In the European session, we will get the Swiss CPI and the final Services PMIs. In the American session, we have the US Challenger Job Cuts, the US Jobless Claims, the Canadian Services PMI and the US ISM Services PMI. The data in unlikely to matter much as the focus is on Trump’s tariffs announcement and the potential impact on the global economy. Watch out also for potential retaliation news in the next days.

06:30 GMT – Switzerland March CPI

The Switzerland CPI Y/Y is expected at 0.5% vs. 0.3% prior, while the M/M figure is seen at 0.1% vs. 0.6% prior. As a reminder, the SNB cut interest rates by 25 bps at the last meeting revising inflation expectations downward for this year but bumping up those for 2026. The market thinks the central bank is done with its easing cycle with just 8 bps of easing priced in by year-end.

12:30 GMT/08:30 ET – US Jobless Claims

The US Jobless Claims continue to be one of the most important releases to follow every week as it’s a timelier indicator on the state of the labour market.

Initial Claims remain inside the 200K-260K range created since 2022, while Continuing Claims continue to hover around cycle highs.

This week Initial Claims are expected at 225K vs. 224K prior, while Continuing Claims are seen at 1870K vs. 1856K prior.

14:00 GMT/10:00 ET – US March ISM Services PMI

The US ISM Services PMI is expected at 53.0 vs. 53.5 prior. The S&P Global survey saw the Services sector rebounding strongly in March to 54.3 vs. 50.8 prior. The agency noted though that “some of the March upturn was reportedly due to business picking up after adverse weather conditions had dampened activity across many states in January and February, which could prove a temporary bounce.” The focus will likely be on the employment and price components.

Central bank speakers:

• 07:20 GMT – ECB’s de Guindos (neutral – voter)
• 10:00 GMT/06:00 ET – ECB’s Schnabel (hawk – voter)
• 16:30 GMT/12:30 ET – Fed’s Jefferson (neutral – voter)
• 18:30 GMT/14:30 ET – Fed’s Cook (dove – voter)

This article was written by Giuseppe Dellamotta at www.forexlive.com.