This week's economic calendar involves a lot of talking by Federal Reserve heads and more. The April trade data is likely to garner the most market attention, while the Fed Beige Book will set the tone for the upcoming Federal Open Market Committee (FOMC) meeting. On Thursday, markets will also be watching Fed Chairman Ben Bernanke's testimony to Congress, which could provide clues on whether the Fed is ready to take additional steps to support growth.
The European Central Bank will likely make a liquidity announcement, while the Bank of England is expected to stay on hold. Data highlights include euro area services purchasing managers index and industrial production results.
Elsewhere, Asia will have a data-light week and the central banks of Brazil, Chile and Colombia will release their meeting minutes.
Below are entries on the economic calendar from June 4 to June 8. All listed times are EDT.
10:00 a.m. - Factory orders likely increased 0.2 percent in April. Economists will be looking for any revisions to the estimates of core capital goods orders and shipments, as they will affect the second-quarter gross domestic product estimate. Both categories were weak in the preliminary report, with the former down 1.9 percent and the latter down 1.4 percent.
U.K. -- Bank Holiday, markets closed.
Germany -- Chancellor Angela Merkel hosts talks with coalition party leaders.
E17 - April Producer Price Index.
Spain -- May unemployment change.
Russia - May Consumer Price Index.
7:00 a.m. -- Federal Reserve Bank of Dallas President Richard Fisher (FOMC non-voter) speaks on The Limits and Powers of Central Banks at the University of St. Andrews in Scotland.
10:00 a.m. - Economists expect the ISM non-manufacturing index to hold at 53.5 in May. The ISM services index has recently fallen from a peak of 57.3 in February to 53.5 in April.
2:15 p.m. -- Federal Reserve Bank of St. Louis President James Bullard (FOMC voter) speaks on The Aftermath of the Housing Bubble before the Housing in America: Innovative Solutions to Address the Needs of Tomorrow conference in Missouri.
7:15 p.m. -- Federal Reserve Bank of Chicago President Charles Evans (FOMC non-voter) speaks before a Money Marketeers of New York University dinner.
U.K. -- Diamond Jubilee, markets closed.
Global -- European Commission Vice President Olli Rehn, Swedish Finance Minister Anders Borg, European Central Bank Executive Board member Joerg Asmussen and International Monetary Fund Managing Director Christine Lagarde meet in Latvia.
E27 -- European Council President Herman Van Rompuy and Dutch Prime Minister Mark Rutte to discuss euro zone crisis, EU growth and the EU budget in Hague.
E17 -- ECB Executive Board member Joerg Asmussen speaks at a conference Lessons from the Recovery in the Baltics in Latvia.
E17 - May composite/services PMI, final.
E17 - April retail sales.
Portugal -- Finance Minister Vitor Gaspar speaks on Achievements and Challenges on the Way Back to Bond Market Financing in Geneva.
Finland - Q1 GDP.
Spain/Italy - May services PMI index.
France/Germany - May services PMI index, final.
Germany - April factory orders.
7:00 a.m. - MBA mortgage index for the week ending June 2.
8:15 a.m. -- Federal Reserve Bank of Atlanta President Dennis Lockhart (FOMC voter) speaks on the economy and monetary policy before a Broward Workshop in Florida.
8:30 a.m. - Economists forecast first-quarter 2012 productivity will be revised to a decline of 0.7 percent compared with the originally reported 0.5 percent drop, with unit labor costs getting an upward revision to 2.2 percent, from the initially reported 2.0 percent.
9:30 a.m. -- Federal Reserve Bank of Atlanta President Dennis Lockhart (FOMC voter) speaks on the economy and monetary policy before a second Broward Workshop in Florida.
10:00 a.m. -- Federal Reserve Board Governor Daniel Tarullo testifies on Implementing Wall Street Reform: Enhancing Bank Supervision and Reducing Systemic Risk before the Senate Banking Committee.
10:30 a.m. - Crude inventories for the week ending June 2.
2:00 p.m. - The Fed Beige Book is released. This report, which is prepared for the June 19-20 Federal Open Market Committee meeting, is expected to take on a more cautious tone when describing current economic conditions, but should not lead to a policy change at the June FOMC meeting.
3:30 p.m. -- Federal Reserve Bank of San Francisco President John Williams (FOMC voter) speaks on the economic outlook before a community leaders luncheon hosted by the Seattle Branch of the Federal Reserve Bank of San Francisco in Washington.
