- The belly of the curve has outperformed throughout the session, there hasn't been too much in the way of headlines, with the moves largely a continuation from overnight, following easing tensions in Russia/Ukraine. In tsys futures TU is +00⅝ at 102-24⅝, while TY is trading +03 at 109-08+. There hasn't been anything of note to highlight in terms of flows, roll activity had picked up though.
- Cash tsys yields are 1.5 to 2.5bps richer today, with curves slightly flatter. The 2s10s is -0.5bps at 22.670 but trades just 0.5bps steeper over the past week, while the 2s20s is unchanged today but is 2.5bps steeper over the week.
- The 2yr yield is -1.9bps at 4.251% and about 5bps lower this week, the 7yr is outperforming today -2.4bps at 4.404% while the 10yr is -2bps at 4.484%. The 2s7s30s fly is -1bps and now trades -7bps over the past three sessions to trade at -18bps.
- OIS isn't pricing in a full cut until September, with a cumulative 39bps of cuts priced by year-end.
- Friday focus on S&P flash PMI data at 0945 followed by UofM sentiment and existing home sales data at 1000ET.
STIR: $-Bloc Markets Mixed Over the Past Week
In the $-bloc, rate expectations through December 2025 have moved unevenly over the past week. Australia and Canada saw a 10bps firming, the US softened by 6bps, and New Zealand remained unchanged.
- In Australia, the key development was the RBA’s 25bp rate cut to 4.10%, its first since mid-2020. However, the RBA pushed back against expectations of further easing. RBA Governor Bullock emphasized in her parliamentary testimony that strong employment growth, while positive, could indicate underlying economic strength that might delay or disrupt disinflation.
- In Canada, January inflation accelerated, with mortgage costs and gasoline outweighing the impact of a federal tax holiday. This was the final inflation report before the BoC’s March 12 rate decision, reducing the urgency for further rate cuts.
- Meanwhile, the RBNZ’s widely anticipated 50bp rate cut to 3.75% was almost fully priced in, with markets having expected 49bps of the move.
- Looking ahead to December 2025, the projected official rates and cumulative easing across the $-bloc are as follows: US (FOMC): 3.96%, -37bps; Canada (BOC): 2.63%, -37bps; Australia (RBA): 3.65%, -45bps; and New Zealand (RBNZ): 3.04%, -71bps.
Figure 1: $-Bloc STIR (%)
Source: MNI – Market News / Bloomberg
JGBS: Twist-Steepener, BoJ Ueda Says Will Intervene If Yields Rise Sharply
JGB futures are sharply higher, +40 compared to settlement levels, but sit in the middle of today’s range. Comments by BoJ Governor Ueda in parliament drove volatility.
- Governor Ueda acknowledged that the central bank's massive monetary easing, including YCC, was necessary to achieve its price target but has caused side effects. He noted that rising bond yields impact banks in various ways but, over the long term, higher interest rates will support financial institutions' profitability.
- While higher long-term rates may increase corporate funding costs, an improving economy could offset this impact. He emphasised that financial conditions remain supportive, firms' funding conditions are stable, and bond yields are market-driven, though the BoJ is prepared to intervene if yields rise sharply.
- PM Ishiba and Minister of Finance Kato expressed concerns about the potential impact of rising bond yields on Japan's finances, given the nation's high debt-to-GDP ratio.” (per BBG)
- The cash JGB curve has twist-steepened, pivoting at the 20-year, with yields 2-3bps lower out to the 10-year and 1bp higher for the 30-40-year zone. The benchmark 10-year yield is 1.9bps lower at 1.427% versus today’s fresh cycle high of 1.466%.
- Swaps rates are 1-3bps lower, with the 4-10-year zone leading.
- The local market is closed on Monday for the Emperor's Birthday holiday.
JAPAN DATA: CPI Y/Y Momentum Accelerates, But Services Inflation Eases
Japan National wide CPI for Jan was close to expectations. Headline rose at 4.0%y/y, as per market forecast, prior was 3.6%. The core, ex fresh food measure was 3.2%y/y, slightly above consensus of 3.1% (while prior was 3.0%). The core ex fresh food, energy, measure was 2.5%y/y, in line with market forecasts (prior was 2.4%).
- The chart below plots these three inflation measures, which at face value should continue to underpin BoJ confidence in achieving its 2% inflation target sustainably.
