What are the main events for today?

EUROPEAN SESSIONIn the European session, we have the Eurozone Flash CPI for May. The headline CPI Y/Y is expected at 3.2% vs 3.0% prior, while the Core CPI Y/Y is seen at 2.4% vs 2.2% prior. The data won't change much at this point as the ECB has already pre-committed to a rate hike at the upcoming meeting. It might influence the market pricing for the total tightening expected by year-end though. Right now, the market is pricing in 60 bps, which means traders are expecting at least another rate hike. Overall, given that things can change on a dime based on the developments on the US-Iran front, I wouldn't expect much from this report unless we get big deviations.AMERICAN SESSIONIn the American session, the only highlight is the US Job Openings data for April. Job Openings are expected at 6.880M vs 8.866M prior. The data won't change anything for the Fed as all the more timely US jobs data has been pointing to a resilient/strengthening labour market. The market is pricing 15 bps of tightening for the Fed by year-end, with 47% chance of a rate hike in December. CENTRAL BANK SPEAKERS12:30 GMT/08:30 ET - Fed's Hammack (hawkish - voter)13:35 GMT/09:35 ET - ECB's Vujcic (neutral - voter)14:00 GMT/10:00 ET - BoE Governor Bailey (neutral - voter)14:30 GMT/10:30 ET - Fed's Hammack (hawkish - voter)15:00 GMT/11:00 ET - ECB's Sleijpen (neutral - voter)15:00 GMT/11:00 ET - BoE's Greene (hawkish - voter) This article was written by Giuseppe Dellamotta at investinglive.com.