- The RBA cut rates as forecast, but delivered hawkish rhetoric and pushed back against market pricing around further cuts. AU yields are higher, and the AUD has outperformed softer G10 trends elsewhere against the USD.
- US Cash Tsy have re-opened firmer from a yield standpoint, with comments from Fed Governor Waller helping this trend. JGB futures are sharply weaker and at session lows, -28 compared to settlement levels. The 20yr auction was poor.
- Later the Fed’s Daly and Barr speak and February US Empire manufacturing and NAHB housing print. There are also UK labour market data, February euro area ZEW and January Canadian CPIs. The ECB’s Cipollone participates in an MNI Connect event.
MARKETS
US TSYS: Tsys Curve Bear-Steepen, 10yr Yield Back Above 4.50%
- Tsys futures have continued to slowly sell-off throughout the session, we trade just off lows atm. Yields and the USD are pushing higher following the Fed's Waller saying recent economic data support keeping interest rates on hold, fed funds futures are still pricing in a single cut this year in September.
- TU is -00⅞ at 102-23+, while TY is -08 at 109-02+, a continuation lower would open 108-00, the Jan 16 low, and expose 107-06, the Jan 13 low and bear trigger. Key resistance and the bull trigger is 110-00, Feb 7 high.
- Cash tsys curves have bear-steepened today, yields are 1-4.5bps cheaper. The 2yr is +1.1bps at 4.270%, while the 10yr is back above 4.50%, last +3.7bps at 4.513%. The 2s10s is +2.5bps at 23.954, while the 2s30s is +3bps at 46.413.
- It is a rather quiet week for US data, fed fund futures are little changed so far this week, with the first cut pricing fully priced for the September meeting, with a cumulative 40bps of cuts priced by year end.
- Locally in Asia today, Australia's RBA cut rates by 25bps as expected, however the statement from Bullock has been somewhat hawkish, ACGBs yields are 4.5 to 5bps cheaper today.
- Later today we have Empire Manufacturing and the NAHB Housing Market Index
JGBS: Bear Steepener After Poor 20Y Auction
JGB futures are sharply weaker and at session lows, -28 compared to settlement levels.
- “The Bank of Japan should continue raising interest rates if data allows to maintain room for policy adjustments later, according to former Bank of Japan Deputy Governor Hiroshi Nakaso” (per BBG)
- The market remained steady through to the lunch break but dropped sharply after today’s 20-year auction revealed weak demand across key metrics.
- First, the auction low price fell well short of dealer forecasts. Secondly, the cover ratio declined to 3.06x from 3.79x in the previous auction. Lastly, the auction tail widened significantly to 0.55 from 0.04, signalling a notable deterioration in demand.
- Cash US tsys flat to 4bps cheaper in today’s Asia-Pac session, with a steepening bias following yesterday’s holiday, intensifying the sell-off at the long end of the JGB curve.
- Cash JGBs are flat to 5bps cheaper across benchmarks, with the benchmark 20-year leading the way.
- Swap rates are flat to 2bps higher, with swap spreads mixed.
- Tomorrow, the local calendar will see Trade Balance, Core machine Orders and Tokyo Condominiums for Sale data alongside BoJ Rinban Operations 1-10-year and 25-year+ JGBs.
AUSSIE BONDS: RBA Governor’s Hawkish Presser Drives Market Cheaper
ACGBs (YM -5.0 & XM -4.0) have weakened since RBA Governor Bullock’s press conference, which followed the RBA’s decision to cut the cash rate by 25bps to 4.10%.
- RBA Governor Bullock emphasised that while high interest rates have been effective, inflation is not yet fully under control. She noted the labour market’s unexpected strength and cautioned that market expectations for further rate cuts are not guaranteed.
- Future rate decisions will depend on inflation data, wage pressures, and supply-side recovery. Bullock also stated that the market's projected rate path may be unrealistic if the RBA aims for its 2.5% inflation target.
- Additionally, she clarified that rates will not return to pandemic-era lows. The board carefully weighed multiple factors before making its latest decision.
- Cash US tsys are 1-4bps cheaper, with a steepening bias, in today’s Asia-Pac session after yesterday’s holiday.
- Cash ACGBs are 4-5bps cheaper on the day with the AU-US 10-year yield differential at -2bps.
- Swap rates are 4-5bps higher on the day.
- The bills strip has bear-steepened, with pricing flat to -6.
- RBA-dated OIS pricing is flat to 7bps firmer after the RBA Decision across meetings, with December leading.
