Economic calendar: FOMC minutes, Biden's speech

  • European markets seen opening flat or slightly higher

  • FOMC minutes to be released in the evening

  • Biden will speak on infrastructure deal

Futures markets point to a flat or slightly higher opening of today's cash session for most European indices. Moods during the Asian session were mixed and the situation on the FX market has been somewhat muted. 

It looks like investors are waiting for the FOMC minutes release scheduled for today's evening. Markets would want to see whether there was at least some discussion about faster policy tightening amid improving economic outlook. A point to note is that just 15 minutes ahead of the release, Biden will deliver a speech on his infrastructure deal therefore traders should be aware of a possible pick-up in volatility around 6:45 pm BST.

Apart from that, investors will be served a range of revised services PMIs from Europe as well as the DOE report on oil inventories.

8:15 am BST - Spain, services PMI for March. Expected: 46.8. Previous: 43.1

8:45 am BST - Italy, services PMI for March. Expected: 49.1. Previous: 48.8

8:50 am BST- France, services PMI for March (final). First release: 47.8

8:55 am BST - Germany, services PMI for March (final). First release: 50.8

9:00 am BST - Euro area, services PMI for March (final). First release: 48.8

9:30 am BST - UK, services PMI for March (final). First release: 56.8

1:30 pm BST - US, trade balance for February. Expected: -$70.5 billion. Previous: -$68.2 billion

3:30 pm BST - DOE report on oil inventories

  • Oil inventories. Expected: -1.3 mb

  • Gasoline inventories. Expected: +0.1 mb

  • Distillate inventories. Expected: +0.5 mb

6:45 pm BST - Biden speaks on infrastructure deal

7:00 pm BST - FOMC minutes

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