- Trump tariff threats continued to impact FX sentiment, although FX moves aren't large so far. Some offset has come from higher US equity futures, led by the tech side, due to the announcement from Trump around $100b AI focused investment.
- NZ Q4 CPI was close to expectations, with NZ yields falling a touch. US Tsys futures are trading lower today and holding just off session lows.
- Later US December leading index prints and ECB President Lagarde and Bundesbank’s Nagel speak.
MARKETS
US TSYS: Tsys Futures Edges Slightly Lower, Trump Tariffs Headlines Trickle Out
- Tsys futures are trading lower today and holding just off session lows. TU is -00⅛ at 102-23⅛, while TY is -03 at 108-20+.
- The medium-term trend remains bearish and the recovery that started Jan 13, is considered corrective. The contract has traded through the 20-day EMA, at 108-17. This exposes 109-06, the Dec 31 high, and 109-17+, the 50-day EMA. The bear trigger has been defined at 107-06, the Jan 13 low.
- There was a small block buying of FY earlier, however volumes are low and there hasn't been much else in terms of notable flows today.
- Cash tsys yields are trading 1-2bps higher in Asia, the belly is under-performing slightly, giving back some of Tuesday out performance. The 10yr is +1.2bps at 4.589%. The 2s10s curve is holding steady at 30bps, while the 5s30s is -1bps at 40.306.
- Headlines from Trump have been trickling out throughout the session, however there has been nothing we hadn't already expected. There were comments about 10% tariffs on goods imported from China on Feb. 1 because fentanyl is being sent from China to Mexico and Canada. There has also been comments about sanctions on Russia if they don't negotiate with Ukraine.
- The 2025 Fed rate cut expectations fairly static. Projected rate cuts through mid-2025 this morning, current lvls vs. Friday close* as follows: Jan'25 steady at -0.01bp, Mar'25 at -6.6bp (-7.5bp), May'25 -12.4bp (-12.9bp), Jun'25 -22.3bp (-21.8bp), Jul'25 at -26.1bp (-25.6bp).
- The data calendar remains light with MBA mortgage data and the December Leading Index - more focus will be on $13B 20Y Bond reopening auction, as well as a Fox interview with Pres Trump airing after Wednesday's cash close.
EQUITIES: NASDAQ Futures Nearing YTD Highs, Following AI Focused Investment
- US equity futures continue to edge higher throughout the session, with the NASDAQ leading the way, last up 0.70% and is now testing the ytd highs made Jan 6th, S&P 500 Eminis are 0.30% higher, while Dow Jones Eminis are unchanged.
- Tech stocks are outperforming, due to the announcement from Trump around a $100b AI focused investment, with Asian semiconductor stocks also trading higher, the BBG Asia Semiconductor Index is 1.50% higher.
- Crypto is also likely leading to gains in tech stocks with Bitcoin holding at $106,000, near record highs, as the SEC launched a task force on crypto regulation under President Trump's administration, signaling a friendlier approach to the sector. The initiative, led by pro-crypto commissioner Hester Peirce, aims to provide regulatory clarity and boost innovation, while Trump plans to prioritize digital assets nationally.
JGBS: Cash Bond Twist-Flattener, BoJ Hike Almost Fully Priced
JGB futures are weaker and at session lows, -18 compared to settlement levels.
- The BoJ will announce its latest monetary policy decision this Friday, with expectations that it will move further along its policy normalization path. Both market consensus and our analysis suggest a 25bps rate hike as the most likely outcome.
- The BoJ raised rates twice in 2024, first in March and again in July. However, it has maintained a hold since then, largely due to market volatility, including significant yen swings after the July hike. Political uncertainty has also played a role, as the ruling coalition lost its majority in lower house elections late last year.
- Market expectations currently indicate: a 93% probability of a 25bp hike in January; a cumulative 96% chance by March; and a full 25bp increase priced by May 2025.
- Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s bull-flattener.
- Cash JGBs have twist-flattened, pivoting at the 30-year, with yields 2bps higher to 2bps lower. The benchmark 10-year yield is 0.9bp higher at 1.203% versus the cycle high of 1.262%.
- Swap rates are ~2bps higher.
- Tomorrow, the local calendar will see Trade Balance, International Investment Flow and Tokyo Condominiums for Sale data alongside an Enhanced Liquidity Auction covering 1-5-year OTR JGBs.
AUSSIE BONDS: Cheaper & At Cheaps, Local Calendar Light Tomorrow
ACGBs (YM -6.0 & XM -6.0) are weaker and near Sydney session lows.
