Rabobank’s Bas van Geffen discusses how EU leaders are increasingly considering a multispeed European Union to address structural reforms and competitiveness.

Annual inflation in the US, as measured by the change in the Consumer Price Index (CPI), declined to 2.4% in January from 2.7% in December, the US Bureau of Labor Statistics (BLS) reported on Friday. This print came in below the market expectation of 2.5%.

United States Consumer Price Index Core s.a rose from previous 331.86 to 332.79 in January

EUR/GBP rebounds from earlier daily lows on Friday, with the Euro (EUR) drawing modest support from preliminary Eurozone Gross Domestic Product (GDP) data that showed the economy growing in line with expectations in the fourth quarter of 2025.

United States Consumer Price Index ex Food & Energy (YoY) in line with forecasts (2.5%) in January

United States Consumer Price Index (MoM) registered at 0.2%, below expectations (0.3%) in January

United States Consumer Price Index n.s.a (MoM) registered at 325.25, below expectations (325.41) in January

United States Consumer Price Index ex Food & Energy (MoM) meets forecasts (0.3%) in January

United States Consumer Price Index (YoY) below expectations (2.5%) in January: Actual (2.4%)

Danske Research Team highlights Norway’s Q1 oil investment survey, which points to higher-than-expected nominal spending in 2026 and 2027. After adjusting for cost inflation, investment volumes appear stronger than Norges Bank’s December projections.

ING’s Romania team highlights that weaker-than-expected GDP and a sharp 4Q25 contraction introduce downside risks to inflation and could prompt the National Bank of Romania to front-load its easing cycle.

Commerzbank’s Tatha Ghose expects EUR/HUF to trade broadly sideways around 375 in coming months as the Euro appreciates, before the pair gradually rises toward 400 by end-2026, implying a weaker Forint.

Commerzbank’s Commodity Research team highlights a sharp setback in Gold and Silver, with Gold briefly dropping to USD 4,900 per ounce before stabilizing near USD 5,000.

TD Securities’ Global Strategy Team reviews the RBNZ Survey of Expectations, noting that 2-year ahead inflation expectations rose to 2.37%, with 5-year and 10-year measures also ticking higher.

The Euro (EUR) keeps trading lower against the US Dollar (USD) for the fourth consecutive day on Friday, hovering below 1.1860 at the time of writing, down from its weekly high of 1.1928.

Silver (XAG/USD) shows minor gains on Friday, trading at $77.35 at the time of writing after bouncing from lows near $74.00 on Thursday. The white metal, however, remains on track for its third consecutive weekly decline, with bulls lacking follow-through above the $79.00 area.

MUFG’s Senior Currency Analyst Lee Hardman notes the US Dollar is ending the week on a firmer footing after stronger nonfarm payrolls, with particular gains versus the Australian Dollar and Norwegian Krone.

ING’s Francesco Pesole highlights that the Norwegian Krone has rallied on a sharp CPI surprise and markets pricing out Norges Bank cuts for 2026. He views this as premature, expecting a return of inflation towards 3.0% and renewed rate-cut expectations by summer.

Nordea’s Ole Håkon Eek-Nielsen and Henrik Unell, notes that EUR/SEK has broken to new lows as the SEK bull story aligns with Dollar weakness and strong repatriation flows.

Brazil Retail Sales (MoM) came in at -0.4%, below expectations (-0.2%) in December

Gold (XAU/USD) attracts modest dip-buying interest on Friday after sliding to a near one-week low the previous day, breaking below the $5,000 psychological mark.

Rabobank’s Molly Schwartz and Christian Lawrence expect USD/CAD to trade broadly sideways through 2026 as US‑Canada trade tensions and USMCA review risks offset a weaker Dollar.

Deutsche Bank analysts note that EUR/USD was little changed, with the Dollar Index edging higher, as markets await the US CPI release for January.

The Pound (GBP) extends losses against the US Dollar (USD) for the fourth consecutive day, trading around 1.3600 on Friday after pulling back from weekly highs above 1.3700.

Commerzbank’s Commodity Research team notes that OPEC, EIA and IEA forecasts range from a balanced Oil market to significant oversupply in 2026.

India FX Reserves, USD fell from previous $723.77B to $717.06B in February 2

TD Securities’ Global Strategy Team expects US core CPI to rise 0.42% month-on-month in January, above the 0.3% consensus, with headline CPI at 0.30%.

The US Dollar (USD) found support at 152.30 against the Japanese Yen (JPY) and is trimming some losses on Friday, returning to the upper range of the 153.00s.

Nomura analysts note that Swiss inflation stayed slightly positive in January, with foreign products still exerting downward pressure as a strong Swiss Franc makes imports cheaper.

Russia Interest Rate Decision came in at 15.5% below forecasts (16%)