EUROPEAN SESSIONIn the European session, the main highlight is going to be the Eurozone Flash CPI report. The CPI Y/Y is expected at 3.0% vs 3.2% prior, while the Core Y/Y measure is seen at 2.5% vs 2.6% prior. We got a Reuters report yesterday citing sources saying that recent inflation developments have taken pressure off the ECB for a rate hike in July, although a case could be made if the June numbers were "nasty".Given that yesterday's inflation data from France, Germany and Italy showed further easing, we shouldn't see upside surprises today and an ECB rate hike in July looks now very unlikely.ECB policymakers acknowledged that the surprising selloff in oil prices will have a positive impact on inflation and refrained from giving a timeline for the next rate hike. All in all, their remarks pointed toward a pause in July and a rate hike in September if needed. We also get the final PMIs for the major Eurozone economies and the UK but the data is going to change anything for the respective central banks, so the market reaction will be muted.AMERICAN SESSIONIn the American session, we have the US ADP report, the US ISM Manufacturing PMI and Fed Chair Warsh speaking at the ECB Forum in Sintra. The US ADP is expected to show 120K jobs added in June vs 122K in May. Analysts say that some of the recent boost in hiring might have been caused by the 2026 FIFA World Cup. In any case, the US labour market has been improving considerably since 2025 and it's not a source of concern for the Fed anymore as the focus shifted to inflation.The US ISM Manufacturing PMI is expected at 53.9 vs 54.0 prior. The S&P Global US PMIs showed further improvement for the Manufacturing sector which rose to a 49-month high. The agency noted that "brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signalled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict." Moreover, "input cost inflation has shown sign of cooling in June thanks in part to the lower energy prices seen at the tail end of the survey data collection period”.Lastly, we have Fed Chair Warsh speaking at the ECB Forum in Sintra. I wouldn't expect anything different from the FOMC Press Conference, but worth to keep an eye on that anyway. CENTRAL BANK SPEAKERS07:45 GMT/03:45 ET - ECB's Vujcic (neutral - voter)08:45 GMT/04:45 ET - ECB's Cipollone (neutral - voter)10:15 GMT/06:15 ET - ECB's Lane (neutral - voter)13:00 GMT/09:00 ET - ECB President Lagarde (neutral - voter)13:00 GMT/09:00 ET - Fed Chair Warsh (neutral - voter)13:00 GMT/09:00 ET - BoE Governor Bailey (neutral - voter)13:00 GMT/09:00 ET - BoC Governor Macklem (neutral - voter) This article was written by Giuseppe Dellamotta at investinglive.com.