Market participants paid attention to a couple of Fed speakers on Monday. Dallas Federal Reserve President Robert Kaplan reiterated his view that he does not expect interest rates to rise until next year. At the same time, Federal Reserve Vice Chair Richard Clarida pointed to the disappointing jobs report this month as evidence the US economy is not yet strong enough to justify the process of tightening monetary policy.
Therefore, inflation will most likely continue to run through the roof, supporting commodities.
Later in the day, the European GDP, trade balance, and employment change data will be released, possibly moving the EURUSD pair.
Additionally, the US building starts, and housing permits are scheduled for the US session.
Some focus could be on the Bank of England Governor Andrew Bailey, who is due to testify, along with Deputy Governor David Ramsden and Deputy Governor Ben Broadbent, on quantitative easing before Lords Economic Affairs Committee in London.
Stock markets corrected their Friday's gains on Monday, but it looks like the rally will continue today as all of the main benchmarks were trading in positive territory during the EU session.