- EU related assets have rallied on Ukraine peace hopes. EUR/USD is testing 50-day EMA resistance, while EU stock futures have bounced.
- US cash tsys yields are trading 1-2bps richer today, the curve has steepened slightly. JGB futures are weaker, -16 compared to settlement levels, but well off the session’s worst level.
- Australian and New Zealand inflation expectations were mixed.
- Later the Fed’s Goolsbee appears and US January PPI and jobless claims print as well as UK December IP, trade, construction and preliminary Q4 GDP, and euro area December IP and EC forecasts. The ECB’s Cipollone also speaks.
MARKETS
- It has been a quiet session for Tsys after a sell-off overnight following stronger-than-expected CPI. The 2yr is hovering near it's highest levels since July, however earlier JPM put out a buy recommendation on the 2yr, we then saw heavy block buying in the TU contract with a total of 26k TU contracts blocked across four trades for DV01 $955k. TU is currently +01¾ at 102-19+, while TY is +05 at 108-13+
- Key levels to watch on the TY contract are, initial resistance at 109-10 (50-day EMA) above here 110-00 (High Feb 7 and the bull trigger), while to the downside, initial support is at 108-00 (Low Jan 16)
- Cash tsys yields are trading 1-2bps richer today, the curve has steepened slightly. The 2yr is -1.9bps at 4.336%, while the 10yr is -1.2bps. The 2s10s is +0.5bps at 26.710.
- JPM see value in 2yr tsys, noting that markets now price in just one more Fed rate cut for this cycle. They highlight that yields are near the top of a well-established range, making the front end attractive. The main risk would be unexpected labor market tightening, but with the next jobs report still weeks away, this isn’t an immediate concern.
- The 2yr has spent the past 4 months trading between 4.40% and 4.20% after hitting a low of 3.50% in September, we last trade at 4.345%.
- OIS pricing has firmed slgihtly during Asia today, following last nights stronger-than-expected CPI number, we saw OIS push the expected rate cut out to December from September, however we are now back to pricing in a full cut in October (note there is no November meeting).
- Later today the focus will be on US PPI data, consensus is for 0.3% m/m in Jan, up from 0.2% in December, we also have Jobless claims which are expected to come in at 216k, down from 219k.
US OUTLOOK/OPINION: Jan PPI: PCE Categories In Focus After Upside CPI Surprise
Thursday's PPI report for January (0830ET) will, as Chair Powell reminded in his congressional testimony Wednesday, provide the main final input into January's PCE reading.
- Current expectations for the main PPI aggregates are for accelerations in overall M//M to 0.3% (0.2% prior), with ex-food/energy/trade seen up to 0.3% from 0.0% prior.
- We haven't seen analysis on the recalculated Relative Importance and Seasonal Adjustment Factors due for the PPI series which will be released simultaneously with the January data, but obviously this could impact the interpretation of the report.
- It's clear that the stronger-than-expected CPI report has pushed up expectations for the core PCE reading, with PPI likely to play a lesser role at this stage.
- Prominent PCE-related categories that use the PPI reading include airfares which decelerated in the CPI report (1.2% M/M in Jan from 3.0% prior), auto insurance which accelerated in CPI (2.0% from 0.5%), and healthcare services which decelerated in CPI to 0.0% from 0.2% with weak dental services prices. There's no equivalent to PPI / PCE portfolio services in CPI.
- As MNI noted earlier, Nomura revised up their January core PCE expectation to 0.351% M/M vs 0.28% pre-CPI. (As with CPI, the PCE series are due annual revisions as well, somewhat complicating the read-through from pre-compared with-post CPI readings - Nomura sees M/M core PCE revised lower in Nov and Dec by 1-2bp, with October revised up by 1bp)
- For the PCE-relevant inputs from the PPI report, Nomura look for higher portfolio management and health insurance (noting positive residual seasonality in January), with a decline in PPI physician services prices offset by an increase in hospital services.
- Rough consensus for core M/M PCE is somewhere in the mid-0.30% area, though post-CPI estimates vary widely. A figure in that area would mean a lower figure than January 2024's 0.498% M/M, and a softer Y/Y reading of 2.6% or 2.7% vs 2.8% in December.
- JPMorgan is estimating core PCE at 0.27% M/M going into the PPI report.
- TD currently projects 0.38% core PCE.
