Economic calendar: US retail sales in the spotlight

• European indices set for higher opening
• US retail sales data in the spotlight
• German ZEW index for June on the agenda
• Number of speeches from Fed and ECB members

European index futures point to a higher opening of today's cash session on the Old Continent, with EuroStoxx and DAX futures trading around 0.6% higher. This comes after an upbeat Asia-Pacific session that saw regional indices gain. AUD is the best performing G10 currency today - while RBA left interest rates unchanged today, RBA Governor Bullock acknowledged that discussion on a rate hike was held.

Economic calendar for the day ahead includes some interesting releases. US retail sales report for May at 1:30 pm BST will draw the most attention, while traders in Europe will focus on ZEW index release for June (10:00 am BST). EURUSD may also remain active throughout the day due to a number of Fed and ECB speakers scheduled.

10:00 am BST - Germany, ZEW index for June. Expected: 50.0. Previous: 47.1

10:00 am BST - Euro area, CPI inflation for May (final).

• Headline. First release: 2.6% YoY
• Core. First release: 2.9% YoY

1:00 pm BST - National Bank of Hungary rate decision

1:30 pm BST - US, retail sales for May.

• Headline. Expected: +0.2% MoM. Previous: 0.0% MoM
• Ex-autos. Expected: +0.2% MoM. Previous: +0.2% MoM

2:15 pm BST - US, industrial production report for May

• Industrial production. Expected: 0.3% MoM. Previous: 0.0% MoM
• Capacity utilization. Expected: 78.6%. Previous: 78.4%

3:00 pm BST - US, business inventories. Expected: 0.3% MoM. Previous: -0.1% MoM

9:40 pm BST - API report on US oil inventories

Central bankers' speeches

• 10:00 am BST - ECB Knot
• 1:00 pm BST - ECB Cipollone
• 2:30 pm BST - ECB de Guindos
• 3:00 pm BST - Fed Barkin
• 4:40 pm BST - Fed Collins
• 5:00 pm BST - ECB Villeroy
• 6:00 pm BST - Fed Logan
• 6:00 pm BST - Fed Kugler