Retail sales from the euro area and construction purchasing managers' survey results from Germany are the top economic news due on Thursday. At 2.30 am ET, consumer price data is due from Switzerland. Inflation is forecast to accelerate to 0.8 percent in May from 0.6 percent in April.

A report released by the Commerce Department on Wednesday showed a substantial increase in new orders for U.S. manufactured goods in the month of April.

The Institute for Supply Management released a report on Wednesday showing its reading on U.S. service sector activity increased by more than expected in the month of May. The ISM said its services PMI rose to 54.5 in May from 53.6 in April, with a reading above 50 indicating growth. Economists had expected the index to tick up to 53.7.

A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. jumped by slightly more than expected in the month of May. ADP said private employment shot up by 122,000 jobs in May after increasing by a downwardly revised 105,000 jobs in April.

The Japanese yen strengthened against other major currencies in the European session on Wednesday, after Japanese Prime Minister Sanae Takaichi issued a warning that the government might intervene in the foreign exchange market at any time.

The euro area private sector logged back-to-back contractions in May, marking its biggest fall in 18 months, final survey data from S&P Global showed Wednesday.
The final composite output index dropped to 48.5 in May from 48.8 in April. A score below the threshold 50.0 indicates contraction. However, the score was above the flash estimate of 47.5.

The Swiss franc weakened against other major currencies in the Asian session on Wednesday, after Swiss National Bank (SNB) President Schlegel reiterated bank's readiness to intervene while preserving price stability.

China's service sector grew at a faster pace in May as total activity and new business expanded at the fastest rates in three months, survey data from S&P Global showed Wednesday. The RatingDog services Purchasing Managers' Index rose to 54.4 in May from 52.6 in the previous month.

Australia's economic growth eased in the first quarter as consumers reduced spending amid rising interest rates, and cyclones weighed on mining and exports, the Australian Bureau of Statistics said Wednesday. Gross domestic product grew 0.3 percent on a quarterly basis, much weaker than the 0.9 percent expansion seen in the fourth quarter and economists' forecast of 0.5 percent.

The Japanese yen weakened against other major currencies in the European session on Tuesday, as investors speculate that the Japanese Finance Minister Satsuki Katayama may intervene once more to support the home currency.

UK mortgage approvals rose to a 15-month high in April despite higher borrowing costs, data from the Bank of England showed Tuesday. Mortgage approvals unexpectedly increased to 65,945 in April from 63,979 in the previous month. This was the highest since January 2025 and was above forecast of 62,000.

The Canadian dollar weakened against other major currencies in the European session on Tuesday, as oil prices fell after having jumped more than 4 percent in the previous session amid ongoing uncertainty over talks between the United States and Iran to end their war and reopen the Strait of Hormuz.

Euro area inflation accelerated to the highest since 2023 in May as the Middle East conflict continue to push energy prices higher and the rising price pressures strengthened the chances of an interest rate hike from the European Central Bank next week. Inflation rose to 3.2 percent in May from 3.0 percent in April, flash data from Eurostat showed Tuesday.

Flash inflation from the euro area and mortgage approvals from the UK are the top economic news due on Tuesday. At 3.00 am ET, Spain's labor agency is scheduled to publish unemployment data for May. Unemployment is forecast to decline 56,800 compared to a drop of 62,700 in April.

A report released by the Commerce Department on Monday showed construction spending in the U.S. increased from a downwardly revised level in the month of April. The Commerce Department said construction spending climbed by 0.4 percent to an annual rate of $2.172 trillion in April after rising by 0.2 percent to a revised rate of $2.164 trillion in March.

Manufacturing activity in the U.S. expanded for the fifth consecutive month in May, according to a report released by the Institute for Supply Management on Monday. The ISM said its manufacturing PMI rose to 54.0 in May from 52.7 in April, with a reading above 50 indicating growth. Economists had expected the index to inch up to 53.1.

The Swiss economy expanded less than estimated in the first quarter on subdued domestic demand, data from the State Secretariat for Economic Affairs, or SECO, showed Monday.
Gross domestic product grew 0.4 percent in the first quarter, which was revised down from the initial estimate of 0.5 percent.

The U.S. dollar declined against major currencies during the week ended May 29 amidst reports of a tentative deal between the U.S. and Iran that lifted global risk sentiment.

The upturn in the euro area manufacturing sector lost momentum in May amid rising prices and supply disruptions due to the war in the Middle East, final survey results from S&P Global showed Monday. The manufacturing Purchasing Managers' Index fell to 51.6 in May from a near four-year high of 52.2 in the prior month. The flash score was 51.4.

UK house prices declined for the first time this year amid high uncertainty over the developments in the Middle East and its impact on inflation and market interest rates, data from Nationwide Building Society showed Monday. House prices dropped 0.6 percent month-on-month in May, in contrast to the 0.4 percent rise in the prior month. This was the first monthly drop so far this year.

The U.S. dollar strengthened against other major currencies in the Asian session on Monday, as traders remain optimistic about a permanent end to the Middle East war despite some pricking points on discussions to reach a potential deal to end the war and the opening of the Strait of Hormuz.

China's manufacturing sector growth softened in May, while inflationary pressures showed signs of easing, survey data from S&P Global revealed Monday. The headline RatingDog manufacturing Purchasing Managers' Index fell to 51.8 from 52.2 seen in April. The indicator has remained above the 50.0 no-change mark for the sixth straight month in May.

Germany's inflation slowed in May but core price pressures accelerated on higher service costs, and unemployment declined unexpectedly in April after a notable increase, official data showed Friday. Reflecting the slowdown in energy price growth, consumer price inflation weakened to 2.6 percent in May, preliminary estimate from Destatis revealed. Inflation rate was forecast to stay steady at 2.9

A report released by MNI Indicators on Friday showed its reading on Chicago-area business activity soared to its highest level in over four years in the month of May. MNI Indicators said its Chicago business barometer spiked to 62.7 in May from 49.2 in April, with a reading above 50 indicating growth. Economists had expected the index to rise to 51.2.

The French economy contracted unexpectedly in the first quarter due to the fall in exports and investment and consumer price inflation accelerated to the highest level in more than two years in May driven by the increase in energy prices, official data showed Friday. Gross domestic product shrank 0.1 percent in the first quarter from the preceding period.