Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

A red-hot inflation report in the United States and rising tensions between the latter and Iran pushed Gold price higher on Friday, past the $5,260 figure, posting solid gains of over 1.20%.

The US Dollar (USD) lost ground this week amid geopolitical uncertainty and the United States (US) trade policy developments after the Supreme Court ruled the Trump administration's tariffs illegal and he responded with a fresh round of levies.

Japan CFTC JPY NC Net Positions down to ¥11.5K from previous ¥13K

United States CFTC Gold NC Net Positions fell from previous $159.9K to $159.2K

Australia CFTC AUD NC Net Positions rose from previous $45.9K to $52.6K

United States CFTC Oil NC Net Positions: 172.7K vs 141.3K

Eurozone CFTC EUR NC Net Positions fell from previous €174.5K to €156.9K

United Kingdom CFTC GBP NC Net Positions: £-57.1K vs previous £-42.4K

United States CFTC S&P 500 NC Net Positions: $-193.5K vs previous $-177.8K

DBS Group Research expects Taiwan’s upcoming January export orders and industrial production to show strong double-digit growth, helped by last year’s low base and robust global AI-driven demand, alongside semiconductor and ICT inventory restocking.

DXY fell about 0.2% on Friday, grinding back into 97.60 after a hotter-than-expected Producer Price Index (PPI) report amplified concerns that inflation is proving stickier than the Federal Reserve (Fed) would like, weighing on growth expectations and dragging the Greenback lower.

Societe Generale’s Kunal Kundu reviews India’s FY27 Union Budget, highlighting policy continuity and fiscal consolidation in a context of geopolitical strains and currency weakness.

The Pound Sterling (GBP) drops some 0.10% on Friday as the Greenback is underpinned by a hot inflation report in the US, which prompted investors to price in a less dovish Federal Reserve (Fed).

The Australian Dollar (AUD) trades flat against the US Dollar (USD) on Friday as the Greenback reverses earlier gains despite stronger-than-expected US Producer Price Index (PPI) data. At the time of writing, AUD/USD is trading around 0.7112 and is on track for an eighth consecutive week of gains.

United States Baker Hughes US Oil Rig Count dipped from previous 409 to 407

UOB’s Ho Woei Chen expects China’s National People’s Congress to set a 2026 real GDP growth target of 4.5–5.0%, with actual growth forecast at 4.7%.

DBS Group Research expects Indonesia’s February inflation to rise to 4.1% year-on-year, driven by a low base and fading one-off stimulus in administered prices. While most components should stay subdued, elevated precious metal prices are seen lifting personal care costs.

MUFG’s Senior Currency Analyst Lloyd Chan highlights that an escalation in US–Iran tensions could trigger an Oil price shock, reviving global inflation and hurting Asia’s net Oil importers.

NZD/USD trades around 0.6000 on Friday at the time of writing, up 0.19% on the day, benefiting from a modest pullback in the US Dollar (USD) amid a wait-and-see mood ahead of fresh signals on the outlook for monetary policy in the United States (US).

The Dow Jones Industrial Average fell 600 points, or 1.15%, tumbling back below 49,000 on Friday, capping off a turbulent final trading week in February. The S&P 500 dropped around 0.7% while the Nasdaq Composite lost roughly 0.9%.

Deutsche Bank outlines a busy UK data calendar, expecting stronger Net Consumer Credit, a partial rebound in Mortgage Approvals to 64.5k, and unchanged PMI Manufacturing and Services at 52.0 and 53.9.

ING’s Muhammet Mercan projects Turkey’s 4Q25 GDP growth at 3.9%, implying 3.8% for 2025, underpinned by domestic demand but with some quarterly loss of momentum.

EUR/USD steadies on Friday, extending the range-bound price action that has defined trading so far this week. The Euro (EUR) remains relatively firm after the US Dollar (USD) failed to build on stronger-than-expected US Producer Price Index (PPI) data.

Russia Industrial Output fell from previous 3.7% to -0.8% in December

USD/JPY hovers around 156.00 on Friday at the time of writing, down 0.08% on the day, despite the release of stronger-than-expected US Producer Price Index (PPI) data. The move reflects a measured market reaction, with the US Dollar (USD) struggling to extend its rebound after the inflation figures.

Nordea’s Anna Westlund reports that Swedish employment has been rising since early 2025, with BAS and LFS data both showing a positive trend.

Gold (XAU/USD) trades slightly higher on Friday, pressing against the upper boundary of this week’s established range, after reports that US officials advised nonessential embassy staff in Israel to depart amid rising tensions, stoking fears of potential military escalation in the ongoing US-Iran st

Societe Generale analysts note that Deputy Governor Galia Borja signaled Banxico has room to resume rate cuts, pointing to weak domestic demand, falling investment and a stronger Peso.

Silver price (XAG/USD) extends its gains for the third consecutive day on Friday after the latest inflation report in the United States prompted investors to seek the safety of the white metal, while the Greenback remained firm. At the time of writing, XAG/USD trades near $91.39, up close to 3%.