- Mizuho looks for 0.4% M/M core PPI and 0.5% headline, putting core PCE in the 0.3-0.4% range.
GLOBAL MACRO: US Average Tariff Rate Low, Making Many A Target
US reciprocal tariffs, ie. “a tariff for a tariff”, are likely to be announced this week according to President Trump. According to WTO 2022 data, US agricultural products face significantly higher tariffs than non-agricultural and any reciprocal increase may make this differentiation as a result. The tariff picture is complicated with various free trade and investment agreements and cooperation deals, EM exemptions, different rates by product and the question of whether VAT rates will be considered.
- The US has been constantly in the headlines over tariff threats since the 2024 presidential campaign but it actually has a low overall average tariff rate at 3.3% for MFN economies compared to 5% for the EU and 7.5% for China.
WTO average tariff rates all goods % 2023
- A number of Asian countries are the most exposed to the US after Canada and Mexico in terms of export shares. In 2024, Taiwan’s shipments to the US picked up to 23.5% of its total from 17.7%. Japan is also highly exposed at 20%, Korea 18.7% and China 14.6%. The other major Asian countries all have export shares above 10%.
- In terms of shares of their economies, Taiwan and Thailand are the most exposed to the US at around 10% of GDP but it is also high for Korea.
- Korea, Australia & Singapore have FTAs with the US, whereas negotiations are ongoing with Japan but there is a US-Japan trade partnership in place. China has a “Phase One Agreement”. Taiwan a Trade and Investment Framework Agreement as do Thailand and Indonesia.
- The FTAs should limit reciprocal US tariffs. China doesn’t have an FTA with the US though, has been a target from Trump’s first administration and the size of its average tariffs on the US make it a continued target (see table).
- The relationship with the EU is cited as important by the US Treasury but it also has higher tariffs against the US than vice versa plus there’s also a large surplus.
Major trading partner duties faced % 2022
| MFN import duties % | Simple average tariff | Wtd average tariff | Simple average tariff | Wtd average tariff | ||||
| US on EU | EU on US | US on EU | EU on US | US on CH | CH on US | US on CH | CH on US | |
| Agricultural products | 7.5 | 14.7 | 2.7 | 4.2 | 4.8 | 12.2 | 3.3 | 16.1 |
| Non-agricultural products | 3.9 | 4.5 | 1.4 | 0.9 | 4.0 | 6.0 | 2.6 | 4.1 |
Source: MNI - Market News/WTO
*Wtd average = trade weighted average tariff
JGBS: Cheaper But Off Worst Levels Ahead Of US PPI, Q4 GDP On Monday
JGB futures are weaker, -16 compared to settlement levels, but well off the session’s worst level.
- Outside of the previously outlined PPI, there hasn't been much by way of domestic drivers to flag.
- Japan's Prime Minister Shigeru Ishiba stated in parliament that the economy is progressing toward wage-driven inflation and emphasized the importance of stable US-China relations for global stability.
- Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge.
- Cash JGBs are 1bp lower to 2bps cheaper across benchmarks, with the 7-10-year zone underperforming. The benchmark 10-year yield is 1.4bps at 1.357% after setting a fresh cycle high of 1.377%.
- Swap rates are flat to 2bps lower, with a steepening bias. Swap spreads are tighter.
- Tomorrow, the local calendar will see Weekly International Investment Flow data alongside 5-year supply. Q4 GDP (P) is due on Monday
JAPAN DATA: PPI Y/Y Trend Continues To Rise, Import Prices Up In Jan
Japan's Jan PPI printed at 0.3%m/m, which was in line with market expectations (the prior Dec read was revised up to 0.4% from 0.3%). In y/y terms we rose 4.2%, above the market consensus of 4.0% (the prior was also revised higher to 3.9%).
- The chart below plots the PPI y/y against the headline CPI measure for Japan (also y/y, the orange line on the chart). The trend higher in the PPI is consistent with a still firm CPI trend, although energy subsidies may knock around headline CPI in the first part of 2025.
- The detail showed energy (oil and coal) up 2.6%m/m for the PPI, while metals were also positive.
- In yen terms, import prices rose 1.5% m/m, offsetting Dec's 0.7% fall. In y/y terms, import prices were up 2.3% for all commodities, rising form Dec's 1.4% pace. Export prices were +4.5% y/y, unchanged from Dec's pace.
