Economic calendar: Canadian CPI, US Conference Board index

• European stock market indices set to open higher

• Canadian CPI seen slowing from 6.9 to 6.6% YoY in November

• US Conference Board index due at 3:00 pm GMT

Situation on the market has calmed following yesterday's post-BoJ hectic moves. Nevertheless, the Japanese yen held onto most of yesterday's gains with USDJPY trading near 132.00 and GBPJPY trading slightly above 160.00 mark. European index futures point to a higher opening of the European cash session while US index futures also trade above yesterday's cash close. Energy commodities gain - oil trades slightly higher while US natural gas prices jump over 3%. Cryptocurrencies are pulling back slightly.

Economic calendar for the day ahead includes some interesting releases but most of those can be considered second-tier data and are unlikely to have a major impact on the market. Canadian CPI report for November at 1:30 pm GMT and US Conference Board consumer confidence index for December at 3:00 pm GMT are top releases to watch today. 

9:00 am GMT - Poland, retail sales for November. Expected: 16.9% YoY. Previous: 18.3% YoY

1:30 pm GMT - Czech National Bank rate decision

1:30 pm GMT - Canada, CPI report for November. Expected: 6.6% YoY. Previous: 6.9% YoY

3:00 pm GMT - US, existing home sales for November. Expected: 4.20 million. Previous: 4.43 million

3:00 pm GMT - US, Conference Board consumer confidence for December. Expected: 101.0. Previous: 100.2

3:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: -0.2 mb (API: -3.07 mb)

• Gasoline inventories. Expected: +1.9 mb (API: +4.51 mb)

• Distillate inventories. Expected: +0.6 mb (API: +0.83 mb)