Economic calendar: ECB speakers dominate calendar

• European indices set to open higher

• WSJ Fed insider suggests a 25 bp rate hike

• Speeches from ECB members, including President Lagarde

European index futures point to a slightly higher opening of the cash session on the Old Continent today. US indices rallied on Friday thanks to dovish comments from Fed members. Moods are supported further by a weekend piece from a Wall Street Journal Fed insider, who claims that the US central bank will announce a 25 basis point rate hike on February 1, 2023.

Economic calendar for today is light. In fact, there are no reports scheduled that could produce any larger moves on the broad financial markets. EUR may see some volatility throughout the day, thanks to a number of speeches from ECB members, including ECB President Lagarde at 5:45 pm GMT. Things get more interesting later into the week with the release of flash PMIs from Europe, US Q4 GDP report and Bank of Canada rate decision. 

9:00 am GMT - Poland, data pack for December.

• Industrial production. Expected: 1.4% YoY. Previous: 4.6% YoY

• Construction-assembly production. Expected: 2.7% YoY. Previous: 4.0% YoY

• Retail sales. Expected: 17.8% YoY. Previous: 4.0% YoY

Central bankers' speeches

• 10:45 am GMT - ECB Vujcic

• 1:30 pm GMT - ECB Visco

• 2:30 pm GMT - ECB Panetta

• 4:00 pm GMT - ECB Holzmann

• 5:45 pm GMT - ECB President Lagarde

Key macro events to watch in the later part of the week

• Full-week - China Lunar New Year holiday

• Tuesday - Flash PMIs for January from Europe and US

• Wednesday - Bank of Canada rate decision

• Thursday - US GDP report for Q4 2022

• Friday - US PCE inflation for December