RBA: Tone & Forecasts Imply Very Gradual Easing As Core Doesn't Reach 2.5%
The RBA cut rates 25bp to 4.10% as was widely expected and framed it as a reduction in restrictiveness but it appears to have been a very cautious and reluctant move. Reading between the lines, the Board warns us not to necessarily expect back-to-back easing. It points out that “upside risks remain” and that easing too quickly could “stall disinflation”. As expected it eased as it was more confident inflation would sustainably move towards the mid-point of the band (which is no longer in its forecast), but it was more hawkish on the labour market and revised down its productivity expectations.
- The updated staff projections showed little change to the outlook beyond Q2 2025. The most noteworthy revision is that it doesn’t have underlying inflation at the 2.5% band mid-point over the forecast horizon which has been extended to Q2 2027. It now stabilises at 2.7% up from 2.5% in November. Only Q2 2025 was revised lower materially by 0.3pp to 2.7%.
- Revisions to the cash rate were minimal and the path still suggests the OCR around 3.6% by year end.
- In the near-term growth was revised lower but is little changed from Q4 2025 on. Private consumption was shifted down over the next 18 months, while public demand was revised up again.
- As expected, the unemployment rate was taken down and is now 4.2% by end-2025 down 0.3pp, it stabilises here. Employment growth is stronger and end-2025 wage growth 0.2pp higher at 3.4%. It noted that the labour market had “tightened a little further in late 2024” and that labour shortages are still impacting “a range of employers”
- “The Board remains cautious on prospects for further policy easing” and on the outlook with “risks on both sides”.
RBA: Market Rate Cut Expectations “Unrealistic”
RBA Governor Bullock’s press conference reflected the cautious tone of the statement but she said there was a “consensus” for a cut. She said that today’s easing doesn’t mean that rates will follow the market’s rate path as it will need more data and evidence of moderating inflationary pressures before removing more restrictiveness. Currently market pricing has around 3.6% rates by year end. Rates won’t return to pandemic-era levels.
- Bullock warned that the RBA has “to be careful not to get ahead” of itself and that the tight labour market was the strongest argument to stay on hold.
- The stabilisation of trimmed mean at 2.7% in the updated forecasts was mentioned and Bullock pointed out that it was derived using the market’s expected rate path and given that results in inflation staying above the band mid-point its pricing is “unrealistic”. But rates were still cut as it is “more confident” inflation will return to the band and that it didn’t need to be there already to ease.
- Bullock stated that the bank can’t yet “declare victory on inflation” and said that the Board would like to see lower wage and services inflation, sustained moderation in housing costs plus some recovery in supply helped by recovering productivity growth.
- The Board understands disinflation is “bumpy” but it will continue to look for continued easing of inflation in the upcoming quarterly/monthly data. If that reverses though, the Board will have to consider the developments “seriously”.
- The RBA looks at what could impact Australia in the long term and increased protectionism has been a part of that consideration but the issue remains highly uncertain and “unpredictable”. Bullock reiterated that it only includes what it knows in its forecasts.
- The statement noted that the labour market “tightened a little further in late 2024” and Bullock noted that this could be signalling that there is more economic strength which could potentially stall the disinflation process.
BONDS: NZGBS: Closed With Twist-Steepener, RBNZ Policy Decision Tomorrow
NZGBs closed showing a twist-steepener, with benchmark yields 2bps lower to 1bp higher.
- With the local market closed at the time of the RBA’s 25bp rate cut, any spillover effects will have to wait until tomorrow morning. However, the initial reaction has been minimal so far.
- Swap rates also closed mixed, with rates 2bps lower to 3bps higher. The 2s10s curve closed steeper.
- Cash US tsys are 1-4bps cheaper, with a steepening bias, in today’s Asia-Pac session after yesterday’s holiday.
- Tomorrow, the local calendar will see the RBNZ Policy Decision. The RBNZ decision is widely expected to cut rates 50bp again to 3.75%. Revised staff forecasts will also be published.
- All 22 analysts surveyed by Bloomberg are forecasting a 50bp rate cut and the RBNZ shadow board is recommending 50bp of easing.
- RBNZ dated OIS pricing closed slightly softer. 49bps of easing is priced for February, with a cumulative 113bps by November 2025.
- Notably, OIS pricing is 2–17bps firmer than pre-Q4 Labour Market data levels from February 4.
