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Hardy: Is appetite for risk returning to the markets?

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China's 'reasonably supportive' data overnight helped boost Asian markets, despite questions about the reliability of the numbers. But Saxo's John Hardy asks whether this risk-on sentiment is enough to give a boost to markets in both Europe and the US.

The European Central Bank meets this Thursday and Hardy says it's crucial that President Mario Draghi shows credibility on the dovish side. It follows a disappointing meeting last December. He says stability in risk appetite is key for EURUSD.

New Zealand's CPI figure is out late Tuesday (21:45 GMT) and John warns of the risk of a downside surprise. That could make the Kiwi more vulnerable, he says.

And Bank of Canada meets on Wednesday against a backdrop of tumbling oil prices. John discusses whether or not the Bank will cut interest rates further.