Fig 1: Japan PPI & CPI Y/Y
Source: MNI - Market News/Bloomberg
AUSSIE BONDS: Cheaper But Near Session Bests Ahead Of US PPI Data
ACGBs (YM -2.0 & XM -2.5) are weaker but well off Sydney session cheaps.
- Outside of the previously outlined MI inflation expectations, there hasn't been much by way of domestic drivers to flag.
- Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge.
- Cash ACGBs are 2bps cheaper with the AU-US 10-year yield differential at -13bps.
- Swap rates are 2-3bps higher.
- The bills strip has bear-steepened, with pricing -1 to -3.
- RBA-dated OIS pricing is flat to 4bps firmer across 2025 meetings today, led by late-2025 contracts. A 25bp rate cut in April remains fully priced (115%), while the probability of a February cut stands at 82%, based on an effective cash rate of 4.34%.
- The local calendar is empty until the RBA Policy Decision next Tuesday.
- Tomorrow, the AOFM plans to sell A$700mn of the 1.50% 21 June 2031 bond.
STIR: RBA Dated OIS Pricing Firming Beyond February
RBA-dated OIS pricing is flat to 4bps firmer across 2025 meetings today, led by late-2025 contracts, ahead of US PPI data.
- A 25bp rate cut in April remains fully priced (115%), while the probability of a February cut stands at 82%, based on an effective cash rate of 4.34%.
- OIS pricing beyond February is now firmer compared to pre-Q4 CPI levels on 24 January, with the Aug-25 meeting up 14bps over the past week.
- Historically, it would be highly unusual for the RBA to diverge from market expectations, particularly given its lack of any official or unofficial pushback—a stance it has actively taken in the past.
- The last time the RBA defied market expectations by holding rates despite a 75%+ probability of a cut was April 2015, and before that, November 2012. In both instances, the RBA delivered a 25bp cut at the following meeting.
Figure 1: RBA-Dated OIS – Today Vs. Pre-Q4 CPI
Source: MNI – Market News / Bloomberg
AUSTRALIA DATA: February Inflation Expectations Rose The Most Since 2022
Melbourne Institute February inflation expectations jumped 0.6pp to 4.6%, the highest since April and 0.1pp above February last year. It was the largest monthly rise since June 2022. The pickup occurred despite the much-publicised moderation in Q4 CPI inflation but petrol prices rose 0.7% in the first week of February and some state-based electricity relief expired in Q4. The market is close to expecting a full 25bp cut on February 18 and many analysts are forecasting one.
- Q1 average inflation expectations are at 4.4% up from 4.0 in Q4, which may signal a pickup in underlying quarterly inflation (see chart below).
- Cost-of-living remains the most important issue at 71% in the February SEC Newgate Mood of the Nation survey of 1865 people, according to The Australian. Continued inflation worries may have boosted inflation expectations.
Australia underlying CPI vs MI inflation expectations y/y%
BONDS: NZGBS: Closed Cheaper But At Session Bests After Infl Exps Data
- NZGBs closed modestly cheaper but at session bests, benchmark yields 2bps higher, after the release of RBNZ inflation expectations data.
- The RBNZ’s Q1 survey showed inflation expectations hovering just above the 2% midpoint of the target band. The 1-year measure picked up to 2.15% from 2.05%, while 2 years ahead moderated to 2.06% from 2.12%, just below Q4’s headline 2.2% rate but above core at 3.1%.
- The outcomes should reassure the MPC that inflation expectations remain well anchored and allow it to ease by 50bp again on February 19 given weak activity. The Q1 household survey measure of inflation expectations is to be released on February 18 and while it tends to run above the business measure, it also has moderated significantly.
- Cash US tsys are 1-2bps richer in today’s Asia-Pac session after yesterday’s aggressive post-CPI sell-off. Fed chair Powell cautioned against getting "excited" about yesterday's CPI report ahead of PPI (today 0830 ET), reminding that the latter report carries potentially different implications for the Fed's preferred PCE gauge: "The CPI reading was above almost every forecast.”
- Swap rates closed 2-4bps higher.
- Tomorrow, the local calendar will see BusinessNZ Manufacturing PMI and Food Prices.