- In m/m terms, headline CPI rose 0.5%, ex fresh food 0.4% and ex fresh food and energy 0.3%, which were close to Dec outcomes from last year. Goods prices rose 1.0%, services were flat. In non-seasonally adjusted terms, the ex all food and energy measure fell -0.1%m/m. The measure edged down to 1.5%y/y, from 1.6% prior.
- By sub sector, food inflation remained strong. Up 1.8% m/m and 7.1% for fresh food. Whilst this segment can be volatile, BoJ Governor Ueda has noted the risk such price trends impact broader consumer inflation expectations.
- Other positives were household goods, up 0.4%m/m, and transport 1.0%. Drags came from entertainment, -1.1%m/m and clothing, footwear, off -1.7%m/m. In y/y terms, food, particularly fresh food and utilities were still very strong in y/y terms.
- Services prices rose 1.4% y/y, from 1.6% in Dec.
- Overall, some of the detail is arguably not as hawkish as the headline, core results suggest. This may see the market not add any further to BoJ tightening expectations/pricing, although equally we may not retrace much either. Note next Friday we get Tokyo Feb CPI.
Fig 1: Japan Nationwide CPI Y/Y Trends
Source: MNI - Market News/Bloomberg
STIR: BoJ-Dated OIS Pricing Remains Firmer Than Late-January
BoJ-dated OIS pricing has seen little net movement over the past week but remains flat to 5bps firmer compared to late January levels, with the June contract leading the gains.
- BoJ Governor Ueda has been before parliament today. There appears to have been a lot of focus from lawmakers on rising bond yields and potential economic/market implications.
- Governor Ueda acknowledged that the central bank's massive monetary easing, including YCC, was necessary to achieve its price target but has caused side effects. He noted that rising bond yields impact banks in various ways but, over the long term, higher interest rates will support financial institutions' profitability.
- While higher long-term rates may increase corporate funding costs, an improving economy could offset this impact. He emphasised that financial conditions remain supportive, firms' funding conditions are stable, and bond yields are market-driven, though the BoJ is prepared to intervene if yields rise sharply.
- Markets currently assign a 2% probability to a 25bp hike in March, a cumulative 58% chance by June, and fully price in a 25bp increase by September—a shift from late January when a hike wasn’t fully priced in until October.
Figure 1: BoJ-Dated OIS – Today Vs. Friday 31 January
Source: MNI – Market News / Bloomberg
AUSSIE BONDS: RBA Gov. Bullock Continues To Push Against Mkt Expns For Cuts
ACGBs (YM +2.0 & XM +1.0) are slightly stronger despite RBA Governor Bullock emphasising in her parliamentary testimony today that strong employment growth, while positive, could indicate underlying economic strength that might delay or disrupt disinflation.
- ”We have not pre-committed to any particular course of action on interest rates. But in the forecasts published this week, the central projection suggests that if monetary policy is eased too quickly or by too much, disinflation could stall and inflation would settle above the midpoint of the target range. So the Board remains cautious about prospects for further policy easing."
- Cash ACGBs are 1-2bps richer with the AU-US 10-year yield differential at +3bp.
- Swap rates are 1-2bps lower.
- The bills strip has bull-flattened, with pricing flat to +3.
- RBA-dated OIS pricing is slightly softer across meetings today. A 25bp rate cut in April is given a 10% probability, with a cumulative 44bps of easing priced by year-end.
- On Monday, the local calendar is empty apart from the AOFM’s planned sale of A$300mn of the 4.25% 21 June 2034 bond. The AOFM also plans to sell A$800mn of the 3.75% 21 April 2037 bond on Wednesday and A$700mn of the 1.75% 21 November 2032 bond on Friday.
BONDS: NZGBS: Closed Near Cheaps With A Bear-Flattener
NZGBs closed showing a bear-flatter, with benchmark yields 2-4bps higher.
- The NZGB 10-year underperformed its $-bloc counterparts, with the NZ-US and NZ-AU yield differentials 3-4bps wider at +10bps and +7bps respectively.
- The RBNZ is welcoming a weaker exchange rate, saying it will help to revive economic growth this year. “The lower kiwi dollar is part of the reason we’re predicting growth to return over 2025 or from the end of 2024,” RBNZ Chief Economist Paul Conway said in an interview Friday in Wellington. It “is going to support export incomes along with good commodity prices for dairy and beef,” he said. The NZD has dropped 6.4% against its US counterpart over the past six months, the worst performance among the 10 most-traded currencies. (per BBG)
- Swap rates closed 2-4bps higher, with the 2s10s curve steeper.
