EUROPEAN SESSIONIn the European session, the only highlight is the Swiss CPI which is expected to rise to 0.5% vs 0.1% in the prior month. It goes without saying that the data isn't going to change anything for the SNB which remains in a hard neutral mode. The market is still pricing in 70% chance of a rate hike by year-end, which is not going to happen anyway.AMERICAN SESSIONIn the American session, the main highlight will be the US Jobless Claims data. Initial Claims are expected at 212K vs 210K prior, while Continuing Claims are seen at 1839K vs 1819K prior. The data till now has been pointing towards a stabilising/improving labour market. The ADP yesterday also surprised to the upside.At the moment, the market focus is of course on the US-Iran war as that is shaping the global macroeconomic conditions. As long as we remain in this situation, good data might not have much impact because it's expected to weaken in the coming months, while bad data might exacerbate growth fears, especially labour market data. CENTRAL BANK SPEAKERS15:30 GMT/11:30 ET - ECB's Villeroy (neutral - voter) This article was written by Giuseppe Dellamotta at investinglive.com.