- On Thursday, the NZ Treasury plans to sell NZ$250mn of the 4.50% Apr-27 bond, NZ$200mn of the 4.25% May-34 bond and NZ$50mn of the 1.75% May-41 bond.
RBNZ: MNI RBNZ Preview-February 2025: 50bp In Feb, Focus On OCR Path
Download Full Report Here
- With the economy broadly developing as the RBNZ expected in November with core inflation “converging” to the mid-point of the band and “considerable spare capacity” persisting, another 50bp of easing on February 19 remains the central case. It had this size of cut in its November projections.
- RBNZ dated OIS pricing has 49bps of easing for Wednesday, with a cumulative 112bps by November 2025.
- The RBNZ will also publish updated staff forecasts this month and the revised OCR path will be of particular interest as the policy rate approaches the bank's estimated 2.5-3.5% range for neutral. Given weak growth and inflation around the band mid-point, the projections may show the OCR reaching 3% sooner than expected in November.
- With a 50bp cut unanimously expected for February 19, attention has already shifted to the monetary policy outlook for the April 9 and May 28 meetings. The updated forecasts, especially for the OCR, and whether the MPC is still looking to return to a “neutral world” will be important inputs into rate expectations.
FOREX: USD Rebounds On Firmer Yields, But A$ Outperforms On Hawkish RBA Cut
The USD has mostly recovered ground through the first part of Tuesday trade. The BBDXY index is up over 1290, +0.25% firmer versus end Monday levels. The A$ is the clear outlier, close to unchanged, after the RBA delivered a hawkish 25bps cut.
- AUD/USD tracks near 0.6350/55 in latest dealings, close to post RBA highs, 0.6368. As widely expected the central bank cut rates by 25bps, but pushed against current market pricing for further cuts over the next 12 months. RBA Governor Bullock stated that the central bank won't hit the mid point of its 2-3% target band given current market pricing (which is an input into its inflation outlook).
- The AUD/NZD cross has pushed back into the 1.1130/40 region, close to recent highs (1.1149). Late 2024 highs were at 1.1180, in terms of upside targets. AU-NZ 2yr swap spreads have edged up. Note we have the RBNZ decision tomorrow.
- NZD/USD is back down close to 0.5700, off around 0.50%. To the downside, a hold above the 50-Day EMA at 0.5700 is important, a break here would open a move to 0.5668 (20-day EMA). 0.5763 is upside resistance the Dec 18 high.
- USD/JPY has pushed back above 152.00, earlier lows were at 151.24. Earlier positive remarks on the economy only provided brief support for the yen.
- US cash Tsy has resumed after Monday's holiday, with yields pushing higher, the 10yr back above 4.51%. The Fed's Waller saying recent economic data support keeping interest rates on hold in earlier remarks.
- Elsewhere, US equity futures are up a touch, while Hong Kong markets continue to rally, but this hasn't spilled over more broadly.
- Later the Fed’s Daly and Barr speak and February US Empire manufacturing and NAHB housing print. There are also UK labour market data, February euro area ZEW and January Canadian CPIs. The ECB’s Cipollone participates in an MNI Connect event.
ASIA STOCKS: China & Hong Kong Equities Rise, Tech Again Leads The Way
Chinese and Hong Kong equities extended their rally, driven by optimism following President Xi Jinping’s meeting with private sector leaders, including Alibaba's Jack Ma and DeepSeek’s Liang Wenfeng. The HSI climbed 2%, with the Hang Seng China Enterprises Index is 2.25% higher today and has risen over 23% since its January low. Tech stocks led the gains, with Alibaba, Xiaomi, and Tencent among the top performers.
- DeepSeek’s AI advancements have fueled bullish move, with Wall Street banks upgrading Chinese stocks on expectations of AI-driven earnings growth. However, there still remains some concerns surrounding structural issues like the property crisis and weak consumer confidence. Attention now shifts to China’s annual legislative meeting in March for potential policy update.
- Major benchmarks are mostly higher today with CSI 300 +0.40%, HSI +2%, HSTech +3%, although there is weakness in property names with Mainland Property Index & BBG China Property Developer Gauge both down 0.50%, small cap stocks are also struggling somewhat with the CSI 1000 down 0.40%, while the CSI 2000 is -0.60%.
- Elsewhere, Chinese 10yr bond yields rose as investors rotated into equities, signaling tightening liquidity, while the 1yr yield rose 8bps to it's highest level since August.
