lower sales but also contributed to steepening job losses and a further rise in selling price inflation to its highest since August 2022. CENTRAL BANK SPEAKERS 07:20 GMT/03:20 ET - ECB's Dolenc (hawkish - voter) 08:30 GMT/04:30 ET - BoJ Governor Ueda (neutral - voter) 09:10 GMT/05:10 ET - SNB Chairman Schlegel (neutral - voter) 09:50 GMT/05:50 ET - ECB's Elderson (neutral - voter) 13:00 GMT/09:00 ET - Fed's Barr (neutral - voter) 13:30 GMT/09:30 ET - ECB's Cipollone (neutral - voter) 20:00 GMT/16:00 ET - Fed's Logan (hawkish - voter) This article was written by Giuseppe Dellamotta at investinglive.com.

• 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 S&P Global noted that the flash PMI data for May recorded only modest growth of business activity as demand was again squeezed by a further spike in prices and jobs were cut as firms worried over rising costs and the economic outlook.
• Moreover, the agency found that input costs jumped in May at the steepest rate since late-2022 on the back of rising war-related supply constraints and steep energy cost increases.
• Costs were not only cited as causing lower sales but also contributed to steepening job losses and a further rise in selling price inflation to its highest since August 2022.