The ADP employment report will be the most closely looked at economic event of the day ahead of Friday's U.S. nonfarm payrolls. In Canada, markets will receive industrial product and raw material prices for June followed by an auction of five-year government bonds. Meanwhile, energy traders will be looking at weekly U.S. crude oil inventory figures for more direction on where oil will go next.

At 7 a.m. EDT, the U.S. Mortgage Bankers Association will release mortgage applications for the week ending July 25. In the previous week, applications declined 6.2% compared to the previous week.



At 8:15 a.m. EDT, Automatic Data Processing Inc. will release its U.S. employment report for July. The consensus is looking for a decline of 60k private sector jobs compared to June's 79k decline.

At 8:30 a.m. EDT, Statistics Canada will release the industrial product and raw material price indexes for June. Economists are expecting a 1.0% month-over-month increase in industrial product prices following a 0.6% rise in May. The raw material price index is expected to advance 3.5% on the month compared to the 3.1% increase reported in May.

At 9 a.m. EDT, the U.S. Treasury Department will make its quarterly refunding announcement.

At 10 a.m. EDT, Acting Undersecretary for Domestic Finance Anthony Ryan will hold a press conference explaining the Treasury Department's quarterly refunding announcement.

Also at 10 a.m., the Conference Board will release the July online advertised job vacancy report for the U.S. In June, online advertisements declined by 11.2% compared to the prior year.

At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending July 25. Economists are expecting a 1300k draw in crude oil reserves following the previous 1558k decrease. Gasoline inventories are expected to rise 350k following the previous 2847k rise. Distillate inventories are expected to add 2050k barrels after rising 2419k in the previous week. Refinery utilization is expected to come in flat after falling 2.35% in the previous week.

At noon EDT, the Bank of Canada will sell C$2.0 billion 2013.06.01 3.500% notes. The operation will be followed by a C$300 million buyback of various BOC paper at 12:20 p.m. EDT.

At 7 p.m. EDT, the GfK will release its UK consumer confidence index for July, which is expected to decline to a reading of -37 from -34 in June.

7:00 US MBA Mortgage Applications 25-Jul Prior: -6.2%

8:15 US ADP Employment Change July Exp: -60K Prior: -79K

8:30 CA Industrial Product Price (M/M) June Exp: +1.0% Prior: +0.6%

8:30 CA Raw Materials Price Index (M/M) June Exp: +3.5% Prior: +3.1%

10:00 US Online Help Wanted (Y/Y)Prior: -11.2%

12:00 CA Bank Of Canada Will Sell C$2B in 5 year Nominal Bonds

12:20 CA Bank Of Canada Will Repurchase C$300M in Bonds

10:35 US DOE U.S. Crude Oil Inventories W/E July 25 Exp:-1300K Prior: -1558K

10:35 US DOE U.S. Gasoline Inventories W/E July 25 Exp: +350K Prior: +2847K

10:35 US DOE U.S. Distillate Inventory W/E July 25 Exp:+2050K Prior: +2419K

10:35 US DOE U.S. Refinery Utilization W/E July 25 Exp: 0.00% Prior: -2.35%

19:01 GB GfK Consumer Confidence Survey July Exp: -37 Prior: -34

By Erik Kevin Franco and edited by Nancy Girgis