ASIA STOCKS: Asian Equities Edge Higher, HK Tech Leads The Way, RBA Cuts Rates
Asian equities are mostly higher today. Hong Kong stocks are leading gains, with the Hang Seng China Enterprises Index rising 2.40% driven by tech stocks like Alibaba and Xiaomi. Optimism grew following President Xi Jinping’s meeting with business leaders, signaling a more supportive stance toward the private sector. Australia's RBA lowered rates for the first time in 4 years, the ASX200 hasn't liked the hawkish comments from Gov Bullock.
- Japan’s markets advanced, with the Nikkei rising 0.65%, supported by gains in defense stocks after European Union leaders discussed increasing military spending. The Nikkei is testing last weeks highs, with a break here likely to see the Index look to retest the 40,000 area. Tech shares are trading well following positive headlines out of China with expectations that they may ease regulatory pressure on the sector, Tokyo Electron is 2.40% higher.
- Hong Kong listed equities continue to outperform their mainland peers, with the HSI up 2.20%, while the CSI 300 trading just 0.40% higher. Tech stocks are the best performing sector with the HSTech Index +3.50%, while property stocks are underperforming with the Mainland Property Index 0.40% lower.
- Taiwan's TAIEX is 0.40%, while South Korea's KOSPI is 0.50% higher
- Australia’s ASX200 has slipped 0.65% although most of this came prior to the RBA hawkish cut. The AUD is holding near a two-month high. Meanwhile, BHP’s first half profit fell 23%, with weak Chinese demand for iron ore and copper, hurting results
ASIA STOCKS: Asian Equity Flows Mixed, India Continues To See Heavy Outflows
Taiwan saw a total reversal of Friday's large outflow on Monday, while Thailand saw a large inflow. India continues to see heavy selling from foreign investors with an almost $11.5b ytd outflow
- South Korea: Recorded -$112m in outflows on Monday, bringing the 5-day total to +$1m. YTD flows remain negative at -$1.48b. The 5-day average is $0m, better than the 20-day average of -$74m but worse than the 100-day average of -$124m.
- Taiwan: Posted +$766m in inflows on Monday, bringing the 5-day total to +$311m. YTD flows remain negative at -$2.36b. The 5-day average is +$62m, better than the 20-day average of -$114m and the 100-day average of -$44m.
- India: Recorded -$578m in outflows on Friday bringing the 5-day total to -$2.13b. YTD outflows remain heavy at -$11.44b. The 5-day average is -$425m, worse than the 20-day average of -$324m and the 100-day average of -$229m.
- Indonesia: Posted +$66m in inflows on Monday, bringing the 5-day total to -$61m. YTD flows remain negative at -$580m. The 5-day average is -$12m, worse than the 20-day average of -$19m and the 100-day average of -$29m.
- Thailand: Saw +$138m in inflows on Monday, bringing the 5-day total to +$105m. YTD flows remain negative at -$152m. The 5-day average is +$21m, better than the 20-day average of +$4m and the 100-day average of -$17m.
- Malaysia: Registered -$43m in outflows on Monday, bringing the 5-day total to -$89m. YTD flows are negative at -$828m. The 5-day average is -$18m, better than the 20-day average of -$25m but worse than the 100-day average of -$28m.
- Philippines: Recorded -$17m in outflows on Monday, bringing the 5-day total to -$53m. YTD flows remain negative at -$146m. The 5-day average is -$11m, worse than the 20-day average of -$3m and the 100-day average of -$4m.
Table 1: EM Asia Equity Flows
OIL: Crude Continues To Find Support From News Of Supply Risks
Oil prices are higher today with WTI up 0.8% to $71.31/bbl after a low of $71.13 and Brent steadfy around $75.25/bbl following a trough of $75.05. They rose on Monday driven by news of private talks amongst OPEC members to possibly delay the start of output normalisation again. The USD index is up 0.2%.
- An attack by Ukrainian drones on Russian oil infrastructure has also supported prices. It has resulted in flows from Kazakhstan having to slow. They had been scheduled to run at 1.6mbd this month and next.
- If OPEC again delays its gradual reduction in output cuts due to begin in April, it would be the fourth such postponement. The group had planned to increase production by 120kbd but excess global supply appears to be disrupting the schedule. Bloomberg is saying that Russia’s Deputy PM is denying that talks are underway.
- Market participants are more bearish on oil with prompt spreads narrowing and bullish positions being decreased.
- Later the Fed’s Daly and Barr speak and February US Empire manufacturing and NAHB housing print. There are also UK labour market data, February euro area ZEW and January Canadian CPIs. The ECB’s Cipollone participates in an MNI Connect event.
