Economic calendar: GDP and CPI reports from Europe

• European futures trade higher

• GDP reports from Italy, Poland and Eurozone

• CPI data from Germany and Spain

Futures markets point to a higher opening of the European cash session today, following a turnaround session on Wall Street on Friday. Trading during the Asian session was somewhat subdued as traders from numerous countries, especially China, were off for holiday. Commodities and commodity currencies advance while safe haven currencies, like CHF or JPY, are top laggards among majors.

Investors will be offered some interesting macro releases today, especially during the European morning. GDP reports for Q4 2021 from Italy and the euro area will be released, as well as the 2021 GDP report from Poland. On top of that, flash CPI data for January from Germany and Spain will be released, which is worth watching amid the upcoming ECB meeting (Thursday). 

8:00 am GMT - Spain, CPI inflation for January (flash). Expected: 6.7% YoY. Previous: 6.7% YoY

9:00 am GMT - Poland, 2021 GDP report. Expected: 5.6% YoY. Previous: -2.5% YoY

10:00 am GMT - Euro area, Q4 2021 GDP report. Expected: 4.7% YoY. Previous: 3.9% YoY

10:00 am GMT - Italy, Q4 2021 GDP report. Expected: 6.2% YoY. Previous: 3.9% YoY

1:00 pm GMT - Germany, CPI inflation for January (flash). Expected: 4.3% YoY. Previous: 5.3% YoY

2:45 pm GMT - US, Chicago PMI for January. Expected: 61.7. Previous: 64.3

Central bankers' speeches

• 4:30 pm GMT - Fed Daly

• 5:40 pm GMT - Fed George