Economic calendar: OPEC and earnings in the spotlight

• OPEC Committee meeting today

• More earnings from US banks

• Bank of Canada rate decision

Recent increase in China-US tensions as well as poor pandemic situation in the United States continues to be played down by the markets. Announcement that Moderna's vaccine candidate is showing promising results in early human trials was enough to keep risk trades higher. Oil traders should keep in mind that the Joint Ministerial Monitoring Committee of OPEC is about to meet today. Committee is to discuss whether to recommend lowering output cuts from 9.7 to 7.7 mbpd.

7:30 am BST - BoJ press conference. Bank of Japan left interest rates as well as other monetary policy settings unchanged during today's meeting. Press conference of Governor Kuroda rarely has a big impact on JPY and the currency is likely to remain dominated by risk-on flows.

1:30 pm BST - US, New York Empire index for July. Expected: 9.25. Previous: -0.20

2:15 pm BST - US, industrial production for June. Expected: +4.4% MoM. Previous: +1.4% MoM

3:00 pm BST - Bank of Canada rate decision. Expected: 0.25%. Previous: 0.25%

3:30 pm BST - DOE report on oil inventories

• Crude inventories. Expected: -2.3 mb

• Distillate inventories. Expected: +1.5 mb

• Gasoline inventories. Expected: -0.9 mb

Noteworthy US earnings releases

• ASML (ASML.US) - before market open

• Goldman Sachs (GS.US) - before market open

• Bank of New York Mellon (BK.US) - before market open

• US Bancorp (USB.US) - before market open

• Unitedhealth Group (UNH.US) - before market open