Economic calendar: US PPI inflation, central bankers' speeches

• European indices launch session higher

• US PPI inflation expected to decelerate

• 13 speeches from Fed, ECB, BoE, BoC and RBA officials

European stock market indices launched today's cash session higher. DAX trades 0.6% higher, CAC40 gains 0.8% and FTSE 100 adds 0.4%. USD dollar is pulling back, providing support for commodities. Overall, risk on moods can be spotted on the markets with cryptocurrencies, commodities and equities trading higher.

Economic calendar for today looks light at first glance but may result in elevated volatility throughout the day on the FX market. US PPI inflation is a key macro report of the day but as CPI figures for January were already released, its impact on the market may be limited. USD may see some volatility nevertheless around release time as a number of second-tier data reports will be released simultaneously. The EIA report will be watched closely by natural gas traders.

However, the biggest volatility today may come from speeches by central bankers as there is a total of 13 speeches scheduled from Fed, ECB, BoC, BoE and RBA officials.

1:30 pm GMT - US, PPI inflation for January.

• Headline. Expected: 5.4% YoY. Previous: 6.2% YoY

• Core. Expected: 4.9% YoY. Previous: 5.5% YoY

1:30 pm GMT - US, housing market data for January.

• Building permits. Expected: 1352k. Previous: 1337k

• Housing starts. Expected: 1362k. Previous: 1382k

1:30 pm GMT - US, jobless claims. Expected: 200k. Previous: 196k

1:30 pm GMT - US, Philadelphia Fed index for February. Expected: -7.4. Previous: -8.9

3:30 pm GMT- EIA natural gas storage. Expected: -97 bcf. Previous: -217 bcf

Central bankers' speeches

• 9:15 am GMT - ECB Panetta

• 1:00 pm GMT - ECB Nagel

• 1:45 pm GMT - Fed Mester

• 3:00 pm GMT - ECB Lane

• 4:00 pm GMT - BoC Governor Macklem

• 5:00 pm GMT - BoE Pill

• 6:00 pm GMT - ECB Maklhouf & Stournaras

• 6:30 pm GMT - Fed Bullard

• 7:45 pm GMT - ECB De Guindos

• 9:00 pm GMT - Fed Cook

• 10:30 pm GMT - RBA Governor Lowe

• 10:55 pm GMT - BoC Beaudry

• 11:15 pm GMT - Fed Mester