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| Time(GMT+0/UTC+0) | State | Importance | Event | Forecast | Previous |
| 00:00 |  | 2 points | Fed Waller Speaks | ———- | ———- |
| 08:00 |  | 2 points | HCOB Eurozone Manufacturing PMI (May) | 48.4 | 49.0 |
| 13:45 | | 3 points | S&P Global Manufacturing PMI (May) | 52.3 | 50.2 |
| 14:00 | | 2 points | Construction Spending (MoM) (Apr) | 0.4% | -0.5% |
| 14:00 | | 2 points | ISM Manufacturing Employment (May) | ———- | 46.5 |
| 14:00 | | 3 points | ISM Manufacturing PMI (May) | 49.3 | 48.7 |
| 14:00 | | 3 points | ISM Manufacturing Prices (May) | 70.2 | 69.8 |
| 16:30 | | 2 points | ECB President Lagarde Speaks | ———- | ———- |
| 17:00 | | 2 points | Atlanta Fed GDPNow (Q2) | 3.8% | 3.8% |
| 17:00 | | 3 points | Fed Chair Powell Speaks | ———- | ———- |
Summary of Upcoming Economic Events on June 2, 2025
Eurozone
1. HCOB Eurozone Manufacturing PMI (May) – 08:00 UTC
- Forecast: 48.4 | Previous: 49.0
- Market Impact:
- A further decline would indicate deepening contraction in industrial activity, potentially pressuring EUR and Eurozone equities.
- A surprise rebound could support EUR, especially ahead of ECB policy commentary.
2. ECB President Lagarde Speaks – 16:30 UTC
- Market Impact:
- Critical for forward guidance on inflation and rate trajectory.
- Hawkish tone may boost EUR and regional bond yields; dovish comments may relieve policy tightening fears.
United States
3. Fed Governor Waller Speaks – 00:00 UTC
- Market Impact:
- Hawkish/dovish tilt in comments could influence market expectations ahead of Powell’s remarks.
4. S&P Global Manufacturing PMI (May) – 13:45 UTC
- Forecast: 52.3 | Previous: 50.2
- Market Impact:
- Continued expansion in manufacturing would signal economic strength, likely supporting USD and equities.
5. Construction Spending (MoM) (Apr) – 14:00 UTC
- Forecast: +0.4% | Previous: -0.5%
- Market Impact:
- A recovery would support growth momentum, helping the construction and real estate sectors.
6. ISM Manufacturing PMI (May) – 14:00 UTC
- Forecast: 49.3 | Previous: 48.7
- Market Impact:
- Below-50 reading still implies contraction; however, a higher print may signal stabilization and lift market sentiment.
7. ISM Manufacturing Employment (May) – 14:00 UTC
- Previous: 46.5
- Market Impact:
- Important for labor market outlook. An improvement could dampen rate cut hopes.
8. ISM Manufacturing Prices (May) – 14:00 UTC
- Forecast: 70.2 | Previous: 69.8
- Market Impact:
- High prices index would intensify inflation concerns, potentially boosting Treasury yields and the USD.
9. Atlanta Fed GDPNow (Q2) – 17:00 UTC
- Forecast: 3.8% | Previous: 3.8%
- Market Impact:
- Confirms strong growth estimates. A jump may pressure equities on rate fears; a decline may support Fed easing hopes.
10. Fed Chair Powell Speaks – 17:00 UTC
- Market Impact:
- Most market-sensitive event of the day.
- A hawkish tone could push USD and yields higher; dovish guidance would likely boost risk assets and pressure the dollar.
Market Impact Analysis
- U.S. manufacturing data and Fed Chair Powell’s speech will drive global market sentiment.
- Inflation risks are in focus via ISM Prices and PMI data.
- The Eurozone PMI and Lagarde’s remarks may shape EUR and ECB expectations, particularly if manufacturing further deteriorates.
- Powell and Waller’s remarks will help refine June-July Fed policy path, especially if paired with strong ISM and GDPNow figures.
Overall Impact Score: 9/10
Key Focus:
A high-volatility day driven by Fed commentary (Waller, Powell), ISM Manufacturing Index, and inflation signals from price indices. Expect large moves in USD, bond yields, equities, and Eurozone assets depending on tone and data surprises.
