EUROPEAN SESSIONIn the European session, we don't have much on the agenda other than a couple of low tier releases like the Swiss consumer confidence or the Eurozone trade balance. None of the data is going to change anything for the respective central banks as the end of the US-Iran war and the prospect of Hormuz reopening has far bigger macro consequences. In fact, the market is already positioning for lower oil prices, lower inflation and improved growth outlook. This is leading traders to pare back the hawkish interest rate bets and piling into risk assets. We can expect the positive risk sentiment to last for a few weeks unless the Fed ruins the party on Wednesday. Looking ahead, the negative supply shock could turn into a positive demand shock amid stronger economic activity, increased consumer and business sentiment and easing financial conditions. That could keep pressure on inflation and might force the Fed to hike anyway. So, the bar for rate hikes has risen but not disappeared.AMERICAN SESSIONIn the American session, we just get a few low tier releases like the US industrial production, the US NAHB index and Canadian housing starts. The data won't change anything for the respective central banks, so the market reaction will likely be muted. The US-Iran deal and everything connected to it is driving the price action, so the data won't matter.CENTRAL BANK SPEAKERS07:00 GMT/03:00 ET - ECB's Nagel (hawkish - voter)07:30 GMT/03:30 ET - ECB President Lagarde (neutral - voter)07:50 GMT/03:50 ET - ECB's Cipollone (neutral - voter)10:00 GMT/06:00 ET - ECB's Pereira (hawkish - voter)14:00 GMT/10:00 ET - ECB's Kocher (neutral - voter) This article was written by Giuseppe Dellamotta at investinglive.com.