- Outside of the previously outlined Leading Index, there hasn't been much by way of domestic drivers to flag.
- Cash US tsys are ~1bp cheaper in today’s Asia-Pac session after yesterday’s bull-flattener. Wednesday's US data calendar remains light, with MBA mortgage data and the December Leading Index - more focus will be on the $13B 20Y Bond reopening auction, as well as a Fox interview with Pres Trump airing after Wednesday's cash close.
- Cash ACGBs are 5-6bps cheaper with the AU-US 10-year yield differential at -13bps.
- Swap rates are 4-5bps higher, with EFPs slightly tighter.
- The bills strip has bear-steepened, with pricing -2 to -5.
- A Bloomberg News survey of 48 economists forecast the cash rate to be unchanged at 4.35% at the end of Q1 25 and 4.10% by the end of Q2 25.
- RBA-dated OIS pricing is flat to 4bps firmer across meetings today. A 25bp rate cut is more than fully priced for April (109%), with the probability of a February cut at 69% (based on an effective cash rate of 4.34%).
- Tomorrow, the local calendar is empty.
AUSTRALIA DATA: Westpac Lead Index Signals Soft But Improving Growth
The Westpac lead index for December fell 0.02% m/m after rising 0.06% leaving the 6-month annualised rate slightly slower at 0.25% from 0.33%. This measure leads growth relative to trend by 3 to 9 months and it was positive throughout Q4 signalling some improvement in growth over H1 2025. Westpac expects GDP growth to reach 2.2% y/y by end-2025 but the first rate cut not until May.
- The improvement in the index from mid-last year has been driven by better consumer confidence, commodity prices in AUD, stronger equities and turnaround in dwelling approvals. The outlook for commodities and markets in 2025 is highly uncertain thus risking the pickup in the Westpac lead index.
- The market has almost 75bp of rate cuts priced in by year end which should support the economy-related variables in the index but the timing continues to be data-dependent and unclear.
- Westpac says that “the more positive growth signal still looks fairly tentative”, but the RBA will want to see signs of the labour market easing, whereas it stabilised in H2 2024 and some indicators even tightened, such as underemployment. It notes that there is still a chance of a February or April easing if core inflation moderates significantly more than expected.
Australia Westpac lead index vs real GDP %
Source: MNI - Market News/Refinitiv
BONDS: NZGBS: Richer After Q4 CPI, Outperforms $-Bloc
NZGBs closed 1-2bps richer but off session bests.
- Nevertheless, NZGBs have outperformed their $-bloc counterparts, with the NZ-US and NZ-AU 10-year yield differentials 5-6bps tighter on the day.
- Q4 NZ CPI was close to Bloomberg consensus expectations at 0.5% q/q and 2.2% y/y after 0.6% & 2.2% in Q3, above the RBNZ’s November forecast of 0.4% & 2.1%.
- The RBNZ’s sector factor model estimate of Q4 core inflation eased 0.2pp to 3.1% y/y, close to the top of the 1-3% target band. Q3 was revised down 0.1pp to 3.3%. Given that headline CPI was impacted by volatile components such as airfares, the move lower in underlying inflation is good news and another 50bp rate cut in February remains the base case. But underlying non-tradeables inflation is proving sticky and will continue to be watched closely.
- Swap rates closed mixed, with the 2-year and 5-year 1bp lower and the 10-year 1bp higher.
- RBNZ dated OIS pricing closed 1-5bps softer across meetings, flat to 3bps softer than pre-CPI levels. 47bps of easing is priced for February, with a cumulative 112bps by November 2025.
- Tomorrow, the local calendar will see Net Migration data and the NZ Government’s 5-month Financial Statements
NEW ZEALAND: Core Eases But Non-Tradeables Proving Sticky
The RBNZ’s sector factor model estimate of Q4 core inflation eased 0.2pp to 3.1% y/y, close to the top of the 1-3% target band. Q3 was revised down 0.1pp to 3.3%. Given that headline was impacted by volatile components such as air fares, the move lower in underlying inflation is good news and another 50bp rate cut in February remains the base case. But underlying non-tradeables inflation is proving sticky and will continue to be watched closely.
NZ core CPI y/y% (RBNZ sector factor model)
Source: MNI - Market News/RBNZ/Refinitiv
- Moderation in core non-tradeable inflation remains slow and it was down only 0.1pp to 4.6% y/y, the lowest since Q1 2022 but still elevated. The series average is 3.3%. Its moderation from the peak remains significantly less than the overall core, but restrictive monetary policy and weak demand should help to bring it still lower.
