Britain’s historic decision to pull out of the European Union has rattled global markets and left investors wondering what will happen next. Some $3 trillion was wiped of stocks in just two days after the vote, while sterling plunged to its weakest in 31 years against the US dollar. British prime minister David Cameron resigned, while the UK has lost its coveted AAA credit rating.

Looking ahead to this week, the ongoing political wrangling over how Britain will manage the divorce proceedings will continue to dominate financial markets and we can expect volatility to continue as traders react to events.

Traders will be watching statements from leading politicians in Europe and the UK more than economic releases, but there are still some important data. Biggest of the lot is the monthly non-farm payrolls report, the key US labour market survey.

Ad-hoc statements from UK-based businesses ought to be carefully monitored as these could offer a clearer picture of the real-world economic impact of Brexit.

Mark Carney has helped to soothe markets and the FTSE closed the second quarter up at its best level since August. Both the Dow and S&P 500 recorded their third straight quarterly rise.

Economic Calendar

(All times are BST)

Monday, July 4th

US – Markets closed for Independence Day holiday

09:30 – UK construction PMI

Tuesday, July 5th

05:30 – Reserve Bank of Australia interest rate decision

09:30 – UK services PMI

Wednesday, July 6th

07:00 – German factory orders

15:00 – ISM non-manufacturing PMI

19:00 – FOMC meeting minutes

Thursday, July 7th

09:30 – UK manufacturing PMI

13:15 – ADP non-farm employment change

16:00 – US crude oil inventories

Friday, July 8th

13:30 – US non-farm payrolls