Economic calendar: Markets brace for ECB decision (05.06.2025)

In addition to macroeconomic data, today will be rich in monetary policy events, which could lead to increased volatility in the FX market. Before the NFP release, we will get the European Central Bank's interest rate decision for the Eurozone, followed half an hour later by a press conference from ECB President Christine Lagarde. In the evening, we’ll also hear from members of the Fed, FOMC, Bank of Canada, and Bundesbank.

Economic calendar for today:

09:30 GMT, United Kingdom - May PMI report:

• Construction PMI: forecast 47.4; previous 46.6;

09:30 GMT, United Kingdom - Speech by BoE’s Breeden

12:15 GMT, Eurozone - Interest rate decision for June:

• Forecast: 2.15%; previous: 2.40%;

12:15 GMT, Eurozone - Deposit facility rate for June:

• Forecast: 2.00%; previous: 2.25%;

12:15 GMT, Eurozone - ECB marginal lending facility:

• Previous: 2.65%;

12:30 GMT, United States - Jobless claims:

• Initial claims: forecast 236K; previous 240K;

• 4-week average: previous 230.75K;

• Continuing claims: forecast 1.910M; previous 1.919M;

12:30 GMT, Canada - April trade balance:

• Trade balance: forecast -1.40B; previous -0.51B;

• Imports: previous 70.40B;

• Exports: previous 69.90B;

12:30 GMT, United States - April trade balance:

• Trade balance: forecast -67.60B; previous -140.50B;

• Exports: previous 278.50B;

• Imports: previous 419.00B;

12:30 GMT, United States - Non-farm productivity (q/q) (Q1):

• Forecast: -0.8%; previous: -1.7%;

12:45 GMT, Eurozone - ECB press conference

13:00 GMT, Poland - NBP press conference

14:00 GMT, Canada - May PMI report:

• Ivey PMI, n.s.a.: previous 52.3;

• Ivey PMI: forecast 48.3; previous 47.9;

14:15 GMT, Eurozone - Speech by ECB President Lagarde

15:00 GMT, Germany - Speech by Bundesbank's Mauderer

16:20 GMT, Canada - Speech by BoC Deputy Governor Kozicki

17:00 GMT, United States - GDP data:

• Atlanta Fed GDPNow model (Q2): forecast 4.6%; previous 4.6%;

17:30 GMT, United States - Speech by Federal Reserve President Schmid

17:30 GMT, United States - Speech by FOMC member Harker

20:30 GMT, United States - Federal Reserve balance sheet:

• Previous: 6.673B;

20:30 GMT, United States - Reserve balances with Federal Reserve Banks:

• Previous: 3.294T;