- Yen was once again an outperformer in the FX space, amid hawkish BoJ rhetoric. USD/JPY is up from lows as broader USD sentiment stabilized. JGB futures are stronger, aided by a solid 30yr auction.
- US Cash tsys yields are trading roughly 1bps higher with the 10yr at 4.428%, after hitting a low of 4.400% overnight. Asian equities are higher today, tracking overnight gains on Wall Street.
- Later the Fed’s Jefferson, Waller and Logan speak and US January Challenger job cuts, jobless claims and Q4 productivity/ULC print. Oil markets will be focussing on Fridays’ January payroll data with consensus expecting a 170k rise in jobs (see MNI US payrolls preview). The BoE is expected to cut rates 25bp. Also German December orders, euro area December retail sales and Canada’s January PMI are released.
MARKETS
BOE: MNI BoE Preview - February 2025: Agents Pay Survey in Focus
• It would be a huge surprise to the market if this week’s MPC meeting delivered anything other than a 25bp cut to bring Bank Rate to 4.50%.
• The bar is also high for forward guidance to be meaningfully tweaked. We would be surprised if the vote split wasn’t 8-1 (also the base case for 18/22 sellside previews we read), although there are risks around the vote, particularly from the Agents’ Pay Survey.
• The Agents'; Pay Survey is the single measure with the most potential to cause surprises overall, both this week (to MPR projections, the vote split etc) and to future policy.
• We look at how data has evolved, expectations for the MPR projections as well as summarising over 20 sellside views.
FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: MNI BoE Preview - Feb25.pdf
US TSYS: Tsys Steady, Ranges Narrow, Jobless Claims Later
- Tsys futures have traded in narrow ranges, headlines this morning coming out of the Bessent interview with Fox, and the Fed's Jefferson doing little to move rates. TU is -00+ at 102-28 3/8, while TY is -00+ at 109-23+.
- Overnight, In tsys options, notable flows included a large buyer of March puts, fading the rally and targeting a 10-year yield rise to approximately 4.55% ahead of Feb. 21 expiry
- Treasury futures extended the rally into Wednesday's session, hitting a weekly high at 109-27. The TY contract is building on recent gains having cleanly topped resistance at the 50-day EMA of 109-10. This strengthens the short-term bullish case and highlights potential for a stronger reversal. This would open 109.30, a Fibonacci retracement. On the downside, initial support to watch is 108-20+, Tuesday’s low. Clearance of it would signal a reversal.
- Cash tsys yields are trading roughly 1bps higher with the 10yr at 4.428%, after hitting a low of 4.400% overnight.
- Projected rate cuts through mid-2025 gain slightly vs. Wednesday levels (*) as follows: Mar'25 at -4.2bp (-4.1bp), May'25 at -11.9bp (-11.2bp), Jun'25 at -22.7bp (-22.1bp), Jul'25 at -29.1bp (-28.6bp).
- Later today we have Jobless claims followed by Non farms on Friday
JGBS: Hawkish BoJ Tamura Holds Short-End Steady As 30Y Rallies After Supply
JGB futures are stronger, +8 compared to settlement levels.
- Naoki Tamura, the BoJ’s most hawkish board member, suggests that the short-term interest rate should be at the 1% level by the second half of fiscal 2025. Tamura believes the bank needs to raise the rate in a timely and gradual manner to contain upside risks for prices and achieve the price stability target. (per BBG)
- Cash US tsys are ~1bp cheaper in today’s Asia-Pac session. After yesterday’s stronger-than-expected ADP employment in January, the focus has turned to Friday's headline employment data.
- Cash JGBs are flat to slightly cheaper out to the 5-year and 1-7bps richer beyond. The benchmark 30-year yield is 6.6bps lower at 2.27% after today’s supply.
- The 30-year bond auction delivered solid results, with the low price comfortably exceeding dealer expectations, according to a Bloomberg poll. The cover ratio edged higher to 3.7422x, the highest since 2020, up from 3.7227x. However, the auction tail widened to 0.07 from 0.02.