NEW ZEALAND: Inflation Expectations Well Anchored Around Band Mid-Point
The RBNZ’s survey of inflation expectations for Q1 were fairly steady hovering just above the 2% mid-point of the target band. The 1-year measure picked up to 2.15% from 2.05%, while 2-years ahead moderated to 2.06% from 2.12%, just below Q4’s headline 2.2% rate but above core at 3.1%. The outcomes should reassure the MPC that inflation expectations remain well anchored and allow it to ease by 50bp again on February 19 given weak activity. The Q1 household survey measure of inflation expectations is released on February 18 and while it tends to run above the business measure, it also has moderated significantly.
NZ CPI vs inflation expectations y/y%
NEW ZEALAND: Consumption Soft But Slowly Recovering
NZ retail card spending saw payback in January for the strong December outcome which was revised up and related to festive spending. It fell 1.6% m/m after rising 2.4%, breaking the run of increases since August. Total spending was flat on the month after rising 1.6% in December and is little changed on a year ago. Consumption appears to be gradually recovering supported by lower inflation and rates but remains soft and the RBNZ is likely to ease by 50bp again at its meeting on February 19.
- Core retail spending fell 1.5% m/m. Outside autos and fuel, spending was lower across the main categories with durables -2.6% m/m (which tends to be lumpy), consumables -0.7%, apparel -1.0% and hospitality -0.2%, while autos rose 3.2%.
- Non-retail ex services expenditure rose 1.6% m/m which includes travel, healthcare, etc, and services were up 1.8%.
NZ card spending y/y%
FOREX: EUR/USD Testing 50-day EMA Resistance, EU Equity Futures Up Firmly
The USD has lost ground as the Thursday Asia Pac session has unfolded. The BBDXY index sits around 0.25% lower, last back under 1298. The EU bloc of currencies are outperforming at the margins, with hopes of an end or progress towards ending the Ukraine conflict a positive for sentiment.
- The BBDXY index is back close to the 50-day EMA. Dips sub this support level have held since late Jan.
- EU equities are firmer, the Euro Stoxx up close to 1% at this stage, just off session best levels. US yields have also ticked lower, led by the front end, with the 2yr off 2bps to 4.335%. This is likely weighing on broader USD sentiment.
- Regional equity market sentiment is mostly positive except for China markets. US tech futures are up close to 0.50%.
- SEK is the best performing currency, albeit in lighter liquidity conditions. We are up 0.70%, leaving USD/SEK down with a 10.81 handle in latest dealings. This is back to levels last seen in early Nov last year.
- EUR/USD is above 1.0430 and challenging a break above the 50-day EMA (near 1.0425). EUR is up 0.50% so far today. NOK is up 0.45%, last near 11.2175.
- AUD and NZD are ticking higher, both up close to 0.30%, but lagging these broader EU related FX moves. AUD/USD still hasn't recaptured the 0.6300 handle though.
- Yen is a notable laggard compared to these broader USD losses. USD/JPY was last near 154.35/40, little changed for the session. EUR/JPY is up over 161.00.
- Looking ahead, the Fed’s Goolsbee appears and US January PPI and jobless claims print as well as UK December IP, trade, construction and preliminary Q4 GDP, and euro area December IP and EC forecasts. The ECB’s Cipollone also speaks.
ASIA STOCKS: Asian Equities Edge Higher, Tech Stocks Fuel The Rally
Asian markets extended gains for a second session, with sentiment buoyed by an AI-fueled rally in Chinese tech stocks, as investors bet on Alibaba as a major AI beneficiary. Risk appetite also improved on US-Russia talks aimed at ending the Ukraine war, easing geopolitical concerns and contributing to a decline in oil prices on speculation of reduced risks to Russian supply. While hotter-than-expected US CPI data triggered a Treasuries selloff on Wednesday, Asian equities largely shrugged off the impact, focusing instead on China’s tech momentum and broader risk-on sentiment, The MSCI Asia Pacific Index climbed 0.9%, with Alibaba and Toyota Motor among the biggest contributors. Meanwhile, gold remained near record highs, reflecting persistent safe-haven demand.
- Japan's Topix is +1.3% and the Nikkei +1.5%, boosted by a weaker yen and strength in exporters. Rakuten Bank surged 12% after raising its full-year net income forecast, while SoftBank fell 5.2% after reporting a larger-than-expected Q3 net loss.
