In terms of data releases we have a fairly thin calendar today. In the euro area we expect Italian HICP to increase slightly but to remain below 1%. The market impact should be limited, as the figure for the euro area has already been released.
In the UK PMI construction is expected to decline for a second month in a row but the level is expected to remain high.
In the US consensus is for a decrease in factory orders in December.
Both Fed's Lacker and Evans are due to speak today. Lacker speaks on the economy, while Evans will talk about monetary policy. Any comments about the latest weakness in some US data and the implications for Fed's tapering are in focus. Despite a sharp fall in ISM manufacturing yesterday we expect the Fed to stay on course of tapering USD10bn per meeting.
Today, Danmarks Nationalbank is set to publish January's currency reserve figures.
Please view the attached pdf for full report.