Economic calendar: Powell testifies in Congress

• European markets seen opening higher

• Powell testifies in Congress

European stock markets are expected to launch today's trading slightly higher. Fed Chair Powell heads to Congress for the first day of his semi-annual testimony. Members of the US Senate Banking Committee are likely to pressure him on his opinion and view on US fiscal stimulus during Q&A session. Text of the speech is usually released around one and half hours before the hearing.

Apart from Powell's testimony, today's calendar is almost empty as data from the euro area will be a revision and Richmond Fed index rarely moves the markets. CAD traders should keep in mind that BoC Governor is scheduled to speak in the afternoon

10:00 am GMT - Euro area, CPI inflation for January (final).

• Headline. First release: 0.9% YoY

• Core. First release: 1.4% YoY

3:00 pm GMT - US, Richmond Fed index for February. Expected: 16. Previous: 14

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

9:40 pm GMT - API report on oil inventories. Expected: -5.3 mb

Central bankers' speeches

• 5:30 pm GMT - BoC Governor Macklem

Noteworthy US earnings

• Macy's (M.US) - before market open

• Home Depot (HD.US) - before market open