- RBNZ-dated OIS pricing is slightly softer across meetings today. As a result, pricing is back close to Wednesday’s pre-RBNZ policy decision levels.
- On Monday, the local calendar will see Retail Sales Ex Inflation data for Q4.
FOREX: USD/JPY Back Above 150.00, As Ueda Warns On Yields, Steady Elsewhere
Yen volatility has been the main focus in G10 FX markets in the first part of Friday trade. The USD BBDXY index was last near 1283.3, little changed for the session. Outside of a yen fall, the rest of the G10 has moved less than 0.1% against the USD at this stage. The USD is still holding lower for the third straight week.
- USD/JPY was offered in the first part of the session, the pair getting to fresh lows of 149.29, which came not long after the Jan nationwide CPI data. This was close to expectations, but showed further positive y/y momentum. Still, services inflation slowed to 1.4%y/y from 1.6% In Dec, so this took away some of the hawkish impetus from the print.
- USD/JPY rebounded back through 150.00 as BoJ Governor Ueda appeared before parliament, where he stated the central bank would buy bonds if yields rose sharply. This sent JGB yields lower and weighed on yen. The Governor has reiterated this afternoon though if the economy evolves as expected further rate hikes will be delivered.
- After reaching highs of 150.74, yen is back at 150.20/25 in latest dealings. The 7 low of 150.93 may not act as an upside resistance point, while on the downside, the recent break sub the Dec 9 low from last year at 149.69 wasn't sustained.
- Elsewhere, AUD/USD been supported sub 0.6400. We are seeing strong gains for HK and China equities, although spill over hasn't been that strong so far. Earlier RBA Governor Bullock reiterated that the central bank will be cautious around further rate cuts. NZD/USD is a touch higher, last close to 0.5770.
- EUR/USD is holding just above 1.0500.
- US yields are tracking lower, the 10yr back to a 4.48% handle.
- Looking ahead, we have UK retail sales, along with preliminary PMI prints. EU PMIs are also due, along with those in the US. Fed speaks see Jefferson and Daly on tap.
ASIA STOCKS: China & HK Equities Surge Higher, Led By Tech & Alibaba
Hong Kong and mainland China equity markets are posting strong gains, led by a robust rally in technology shares following Alibaba's stellar earnings report. The Hang Seng Index surged 2.9%, while the Hang Seng China Enterprises Index jumped 3%, and the Hang Seng Tech Index rallied more than 4.70%, driven primarily by Alibaba’s Hong Kong-listed shares, which opened 10% higher after reporting sales that exceeded expectations, particularly in its Taobao, Tmall, and cloud units, fueled by AI-driven demand.
- The CSI 300 Index on the mainland rose 1.2%, and the Shanghai Composite Index also advanced 0.80%, reflecting renewed optimism in Chinese tech stocks amid the DeepSeek AI rally and positive signals from President Xi Jinping’s supportive stance toward private firms, including Alibaba co-founder Jack Ma’s recent meeting with Xi.
- Alibaba’s Stellar Earnings and AI Momentum is dirving most of the gains today. Alibaba’s Q4 results, surpassing estimates with strong growth in e-commerce (Taobao, Tmall) and cloud revenue—driven by an “explosion” in AI inference demand—have significantly boosted investor sentiment. The company’s 10% surge in Hong Kong and 8.1% jump in ADRs, alongside positive analyst upgrades from Citi, JPMorgan, Goldman Sachs, and Bloomberg Intelligence, have reignited the DeepSeek-fueled AI rally, pushing the Hang Seng Tech Index into a bull market and attracting foreign long-only funds back to Chinese equities.
- However, not all stocks performed well, with Netease shares falling as much as 2.8% in Hong Kong after missing Q4 expectations, and Lenovo shares, despite a 4.9% rise after strong revenue driven by AI infrastructure demand, had dropped 6.4% the previous day.
- Overall, the markets are on track for a sixth consecutive weekly advance, with Hong Kong leading regional gains, though some volatility persists amid valuation concerns and broader economic uncertainties.
ASIA STOCKS: Asian Equities Mixed, HK Equities Outperform
Asian equities are mixed today, with the majority of gains coming from HK listed equities driven by a strong rally in technology shares, particularly following Alibaba Group Holding Ltd.’s impressive Q4 earnings, which beat estimates and boosted optimism around China’s AI sector. The MSCI Asia Pacific Index climbed nearly 0.6%, on track for a sixth consecutive weekly gain of 1%, its longest winning streak in almost a year.