- Core tradeables inflation was only 0.2% y/y in Q4 after 0.4%. The headline number picked up driven by volatile second-hand car prices. The drop in the underlying measure signals that weak discretionary spending is weighing.
NZ core CPI y/y% (RBNZ sector factor model)
Source: MNI - Market News/RBNZ
NEW ZEALAND: Non-Tradeables Lowest Since 2021, Feb 50bp Rate Cut Likely
Q4 NZ CPI was close to Bloomberg consensus expectations at 0.5% q/q and 2.2% y/y after 0.6% & 2.2% in Q3, above the RBNZ’s November forecast of 0.4% & 2.1%. The slightly higher outcome was driven by international airfares with the volatile component accounting for almost a quarter of the quarterly increase. With the data printing close to the RBNZ’s projections and non-tradeables easing, another 50bp cut on February 19 seems likely given the weakness of the economy.
- Headline inflation was impacted by a number of volatile components, such as airfares & cars, and so the underlying measures are likely to be the focus of the RBNZ with its own sector factor model estimates due at 1500 NZDT (1300 AEDT) today.
- Domestically-driven non-tradeables were slightly lower than expected rising 0.7% q/q and 4.5% y/y, the lowest quarterly rate since Q3 2020, and below the RBNZ’s projections of 0.8% & 4.7%. It rose 1.3% q/q and 4.9% y/y in Q3. Rents continue to grow strongly rising 0.8% q/q making a 15% contribution to Q4 CPI. Services prices rose 1.4% q/q and picked up to 4.8% y/y from 4.5%, still elevated.
- Stats NZ notes that excluding petrol prices, which fell 9.2% y/y, headline inflation would have been higher at 2.7% y/y.
- Vegetable prices were down 14.6% y/y. Thus the CPI ex food rose 0.8% q/q and 2.4% y/y.
- Tradeables were higher at +0.3% q/q but still down 1.1% y/y after -0.2% & -1.6%. This quarterly rise was the first since Q3 2023 suggesting that the disinflationary impact from goods prices is over. It was also higher than the RBNZ projected (-0.2% & -1.5%). Goods prices were flat though to be up 0.6% y/y.
NZ CPI y/y%
Source: MNI - Market News/Refinitiv
ASIA STOCKS: HK & China Equities Lower, Following 10% Trump Tariff Talk
Chinese & Hong Kong equities are lower today after Trump reiterated his consideration of a 10% tariff on Chinese goods, citing concerns over fentanyl shipments. While the 10% level is less aggressive than the previously threatened 60% tariffs, the remarks reignited concerns about potential trade tensions. The CSI 300 Index slipped 1%, ending a four-day rally, while the Hang Seng China Enterprises Index declined 1.55% and the HSI is 1.25% lower.
- China's luxury market sales fell by up to 20% in 2024, the steepest decline since 2011, as an economic slowdown weakened consumer confidence and spending. Watches, jewelry, and leather goods saw the sharpest declines, while even high-spending customers reduced purchases. Hainan's duty-free sales dropped 29%, with more Chinese shoppers opting for overseas purchases, particularly in Japan.
- Real estate stocks dragged the market further as Citi lowered earnings estimates and price targets for key players like China Overseas Land & Investment (-1.6%), Longfor Group (-2.6%), and Shenzhen Investment (-3.7%), citing soft market conditions and persistent sector-wide losses. Benchmark indices are also lower, with the Mainland Property Index down 1.75%, HS Property Index -1%, while the BBG China Property Developer Gauge is 2.45% lower
- The Harvest CSI 500 ETF reported a significant 4Q purchase of 1.39b shares, likely by China’s sovereign wealth fund, Central Huijin Investment. The fund now owns 44.2% of the ETF, worth an estimated 3.37bi yuan. Despite this, the ETF experienced outflows of 1.58b yuan during the quarter.
While optimism over U.S. trade policy has cooled, gradual tariff measures could ease the market's adjustment, though volatility remains high. The property sector’s challenges and a cautious outlook on stimulus add further headwinds to the Chinese market.
ASIA STOCKS: Equities Mixed, Tech Higher, China Equities Lower On Tariff Talk
- Asian equities are trading mixed today as investors weighed optimism around U.S. infrastructure and AI investment initiatives under President Trump against renewed tariff concerns on Chinese goods. Japan's Nikkei 225 and Taiwan's Taiex led gains, up 1.5% and 1.3%, respectively, boosted by tech stocks like SoftBank (+8.9%) and TSMC (+2.7%) following Trump's AI investment announcements. South Korea's Kospi added 1.2%, with nuclear energy and construction stocks rallying on expectations of increased U.S. infrastructure spending.
