Economic calendar: BoC rate decision, Fed speakers

• European stock markets set for a lower opening

• Bank of Canada expected to deliver 75 bp rate hikes

• Speeches from Fed members, BoE Governor testimony

Futures markets point to a lower opening of a cash trading session on the Old Continent today. Rising yields and recession fears are playing a major role in recent risk-off moods. Disappointing trade data from China released overnight added to concerns over global growth.

A top-tier event in today's economic calendar is the interest rate decision announcement from the Bank of Canada. Economists expect a 75 bp rate hike and such an outcome is also priced-in by the markets. Apart from that, oil traders will be offered a weekly API report on oil inventories. Last but not least, a range of Fed members are set to speak today so USD traders beware. GBP traders may want to stay on guard at 10:00 am BST as Governor Bailey and other BoE members will testify to Parliament's Treasury Committee.

10:00 am BST - Euro area, GDP report for Q2 2022 (revision). First release: 0.6% QoQ

1:30 pm BST - US, trade balance for July. Expected: -$70.4 billion. Previous: -$79.6 billion

3:00 pm BST - Bank of Canada interest rate decision

9:40 pm BST - API report on oil inventories. Expected: -0.8 mb. Previous: +0.59 mb

Central bankers' speeches

• 10:00 am BST - BoE Pill, Mann, Tenreyro and Governor Bailey

• 2:00 pm BST - Fed Barkin

• 3:00 pm BST - Fed Mester

• 5:40 pm BST - Fed Brainard

• 7:00 pm BST - Fed Barr