It's pretty much a bare calendar day in Europe

<p>Markets are carrying over the more sluggish mood from last week and that will remain a key theme in trading this week as such. Things are calmer today but just as we saw yesterday, it's still too early to be judging a book by its cover. The overall mood in Asia is somewhat helped by China stepping in to defend the yuan, and that has helped the antipodeans somewhat on the day too.</p><p>USD/CNY hit its highest level since November last year to start the week but is now down from 7.23 levels to 7.21 levels in the new day. And after the continued selling yesterday, equities are looking slightly calmer for now. S&amp;P 500 futures are up 10 points, or 0.23%, currently.</p><p>The dollar continues to trend more sideways though USD/JPY remains one to watch as it stays underpinned in search of a move towards 145.00. That may trigger a more serious response by Japanese officials, so keep an eye out for that.</p><p>Looking to Europe today, there isn't anything on the agenda in terms of data so the main focus will stay on the risk mood ahead of US trading. ECB president Lagarde will be delivering an introductory speech at an ECB forum in Sintra at 0800 GMT, in which the event covers “Macroeconomic stabilisation in a volatile inflation environment”. There could be remarks on policy and the economy, so do be mindful about that.</p><p>That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.</p>

This article was written by Justin Low at www.forexlive.com.