- Swap rates are flat to 4bps lower, with a flattening bias. Swap spreads are mixed.
- Tomorrow’s calendar will see Household Spending and Coincident/Leading Indices alongside BoJ Rinban Operations covering 1-10-year JGBs.
JAPAN DATA: Japan Investors Sell Offshore Bonds, Buy Overseas Equities
Offshore investor flows were mixed for Japan last week, see the table below. We saw selling of local stocks, albeit only reversing close to half of the prior week's inflow. Offshore investors may have been more cautious given last week's AI related tech scare. Sentiment has stabilized this past week, although Japan equity bourses remain off recent highs. Offshore investors continued to buy local bonds, marking the third straight week of inflows. Still, cumulative inflows into this space are close to flat since late Nov last year.
- In terms of Japan outbound flows, we saw sharp net selling of foreign bonds. This ended a 3 week run of local investors buying such securities. This may have reflected nervousness ahead of the tariff deadlines at the start of this week. US yields have mostly tracked lower over this period though, aided by some data misses.
- Local investors continued to buy offshore equities, marking the 8th straight weekly flow into this segment. Cumulative flows still remain negative since Oct/Nov last year though.
Table 1: Japan Weekly Offshore Investment Flows
| Billion Yen | Week ending Jan 31 | Prior Week |
| Foreign Buying Japan Stocks | -315.2 | 752.7 |
| Foreign Buying Japan Bonds | 724.5 | 128.3 |
| Japan Buying Foreign Bonds | -1458.4 | 193.1 |
| Japan Buying Foreign Stocks | 199.2 | 217.2 |
Source: MNI - Market News/Bloomberg
STIR: History Of OIS Pricing Suggests RBA Cut In Feb Is A Done Deal
RBA-dated OIS pricing is flat to 3bps softer across meetings today.
- A 25bp rate cut is more than fully priced for April (136%), with the probability of a February cut at 90% (based on an effective cash rate of 4.34%).
- The last time the market was this confident about a rate cut was in March 2020, when expectations proved correct—the RBA cut rates twice that month, once at the scheduled meeting and again on the 20th.
- Notably, the last time the RBA disappointed market expectations by not cutting when a more than 75% probability was priced was in November 2012. However, even then, the RBA cut by 25bps in the meetings on either side—October and December 2012.
- Based on historical patterns, it would be highly unusual for the RBA not to follow through on market expectations, especially since it has made no attempt—officially or unofficially—to steer expectations away from a cut, as it has done in the past.
Figure 1: RBA Cash Rate Vs. 1st OIS Contract
Source: MNI – Market News / Bloomberg
AUSSIE BONDS: Richer, Most Confident Of An RBA Cut Since Mar-2020
ACGBs (YM +3.0 & XM +5.5) are richer and near Sydney session highs.
- “The Australian economy has so far tracked the RBA’s narrow path to a soft landing, but we expect below-potential growth, sticky inflation, and global trade shocks to complicate the final descent,” said Nick Stenner, who worked at the RBA until 2024 and is now at BofA in Sydney.
- Cash US tsys are flat to 1bp cheaper in today’s Asia-Pac session after yesterday’s strong session. After yesterday’s stronger-than-expected ADP employment in January, the focus has turned to Friday's headline employment data.
- Cash ACGBs are 3-5bps richer with the AU-US 10-year yield differential at -12bps.
- Swap rates are lower with the 3s10s curve flatter.
- The bills strip has bull-flattened, with pricing flat to +3.
- RBA-dated OIS pricing is flat to 2bps softer across meetings today. A 25bp rate cut is more than fully priced for April (135%), with the probability of a February cut at 91% (based on an effective cash rate of 4.34%).
- The last time the market was this confident about a rate cut was in March 2020, when expectations proved correct—the RBA cut rates twice that month, once at the scheduled meeting and again on the 20th.
- Tomorrow, the local calendar will see Foreign Reserves data.
