Economic calendar: Data from Europe and Canada

• European markets seen opening lower

• Euro area CPI expected to accelerate to 1% YoY

• Canadian GDP growth expected at 7.2% QoQ annualized in Q4

European futures markets point to a lower opening of today's cash session following a downbeat trading in Asia. Economic calendar for the day is light. Flash CPI release from the euro area is a key event in the morning and may result in elevated volatility on the EUR market. CAD will get a chance to move on Q4 GDP release from Canada (1:30 pm GMT) while oil traders will focus on oil inventory estimates from API.

Oil may also react more strongly to incoming news as OPEC+ meeting is scheduled for the later part of the week and there are some disagreements between Saudi Arabia and Russia. 

10:00 am GMT - Euro area, CPI inflation for February (flash). Expected: 1% YoY. Previous: 0.9% YoY

1:30 pm GMT - Canada, GDP growth for Q4 2020 (annualized). Expected: 7.2% QoQ. Previous: 40.5% QoQ

9:40 pm GMT - API report on oil inventories. Expected: -1.85 mb

Central bankers' speeches

• 1:40 pm GMT - ECB Panetta

• 6:00 pm GMT - Fed Brainard

• 7:00 pm GMT - Fed Daly

US earnings reports

• Kohl's (KSS.US) - before market open

• Ross Stores (ROST.US) - after market close

• Target (TGT.US) - before market open