- In contrast, Chinese shares underperformed, with the CSI 300 down as much as 1.3% amid concerns over potential 10% tariffs on Chinese imports. Hong Kong's Hang Seng also dropped 1.3%, reflecting weaker sentiment in the region.
- Australia's ASX 200 is 0.35% higher, while In New Zealand, the NZX 50 was flat after inflation data showed annual CPI steady at 2.2%, while Pacific Edge fell 5% following U.S. legal challenges.
- The broad MSCI Asia Pacific Index edged up 0.2%, reflecting the uneven performance across the region.
ASIA STOCKS: Outflows Continue In Asian Equities
Further outflows in Asian on Tuesday, although below the short term averages. India continues to see heavy outflows marking 12 straight sessions and a total outflow of $5.4b so far this year
- South Korea: Saw outflows of -$159m yesterday, contributing to a 5-day total of -$216m. YTD flows are negative at -$216m. The 5-day average is -$43m, slightly worse than the 20-day average of $0m but better than the 100-day average of -$157m.
- Taiwan: Saw outflows of -$27m yesterday, leading to a 5-day total of +$768m. YTD flows are negative at -$1.8b. The 5-day average is +$154m, better than the 20-day average of -$78m and the 100-day average of -$119m.
- India: Recorded significant outflows of -$430m yesterday, resulting in a 5-day total of -$2.76b. YTD flows are deeply negative at -$5.38b. The 5-day average is -$551m, worse than the 20-day average of -$326m and the 100-day average of -$82m.
- Indonesia: Saw outflows of -$24m yesterday, bringing the 5-day total to +$37m. YTD flows are negative at -$207m. The 5-day average is +$7m, better than the 20-day average of -$12m and equal to the 100-day average of $0m.
- Thailand: Saw inflows of +$5m yesterday, contributing to a 5-day total of -$82m. YTD flows are negative at -$204m. The 5-day average is -$16m, worse than the 20-day average of -$9m and in line with the 100-day average of -$9m.
- Malaysia: Recorded outflows of -$5m yesterday, leading to a 5-day total of -$204m. YTD flows are negative at -$465m. The 5-day average is -$41m, worse than the 20-day average of -$25m and the 100-day average of -$19m.
- Philippines: Saw outflows of -$3m yesterday, bringing the 5-day total to -$34m. YTD flows are negative at -$86m. The 5-day average is -$7m, slightly worse than the 20-day average of -$6m and the 100-day average of -$1m.
Table 1: EM Asia Equity Flows
FOREX: USD Higher Amid Further Tariff Threats, NZD Softer Post Q4 CPI
The USD index holds in positive territory, last above 1303, supported by earlier headlines around additional tariff threats from US President Trump (this time extending to China and the EU). Aggregate shifts haven't been large though, with the BBDXY index still fairly close to recent lows.
- Trump stated China could be hit with 10% tariffs, potentially from Feb 1, while Trump also stated that the EU could see tariffs imposed as well. The tariffs on China would be in response to fentanyl flows from the country. Trump also added that tariff threats on Mexico and Canada of 25% had nothing to do with renegotiating the USMCA treaty, but was also related to drug flows (per BBG). At the start of the session a WSJ article suggested that the tariff threat on these economies was designed to push for an earlier renegotiation of this treaty.
- Aggregate FX moves weren't large, but the market is likely to remain sensitive to on-going tariff speculation.
- NZD/USD is down 0.30%, last near 0.5660/65. Earlier lows were at 0.5650. The Q4 CPI data was close to expectations, but the further cooling in non-tradables inflation, albeit at a moderate pace, has added to 50bps pricing for the Feb RBNZ meeting. NZ-US yield differentials are also lower.
- AUD/USD is down a touch, but at 0.6265/70, remains within recent ranges. The AUD/NZD cross is higher, but hasn't been able to breach 1.1100.
- USD/JPY is higher, last near 155.80, but also is sticking to recent ranges. US yields have ticked higher, but gains are not much beyond 1bps at this stage.
- US equity futures are higher, led by tech, as earlier remarks from Trump around a $100b AI focused investment supporting sentiment. This has likely helped trim the risk off move for FX from the earlier tariff threats.
