Economic calendar: Central bankers dominate calendar

• European indices set for flat opening

• ECB and Fed speakers dominate calendar

• FOMC minutes later into the week

Futures markets point to a more or less flat opening of the European cash session today. German DE30 is trading near all-time highs reached on Friday while S&P 500 futures (US500) hover near 4,200 pts area. Energy commodities, base metals and precious metals are pulling back. NZD and EUR are the best performing G10 currencies while AUD and CAD lag the most. 

Economic calendar for today is very light when it comes to macro data. There won't be any data releases apart from Polish data pack for April. However, a number of speeches from Fed and ECB members is scheduled so EUR and USD may see some volatility. Things get more interesting later into the week with flash PMIs for May on Tuesday, FOMC minutes on Wednesday, CBRT rate decision on Thursday and US PCE data on Friday.

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

• Industrial production. Expected: -3.5% YoY. Previous: -2.9% YoY

• Employment change. Expected: 0.3% YoY. Previous: 0.5% YoY

• Wage growth. Expected: 12.1% YoY. Previous: 12.6% YoY

Central bankers' speeches

• 9:45 am BST - ECB Vujcic

• 10:00 am BST - ECB Elderson

• 10:00 am BST - ECB De Guindos

• 12:30 pm BST - ECB Holzmann

• 1:30 pm BST - Fed Bullard

• 3:15 pm BST - ECB Villeroy

• 3:15 pm BST - ECB Lane

• 4:05 pm BST - Fed Daly

• 4:05 pm BST - Fed Bostic

• 4:05 pm BST - Fed Barkin

• 6:30 pm BST - ECB De Cos