Economic calendar: German ZEW index, EURUSD nears parity

• European markets set for lower opening

• EURUSD inches closer to parity

• German ZEW and API oil report on the agenda

Futures market point to a lower opening of today's cash trading session on the Old Continent. DAX futures currently trade around 100 points below yesterday's cash close. Risk-off moods can be seen on both equity and commodity markets. Two main reasons for that are the deteriorating pandemic situation in China as well as potential total halt to Russian gas flows to Europe. EURUSD will be on watch today as the main currency pair is trading just a touch above parity levels (1.00).

Economic calendar for today is rather empty. Traders will be offered an update on moods within Europe's largest economy at 10:00 am BST with the release of the ZEW index for July. Oil may experience some short-term volatility when the API report is released (9:40 pm BST). 

10:00 am BST - Germany, ZEW index for July. Expected: -38.0. Previous: -28.0

9:40 pm BST - API report on US oil inventories. Expected: -1.8 mb. Previous: +3.82 mb

Central bankers' speeches

• 10:30 am BST - ECB Nagel

• 5:30 pm BST - Fed Barkin

• 6:00 pm BST - BoE Governor Bailey