A Bank of Japan (BOJ) policy meeting this week will bear watching given talk it will revise up its outlook for growth and inflation, while sources told Reuters policy makers were debating how soon they could start telegraphing an eventual interest rate hike.
While a move is unlikely this year, financial markets may be under-estimating its readiness to gradually phase out its once-radical stimulus programme.
This was one reason the yen rallied, with the dollar slipping 1.2% last week.
COVID-19 news updates will remain a key area focus. Risk aversion could hit should a new strain of the virus appear in a developed economy.
Key stats for the USD include Philly FED Manufacturing and initial jobless claims due out on Thursday.
Other stats include NY Empire State Manufacturing and housing sector data. These stats should have a muted impact on the markets, however.
ZEW Economic Sentiment figures for Germany and the Eurozone will be the key stats early in the week.
Finalized December inflation figures for member states and the Eurozone in the week will also draw interest.
On the monetary policy front, the ECB monetary policy meeting minutes are due out on Thursday, with ECB President Lagarde scheduled to speak on Friday.
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