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 US Bureau of Labor Statistics (BLS) will publish January’s Consumer Price Index (CPI) data on Friday, delayed by the brief and partial United States (US) government shutdown.

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%)

The Eurozone economy expanded by 0.3% in the final quarter (Q4) of 2025, the second estimate released by Eurostat showed on Friday, confirming the preliminary reading,

Danske Research Team notes that the US Dollar is outperforming alongside the Japanese Yen and Swiss Franc in a classic risk-off session. Falling US yields accompany Dollar consolidation ahead of the US CPI release.

Eurozone Trade Balance s.a. increased to €11.6B in December from previous €10.7B

Eurozone Employment Change (QoQ) came in at 0.2%, above expectations (0.1%) in 4Q

Eurozone Gross Domestic Product s.a. (QoQ) meets forecasts (0.3%) in 4Q

Eurozone Employment Change (YoY) meets forecasts (0.6%) in 4Q

Eurozone Trade Balance n.s.a. climbed from previous €9.9B to €12.6B in December

Eurozone Gross Domestic Product s.a. (YoY) above expectations (1.3%) in 4Q: Actual (1.4%)

MUFG’s Senior Currency Analyst Lee Hardman notes that the Japanese Yen is set to be the best-performing G10 currency this week, with USD/JPY dropping sharply after Japan’s election failed to trigger further Yen weakness.

The Pound (GBP) is trimming losses against the Japanese Yen (JPY) on Friday, with the pair returning above 209.00 after bouncing at nearly two-week lows at 207.60.

Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $78.91 per troy ounce, up 5.52% from the $74.78 it cost on Thursday.