Economic calendar: Fed decision week

• Fed to announce policy decision on Wednesday

• Canadian housing starts due later today

• ECB President Lagarde scheduled to speak

Slight risk-off tones can be spotted ahead of the European cash session open. DAX and S&P 500 futures trade slightly below Friday's close while JPY gains. Economic calendar on Monday is quite empty with European Sentix and Canadian housing starts being the only readings scheduled from major economies. However, neither one is likely to have a big impact on the markets. ECB President Lagarde is scheduled to speak in the afternoon.

A big event of the week is a policy announcement from the Federal Reserve (Wednesday, 7:00 pm BST). No change to the level of rates is expected but an issue of yield curve control may be addressed. Apart from that, GBP traders may want to tune in to UK production data on Friday as it will be the first hard UK data from Q2 2020.

Macro reading scheduled for today

9:30 am BST - Euro area, Sentix index for June. Expected: -22.5 pts. Previous: -41.8 pts

1:15 pm BST - Canada, housing starts for May. Expected: 150k. Previous: 166.4k

Central bankers' speeches

• 2:45 pm BST - ECB President Lagarde