- Regional equities are mostly higher, but China/HK markets are weaker.
- Later US December leading index prints and ECB President Lagarde and Bundesbank’s Nagel speak.
Gold’s Rally Continues as Tariffs for China Considered
- Gold rallied throughout the day to reach new highs for the year.
- Bullion opened at US2,708.21, rising throughout the trading day to $2,750.99.
- Gold typically likes either lower rates or a weaker USD and with Trump seemingly pulling back from tariffs on China for now, the USD was weaker against most Asian currencies.
- Gold also exhibits safe-haven status in times of volatility which no doubt will be in the days and weeks ahead as policies are announced.
- Trump has indicated that tariffs levelled at Mexico and Canada could come into place as early as February, and that he is considering a ‘universal tariff on all imports into the US’.
- The threat of tariffs, the proposed increase in spending and trade wars see investors having concerns as to the pathway for inflation and hence interest rates.
- Whilst the geopolitics will have input into the short-run impact for gold, the longer-term direction for rates will be the most significant for gold.
- Some of the largest gold ETFs were up over 3% yesterday in what was one of the biggest moves year to date.
OIL: Crude Holds The Week’s Losses As Trade Wars Threaten
Oil prices have been trading in a narrow range during today’s APAC session after falling this week. WTI is down slightly at $75.77/bbl after a low of $75.62 and high of $75.95. Brent is moderately higher at $79.32/bbl following a low of $79.16 and a high of $79.41. The USD index is up 0.1%.
- Later US industry-based inventory data for last week is released. Recently stocks have been consistently drawdown. With the prospect of 25% tariffs on imports from Canada starting February 1, they may rise this week and next as both producers and refiners sharply front load supplies. The tariffs, if implemented, could increase US fuel prices with refineries in the Midwest geared for heavy Canadian crude.
- The new US administration has made the prospect of increased trade protectionism very real, while increasing the possibility of tighter sanctions against Iran and Venezuela. It has also said that if Russia doesn’t negotiate on a peace deal for Ukraine, it will also enhance sanctions against it.
- Today President Trump also suggested a 10% tariff on Chinese goods as a result of the fentanyl problem.
- Later US December leading index prints and ECB President Lagarde and Bundesbank’s Nagel speak.
SOUTH KOREA: A Surprise Bump in Consumer Confidence.
- Despite the ongoing Political disruption in Korea, consumer confidence is on the rise rising to 91.2 in January from 88.2 in December.
- Whilst still below 100 (therefore more pessimistic) the survey showed that Households are feeling slightly better as their expectations for inflation decline.
- The survey polled 2,330 households with the expectations for inflation coming in at 2.8% (December CPI YoY was at +1.9%).
- The BOK held rates steady recently whilst stating clearly that they are in a rate cutting phase.
INDONESIA: Country Wrap: Indonesia Considering Capital Controls for Miners.
- Indonesia's government plans to require commodity exporters to keep their entire foreign currency-denominated earnings onshore for at least a year. (source: BBG).
- Indonesia's domestic carbon exchange, IDXCarbon, has opened to foreign participants, aiming to restore the country's position as a major hub for carbon offsets and attract more investment for local climate action. (source: BBG)
- The Jakarta Composite rose +0.95% today, rising for a sixth consecutive day.
- IDR: holding on to small gains up +0.10% at 16,325.
- Bonds: front end yields moved higher with the 3YR the worst performer up +3.5bps at 6.868%
MALAYSIA: Country Wrap: BNM to remain on Hold.
- Bank Negara Malaysia (BNM) continues to closely monitor the balance of risks related to domestic inflation and the growth outlook to ensure that Malaysia’s monetary policy stance remains conducive to sustainable growth amid price stability. Governor Datuk Seri Abdul Rasheed Ghaffour stressed that the approach to monetary policy remains data-driven and forward-looking. (source: The Star).
- DAVOS (Switzerland): Prime Minister Datuk Seri Anwar Ibrahim today held high-level meetings with business leaders from six multinational companies (MNCs) including AstraZeneca, Fortescue, DP World, Medtronics, Nestle, and Google. Arranged by the Ministry of Investment, Trade and Industry (MITI), the one-on-one meetings took place on the sidelines of the World Economic Forum (WEF) (source: The Star).
- Malaysia’s KLCI had a strong day today rising +0.41% and on track for a fourth successive day of gains.
- MYR: the ringgit had a very strong day gaining +0.675% to be at 4.4455.
