Danske Bank analysts suggest that repercussions from US-China trade agreement and hints on phase 2 could stay on the agenda today, but otherwise focus will be on the ECB minutes from December.

"The meeting did not reveal new policy signals, but the potential for governing council members viewing the economic outlook more positively is worth keeping an eye on. For the longer term, we will look for clues about the strategic review. Then on to US retail sales for December: there have been indications that US Christmas sales disappointed, which will come on the back of subdued growth in November. Consumer confidence remains high and the housing market is still improving supported by the lower mortgage rates and decent real wage growth."