Economic calendar: Powell's testimony in the spotlight

• European indices set for flat opening
• GBP gains after UK CPI report
• Powell to appear in Congress for semiannual testimony

European index futures point to a flat opening of the cash session on the Old Continent today. This comes after a downbeat trading on Wall Street yesterday and in Asia earlier today. GBP is on the rise after UK CPI data for May showed headline inflation staying unchanged and core gauge accelerating to 30-year high.

Economic calendar for today includes some interesting events with the first day of Powell's semiannual congressional testimonies being a top one. Powell will attempt to explain why Fed decided to keep rates unchanged while at the same time sending a rather hawkish message regarding meetings in the remainder of 2023. Also, Powell will likely face questions about US banking turmoil that occurred in late-March. Apart from Powell's testimony, investors will also be offered rate decision from Czech National Bank, Canadian retail sales data as well as API report on US oil inventories.

9:00 am BST - Poland, data pack for May.

• Employment change. Expected: +0.4% YoY. Previous: +0.4% YoY
• Wage growth. Expected: +12.7% YoY. Previous: +12.1% YoY
• Industrial production. Expected: -3.0% YoY. Previous: -6.4% YoY

1:30 pm BST - Canada, retail sales for April.

• Headline. Expected: +0.2% MoM. Previous: -1.4% MoM
• Ex-autos. Expected: +0.3% MoM. Previous: -0.3% MoM

1:30 pm BST - Czech National Bank rate decision

3:00 pm BST - Fed Chair Powell testifies before US House Financial Services Committee

9:40 pm BST - API report on US oil inventories. Expected: -0.4 mb. Previous: +1.02 mb

Central bankers' speeches

• 9:00 am BST - ECB Kazimir
• 2:45 pm BST - ECB Schnabel
• 5:25 pm BST - Fed Goolsbee
• 9:00 pm BST - Fed Mester & Bowman