The Week Ahead: US services PMI, Fed minutes, Delta earnings

Published: Friday, 3 July 2026 at 12.30pm (UK)

In a relatively quiet week for markets, the key events to watch are the US ISM services index on Monday, followed by the Federal Reserve minutes on Wednesday, and then Delta’s earnings results on Friday. The corporate calendar becomes much busier soon however, as US second-quarter earnings season gains momentum. Activity is set to pick up further with the release of June inflation reports and central bank meetings later in the month.

US June ISM services PMI

Monday 6 July Analysts expect the ISM services report to show that growth in the services sector eased slightly in June, with the index forecast to fall to 54.1 from 54.5 in May. Market participants will also be watching the prices paid index closely, after it stood at 71.3 in May. With the manufacturing prices paid index falling sharply in June, the services report should provide another indication of whether inflationary pressures are continuing to build or ease, as well as insight into the pace of growth across the services sector.

Following a weaker-than-expected US jobs report, EUR/USD rebounded and has, for now, held support around $1.14. That creates an opportunity for the euro to extend its recovery if it can remain above the 10-day exponential moving average, a level it only recently reclaimed.

The next area of resistance is the 20-day simple moving average at around $1.1480. A sustained break above that level could allow for a rally towards $1.16, taking EUR/USD back to levels last seen on 17 June. That could also bring the pair in line with the upper Bollinger Band®, which appears to be the next significant area of resistance.