Meanwhile, US futures are also trading up rather modestly on the session currently. S&P 500 futures are up 1.2%, Nasdaq futures are up 1.8%, and Dow futures are up 0.8%.

That's a very solid showing in terms of risk appetite but then again, I fear that equity investors are discounting the potential for a hawkish surprise by the Fed later today.

I don't expect Powell to stoke fears in the market and spoil the party but it's tough to communicate nothing while having to say something, even more so when the Fed has to tee up a hawkish tilt going into March.

Perhaps rate hikes will be something that markets can brush aside but look out for any messages or communique on the balance sheet runoff and the timing associated. That might be what spooks investors later in the day.

But for now, they are taking things with a more optimistic approach. We'll see if the Fed will sing to that tune too later.