- Japanese stocks swung between gains and losses, with the Topix Index 0.15% lower, while the Nikkei up 0.1% as a stronger yen initially weighed on exporters, though BoJ's Gov Ueda’s comments on maintaining easy financial conditions weakened the yen, mitigating some losses.
- South Korea’s Kospi fell 0.2%, reflecting caution amid U.S. tariff threats, while Taiwan’s Taiex rose 0.95%, buoyed by tech strength with TSMC up 1% as a key driver in the semiconductor sector amid global AI demand.
- Australia’s ASX 200 slipped 0.3%, consumer discretionary stocks plunged 2% after RBA's Gov Bullock’s hawkish stance on interest rates, signaling no cuts amid persistent inflation. Guzman y Gomez shares fell as much as 12% after reporting a narrowed 1H restaurant margin, weighing on the consumer discretionary sector, while the ASX 20 Materials sector rose 1.3% due to higher iron ore prices, offsetting some losses.
The overall market uptrend is tempered by geopolitical worries, including U.S.-Ukraine tensions and Trump’s tariff plans, but Alibaba’s results and AI optimism have overshadowed these concerns, driving tech-led gains.
ASIA STOCKS: Investors Sell Tech Stocks As Rally Runs Out Of Steam
Decent outflows across Taiwan & South Korea on Thursday as the tech rally runs out of steam. India finally saw some decent inflows.
- South Korea: Recorded -$353m in outflows yesterday, bringing the 5-day total to -$351m. YTD flows remain negative at -$1.631b. The 5-day average is -$70m, better than the 20-day average of -$96m but worse than the 100-day average of -$111m.
- Taiwan: Posted -$607m in outflows yesterday, bringing the 5-day total to -$277m. YTD flows remain negative at -$2.652b. The 5-day average is -$55m, worse than the 20-day average of -$4m and the 100-day average of -$60m.
- India: Recorded $945m in inflows Wednesday, reducing the 5-day total outflows to -$692m. YTD outflows remain heavy at -$10.738b. The 5-day average is -$138m, better than the 20-day average of -$231m and the 100-day average of -$223m.
- Indonesia: Posted -$48m in outflows yesterday, bringing the 5-day total to -$64m. YTD flows remain negative at -$674m. The 5-day average is -$13m, better than the 20-day average of -$25m and the 100-day average of -$33m.
- Thailand: Saw -$84m in outflows yesterday, reducing the 5-day total to $109m in net inflows. YTD flows remain negative at -$205m. The 5-day average is $22m, better than the 20-day average of -$3m and the 100-day average of -$19m.
- Malaysia: Registered -$8m in outflows yesterday, bringing the 5-day total to -$133m. YTD flows are negative at -$894m. The 5-day average is -$27m, worse than the 20-day average of -$22m and in line with the 100-day average of -$27m.
- Philippines: Recorded -$10m in outflows yesterday, bringing the 5-day total to -$50m. YTD flows remain negative at -$168m. The 5-day average is -$10m, worse than the 20-day average of -$4m and the 100-day average of -$5m.
Table 1: EM Asia Equity Flows
Oil Slips But Delivers Positive Week for Prices.
- Oil markets opened strongly in the Asian trading session with WTI climbing from US$72.58 to $72.77 before declining in the afternoon session to $72.48.
- Despite today’s price action, oil is set to deliver a strong week as uncertainty over OPEC+’s decision to increase supply and a weaker USD provide support.
- Brent declined also, having initially rallied to a high of $76.75, it retreated in the afternoon to $76.46.
- For the week, Brent has also delivered a strong week of gains up over 2.2%.
- Treasury Secretary Bessent signaled that the US is prepared to either ‘ramp up’ or ‘take-down’ sanctions on Russia in the context of talks over Ukraine.
- As sanctions impact Russia’s oil exports, Oil markets were left understanding how real these comments were and have back some of the intra-day rally.
- The Russian headline is significant in the context of the ongoing sage with OPEC+ who are considering a further delay to the additional supply expected in April to support prices.
- This comes at a time when President Trump continues to berate OPEC+ calling for lower prices.
- Crude inventories in the US rose by the most since May 2024 taking US stockpiles to the highest since November (per the EIA’s oil inventory report)
GOLD: Profit Taking as Gold Delivers Another Strong Week.