GOLD: Back to Normality as Gold Rallies Again.
- As Friday’s sell off fades into the background and the rally resumes, the biggest sell off of the year appears to be nothing more than profit taking, a view supported by holdings data showing money managers have reduced positions.
- Overnight, gold resumed its rally up +.49% to US2,896.56 in US trading and despite a slow start in the Asian trading day, suddenly jumped higher to bust through $2,900 to reach $2,909.80.
- Gold has benefited from concerns over tariffs and overnight the President spoke again about tariffs saying, “On Trade, I have decided, for purposes of Fairness, that whatever Countries charge the United States of America, we will charge them - No more, no less!" He continued saying "I have instructed my Secretary of State, Secretary of Commerce, Secretary of the Treasury, and United States Trade Representative (USTR) to do all work necessary to deliver reciprocity to our System of Trade!"
- The technicals for gold remain the same, with the uptrend still intact and with the risks of an all-out trade war coupled with an signs that inflation isn’t gone in the US, the near term demand dynamic for gold could see it push through the $3,000 barrier sooner than expected.
CHINA: Country Wrap: Xi Courting the Entrepreneurs.
- Guangdong province beat Shanghai this year to once more become the leading contributor to China’s personal income tax revenue, according to data compiled by Yicai. Guangdong earned CNY95 billion (USD13.1 billion) in individual income tax revenue in 2024, up 0.4 percent from the previous year. Shanghai, which ranked first last year, collected CNY94.6 billion, down 0.7 percent in the period. (source: Yicai)
- Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Monday urged efforts to promote the healthy and high-quality development of the country's private sector. Xi made the remarks when attending a symposium on private enterprises, where he delivered an important speech after listening to representatives of private entrepreneurs. The private sector enjoys broad prospects and great potential on the new journey in the new era. It is a prime time for private enterprises and entrepreneurs to give full play to their capabilities, Xi said. (source: Xinhua)
- With the Hang Seng leading the way, optimism is abounding in China’s key indices with the Hang Seng up +1.90%, CSI 300 +0.29%, Shanghai +0.12% and Shenzhen going the opposite way -0.34%.
- CNY: Yuan Reference Rate at 7.1697 Per USD; Estimate 7.2570
- Bonds: A weak day in China bonds with the CGB10yr at 1.72% (+3.5bps)
SOUTH KOREA: Country Wrap: Household Debt Up in Q4.
- Household debt in Korea rose to KRW1,927tn in the fourth quarter, up from KRW1,914.3 in Q3 according to the Bank of Korea (source: BOK).
- South Korean regulator blocks DeepSeek over data sharing with ByteDance(source: The Chosun Daily).
- The KOSPI has been on a tear of late rising again today by +0.55% to mark the sixth successive day of gains as optimism abounds on tariff delays and a supplementary budget.
- KRW: the won is not enjoying the same level of optimism as it fell again today by -.217%.
- Bonds: Unsurprisingly given the move in equities, the 10YR is 1bp higher in yield at 2.886%
MNI BI Preview: FEB 2025: On Hold, Time on their Side.
- According to the BI January's decision to cut was consistent with their inflationary forecasts for further low inflation for 2025 and 2026.
- The BI stated that it will continue to consider room for monetary easing to drive economic growth, whilst focusing on macroprudential, growth orientated policies.
- The BI sees IDR exchange rates ‘under control’ even in the face of increasing trade tensions due to the Central Bank’s policies.
- With Q4 growth at 5.0%, further rate cuts aren't urgent and the pivot to macro-prudential measures seems a logical stance from the BI, buying them time to move slowly on rates.
BI Preview - February 2025 (final).pdf
ASIA FX: SEA FX Lose Ground Against the USD, Thai Officials Call For Rate Cuts
In SEA, USD/Asia pairs have gravitated higher in the first part of Tuesday trade. This is line with higher USD index levels against the majors. Yen is one of the weakest performers, off around 0.35%. US cash Tsy markets have re-opened after Monday's holiday and yields are firmer, supported by Fed speak from Governor Waller. The 10yr was last above 4.51%, up nearly 4bps from end Friday levels.
- PHP has lost nearly 0.40%, while IDR is down a little over 0.30% to be among the weakest performers. Both currencies have shown a good degree of correlation with US yield shifts over the past 12 months.
