The economic calendar is jam-packed at the bottom of the hour

Powell due along with three economic releases

Expect some market moves at the bottom of the hour when the prepared portion of Fed Chairman Jerome Powell's Humphrey Hawkins testimony is released.

At the same time, US data on the January trade balance, wholesale inventories and durable goods orders are released. All the expectations are available on the economic calendar.

The one I'll be watching closely is trade balance. The US deficit has been worsening in the past two months and a further drop will weigh on the dollar.