- Bonds: MGS bonds were quiet ahead of the BNM. MGS 10YR 3.821%
ASIA FX: Yuan Softens On Tariff Threat, KRW & TWD Outperform, Aided By Equities
Tariff threats have softened yuan sentiment, although USD/CNH remains comfortably within recent ranges. We were last above 7.2800, where we have spent much of the session, after earlier headlines crossed from US President Trump around a 10% tariff threat on China around drug flows into the US. KRW and TWD have fallen modestly, but have outperformed yuan weakness seen so far today.
- USD/CNH remains sub Tuesday highs, 7.2965, while current levels (7.2860) are close to the 50-day EMA. Trump tariff rhetoric, which he stated could be delivered on Feb 1 (the same day as Canada and Mexican tariffs could be imposed), is keeping yuan sentiment on edge. Some analysts noted the 10% threat is not as bad as earlier Trump tariff threats. Still, onshore and Hong Kong equity market sentiment has tracked weaker today.
- Implied vols for USD/CNH remain comfortably off recent highs, last 5.235% for the month. We got above 6.67% on Monday.
- Spot USD/KRW opened weaker, but found support at 1430. We last track in the 1437 region, little changed so far for the session. Earlier sentiment was supported by positive equity gains. At the same news conference where Trump made tariff threats, he also unveiled an AI investment initiative, led by key industry players. This has supported tech related sentiment. The Kospi is +1.25% higher at this stage. Broader USD gains halted USD/KRW downside though.
- USD/TWD sits modestly higher, last near 32.75/80. Recent lows around 32.66 have coincided with the 50-day MA support point. The Taiex is up over 1.1%.
ASIA FX: THB, MYR Outperform, Steadier Trends Elsewhere
South East Asia currencies have been mixed, with MYR and THB recording solid gains. Trends elsewhere have been steadier, or slightly more in favour of the USD. Sentiment has once again been impacted by tariff threats from US President Trump, although aggregate moves have been modest. Regional equity markets are mostly higher.
- USD/MYR has fallen to sub 4.4450, fresh YTD lows for the pair. Earlier Dec lows rested around 4.4125, which could present as a further downside target. MYR is outperforming the modest weakness seen in the yuan so far today. Direct catalysts for this MYR aren't apparent. We have the BNM later today, which is expected to see rates left on hold. The Malaysian authorities view the MYR as undervalued, so today's move is consistent with removing some of that valuation gap.
- USD/THB is also down sharply, the pair last under 33.90. Baht has been an outperformer over the past week. Strength in gold prices will be providing a positive spill over, while net inflows have been more positive relative to equity flows in the past week. Tourism anecdotes/high frequency data points also appear positive. Local authorities are noting solid y/y momentum for early 2025 tourist arrivals.
- USD/IDR is little changed, last around 16325/30, so slightly off recent highs. It's a similar backdrop for INR, last near 86.55 versus the USD.
- USD/SGD is off session highs, last under 1.3550. Tomorrow, we have the CPI print ahead of Friday's MAS policy meeting outcome, which is projected to be a close call in terms of no change versus fresh easing.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 22/01/2025 | 0700/0700 | *** |  GB | Public Sector Finances |
| 22/01/2025 | 0700/1500 | ** |  CN | MNI China Money Market Index (MMI) |
| 22/01/2025 | 1200/0700 | ** |  US | MBA Weekly Applications Index |
| 22/01/2025 | 1330/0830 | * |  CA | Industrial Product and Raw Material Price Index |
| 22/01/2025 | 1355/0855 | ** | US | Redbook Retail Sales Index |
| 22/01/2025 | 1515/1615 |  EU | ECB's Lagarde in dialogue on Unlocking Europes potential | |
| 22/01/2025 | 1630/1130 | * | US | US Treasury Auction Result for Cash Management Bill |
| 22/01/2025 | 1800/1300 | ** | US | US Treasury Auction Result for 20 Year Bond |
| 23/01/2025 | 2350/0850 | ** |  JP | Trade |
| 23/01/2025 | - |  NO | NorgesBank Meeting | |
| 23/01/2025 | - | JP | Bank of Japan Meeting | |
| 23/01/2025 | 0745/0845 | ** |  FR | Manufacturing Sentiment |
| 23/01/2025 | 0900/1000 | *** | NO | Norges Bank Rate Decision |
| 23/01/2025 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
| 23/01/2025 | 1100/0600 | *** |  TR | Turkey Benchmark Rate |
| 23/01/2025 | 1100/1100 | ** | GB | CBI Industrial Trends |
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