Today's Economic Calendar

  • ADP expected to show 150k decrease in US employment

  • Manufacturing ISM forecast to drop to 45 pts

  • Revised PMI data from Europe

Risk-off tones can be spotted in early European trading. DAX futures point to over 3% bearish price gap at session launch. A lot of PMI indices will be released today but most of them will be revisions. US ADP report and ISM manufacturing are key readings scheduled for today. DoE report on oil may be overlooked due to an ongoing Saudi-Russia price war.

8:55 am GMT - Germany, manufacturing PMI for March (final). Preliminary reading:  45.7 pts

9:00 am  GMT - Euro area, manufacturing PMI for March (final). Preliminary reading: 44.8 pts

9:30 am  GMT - UK, manufacturing PMI for March (final). Preliminary reading: 47 pts

1:15 pm GMT - US, ADP employment change for March. ADP estimates will serve as a final check ahead of the NFP report release scheduled for Friday, 1:30 pm GMT. However, traders should keep in mind that both ADP and NFP reports are based primarily on data from the first half of the month. Having said that, reports may not capture the full impact of the coronavirus outbreak. Market consensus expects readings of -150k.

2:45 pm GMT - US, manufacturing PMI for March (final). Preliminary reading: 49.2 pts

3:00 pm GMT - US, ISM manufacturing for March. So far, the US data has been quite resilient to coronavirus-related disruptions. ISM data is closely watched when it comes to moods in the US economy and poor reading could encourage risk aversion. However, it should be noted that US manufacturing PMI barely dropped in March. Market expects a drop from 50.1 to 45 pts.

3:30 pm GMT - DOE report on stockpiles.

  • Crude Oil. Expected: +4.3 mb

  • Distillates. Expected: 0.8 mb

  • Gasoline. Expected: 2.0 mb

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