- Some evidence of profit taking today as gold moderated throughout the Asian trading session, whilst still delivering another week of gains.
- Opening at US$2,941.21 gold rallied early to reach $2,949.75, before retreating in the afternoon to $2,928.40
- Gold has delivered positive returns in every week in 2025 and this week was no exception with a gain of 1.5%.
- As strategists around financial markets adjust their forecasts, it seems likely that in the current environment, $3,000 could be breached sooner than expected.
- Whilst gold’s gains have been directly impacted by tariff headlines, the other key developing story has been the idea of revaluing the US gold reserves.
- Whilst it is unclear the overall impact of a re-valuation on gold prices, overnight US Treasury Secretary Bessent indicated that the idea was “not what I had in mind.”
- Whilst it is difficult to ascribe the gold price decline to Bessent’s comments, it seems more logical that in an environment of ongoing strong returns from the Gold price, the opportunity to book profits is more likely behind the modest decline.
- News that Switzerland is getting ahead of any potential tariffs saw the highest ever monthly shipment of gold in January, bound for the US.
SOUTH KOREA: Early Month Trade Data Headline Strong, With Underlying Weak.
- Korea’s first 20 days of trade show the impact of the China Lunar New Year holidays remains.
- When adjusted for working day differences, the export data showed a -2.7% decline y/y.
- The headline figures were deceiving suggesting a 16% growth in exports, a 7.7% growth in imports and a $800 m trade surplus.
- However, the Lunar New Year holiday’s were earlier than last year so the underlying number of days used in the calculations were significantly different, distorting the headline figures.
- Tariff risks and Political instability have rocked South Korea’s economy with the growth outlook for 2025 revised downwards and the BOK Governor calling on politicians to support monetary policy with a fiscal response.
- The Bank of Korea meets next week to decide monetary policy, with market forecasts currently suggesting a cut is the likely outcome.Korea’s KOSPI is down -0.32% in early trading, the Korean 10YR bond future up +0.06 to 118.04 and Government bonds are very strong with the front end rallying post the data release.
SOUTH KOREA: Softer Data Weighs On Front End Yields, As BoK Comes Into View
- Weaker than expected exports and business sentiment deep in pessimistic territory and a flat to moderately weaker KOSPI was enough to see bonds rally today.
- Ahead of the BOK on February 25, bond markets have rallied following the data with the 1YR now 35bps lower than the base rate.
- Back in early October last year, the 1YR traded up to 60bps lower than the base rate ahead of the BOK cutting rates at month’s end.
- The 1YR is 3bps lower today, whilst the 3YR (the more liquid given a 3YR future exists) is 1bp lower at 2.64%.
- The KTB 10YR government bond yield is lower today also by 2bps at 2.88%.
- Whilst consensus amongst market observers appears to be moving fast towards a cut, pricing shows that the bond market is not as convinced as it was back in early October. Given mixed messages from BoK Governor Rhee and the surprise on hold outcome in January, this is arguably not surprising.
INDIA: PMIs Strong, Pointing to Improving Outlook.
- India’s February preliminary PMI’s were released today and provided further guidance as to the improving outlook for the Indian economy.
- The PMI Manufacturing for February was slightly softer than January but at 57.1, remains very strong.
- The MPI Services was stronger than the month prior at 61.1, from 56.5.
- This saw the PMI Composite rise to +60.6 from 57.7
- The PMI services release was the strongest since early 2024 with the employment component up to 56.4.
- There was some evidence of price rises month on month.
- For the manufacturing PMI, output moderated to 59.5 (from 60.1) with new orders down.
- India’s NIFTY 50 is opening weaker today, marking its fourth successive day of losses whilst the IGB 10YR is moderately lower in yield.
ASIA FX: CNH & KRW Steadier After A Strong Thurs, Export Momentum Slowing In SK
In NEA FX markets, trends have been steadier compared to Thursday's strong gains. Yen volatility has likely spilled over to the region to some extent. We continue to see Hong Kong equities surge, while mainland stocks are also higher, but spillover to broader risk appetite in the region is limited at this stage.
- For USD/CNH we have back above 7.2400, although off earlier highs of 7.2550. Recent lows have been around the 200-day EMA (which is near 7.2340), which is likely to be a downside focus point. It is a relatively quiet data week coming up, so focus will rest on US-China trade relations, particularly around scope for any deal with the US (which kick started CNH gains yesterday). On the topside for the pair, the 100-day EMA is back close to 7.2590.