AUSTRALIA DATA: Strong Rise In Imports In Line With Better Demand Outlook
Australia’s merchandise trade surplus narrowed more than expected in December, but still in the recent range, printing at $5.08bn down from $6.79bn due to a strong rise in imports signalling recovering domestic demand and possibly an increase in inventories.
Australia merchandise trade balance A$mn
Source: MNI - Market News/ABS
- Goods imports rose 5.9% m/m, the third straight monthly increase, to be up 9.2% y/y after 6.0% y/y in November. All major components rose in December but capex goods were particularly strong up 10.6% m/m & 11.9% y/y.
- Consumer goods rose 3.6% m/m to be up 9.1% y/y. Q4 consumption was solid with retail volumes up 1.0% q/q and so restocking has likely supported consumer imports. There were strong increases for items that have sold well during the festive months, including household electrical items and clothing.
- Merchandise exports increased 1.1% to be down 2.9% y/y after -5.8% y/y in November with both rural and non-rural goods higher. The rise was driven by metal ores & minerals (+3.8% m/m), with both iron ore volumes and prices rising for the second consecutive month. Coal, other mineral fuels and other manufactures all posted gains.
Australia goods imports y/y%
Source: MNI - Market News/Refinitiv
AUSTRALIA DATA: 2024 Exports To US Up But China Still By Far Largest Destination
Australia’s December exports were boosted by an increase in both volumes and prices of key commodities. They were also supported by a 92.1% y/y increase in exports to the US with 2024 14% higher bringing their share in total Australian merchandise exports up 1pp to 4.6%. But a universal tariff on all US imports is unlikely to be a problem for Australia as its main export destination remains China at 34.5% (down almost 2pp from 2023). China’s weak demand is a concern though with Australia’s shipments to the country down 12% last year.
- Exports to China rose in December, which is usual for the time of year, but were still 8% lower on a year ago. Shipments to much of Asia remained weak, including Korea, Japan, Singapore and Taiwan, while they were strong to India, Indonesia and Malaysia.
Australia goods exports y/y%
Source: MNI - Market News/ABS
- Iron ore export volumes rose for the second consecutive month in December driven by shipments to China and Japan, while prices were up for the third month.
- Coal saw higher volumes and prices in December with the former due to increased exports to Vietnam, Taiwan, India, Japan and the Netherlands.
- LNG continues to be a lucrative export with volumes and unit values continuing their unbroken run of increases as cold weather in Europe is boosting its demand and pushing prices higher.
FOREX: USD Index Sees Support Around 50-day EMA, JPY Still Outperforming
The USD BBDXY index has a little higher as Thursday's Asia Pac session unfolds. We were last above 1299, despite a firmer yen backdrop. USD/JPY sits back at 152.30/35, although dipped to 151.82 in earlier dealings (fresh lows back to Dec 12 last year).
- Yen was buoyed by hawkish remarks from BoJ board member Tamura, who stated rates should be at 1% in the second half of the 2025 fiscal year (so by end March 2026). Tamura, who is a known hawk, wanted to raise the rate to 0.50%, but his proposal was voted down by a majority of the board members. He added today, "...even if the policy rate is raised to 0.75%, it is far from the level that will restrict the economy as real interest rates stay at significantly negative zone”
- That Tamura is a known hawk, coupled with a broader USD rebound, has helped drag USD/JPY off its lows. US-JP yield differentials have steadied somewhat although are still down comfortably for the week. A solid debt auction also providing support to local bonds.
- Downside USD/JPY focus will rest at the low 151.00 region (151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg). The RSI is getting close to oversold conditions.
- The USD has ticked higher elsewhere, without any obvious macro drivers. US yields are up a touch but gains aren't much beyond 1bps at this stage. US equity futures are higher, but only +0.20% firmer. Regional equities are mostly in the green, including China & HK bourses.
- Still, AUD and NZD still down 0.35-0.40% at this stage. AUD/USD last 0.6260/65, NZD under 0.5670. Higher USD/CNY levels may be weighing at the margin for these currencies.
