No Federal Reserve speakers today. ECB President Lagarde is speaking.

At 1745 GMT, which is 1245 US ET ECB President Christine Lagarde is speaking at the Deutsche Börse Annual Reception.

Lagarde has been hawkish:

• ECB's Lagarde: Inflation is way too high

As have some of her underlings:

• ECB's Rehn says he sees reasons for 'significant' interest rate increases before summer
• ECB's Knot: "Expect us to raise rates by 0.5% in February and March ... to not be done"

And:

• European Central Bank deposit rate will reach 3.25% in Q2 say analysts