Economic calendar: Central banks dominate weekly calendar

• European stock markets set for a flat opening

• Cryptocurrencies sink,Bitcoin down more than 5%

• Week full of central bank decisions

European stock index futures point to a more or less flat opening of the cash session after erasing a late-Friday jump. Cryptocurrencies are sinking - Bitcoin is trading over 5% lower today already and is making a drop below the $18,500 mark. The US dollar is the best performing major currency but trading ranges on G10 pairs are rather narrow. Oil is pulling back with WTI dropping 0.5% to $84.50 per barrel. Gold is trading 0.5% as the strong USD is putting pressure on precious metals. 

Economic calendar for today is empty with no market-moving releases scheduled. Liquidity conditions during the European trading session may also be thinner as UK traders are off for a national holiday (Queen Elizabeth II funeral). However, this will get much more interesting as the week goes on. Numerous central banks are scheduled to announce monetary policy decisions this week, including Fed and BoE.

Key macro events to watch this week

Tuesday

• 2:15 am BST - People's Bank of China rate decision

• 2:30 am BST - RBA minutes

• 8:30 am BST - Riskbank decision

• 1:30 pm BST - Canada, CPI report for August

Wednesday

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

• 7:00 pm BST - Fed rate decision

Thursday

• No exact timing - Bank of Japan decision

• 8:30 am BST - Swiss National Bank rate decision

• 9:00 am BST - Norges Bank rate decision

• 12:00 pm BST - CBRT rate decision

• 12:00 pm BST - Bank of England rate decision

Friday

• 8:15 am BST - France, flash PMIs for September

• 8:30 am BST - Germany, flash PMIs for September

• 9:30 am BST - UK, flash PMIs for September

• 1:30 pm BST - Canada, retail sales for July

• 2:45 pm BST - US, flash PMIs for September