- BBDXY Index support has held around the 50-day EMA in recent sessions, with the USD potentially consolidating after the recent sell-off (excluding further JPY gains).
- Later the Fed’s Jefferson, Waller and Logan speak and US January Challenger job cuts, jobless claims and Q4 productivity/ULC print. Oil markets will be focusing on Fridays’ January payroll data with consensus expecting a 170k rise in jobs. The BoE is expected to cut rates 25bp. Also German December orders, euro area December retail sales and Canada’s January PMI are released.
ASIA STOCKS: Asian Equities Push Higher Largely Erasing Monday's Sell-Off
Asian equities are higher today, tracking overnight gains on Wall Street as lower US Treasury yields and mixed economic data drove investor sentiment. Technology stocks in South Korea and Japan outperformed, while robotics-related names in China extended their rally. The yen strengthened further, buoyed by expectations of Bank of Japan policy tightening, which weighed slightly on Japanese equities. Meanwhile, Hong Kong stocks remained cautious ahead of Alibaba's earnings, which could provide a key directional catalyst. Chinese markets struggled amid ongoing trade tensions and economic concerns, despite a short-term boost from the US Postal Service reversing its decision to halt shipments.
- South Korea's KOSPI is 0.75% higher, led by gains in technology blue chips. Samsung Electronics (+1.13%) and SK hynix (+2.60%) outperformed, benefiting from positive global semiconductor sentiment. However, LG Energy Solution (-1.59%) weighed on the index, reflecting sector-specific weakness in EV-related stocks. Automakers traded mixed, while pharmaceutical stocks gained. Kakao (+3.47%) surged on strong investor interest, while Naver (-1.97%) and POSCO Holdings (-0.83%) declined.
- China's Robotics-related stocks extended their rally for a second session, fueled by enthusiasm from the Spring Festival Gala. Bethel Automotive (+8.1%), Shenzhen Inovance (+8%), and Jiangsu Guomao Reducer (+10%) led gains. Investors see humanoid robots as a key growth area amid China’s aging population. However, broader sentiment remains fragile due to trade tensions, with equities struggling to sustain gains. The USPS’s decision to reverse its shipping ban offered temporary relief to e-commerce stocks, but concerns over tariffs and economic uncertainty persist. The benchmark CSI 300 is 0.80% higher.
- The HSI is 0.55% higher, with investors awaiting Alibaba’s earnings on Friday, which could significantly impact sentiment. Alibaba’s recent outperformance compared to US tech peers has drawn attention, with a P/E ratio of 11 versus Nvidia’s 42 and Amazon’s 45. Trade tensions and policy uncertainty continue to cloud the outlook, but a strong earnings report could trigger renewed interest in Hong Kong equities.
- Japan's Topix (+0.3%) and Nikkei (+0.5%) extended their winning streak to a third day, supported by strong corporate earnings and falling US bond yields. Renesas Electronics (+15%) soared after exceeding earnings expectations, while Nomura Holdings (+8%) and Marubeni (+5%) posted strong gains following positive financial results. Investors remain cautious as the yen strengthened past 152 per USD, raising concerns about export-driven sectors. Expectations for a BOJ rate hike in April-May are rising, supporting the currency but potentially weighing on equities in the near term.
- Australian equities followed Wall Street higher with the ASX 200 up 1.10%, supported by falling US yields and a weaker USD. Local bond yields declined early Thursday, reflecting global rate expectations. Energy and mining stocks remained in focus, particularly amid Saudi Arabia’s decision to raise crude prices to Asia, which could impact demand dynamics in the region.
ASIA STOCKS: Strong Inflows Into Asian Equities As Tariffs Concerns Decrease
A solid day for equity flows into Asia on Wednesday as investors concerns around tariffs decrease. Taiwan saw the largest inflows however all regions other than Philippines have seen decent outflows for the past 5 sessions, lower US yields should help with further inflows into the region.