- In Hong Kong & China the Hang Seng Index jumped 1.6%, with the Hang Seng Tech Index on track for its highest close since February 2022, up 1.50%. Alibaba hit a 2yr high, benefiting from AI optimism. However, China’s CSI 300 slipped 0.1%, weighed by renewed concerns over the property sector. China Vanke fell 7.9%, as skepticism grew over whether Beijing’s proposed 50B yuan ($6.8B) funding plan would be enough to stabilize the firm. BBG China property Developer gauge was down 3% at one stage, however has recovered somewhat to trade 0.75% lower at the break.
- South Korea's Kospi gained 1%, while the Taiwan's Taiex rose 0.3%, following global risk-on sentiment.
- Very little happening in Australian & New Zealand with key benchmarks in both regions little changed
- India's Nifty 50 is 0.4% higher, with traders eyeing PM Modi’s meeting with Trump in Washington, though sentiment was cautious amid skepticism over potential trade benefits.
- Elsewhere in asia we have seen a mixed performance, with Thailand (+0.7%) and the Philippines (+0.6%) higher, while Indonesia (-0.9%) and Malaysia (-0.5%) lagged.
OIL: Crude Continues Slide As US Talks About Peace In Ukraine
Oil prices have continued moving lower during APAC trading today after falling almost 3% yesterday. They have been pressured by the prospect of peace in Ukraine possibly allowing Russia to export more oil, another large US crude inventory build and maybe less Fed easing following higher-than-expected January inflation. The weaker US dollar (USD BBDXY -0.2%) is unable to support crude.
- WTI is 1.0% lower at $70.64, close to the intraday low, while Brent is also down 1% to $74.44/bbl. Both benchmarks are holding above initial support at $70.43 and $74.10 respectively.
- The US administration spoke further today about Ukraine/Russia. President Trump is likely to meet Russian President Putin in person in Saudi Arabia some time. Also it’s not “realistic” for Ukraine to join NATO. Trump has said negotiations will begin imminently but there is a long way to go before there is a truce and so markets may be volatile in the meantime.
- The US’ EIA increased its forecast for excess global supply in 2025 and 2026. The IEA’s monthly report is out later today. Markets have been concerned about the impact of protectionism on global demand.
- Later the Fed’s Goolsbee appears and US January PPI and jobless claims print as well as UK December IP, trade, construction and preliminary Q4 GDP, and euro area December IP and EC forecasts. The ECB’s Cipollone also speaks.
Gold Bulls Resume in Asian Trading.
- Given gold’s sensitivity to interest rates, last night’s stronger than expected inflation data had the potential to derail golds recent record rally.
- The data confirmed that US inflation is on the rise again, thereby challenging market expectations for rate cuts.
- Opening the trading day at US$2,904.18 gold gradually lost ground throughout the day only to fall rapidly on the data release to $2,864.21.
- However the current environment for gold remains strong and buyers emerged immediately taking gold up to intra-day highs of $2,909.11, before closing at $2,904.18 and then resuming its rally in Asian trading to reach a new all time high of $2,917.67.
- Reporting for key listed miners started with Barrick Gold corp where despite record prices, the company’s output continues to decline driven by a dispute with the Government over it’s operations in Mali.
- In Australia, the second largest gold producer Evolution Mining’s CEO said in an interview on BBG TV Wednesday that safe haven demand, Central Banks resuming purchasing and news that changes in China’s regulatory regime means their insurance companies can buy gold, all point to a bullish demand outlook for bullion.
- Australian miner Northern Star Resources reported a 155% rise in Q2 earnings which is supportive of their bid to purchase De Grey Mining announced in December.
INDIA: Central Bank to inject Liquidity Friday
- Despite not cutting the RBI Cash Reserve Ratio, the Central Bank’s focus is likely to remain on interbank liquidity following the Central Bank’s intervention in the currency markets on Monday and Tuesday this week.
- The RBI will inject liquidity through its Variable Rate Repo (VRR) auction on February 14 and it is intended to be one of the largest liquidity injections under the relatively new program.
- The decline in interbank liquidity is a direct result from RBI currency intervention and in his post monetary policy meeting statement the RBI Governor indicated that additional measures will be provided, whilst re-iterating that the intention was to keep the currency stable and avoid volatile shifts, albeit not targeting any specific levels.
