EUROPEAN SESSIONIn the European session, we don't have much on the agenda other than a couple of low tier releases like the French consumer confidence report or the final Spanish Q1 GDP. The data won't change anything for the ECB, so the market reaction will likely be muted. AMERICAN SESSIONIn the American session, we get the US Jobless Claims data and the US PCE report. Initial Claims are expected at 225K vs 226K prior, while Continuing Claims are seen at 1801K vs 1810K prior. Note that jobless claims tend to increase in the first part of the summer due to seasonal factors, so if we see higher readings in the next few weeks you should be careful to take it as a signal of job market getting weaker. The US PCE Y/Y is expected at 4.1% vs 3.8% prior, while the Core Y/Y measure is seen at 3.4% vs 3.3% prior. The PCE is very rarely a big market moving release because it's mostly "old news" as it can be accurately forecasted using inputs from the CPI and PPI reports. The US CPI on July 14 will be much more important for the markets.We have also Fed's Williams speaking late today. Although he might not touch on monetary policy, it's worth to keep an eye on him as he's part of the troika (the most influential voices in the FOMC comprised of Fed Chair, Vice Chair and NY Fed President). He was responsible for the strong rally in risk assets in late November 2025 after he endorsed another rate cut to be delivered in December. Since Warsh is the noise and the board is the signal, focus on the voters and especially those that still hold a neutral/dovish stance. CENTRAL BANK SPEAKERS09:00 GMT/05:00 ET - ECB's Moulin (neutral - voter)10:00 GMT/06:00 ET - ECB's Lane (neutral - voter)12:00 GMT/08:00 ET - ECB's Cipollone (neutral - voter)19:40 GMT/15:40 ET - Fed's Williams (neutral - voter) This article was written by Giuseppe Dellamotta at investinglive.com.