- South Korea: Recorded +$63m in inflows yesterday, reducing the 5-day total to -$834m. YTD flows remain negative at -$1.29b. The 5-day average is -$167m, worse than the 20-day average of -$52m and the 100-day average of -$153m.
- Taiwan: Posted heavy outflows of +$815m yesterday, reducing the 5-day total to -$1.29b. YTD flows are negative at -$3.07b. The 5-day average is -$259m, worse than the 20-day average of -$194m and the 100-day average of -$116m.
- India: Recorded +$118m in inflows Tuesday, leading to a 5-day total of -$708m. YTD outflows remain significant at -$8.72b. The 5-day average is -$142m, better than the 20-day average of -$400m but worse than the 100-day average of -$159m.
- Indonesia: Posted -$30m in outflows yesterday, bringing the 5-day total to -$65m. YTD flows are negative at -$288m. The 5-day average is -$13m, close to the 20-day average of -$12m and the 100-day average of -$11m.
- Thailand: Saw +$17m in inflows yesterday, reducing the 5-day total to -$64m. YTD flows are negative at -$304m. The 5-day average is -$13m, slightly better than the 20-day average of -$17m and the 100-day average of -$16m.
- Malaysia: Registered -$15m in outflows yesterday, bringing the 5-day total to -$107m. YTD flows are negative at -$755m. The 5-day average is -$21m, better than the 20-day average of -$36m but worse than the 100-day average of -$27m.
- Philippines: Recorded +$6m in inflows yesterday, bringing the 5-day total to +$22m. YTD flows remain negative at -$96m. The 5-day average is +$4m, better than the 20-day average of -$4m and the 100-day average of -$2m.
Table 1: EM Asia Equity Flows
OIL: Crude Holds Onto Losses As Outlook Remains Highly Uncertain
Oil prices are moderately higher today after selling off around 2% on Wednesday. WTI is up 0.2% to $71.16/bbl after a high of $71.32. Brent is 0.1% higher at $74.68/bbl following a peak of $74.85. The USD index is up 0.1%.
- Markets remain concerned that increased trade protectionism will weigh on global growth and thus demand for fuel.
- The impact of US policy on the oil outlook remains highly uncertain. The prospect of tariffs has increased flows from Canada, which has boosted US inventories. A plan for peace in Ukraine may result in increased exports from Russia but at the same time a tougher attitude towards Iran could reduce theirs. Also, President Trump wants to see higher US crude output.
- Excluding these factors, the market was forecast to be in surplus in 2025. Bloomberg is reporting that Brent’s prompt spread has narrowed signalling some easing in the market.
- Later the Fed’s Jefferson, Waller and Logan speak and US January Challenger job cuts, jobless claims and Q4 productivity/ULC print. Oil markets will be focussing on Fridays’ January payroll data with consensus expecting a 170k rise in jobs (see MNI US payrolls preview). The BoE is expected to cut rates 25bp. Also German December orders, euro area December retail sales and Canada’s January PMI are released.
Gold Steadies after New Records Hit.
- Gold hit new highs today, continuing the strong upward trend of recent days.
- Opening at US2,867.24, gold consolidated throughout the day touching $2,873.34 before moderating to $2,869.45.
- Ongoing tariff headlines continue to drive demand for gold as traders seek it’s ‘safe-haven’ status.
- Rising economic and political risks in the region are likely to keep gold demand elevated.
- Gold has delivered yet another strong week with over 2% of gains to be up over 6.5% year to date.
- With evidence that key Central Banks (who have been absent from gold markets for some time) returning to purchase bullion, the outlook from the demand side looks positive for the near term.
INDIA: MNI RBI Preview - February 2025: New Regime to Cut.
- The newly appointed Governor Sanjay Malhotra convenes his first meeting and it will be closely watched to understand the intent of the new regime whose policy changes thus far, have been focused on market liquidity.
- Saturday's budget delivered welcome tax cuts to the middle class, but largely was viewed as focusing on economic resilience.
- Following October's food price surge, inflation has showed signs of moderating.
