Economic calendar: Powell speaks, European inflation data revision

• European stock markets set for a more or less flat opening

• Fed Powell to speak on international role of USD

• Revision of European CPI data for May

European futures erased early gains and are now pointing to a more or less flat opening of the cash session on the Old Continent today. Unlike the Swiss National Bank, Bank of Japan has stayed on hold today, allowing for some reprieve in the markets. However, moods begin to deteriorate as the European session open nears.

Economic calendar for today lacks top-tier releases. Traders will be offered an inflation reading from the euro area but it will be a revision of data for May and therefore should not have a much impact on the markets. One event that may trigger some moves is Powell's speech at 1:45 pm BST. Fed Chair will deliver opening remarks during a conference on the international role of USD.

10:00 am BST - Euro area, CPI inflation for May (final). First release: 8.1% YoY

1:00 pm BST - Poland, core CPI inflation for May. Expected: 8.5% YoY. Previous: 7.7% YoY

2:15 pm BST - US, industrial production for May. Expected: 0.4% MoM. Previous: 1.1% MoM

Central bankers' speeches

• 1:45 pm BST - Fed Chairman Powell