Economic calendar: Focus on FOMC minutes

• FOMC minutes to be released today

• Eurogroup failed to find consensus on pandemic funding

No major reports are scheduled for release during today's European session. European stock markets are seen opening lower as Eurogroup seems to struggle to develop a consensus on funding. A few interesting reports will be released in the afternoon, with FOMC minutes being at the top of the agenda.

Eurogroup ministers met yesterday but it looks like finding common ground is hard. Press conference was expected to be held yesterday at 7:00 pm BST but it was postponed until 9:00 am BST today. However, this press conference was postponed as well and ministers will resume the meeting tomorrow. 

Data scheduled for European & US session

1:15 pm BST - Canada, housing starts for March. Expected: 180k. Previous: 210.1k

1:30 pm BST - Canada, building permits for February. Expected: -4.5% MoM. Previous: +4% MoM

3:30 pm GMT - DOE report on oil inventories. API estimates released yesterday pointed to a massive 11.9 million barrel build. Note that DOE reported a build of 13.8 million barrels last week. This shows the scale of demand destruction as well as how much the world is oversupplied with oil. DOE data is likely to confirm a big build and such a trend may continue unless big output cuts are agreed on.

7:00 pm BST - FOMC minutes. Today's FOMC minutes will cover emergency as well as regular meetings from March. Given how much action the Federal Reserve has taken back then, the release may offer some insight into reasons. However, keep in mind that the situation is evolving fast and minutes from the early-March meeting may have little value now.