- RBI Governor Malhotra also announced that the upcoming implementation of the new Liquidity Coverage Ratio will be deferred to 2026.
- The large banks had been vocal in their opposition to the LCR implementation citing potential negative impacts on an already strained environment for liquidity.
- The Financial Benchmarks India Overnight Mumbai Interbank Outright Rate was steady yesterday at 6.40% off from the highs of 7.08% in January.
CHINA: Country Wrap: Signs of Property Market Stability.
- According to a report in China’s Economic Information Daily, there are signs of stability in China’s property market with premiums for new land rising, following years of poor auction results. (source: China Economic Information Daily)
- China's main policies supporting sci-tech innovation and the development of the manufacturing industry saw tax cuts, fee reductions and tax refunds totaling 2.63 trillion yuan (about 366.75 billion U.S. dollars) in 2024, official data showed (source: xinhua)
- Hang Seng led the way today, thanks to optimism with Alibaba’s efforts to develop its own AI platform leading to the stock up over 40% in recent weeks and helping the index rise by +1.7% today, whilst other major bourses declined. CSI 300 -0.17%, Shanghai -0.14%, Shenzhen -0.48%.
- CNY: Yuan Reference Rate at 7.1719 Per USD; Estimate 7.3105
- China’s CGB 10YR ground lower again in yield today to be at 1.63%.
CNH: USD/CNH Testing 50-day EMA Support, Amid Broader USD Weakness
USD/CNH has slumped back under 7.2900, amid broad USD weakness. Session lows rest at 7.2827 and we sit slightly higher in latest dealings, near the 50-day EMA support zone (7.2870). As we have noted recently, this support level has not been an important inflection point for USD/CNH recently. The 100-day EMA, just under 7.2600 is likely more important in this regard. We have spent little time under this support level since early Nov last year.
- CNH is up around 0.30% at this stage, with onshore CNY up by a similar amount. This is slightly lagging EUR gains, but CNH continues to outperform the yen.
- China equities are lagging the broader risk positive tone in the equity space (led by the bounce in Euro area equity futures).US-CH yield differentials sit off recent highs, but aren't pointing to a sharp pull back in USD/CNH.
The WSJ is also reporting that China is attempting to be a peace maker in relation to the Ukraine situation (see this link).
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 13/02/2025 | 0700/0700 | ** |  GB | UK Monthly GDP |
| 13/02/2025 | 0700/0700 | ** | GB | Trade Balance |
| 13/02/2025 | 0700/0700 | ** | GB | Index of Services |
| 13/02/2025 | 0700/0700 | *** | GB | Index of Production |
| 13/02/2025 | 0700/0800 | *** |  DE | HICP (f) |
| 13/02/2025 | 0700/0700 | ** | GB | Output in the Construction Industry |
| 13/02/2025 | 0700/0700 | *** | GB | GDP First Estimate |
| 13/02/2025 | 0730/0830 | *** |  CH | CPI |
| 13/02/2025 | 0840/0940 |  EU | ECB's Cipollone pre-recorded interview at Frankfurt Digital Finance conference | |
| 13/02/2025 | 1000/1100 | ** | EU | Industrial Production |
| 13/02/2025 | - | *** |  CN | Money Supply |
| 13/02/2025 | - | *** | CN | New Loans |
| 13/02/2025 | - | *** | CN | Social Financing |
| 13/02/2025 | 1330/0830 | *** |  US | Jobless Claims |
| 13/02/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |
| 13/02/2025 | 1330/0830 | *** | US | PPI |
| 13/02/2025 | 1530/1030 | ** | US | Natural Gas Stocks |
| 13/02/2025 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 13/02/2025 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 13/02/2025 | 1800/1300 | *** | US | US Treasury Auction Result for 30 Year Bond |
| 14/02/2025 | 0800/0900 | *** |  ES | HICP (f) |
| 14/02/2025 | 1000/1100 | *** | EU | GDP (p) |
| 14/02/2025 | 1330/0830 | ** |  CA | Monthly Survey of Manufacturing |
| 14/02/2025 | 1330/0830 | ** | CA | Wholesale Trade |
| 14/02/2025 | 1330/0830 | *** | US | Retail Sales |
| 14/02/2025 | 1330/0830 | ** | US | Import/Export Price Index |