MUFG’s Michael Wan views the detailed US–India interim trade deal, including tariff cuts and exemptions, as positive for India’s external position. He sees scope for USD/INR to briefly break below 90 in coming months, but expects only a shallow INR recovery.

Commerzbank’s FX analysts note that Singapore’s 2026 Budget emphasizes supply-side support, SME internationalisation and capital-market development, including fresh funding for the Equity Market Development Programme and Anchor Fund.

MUFG’s Lin Li and Khang Sek Lee note that China’s January CPI slowdown was heavily distorted by Chinese New Year base effects, with food and services dragging headline inflation. PPI deflation narrowed on stronger global metals prices and tech-related demand.

Standard Chartered’s Senior Economist Tommy Wu raises Hong Kong’s 2026 GDP growth forecast to 3.2% from 2.5%, citing robust Q4 momentum, stronger financial activity and improving consumer sentiment.

UOB economists Julia Goh and Loke Siew Ting note Malaysia’s 4Q25 GDP grew 6.3% year-on-year, the fastest since 4Q22, lifting full-year 2025 growth to 5.2%.

Silver (XAG/USD) price advances on Friday, bouncing off daily lows around $74 and posting gains of over 2.50%, yet it is poised to end the week on a negative note. A softer-than-expected US inflation report pushed the white metal higher, and it trades at $77.20 a troy ounce ahead of the weekend.

United States CFTC Oil NC Net Positions fell from previous 124.6K to 117.8K

Eurozone CFTC EUR NC Net Positions increased to €180.3K from previous €163.4K

Australia CFTC AUD NC Net Positions increased to $33.2K from previous $26.1K

United States CFTC S&P 500 NC Net Positions increased to $-105.1K from previous $-132.9K

United States CFTC Gold NC Net Positions fell from previous $165.6K to $160K

United Kingdom CFTC GBP NC Net Positions: £-25.8K vs previous £-13.9K

Japan CFTC JPY NC Net Positions: ¥-19.1K vs ¥-19.2K

Commerzbank analysts explain that India’s new CPI series shows January inflation at 2.8% year-on-year, back within the RBI’s 2–6% target band. The reweighted basket reduces food’s share and should damp volatility.

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Friday during an interview with Yahoo Finance that although interest rates are poised to come down further, moves on policy rates are contingent on further taming of services inflation.

The US Dollar (USD) lost major ground over the week, briefly gaining some strength after better-than-expected United States (US) jobs data, as the January Nonfarm Payrolls report showed 130K new jobs were added. Also, the Unemployment Rate fell to 4.3% from 4.4%.

Standard Chartered’s Senior Economist Tommy Wu raises Taiwan’s 2026 GDP growth forecast to 8.0% from 3.8%, citing strong Q4-2025 expansion and robust global semiconductor demand.

Gold (XAU/USD) price makes a U-turn on Friday and trims some of Thursday’s losses, rising nearly 2% following the release of a softer-than-expected inflation report in the US, which increased speculation that the Federal Reserve (Fed) could lower rates.

MUFG’s Senior Currency Analyst Lloyd Chan notes that Singapore’s FY26 budget marks a strategic pro‑growth pivot, with higher development spending aimed at building national AI capabilities, supporting enterprise funding, and attracting high‑quality capital.

Standard Chartered’s Edward Lee and Jonathan Koh highlight that Malaysia’s economy grew 5.2% in 2025 after 5.1% in 2024, driven by strong domestic confidence, AI-related investment and accommodative policy.

United States Baker Hughes US Oil Rig Count declined to 409 from previous 412

MUFG’s Senior Currency Analyst Lloyd Chan notes that India’s CPI inflation under the rebased 2024 series rose to 2.8% year-on-year, driven mainly by food prices.

US Treasury Secretary Scott Bessent sounded confident on the inflation outlook, suggesting price pressures could return close to the Fed’s 2% target by mid-year.

The Dow Jones Industrial Average (DJIA) bounced back on Friday, climbing around 220 points to trade near 49,665 after opening at 49,366. The recovery followed Thursday's punishing 669-point selloff that was driven by fears of AI-led disruption across software, trucking, and real estate sectors.

ING’s David Havrlant expects Czech inflation to soften further in 2026 as food prices decelerate, with headline inflation seen near 1% in summer and core inflation easing in the second half.

The Japanese Yen (JPY) rebounds against the US Dollar (USD)on Friday, as the Greenback trims earlier gains after softer-than-expected US inflation data.

USD/CAD trades in a tight range on Friday, as the US Dollar (USD) holds firm despite softer-than-expected US inflation data. At the time of writing, USD/CAD is hovering near 1.3625, holding modest gains and remaining on the front foot for a third consecutive day.

Nordea’s Ole Håkon Eek-Nielsen and Jan von Gerich note that the ECB remains relaxed about lower inflation and FX moves, and is firmly on hold.

Russia Consumer Price Index (MoM) below forecasts (2%) in January: Actual (1.62%)

Russia Consumer Price Index (MoM) below expectations (2%) in January: Actual (1.6%)