Economic calendar: ECB rate decision, second day of Powell's testimony

European indices open lower
ECB expected to hold rates unchanged
Second day of Powell's testimony in Congress

European indices launched today's trading lower, following a mixed trading during the Asia-Pacific session earlier today. JPY is the best performing G10 currencies after some hawkish comments from BoJ officials, with USDJPY testing 148.00 area. Gold holds at record highs above $2,150 per ounce.

Economic calendar for today, includes some noteworthy events. ECB is scheduled to announce rate decision at 1:15 pm GMT, but markets are expecting no change after a number of ECB members hinted recently that June may be their preferred timing for the first rate cut. Today is also the second day of semiannual testimonies from Fed Chair Powell in US Congress. Fed Chair will appear before Senate Banking Committee today. However, yesterday's appearance turned out to be largely a non-event with Powell reiterating that Fed lacks confidence to cut rates now.

US President Joe Biden is scheduled to deliver the annual State of the Union address this afternoon US time (Friday, 2:00 am GMT), with a lot of the attention in the speech is rumored to be on inflation. However, market impact from this event may be minimal as no major announcements are expected.

12:30 pm GMT - US, Challenger report for February

1:15 pm GMT - ECB rate decision

1:30 pm GMT - US, trade balance for January. Expected: -$63.3 billion. Previous: -$62.2 billion

1:30 pm GMT - Canada, trade balance for January. Expected: +C$0.1 billion. Previous: -C$0.31 billion

1:30 pm GMT - US, initial jobless claims. Expected: 215k. Previous: 215k

3:00 pm GMT - Fed Chair Powell testifies before Senate Banking Committee

3:30 pm GMT - EIA natural gas storage. Expected: -42 bcf. Previous: -96 bcf

Central bankers' speeches

1:45 pm GMT - ECB President Lagarde (post-meeting press conference)
4:30 pm GMT - Fed Mester

Top Wall Street earnings reports today

Kroger (KR.US) - before market open
Big Lots (BIG.US) - before market open
Broadcom (AVGO.US) - after market close
Costco Wholesale (COST.US) - after market close
Marvell Technologies (MRVL.US) - after market close

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Economic reports

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Economic calendar: ECB rate decision, second day of Powell's testimony

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