Economic calendar: Week dominated by central banks

• European markets set to open higher today

• BoC Governor to make policy announcement this afternoon

• FOMC, SNB, CBRT, BoE and ECB to announce policy decisions this week

Futures markets point to a slightly higher opening of today's cash session in Europe. Most of the gains made during the Asian session have been erased already. Newsflow over the weekend was quite light. Omicron remains a risk source with the United Kingdom deciding on tougher restrictions and an accelerated booster shot timeline for everyone above 18 years. However, markets seem to be looking past these developments and wait for a range of policy rate decisions from world's top central banks this week.

Economic calendar for today is empty with no major data releases scheduled. Bank of Canada Governor Macklem is set to make an announcement today at 3:00 pm GMT during which he will renew BoC commitment to the current policy framework (assuming 2% inflation target). 

Top events this week

• FOMC rate decision - Wednesday, 7:00 pm GMT

• Flash PMIs for December - Wednesday, all day

• US retail sales for November - Wednesday, 1:30 pm GMT

• Swiss National Bank rate decision - Thursday, 8:30 am GMT

• CBRT rate decision - Thursday, 12:00 pm GMT

• Bank of England rate decision - Thursday, 12:00 pm GMT

• ECB rate decision - Thursday, 12:45 pm GMT