For January, German services PMI fell to 46.8 from 47, but analysts had expected a deeper decline to 45.3. The manufacturing sector declined more than expected and printed 57.
In France, the manufacturing sector actually improved, from 51.1 to 51.5, but services PMI dropped more than expected to 46.5.
Yesterday. the ECB left monetary policy unchanged but warned that the continuing lockdown forever would hurt economic growth. Moreover, Lagarde also indicated more clearly than ever that the ECB would not use the full amount of its chief bond-buying program if it doesn't need to.
Later in the session, Canadian retail sales are due, which will most likely influence the CAD. Moreover, US existing home sales will be released, along with the PMI indices.
Additionally, Joe Biden will hold a speech, which could cause some volatility as well.