Economic calendar: GBP crash in the spotlight

• European indices set for lower opening

• GBPUSD crashes to a record low

• German IFO index for September due at 9:00 am BST

European index futures point to a lower opening of the cash session on the Old Continent today. Moods remain sour following a downbeat US session on Friday and steep declines booked by indices from Asia-Pacific today. However, in spite of poor performance of equities, the FX market is in the spotlight at the beginning of a new week. Namely, GBP is extending its crash, triggered by the announcement of a new UK fiscal measure on Friday. GBPUSD was dropping as much as 4.5% earlier today, reaching a new record low, but has managed to recover some losses.

Economic calendar for today is light with the German IFO index for September being the only noteworthy release. However, there are a number of central bankers from the ECB and Fed scheduled to speak during the day.

9:00 am BST - Germany, IFO index for September. Expected: 87.2. Previous: 88.5

Central bankers' speeches

• 8:00 am BST - ECB Nagel

• 2:00 pm BST - ECB President Lagarde

• 3:00 pm BST - Fed Collins

• 5:00 pm BST - Fed Bostic

• 6:00 pm BST - ECB Nagel

• 9:00 pm BST - Fed Mester

Key events in the later part of the week

Tuesday

• 1:30 pm BST - US, durable goods orders for August

• 3:00 pm BST - US, Conference Board consumer confidence for September

• 9:40 pm BST - API report on US oil inventories

Wednesday

• 0:50 am BST - BoJ minutes

• 1:30 pm BST - US, trade balance for August

• 3:30 pm BST - DOE report on oil inventories

Thursday

• 8:30 am BST - Riksbank minutes

• 1:00 pm BST- Germany, final CPI inflation for September

• 1:30 pm BST - US, GDP report for Q2 2022 (revision)

Friday

• 7:00 am BST - UK, GDP report for Q2 2022 (revision)

• 1:30 pm BST - US, PCE inflation for August

• 3:00 pm BST - US, University of Michigan consumer sentiment for September (revision)