Economic calendar: Second-tier data from Europe, BoE and Fed speakers

• European indices set for higher opening

• Second-tier data from Europe

• Grounding of MV Glory in Suez Canal not affecting traffic

Index futures point to a higher opening of the European cash session today. This comes after a solid post-NFP Wall Street session on Friday and an upbeat trading in Asia today. News of an expected massive increase in traffic during Chinese New Year helped support oil prices at the beginning of a new week. Speaking of oil, a potentially significant incident occurred this morning with MV Glory cargo vessel running aground in the Suez Canal. However, Canal's authorities later said that it is not having an impact on the traffic.

Economic calendar for the day ahead is light. Traders will be offered second tier data from Europe that rarely has an impact on the markets. Canadian building permits data will be released in the afternoon. Speeches from BoE Chief Economist Pill and Fed member Bostic are best bets for a potential source of elevated FX volatility today. 

9:00 am GMT - Italy, unemployment rate for November. Expected: 7.8%. Previous: 7.8%

9:30 am GMT - Euro area, Sentix index for January. Expected: -18.1. Previous: -21.0

10:00 am GMT - Euro area, unemployment rate for November. Expected: 6.5%. Previous: 6.5%

1:30 pm GMT - Canada, building permits for November. Expected: +0.4% MoM. Previous: -1.4% MoM

Central bankers' speeches

• 3:30 pm GMT - BoE Pill

• 5:30 pm GMT - Fed Bostic