- The government has backed away from its longer term GDP growth target of 8% to recognize that 2025 is likely to see growth moderate to 6.3%-6.8%.
- See this link.
SOUTH KOREA: Korea’s Surplus Could Draw Trump’s Attention
- Korea’s current account surplus rose to $12.37bn in December, from $10.04bn in November.
- Whereas historically a current account surplus was a point of pride at the export driven success of an economy, in the current environment it draws the attention from an American President armed with tariffs, especially when 18.7% of its exports went to the US in 2024, highest in non-Japan Asia.
- In 2023, exports to the US accounted for 6% of Korean GDP making the Korean economy one of the most exposed to the President's desire to bring back made in America.
- Whilst the relationship between the US and Korea has always been strong, the current political upheaval presents risks that the relationship may not be getting the focus it requires.
South Korea current account US$mn
Source: MNI - Market News/Refinitiv
- One of the main contributors is the rise in primary income to $4.7bn, from $2.4bn, and investment income rising to $4.8bn from $2.5bn.
- Exports rose to $52.8bn from $47.1 bn to be up 4.6% y/y, whilst imports were up to $52.8bn from $47.1bn (+2.4% y/y) delivering a good merchandise trade surplus of $10.43bn, from $9.88bn in November.
- Services remain in deficit at $2.11bn, up from $1.95bn in November.
- Within the details of the financial account – portfolio investment, there was a significant drop in portfolio investment liabilities.
- This can be attributed to foreigners owning Korean assets which since early 2024 have been declining. The primary driver of this has been foreign ownership of Samsung driven by real concerns as to Samsung’s ability to keep up with the competitive landscape in Artificial Intelligence and not helped by the political uncertainty at present.
South Korea balance of payments financial acoount - portfolio investment US$mn 6-mth ma
Source: MNI - Market News/Refinitiv
- Asset levels remain strong as the National Pension Service is an active purchaser of offshore assets and whose investment activities are well regarded. It is likely to provide backing to a new government policy being discussed to provide support to the Won.
THAILAND: Jan Inflation Remains In Band, Q4 GDP Prints Before Next BoT Meeting
Thai CPI for January printed in line with consensus with headline up 0.1pp to 1.3% y/y and core steady at 0.8% y/y, still below Bank of Thailand’s 1-3% corridor. In December BoT projected 2025 inflation of 1.1% with core at 1.0%. The next decision is on February 26 and for now the central bank seems happy to keep rates around neutral despite political pressure for further easing. The January CPI data is unlikely to change this but Q4 GDP is out February 17.
- The Commerce Ministry expects February inflation to be in line with January’s results.
- Higher food prices driven by rice & cereal and fruit & veg offset lower non-food prices. Non-food rose 1.0% y/y down from 1.2% in November as transportation eased to 2.1% from 2.7% helped by a week of free train & bus travel, while other categories were fairly stable. Energy prices moderated to 4.25% y/y from 5.0% due to lower fuel and electricity rates.
- USDTHB is up 0.2% to 33.66 today. After rising sharply on Monday in response to US tariff news, the pair is now little changed on the week.
Thailand CPI y/y%
CHINA: Bond Futures Seem Disinterested in the Trade War.
- China’s bond futures key contracts appear to still be on Lunar New Year holidays, ignoring the turmoil from tariff headlines.
- China’s 2YR future is up just +0.01 today, to 102.82 and is wedged in between the 20-day EMA of 102.83 and the 50-day EMA of 102.78.
- China’s 10YR future is up +0.035 today, to 109.45, sitting above the 20-day EMA of 109.11.
- China’s 10YR CGB is 1bp lower today at 1.612%.
- The key data releases since the Lunar New Year break has been the Caixin PMIs which whilst moderating, are likely to have been influenced by the earlier than usual holiday period.
- Next week sees key data releases being PPI and CPI and Aggregate Financing.
ASIA FX: USD/CNY Supported, KRW Softer, TWD Steady
In North East Asia, the bias has been for a firmer USD against CNY and KRW, while TWD has held close to flat. We remain within recent ranges for all pairs though. In the G10 space, the yen has once again outperformed, while other currencies are lower against the USD.