- USD/PHP is back above 58.20, unable to sustain levels sub 58.00 from recent sessions. There may also be some speculation that BSP was supporting the pair underneath this figure level.
- USD/IDR is back to 16270, so very much within recent ranges. USD/INR is higher, but has found selling interest ahead of 87.00, which could be intervention related.
- USD/THB has ticked up last near 33.75/80. Onshore officials, including the PM have again called for fiscal and monetary policy to be working together, i.e. the BOT needs to cut rates.
- USD/MYR is back closer to 4.4500, off around 0.30% in ringgit terms.
ASIA FX: USD/Asia Pairs Higher In NEA, CNH Ignoring Better Equity Trend
In North East Asia FX markets, the skew has been for higher USD levels, as US cash Tsy trading has resumed and yields have pushed higher (after Monday's holiday.
- USD/CNH is back close to 7.2800, up around 0.20% for the session so far. Onshore spot is weaker against the USD by a similar magnitude. The continued shift in onshore equities, albeit lagging Hong Kong equities, is not aiding yuan so far today. The firmer US yield backdrop is providing an offset along with higher USD levels against the majors. We have 20 and 50-day EMA resistance between here and the 7.2900 level.
- USD/KRW has followed a similar trajectory to USD/CNH. This pair was last above 1445, also off by around 0.20% versus the USD. Household credit rose in Q4 last year, with the y/y pace firming to multi year highs. BOK Governor Rhee stated the central bank is still in an easing cycle and will consider various factors at next week's board meeting.
- Spot USD/TWD has rebounded, the pair back close to 32.80. Recent lows just under 32.70 have been supported since late January for this pair.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 18/02/2025 | 0700/0700 | *** |  GB | Labour Market Survey |
| 18/02/2025 | 0700/0800 | *** |  SE | Inflation Report |
| 18/02/2025 | 0745/0845 | *** |  FR | HICP (f) |
| 18/02/2025 | 0930/0930 | GB | BOE's Bailey fireside chat on open financial markets | |
| 18/02/2025 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
| 18/02/2025 | 1000/1100 | *** |  DE | ZEW Current Expectations Index |
| 18/02/2025 | - |  EU | ECB's De Guindos in ECOFIN meeting | |
| 18/02/2025 | 1330/0830 | *** |  CA | CPI |
| 18/02/2025 | 1330/0830 | ** |  US | Empire State Manufacturing Survey |
| 18/02/2025 | 1400/0900 | * | CA | CREA Existing Home Sales |
| 18/02/2025 | 1400/1500 | EU | ECB's Cipollone in MNI Connect conference on Balance Sheet | |
| 18/02/2025 | 1500/1000 | ** | US | NAHB Home Builder Index |
| 18/02/2025 | 1520/1020 | US | San Francisco Fed's Mary Daly | |
| 18/02/2025 | 1630/1130 | * | US | US Treasury Auction Result for 26 Week Bill |
| 18/02/2025 | 1630/1130 | * | US | US Treasury Auction Result for 13 Week Bill |
| 18/02/2025 | 1800/1300 | ** | US | US Treasury Auction Result for 52 Week Bill |
| 18/02/2025 | 1800/1300 | US | Fed Governor Michael Barr | |
| 18/02/2025 | 2100/1600 | ** | US | TICS |
| 19/02/2025 | 2350/0850 | ** |  JP | Trade |
| 19/02/2025 | 2350/0850 | * | JP | Machinery orders |
| 19/02/2025 | - |  NZ | Reserve Bank of New Zealand Meeting | |
| 19/02/2025 | 0001/0001 | * | GB | Brightmine pay deals for whole economy |
| 19/02/2025 | 0030/1130 | *** |  AU | Quarterly wage price index |
| 19/02/2025 | 0100/1400 | *** | NZ | RBNZ official cash rate decision |
| 19/02/2025 | 0700/0700 | *** | GB | Consumer inflation report |
| 19/02/2025 | 0700/0700 | *** | GB | Producer Prices |
| 19/02/2025 | 0900/1000 | ** | EU | EZ Current Account |
| 19/02/2025 | 1000/1000 | ** | GB | Gilt Outright Auction Result |
| 19/02/2025 | 1000/1100 | * | EU | labour costs |
| 19/02/2025 | 1200/0700 | ** | US | MBA Weekly Applications Index |
| 19/02/2025 | 1330/0830 | *** | US | Housing Starts |
| 19/02/2025 | 1355/0855 | ** | US | Redbook Retail Sales Index |
4155 words