EIA Crude Oil Stockpiles increase more than expected

Top economic advisers in Germany lowered the Eurozone's economic powerhouse growth and inflation forecasts citing "weaker external environment" with growth and inflation staying subdued into next year. Growth forecasts were cut to 1.50% from the previous estimates of 1.60% for 2016 while growth is expected to rise to 1.60% in 2016. German inflation forecasts were cut to 0.30% this year from the previous estimates of 1.20% due to lower energy and fuel prices, while for 2017, inflation is expected to rise 1.40%. Consumption led growth is expected to propel the country's economy according to the advisers, supported by a robust labor market and the ECB's accommodative monetary policy. EURUSD remained subdued led by a broad strength in the US Dollar.

Monthly durable goods orders from the US is expected to erase the gains from the previous month with forecasts of -3.0% decline on the headline while the Core durable goods is expected to fall -0.20%. The dovish forecasts come after durable goods surged 1.80% on the core and 4.90% on the headline, which saw the highest increase on a month over month basis in more than a year and a half. The dovish estimates are based on declines in orders for aircrafts from Boeing which is expected to be a major contributor to the forecasted fall in durable goods orders in February. Following the data, US weekly unemployment claims and flash services PMI will be released.