Economic calendar: Eurozone flash CPI and US ADP and ISM services data

• After a weak Asian session, indexes in Europe are likely to open lower
• Attention in Europe will focus on CPI inflation and unemployment (10 AM GMT)
• The US session will focus on ADP (1:15 PM GMT) and ISM Servcies (3 PM GMT)

Today's macro schedule is tight, although during the European session the only significant reading will likely be the preliminary March CPI reading from Europe, where the market expects further downward momentum. Today's comments from the ECB's Holzmann suggest that the decline may even accelerate. Next, the market's attention will turn to reports from the OPEC meeting (12 AM GMT), where the market does not expect any radical moves before June.

Next, we'll hear a report from the US private labor market, where the market expects an improvement in employment growth, and the PMI and ISM services indexes, although the latter will definitely be more important. The market expects a slightly better reading than forecasts. What's more, Fed Chairman Jerome Powell will speak again at 5:10 PM GMT, although it's hard to expect him to surprise the markets with a comment, since we haven't learned any key data from the US economy since his last speech on Friday. It seems that the Fed chief will emphasize the need for a further cautious approach to the economy, and perhaps highlight the threat on the side of possible further increases in the oil market. At 3:30 PM GMT, attention will shift to US crude inventories, which will be reported by the EIA.

Macro calendar

8 AM GMT - Turkey, CPI inflation. Expected: 69.1%. Previous: 67.7% (3.5% m/m vs. 4.5% previous)

9:30 AM GMT - China (Hong Kong), retail sales. Expected: 3.9% y/y vs. 0.9% previously

11 AM GMT - Eurozone, CPI inflation. Expected: 2.5% vs 2.6% previously (core CPI expected 3% y/y vs 3.1% previously)

• Unemployment rate, Expected: 6.4% vs 6.4% previously

1:15 PM GMT - US, ADP report. Expected: 150k vs. 140k previously

2:45 PM GMT - USA, S&P PMI services. Expected: 51.7 vs 51.7 previously

3 PM GMT - USA, ISM services. Expected: 52.8 vs 52.6 previously

• Prices paid index, expected: 52.6 vs 52.8 previously
• New orders index, expected: 55.5 vs 56.1 previously
• Employment index, expected: 49 vs 48 previously

3:30 PM GMT. - U.S. oil inventories according to EIA. Expected: -1 million barrels vs. 3.16 million previously

• Gasoline inventories: 0.1 million vs. 1.299 million
• Distillate inventories: -1 million vs -1.185 million

Central banker speeches

• 2 PM GMT - ECB, De Cos
• 2:45 PM GMT - Fed Bowman
• 5 PM GMT - Fed Goolsbee 
• 5:15 PM GMT - Fed Powell
• 6:10 PM GMT - Fed Barr
• 9:30 PM GMT - Fed Kugler