- Onshore USD/CNY is still showing an upside bias, although we are still hold sub post inauguration highs. We were last 7.2840/45. This has likely lent some support to USD/CNH, which is a touch higher near 7.2880, leaving only a modestly positive basis. Earlier we had a very steady USD/CNY fixing, whilst onshore equity sentiment has firmed as the session has progressed. This hasn't lent support to FX sentiment though. To the extent higher USD/CNY onshore spot levels indicate underlying yuan depreciation pressures it may cap how far CNH can rally.
- CNH/JPY has continued to track lower, the pair last under 20.90, fresh lows back to Dec 2024. Hawkish BoJ rhetoric has aided yen outperformance today.
- Spot USD/KRW has drifted a little higher, last in the 1448/49 region. This leaves us back close to the 20-day resistance point. The Kospi is up a further 0.85% today, but this has done little to improve FX sentiment.
- Spot USD/TWD is unchanged at 32.83 in latest dealings. Yesterday's rebound in equity inflows, coupled with CBC intervention (likely above 33.00 this week), is aiding modest TWD outperformance so far today.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 06/02/2025 | 0645/0745 | ** |  CH | Unemployment |
| 06/02/2025 | 0700/0800 | ** |  DE | Manufacturing Orders |
| 06/02/2025 | 0700/0800 |  SE | Flash CPI | |
| 06/02/2025 | 0830/0930 | ** |  EU | S&P Global Final Eurozone Construction PMI |
| 06/02/2025 | 0930/0930 | ** |  GB | S&P Global/CIPS Construction PMI |
| 06/02/2025 | 1000/1100 | ** | EU | Retail Sales |
| 06/02/2025 | 1200/1200 | *** | GB | Bank Of England Interest Rate |
| 06/02/2025 | 1200/1200 | *** | GB | Bank Of England Interest Rate |
| 06/02/2025 | 1230/1230 | GB | BOE MPR press conference | |
| 06/02/2025 | 1330/0830 | *** |  US | Jobless Claims |
| 06/02/2025 | 1330/0830 | ** | US | WASDE Weekly Import/Export |
| 06/02/2025 | 1330/0830 | ** | US | Preliminary Non-Farm Productivity |
| 06/02/2025 | 1400/1400 | GB | Decision Maker Panel data | |
| 06/02/2025 | 1500/1000 | * |  CA | Ivey PMI |
| 06/02/2025 | 1530/1030 | ** | US | Natural Gas Stocks |
| 06/02/2025 | 1630/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 06/02/2025 | 1630/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 06/02/2025 | 1900/1400 | *** |  MX | Mexico Interest Rate |
| 06/02/2025 | 1930/1430 | US | Fed Governor Christopher Waller | |
| 06/02/2025 | 2200/1700 | CA | BOC Governor speech at BIS conference | |
| 06/02/2025 | 2210/1710 | US | Dallas Fed's Lorie Logan | |
| 07/02/2025 | 2330/0830 | ** |  JP | Household spending |
| 07/02/2025 | 0700/0800 | ** | DE | Trade Balance |
| 07/02/2025 | 0700/0800 | ** | DE | Industrial Production |
| 07/02/2025 | 0745/0845 | * |  FR | Foreign Trade |
| 07/02/2025 | 0745/0845 | FR | Wages Data for Q4 | |
| 07/02/2025 | 0800/0900 | ** |  ES | Industrial Production |
| 07/02/2025 | 0845/0945 | EU | ECB's De Guindos remarks in 'VI Encuentro Economico-Asegurador' conference | |
| 07/02/2025 | 1215/1215 | GB | BOE's Pill at National MPC Agency briefing | |
| 07/02/2025 | - | EU | ECB to publish report on R* | |
| 07/02/2025 | 1330/0830 | *** | CA | Labour Force Survey |
| 07/02/2025 | 1330/0830 | *** | US | Employment Report |