TD Securities Global Strategy Team reports on the latest fund flows, highlighting a significant outflow from Global Equities, particularly from China, which recorded its largest weekly outflow on record.

Germany Consumer Price Index (YoY) below forecasts (2.2%) in January: Actual (2.1%)

Germany Harmonized Index of Consumer Prices (YoY) came in at 2.1%, above expectations (2%) in January

Germany Harmonized Index of Consumer Prices (MoM) above forecasts (-0.2%) in January: Actual (-0.1%)

Germany Consumer Price Index (MoM) came in at 0.1%, above expectations (0%) in January

Silver (XAG/USD) comes under intense selling pressure on Friday, posting a sharp correction after reaching a record high the previous day.

Bob Savage, Head of Markets Macro Strategy at BNY, notes a significant correction in Gold prices, driven by the nomination of Kevin Warsh as the next Fed chair, which has strengthened the U.S. Dollar. Gold fell sharply, with a 5.9% drop, while Silver and Platinum saw declines of over 10%.

The US Dollar maintains a moderate bid tone against the Japanese Yen on Friday, but has retreated from session highs at 154.40, and is trading at 153.90 at the time of writing, after Trump confirmed that former Federal Reserve (Fed) governor Kevin Warsh will replace the current bank Chairman Jerome

Brown Brothers Harriman (BBH) analysts note that Eurozone Q4 real GDP growth has exceeded expectations, positioning the European Central Bank favorably. Analysts suggest that the ECB can maintain its current rates for some time.

Gold (XAU/USD) comes under intense selling pressure on Friday, giving back most of the gains registered earlier this week as extreme volatility triggers broad-based liquidation of leveraged positions. Meanwhile, traders also lock in profits at elevated price levels.

Canadian growth figures are expected to show a 0.7% year-on-year increase, but this is viewed as a backward-looking indicator. The Bank of Canada is likely to maintain its neutral stance, with potential rate adjustments leaning towards a decrease.

Mexico Gross Domestic Product (YoY) above forecasts (1.3%) in 4Q: Actual (1.6%)

South Africa Trade Balance (in Rands): 23.18B (December) vs previous 37.7B

Mexico Gross Domestic Product (QoQ) came in at -0.3%, below expectations (0.6%) in 4Q

United States (US) President Donald Trump announced on Friday that he had chosen Kevin Walsh to serve as the next Chair of the Federal Reserve (Fed).

TD Securities' Global Strategy Team provides insights into the Eurozone's inflation outlook. The report indicates that Germany's HICP is expected to remain steady at 2.0% year-on-year in January, with fuel price increases balanced by base effects and industrial electricity subsidies.

GBP/USD trades around 1.3760 on Friday at the time of writing, retreating 0.30% on the day as the US Dollar (USD) regains some traction.

The Euro (EUR) drifts lower on Friday, and trades at 1.1915 at the time of writing, with support at the 1.1900 area in focus.

India FX Reserves, USD climbed from previous $701.36B to $709.41B in January 19

Brown Brothers Harriman (BBH) analysts note that the Bank of Japan can afford to be patient before raising rates, as inflation pressures are easing. Analysts suggest a potential decline in USD/JPY towards 140.00 by year-end, supported by US-Japan rate differentials.

Gold’s (XAU/USD) rally came to an abrupt halt on Thursday. The precious metal dropped nearly 10% in less than 24 hours and is trading around $5,080 at the time of writing, with the $5,000 psychological level at a short distance.

Italy Producer Price Index (MoM) down to -0.7% in December from previous 1%

Italy Producer Price Index (YoY): -1.4% (December) vs previous -0.2%

Commerzbank's report by Dr. Jörg Krämer indicates that Germany's Q4 GDP grew by 0.3%, slightly above previous estimates. Despite this growth, the outlook for the first quarter remains weak, and the forecast for 2026 GDP growth is unchanged at 0.9%.

EUR/JPY trades around 183.70 on Friday at the time of writing, up 0.27% on the day. The pair benefits from a relatively supportive macroeconomic backdrop for the Euro (EUR), while the Japanese Yen (JPY) remains under pressure following weaker-than-expected inflation data from Tokyo.

India Federal Fiscal Deficit, INR down to 8558.42B in December from previous 9766.71B

The CAD is showing moderate outperformance against the USD, supported by stronger commodities and firm risk sentiment. The Bank of Canada maintained its benchmark rate at 2.25%, indicating that current policy is suitable for growth.

The Eurozone economy expanded by 0.3% in the three months to December of 2025 after rising by 0.3% in the previous quarter, the preliminary estimate released by Eurostat showed Friday.

Eurozone Gross Domestic Product s.a. (QoQ) came in at 0.3%, above forecasts (0.2%) in 4Q

Eurozone Unemployment Rate came in at 6.2% below forecasts (6.3%) in December