RBA Governor Michele Bullock is scheduled to speak at 1:05 pm Sydney time today, the only notable event on an otherwise quiet Asia-Pacific calendar. There are no local holidays, just a lack of scheduled data and events, which leaves markets with limited domestic catalysts and puts extra focus on any guidance she may offer.

China will also be in focus as markets watch the second day of trading in CXMT, which debuted after its IPO with a 450% gain yesterday, making it the most valuable company in mainland China.

For the Australian dollar and New Zealand dollar, Monday’s trading was disappointing, with both currencies closing near their weakest levels of the day. They had opened strongly on hopes of peace in the Middle East, but that optimism gradually faded even as oil prices continued to decline. Brent crude fell $9.17 to $87.61 in a sharp selloff.

Risk assets also lost momentum as chipmakers weighed on sentiment and the Nasdaq fell 0.3%, erasing a strong start to the session.

Markets will be watching the next few hours for any strikes or comments from either side that could point to a resumption of hostilities or to negotiations, while the broader tone across FX and equities will continue to reflect how much of Monday’s risk-on opening can be sustained.

Beyond that, attention turns to Wednesday’s FOMC decision, which is expected to prompt an unusually strong post-decision reaction given the lack of guidance from Warsh. Before then, the US session will bring June advance trade balance data and the Richmond Fed survey, both of which could add a little more context to the week’s macro picture.

For more, see the economic calendar.