On Tuesday and Wednesday, the data worth to watch for is economic updates on the US economy, in particular CPI in January and the number of open vacancies from JOLTS. The data is expected to reaffirm this week's market consensus that the US economy suffered less damage from coronavirus restrictions in December and had a very strong start in January.

The Fed's Monetary Policy Meeting Minutes and Unemployment Claims will be the key reports next Thursday. The report from the Fed is expected to indicate the Central Bank’s willingness to support the economy with new monetary stimulus if required. This is a classic bullish signal for markets, as it implies implicit guarantees from the Central Bank in the form of low interest rates (soft financing conditions in the economy).

On Friday, investors' attention will be focused on Russian CB monetary policy meeting, where no policy changes are expected, as well as data on the British economy, in particular GDP in the fourth quarter and production in manufacturing industry. Data for January such as gloomy retail sales laid the foundation for negative expectations about UK economy causing the Pound to weaken against the US Dollar.

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