Economic calendar: US traders off to celebrate Independence Day

• European markets set to open higher

• US traders off for Independence Day holiday

• RBA rate decision, FOMC and ECB minutes and NFP report this week

European futures markets point to a higher opening of the cash session on the Old Continent today. DAX futures trade over 100 points above Friday's cash close. Moods during the Asian session were rather upbeat and has set the tone for a higher opening of session in Europe. However, traders should keep in mind that US investors are off the markets today as they observe the Independence day holiday. As such some markets will have trading hours shortened or will not trade at all. Overall liquidity is also expected to be depressed. Given that the economic calendar for today lacks key releases, an uneventful day may be looming ahead.

Economic calendar gets more interesting later into the week with the RBA rate decision, NFP report for June or releases of FOMC and ECB minutes.

9:30 am BST - Euro area, Sentix index for July. Expected: -19.5. Previous: -15.8

10:00 am BST - Euro area, PPI inflation for May. Expected: 37.1% YoY. Previous: 37.2% YoY

US Independence Day trading hour changes

• US30, US100, US500, US2000, TNOTE - trading until 6:00 pm BST

• VOLX - trading until 4:30 pm BST

• OIL - trading until 6:30 pm BST

• GOLD, SILVER, PLATINUM, PALLADIUM, GASOLINE, OIL.WTI, NATGAS, LSGASOIL - trading until 7:30 pm BST

• CATTLE, COCOA, COFFEE, COTTON, CORN, SOYBEAN, LEANHOGS, SOYOIL, SUGAR, WHEAT - no trading

Top events in the later part of the week

• RBA rate decision - Tuesday, 5:30 am BST

• FOMC minutes - Wednesday, 7:00 pm BST

• US services ISM for June - Wednesday, 7:00 pm BST

• ECB minutes - Thursday, 12:30 pm BST

• NFP report for June - Friday, 1:30 pm BST

• Canadian jobs report for June - Friday, 1:30 pm BST