Economic data coming up in the European session
Another rather empty calendar day as the focus stays on Biden's fiscal stimulus package unveiling later in the day
We already got a taste of what to expect here and the market has responded somewhat, with yields moving higher and that helped to see the greenback push slightly higher as well - though the reaction looks more muted now ahead of European trading.
One of the more notable moves came in precious metals as gold and silver both fell amid a jump in real yields following the headlines:
That is pushing gold back against its 200-day moving average closer to $1,841 for the time being. Hold a break below and sellers will establish a more bearish bias.
Elsewhere, the dollar bids didn't really amount to much as the greenback now keeps mostly little changed. USD/JPY is holding just above 104.00 but is again running into key resistance trendlines above the figure level for the time being.
Meanwhile, value stocks are able to breathe a sigh of relief as we see Dow futures up 0.4% while Nasdaq futures are down 0.2% currently.
Looking ahead, it'll likely be a quiet one in Europe once again as all eyes will stick on Powell and Biden's speeches later in the day.
0900 GMT - Germany 2020 full year GDP figure
The estimate is for the German economy to contract by just over 5% last year and that should mark the worst performance since the global financial crisis. The data here is rather inconsequential as the market remains more forward-looking now.
1230 GMT - ECB publishes its account of the December policy meeting
The December decision can be found here. There shouldn't be anything in this that we don't already know from the ECB with Lagarde's remarks yesterday also basically spelling out the present narrative. But if anything, look out for any mentions of some divide in opinion as rumoured right after the meeting here at the time.
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.