Overnight, Japan is expected to report the first merchandise trade deficit in a generation. Aussie CPI is dues out at 00:30 GMT, President Obama delivers his SOTU at 02:00 GMT.

During the European session, Ifo business sentiment data will be released at 9:00 GMT (Belgian business sentiment improved today.) MPC minutes and UK GDP follow at 9:30 GMT while Monti addresses the Senate on the Ecofin meeting.

That ought to keep ya hopping…