German inflation, UK GDP on the agenda in Europe today

The euro only got a brief lift from the ECB yesterday before reversing gains to turn lower, as Lagarde painted a rather gloomy outlook despite the central bank looking to wind down asset purchases. I would expect some headlines to cross in the days ahead on more details of the meeting, something similar along these lines.

Besides that, the yen weakened as bond yields tracked higher. Inflation is suddenly back on everyone's lips as the war narrative continues to look all over the place. The latter is keeping markets rather volatile and fickle-minded, so it is hard to gather any real conviction - at least in my view.

Equities continue to look sluggish and putting the Russia-Ukraine war aside, the prospects of central banks tightening and rising stagflation risks are something to be wary about.

Looking ahead today, we have German and Spanish inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term figures which should just reaffirm more persistent price pressures to start the year in the euro area economy. UK January GDP should see a light rebound after December, which was hit by the omicron spread. In summary, economic data won't tell us much of anything new before we wrap up the week.

0700 GMT - Germany February final CPI figures
0700 GMT - UK January monthly GDP data
0800 GMT - Spain February final CPI figures

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.