- Spot USD/KRW is a little lower, building on won gains from Thursday's session. Today we got to 1431.35, but sit a little higher now 1433/34. This has largely reflected catch up to USD weakness though, with the 1 month NDF little changed versus end Thursday NY levels. On the data front, export momentum slowed further in Feb, based off the first 20-days of trade data (using daily averages, not headline). Sentiment readings for business were mixed, but still in contraction territory.
- The weaker South Korea export picture is consistent with Taiwan export orders falling back into negative territory in Jan (to -3.0% y/y). USD/TWD is holding relatively steady, last just under 32.80.
ASIA FX: SEA FX Mostly Stronger This Past Week, IDR & PHP Lagging
In South East Asia FX markets, trends have been mixed in the first part of Friday trade, although most currencies are still up against the USD so far this week. PHP and IDR have been laggards though. Equity trends are mostly positive in the region, ex India, although a lot of focus is on the strength of Hong Kong and China equities.
- USD/SGD sits up slightly from recent lows, last near 1.3350. Late in US trade on Thursday we got close to 1.3325. We are comfortably sub all key EMAs (the 20-day back above 1.3400). Downside targets are likely to rest at 1.3300.
- USD/MYR is back around 4.4200, Still up on earlier 2025 lows sub 4.4000. On the data front, the Jan CPI was unchanged at 1.7%y/y, versus 1.8% forecast.
- USD/THB got too fresh multi month lows earlier of 33.535, but we sit a little higher in latest dealings, back above 33.60. We have the BoT meeting next week. the consensus looks for no change from the current 2.25% rate.
- USD/PHP is back under 58.00, but PHP has lagged softer USD trends this past week. Dips under 57.90 have been supported so far in Feb.
- USD/IDR is back at 16300, so firmer in IDR terms by around 0.20% so far today, but like PHP has been a laggard this past week. Portfolio flows for both equities and bonds has been negative week to date from an offshore investor standpoint.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 21/02/2025 | 0700/0700 | *** |  GB | Public Sector Finances |
| 21/02/2025 | 0700/0700 | *** | GB | Retail Sales |
| 21/02/2025 | 0745/0845 | ** |  FR | Manufacturing Sentiment |
| 21/02/2025 | 0815/0915 | ** | FR | S&P Global Services PMI (p) |
| 21/02/2025 | 0815/0915 | ** | FR | S&P Global Manufacturing PMI (p) |
| 21/02/2025 | 0830/0930 | ** |  DE | S&P Global Services PMI (p) |
| 21/02/2025 | 0830/0930 | ** | DE | S&P Global Manufacturing PMI (p) |
| 21/02/2025 | 0900/1000 | *** |  IT | HICP (f) |
| 21/02/2025 | 0900/1000 | ** |  EU | S&P Global Services PMI (p) |
| 21/02/2025 | 0900/1000 | ** | EU | S&P Global Manufacturing PMI (p) |
| 21/02/2025 | 0900/1000 | ** | EU | S&P Global Composite PMI (p) |
| 21/02/2025 | 0930/0930 | *** | GB | S&P Global Manufacturing PMI flash |
| 21/02/2025 | 0930/0930 | *** | GB | S&P Global Services PMI flash |
| 21/02/2025 | 0930/0930 | *** | GB | S&P Global Composite PMI flash |
| 21/02/2025 | 1330/0830 | ** |  CA | Retail Trade |
| 21/02/2025 | 1330/0830 | ** |  US | WASDE Weekly Import/Export |
| 21/02/2025 | 1330/0830 | ** | CA | Retail Trade |
| 21/02/2025 | 1430/1530 | EU | ECB's Lane Speech at FIW-Research Conference | |
| 21/02/2025 | 1445/0945 | *** | US | S&P Global Manufacturing Index (Flash) |
| 21/02/2025 | 1445/0945 | *** | US | S&P Global Services Index (flash) |
| 21/02/2025 | 1500/1000 | *** | US | NAR existing home sales |
| 21/02/2025 | 1500/1000 | * | US | Services Revenues |
| 21/02/2025 | 1500/1000 | ** | US | U. Mich. Survey of Consumers |
| 21/02/2025 | 1630/1130 | US | Fed Vice Chair Philip Jefferson | |
| 21/02/2025 | 1630/1130 | US | San Francisco Fed's Mary Daly | |
| 21/02/2025 | 1730/1230 | CA | BOC Governor speech/press conference. |
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