Canadian GDP and the ISM-Chicago Purchasing Manager's Index will highlight the start of what is looking to be a busy shortened week on the North American data front. In the afternoon, comments from Portuguese Central Banker Vitor-Manuel Ribeiro Constancio will also be closely watched ahead of the European Central Bank's rate decision on Thursday.

At 8:30 a.m. EDT, Statistics Canada will release GDP figures for April. Economists are expecting a 0.3% gain following the previous month's 0.2% decline.

At 9 a.m. EDT, Joaquin Almunia, European Commissioner for the Economy and Monetary Policy, will address the economic panel and monetary affair committee of the European Parliament.

At 9:45 a.m. EDT, markets will receive the ISM-Chicago's (formerly known as NAPM-Chicago) purchasing managers' index for June. Economists expect the headline index to decline to a reading of 48.0 from the previous 49.1 score. Experts will also be paying attention to the new orders, employment and prices paid indexes, which scored 56.1, 41.2, and 87.5 respectively.

At 10 a.m. EDT, markets will receive ISM-Milwaukee's purchasing managers' index for June. In May the headline index was 45.0.

At 10 a.m. EDT, markets will receive the Dallas Fed's manufacturing index for June. In May, the index stood at -10.3.

At 10:30 a.m. EDT, the Bank of Canada will sell C$1.0 billion in 2008.07.04 bills.

At 11 a.m. EDT, the U.S. Bureau of Transportation will release surface freight data for April. In March, surface trade between Canada and the United States increased by 4.9% month-over-month.

At 1 p.m. EDT, the U.S. Treasury will sell $23 billion in three-month bills and $22 billion in six-month bills.

At 1 p.m. EDT, Portuguese Central Bank President Vitor-Manuel Ribeiro Constancio will attend an award ceremony in Lisbon.

8:30 CA Gross Domestic Product (M/M) April Exp: + 0.3% Prior: -0.2%

9:45 US ISM Chicago Purchasing Manager Index June Exp: 48.0 Prior: 49.1

10:00 US ISM Milwaukee June Prior: 45.0

10:30 CA BOC to Sell C$1.0 billion in 2008.07.04 bills.

11:00 US Surface Freight Report for April

13:00 US Treasury to Sell $23B 3-Month Bills

13:00 US Treasury to Sell $22B 6-Month Bills

13:00 PT ECB's Constancio Attends Award Ceremony in Lisbon 30-Jun

By Erik Kevin Franco and edited by Cristina Markham