Economic calendar: US holiday, speech from BoE Governor Bailey

• European indices are set for a slightly lower opening 

• US traders off to observe Martin Luther King Day

• BoE Governor Bailey to testify in UK Parliament 

Futures markets point to a slightly higher opening of the first European trading session of a new week. NZD and GBP are the best performing G10 currencies while JPY, CHF and AUD lag the most. Oil and precious metals are pulling back while cryptocurrencies post small gains.

Economic calendar for the day ahead is light. Polish core CPI data for December and Canadian manufacturing sales print for November are the only readings scheduled and neither of them tends to move the markets. BoE Governor Bailey will appear in the UK Parliament today to testify on latest Financial Stability report. World Economic Forum in Davos, Switzerland begins today and will last until Friday, January 20. There are no major speeches scheduled for today but things get more interesting starting from tomorrow. The event will see numerous speeches from European central bankers and European politicians. 

However, it should be noted that liquidity may be somewhat limited today, especially in the afternoon, as US traders will be off to celebrate Martin Luther King day. We have provided a list of changes to trading hours below.

1:00 pm GMT - Poland, core CPI inflation for December. Expected: 11.6% YoY. Previous: 11.4% YoY

1:30 pm GMT - Canada, manufacturing sales for November. Expected: 0.4% MoM. Previous: 2.8% MoM

Central bankers' speeches

• 3:00 pm GMT - BoE Governor Bailey

Trading hour changes due to US holiday:

• Trading until 4:30 pm GMT - VIX

• Trading until 6:00 pm GMT - US500, US100, US2000, US30, TNOTE

• Trading until 7:30 pm GMT - GOLD, SILVER, PLATINUM, PALLADIUM, GASOLINE, NATGAS, OIL.WTI

• No trading - CORN, SOYBEAN, SOYOIL, WHEAT, COFFEE, COCOA, SUGAR, COTTON, LEANHOGS, CATTLE