US data's a dud for prices so over to Brussels we go

I don't think January's US leading index is going to do us any favours at 15.00 GMT so the inspiration will come from elsewhere.

The DOE oil inventory data is 30 minutes later than usual at 16.00 GMT, so that's something for oil traders following the 3.3m draw down from the API data. Bloomberg shows expectations for a 3.5m build, Reuters shows 3.9m but I would think those have been re-jigged somewhat following the API numbers.

For the summit., the main council meeting isn't until 19.00 GMT but the various side meetings start from 16.00 GMT, of which Cameron's is one with Donald Tusk.

Here's the full shchedule

Given that the big UK headlines could be out after London is closed could increase the volatility of any moves in the pound. Just something to be aware of.