Economic calendar: Second tier data from Europe and the United States

• Trump to deliver State of the Union address overnight

• Semi-important readings from UK, EU and the US

• Walt Disney and Ford Motor among today’s earnings reporters

9:30 am GMT - UK, construction PMI for January. Expected: 47.1 pts. Previous: 44.4 pts

10:00 am GMT - Euro area, PPI inflation for December. Expected: -0.7% YoY. Previous: -1.4% YoY

3:00 pm GMT - US, durable goods orders for December (final). Expected: 2.4% YoY. Previous: -3.1% YoY

9:40 pm GMT - API report on oil inventories. Expected: +3 mb

Asian session

9:45 pm GMT - New Zealand, labour market report for Q4 2019. NZDUSD slipped over 4% since the beginning of the year as coronavirus fears hit riskier assets. The New Zealand dollar will get a chance to recover today with the release of the Q4 labour market report. It is expected that employment has increased 0.3% QoQ while unemployment rate remained unchanged at 4.2%.

1:45 pm GMT - China, Caixin services PMI for January. Expected: 52 pts. Previous: 52.5 pts

2:00 am GMT - Trump’s State of the Union address. The US President will deliver an annual address to Congress tonight. The speech is likely to touch on the topics of economy. Apart from that, Trump is likely to address the impeachment trial as the speech comes shortly before final acquittal votes in the Senate.

Major earnings releases

• Chubb (CB.US)

• Centene (CNC.US)

• Walt Disney (DIS.US)

• Ford Motor (F.US)

• McKesson (MCK.US)

• Prudential Financial (PRU.US)