Economic calendar: Investors await FOMC minutes release

• FOMC minutes and a lot of Fed speakers

• CBRT expected to cut rates

• UK inflation seen accelerating in January

8:30 am GMT - Sweden, CPI inflation for January. Expected. 1.7% YoY. Previous: 1.8% YoY

9:00 am GMT - Poland, Labour market report for January. Polish inflation shot above 4% in January but the central bank is reluctant to hike rates or act in any other way. Wage growth data may hint at additional inflationary pressures and is expected to show 7% YoY increase. Employment change is expected at 2.2% YoY.

9:30 am GMT - UK, CPI inflation for January. Recent data from the UK was decent with PMIs improving in January. However, the economy has stagnated in Q4. CPI has slowed significantly in 2019 and in case the situation continues. The Bank of England may be encouraged to cut. CPI is expected to accelerate from 1.3% YoY in December to 1.6% YoY in January.

11:00 am GMT - CBRT rate decision. Expected: 10.75%. Previous: 11.25%

1:30 pm GMT - US data pack for January.

• PPI inflation. Expected: 1.6% YoY. Previous: 1.3% YoY

• Core PPI inflation. Expected: 1.3% YoY. Previous: 1.1% YoY

• Housing starts. Expected: 1428k. Previous: 1608k

• Building permits. Expected: 1450k. Previous: 1420k

1:30 pm GMT - Canada, CPI inflation for January. Expected: 2.3% YoY. Previous: 2.2% YoY

7:00 pm GMT - FOMC minutes. Minutes that will be released today will come from the January 29 meeting. Having said that, it is likely that coronavirus-related comments will be scarce if there will be any. Markets will be focused on balance sheet guidance and any hints on strategic review.

10:40 pm GMT - API report on oil inventories. Expected: -1.1 mb. Previous: +6.0 mb

Asian session

0:30 am GMT - Australia, Labour market report for January.

Central bankers’ speeches

• 8:00 am GMT - Riksbank’s Ohlsson

• 1:10 pm GMT - Fed’s Bostic

• 1:30 pm GMT - Fed’s Mester

• 4:45 pm GMT - Fed’s Kashkari

• 6:30 pm GMT - Fed’s Kaplan

• 9:30 pm GMT - Fed’s Barkin

Wall Street earnings releases

• Dish Network (DISH.US)

• Genuine Parts (GPC.US)

• Owens Corning (OC.US)

• Williams (WMB.US)

• Mosaic (MOS.US)