7:00 p.m. -- Federal Reserve Vice Chair Janet Yellen (FOMC voter) speaks on The Economic Outlook and Monetary Policy before a Boston Economic Club dinner in Massachusetts.
E17 -- ECB June interest rate announcement.
E17 -- ECB press conference.
E17 - Q1 GDP, second release.
Australia - Q1 GDP.
U.K. - May construction PMI index.
Germany - April industrial production.
Korea - Q1 GDP, final.
5:45 a.m. -- Federal Reserve Bank of Boston President Eric Rosengren (FOMC non-voter) participates in Global Outlook and Risks panel before the 2012 Institute for International Finance Spring Membership Meeting in Denmark.
8:30 a.m. - Initial jobless claims for the week ending June 2 should come in at 377,000, suggesting a moderate pace of labor market expansion.
10:00 a.m. -- Federal Reserve Chairman Ben Bernanke (FOMC voter) testifies on the economic outlook before the Congressional Joint Economic Committee in Washington.
12:00 p.m. -- Federal Reserve issues quarterly Flow of Funds Accounts of the United States.
12:10 p.m. -- Federal Reserve Bank of Atlanta President Dennis Lockhart (FOMC voter) speaks on the economy and monetary policy before the Paulding County Chamber of Commerce in Georgia.
1:15 p.m. -- Federal Reserve Bank of Minneapolis President Narayana Kocherlakota (FOMC non-voter) speaks on Monetary Policy Transparency: Changes and Challenges before the 17th Annual Entrepreneur & Investor Luncheon in Minnesota.
3:00 p.m. - Outstanding consumer credit likely expanded by $12 billion in April compared with $21.4 billion in March. Growth in consumer credit continues to be led by increases in student and auto loans.
3:30 p.m. -- Federal Reserve holds an open meeting to vote on a proposed rule to implement Basel III capital rules.
3:30 p.m. -- Federal Reserve Bank of Dallas President Richard Fisher (FOMC non-voter) speaks on Implications of Renminbi Internationalization for the U.S. and Global Economy before the University of California, San Diego School of International Relations & Pacific Studies 21st Century China Program Conference: Internationalization of the RMB.
4:10 p.m. -- Federal Reserve Bank of Chicago President Charles Evans (FOMC non-voter) participates in interview on the CME Group trading floor to discuss monetary policy and current economic conditions on CNBC's The Closing Bell with Maria Bartiromo.
Italy -- Prime Minister Mario Monti at National Congress of Italian Cooperative Banks Association in Palermo.
U.K. - Bank of England asset purchase and bank rate decision for June.
U.K. - May services PMI index.
Australia - May unemployment rate.
France - Q1 International Labor Organization (ILO) unemployment rate.
Netherlands -- May HICP inflation.
Ireland - May HICP inflation.
Mexico - May CPI.
Japan - Q1 real GDP, May bank lending, April current account.
8:30 a.m. - After widening sharply to $51.83 billion in March, economists expect the trade deficit to narrow slightly to $49.5 billion in April, driven by a decline in oil imports linked to the lower oil price rather tha a fundamental improvement in the underlying deficit.
10:00 a.m. - Wholesale inventories for April likely increased by 0.4 percent in April, following a 0.3 percent rise in March.
8:00 p.m. -- Federal Reserve Bank of Minneapolis President Narayana Kocherlakota (FOMC non-voter) gives dinner academic talk, Optimal Outlooks, before the Mitsu Finance Symposium hosted by the University of Michigan Stephen M. Ross School of Business, in Michigan.
Australia -- Reserve Bank of Australia Governor Glenn Stevens speaks at Chamber of Commerce in Adelaide.
Austria -- Central bank governor Ewald Nowotny speaks at the Austrian central bank's economic preview press conference in Vienna.
Korea -- South Korea seven-day Repo rate.
Greece - Q1 GDP, final.
Greece - April HICP inflation.
Greece - April industrial production.
Germany - April trade balance.
France - April trade balance.
Italy - April industrial production.
U.K. - May input/output prices.
Chile - May CPI.
Portugal - Q1 GDP, final.
Argentina - Q1 GDP.
Source: Central banks, European Commission, Reuters, Market News, Barclays Capital.