Economic calendar: Interesting week ahead

• European stock markets set for a lower opening

• Speeches from BoE Governor Bailey as well as ECB and Fed members

• US CPI for June, rate decision from BoC and RBNZ later into the week

European index futures point to a lower opening of the cash trading session on the Old Continent today. Moods are weaker at the start of a new week after news of the deteriorating pandemic situation in China and a new lockdown, for example in Macau, emerged. Risk-off moods can also be spotted on commodity markets with energy commodities pulling back. USD is leading among G10 peers.

Market moods are sour and unfortunately today's calendar does not offer a chance for a turnaround. There are no top-tier releases scheduled for today. However, traders will hear from some central bankers in the afternoon, including BoE Governor Bailey. Speaking of the UK, the race to find a new prime minister is on and while it may not have much of an impact on overall policy - as Conservatives stay in power - it is one of themes to watch for GBP traders. Things get more interesting later into the week with the US CPI report and rate decision from RBNZ and BoC.

8:30 am BST - Riksbank minutes

9:00 am BST - Italy, retail sales for May. Expected: 0.4% MoM. Previous: 0.0% MoM

Central bankers' speeches

• 3:15 pm BST - BoE Governor Bailey

• 5:30 pm BST - ECB Nagel

• 7:00 pm BST - Fed Williams

Top events in the later part of the week

• Wednesday, 3:00 pm BST - Reserve Bank of New Zealand rate decision

• Wednesday, 1:30 pm BST - US, CPI report for June

• Wednesday, 3:00 pm BST - Bank of Canada rate decision

• Friday, 3:00 am BST - China, GDP report for Q2

• Friday, 1:30 pm BST - US, retail sales for June

• Friday, 3:00 pm BST - US, University of Michigan data for July