BNY’s Head of Markets Macro Strategy Bob Savage reports Japan’s exports posted their biggest rise since 2022, yet the Japanese Yen barely reacted, with USD/JPY slightly lower.

EUR/GBP trades on the back foot on Wednesday as the Euro comes under pressure following media reports that Christine Lagarde may step down as head of the European Central Bank (ECB) before her term ends in October 2027.

TD Securities analysts note the recent US curve flattening as investors took profit after a rally in rates, with Fed officials emphasising a cautious, wait-and-see stance on inflation and policy.

The Euro (EUR) remains on its back foot against the US Dollar (USD) this week.

The US Dollar (USD) maintains a moderately positive tone against the Japanese Yen (JPY) this week, with price action hovering at the upper range of the 153.00s.

MUFG's Head of Research Derek Halpenny notes UK CPI was slightly stronger than expected in January, with core and services inflation surprising on the upside, though overall disinflation momentum persists.

EUR/JPY trades around 181.85 on Wednesday at the time of writing, up 0.10% on the day, as the pair benefits from slight Japanese Yen (JPY) weakness and what is seen as a limited political impact in the Eurozone.

The US Dollar (USD) appreciates for the sixth consecutive day against the Canadian Dollar (CAD), reaching 1.3650 at the time of writing, but remains below the early February highs, in the area of 1.3720, which keeps the broader bearish trend in play.The US Dollar has been trading moderately higher a

United States MBA Mortgage Applications climbed from previous -0.3% to 2.8% in February 13

Rabobank analysts argue that recent Federal Reserve remarks on Artificial Intelligence and interest rates underestimate AI’s disruptive, inflationary and deflationary effects.

The AUD/USD pair trades in a tight range around 0.7075 during the European trading session on Wednesday. The Aussie pair consolidates as investors await the release of Federal Open Market Committee (FOMC) minutes at 19:00 GMT and the Australian employment data for January on Thursday.

ING’s Chris Turner highlights a Financial Times report suggesting Christine Lagarde could leave the ECB before her term ends in October 2027, with succession politics linked to French elections. Markets are watching potential successors Pablo Hernandez de Cos and Joachim Nagel.

Gold (XAU/USD) trades firmer on Wednesday after sliding to its lowest level in nearly two weeks at $4,842 the previous day, as dip buyers stepped in to limit the downside and keep the pullback relatively shallow. At the time of writing, XAU/USD is trading around $4,915, up nearly 0.75% on the day.

The GBP/USD pair trades flat at around 1.3570 during the European trading session on Wednesday. The pair flattens while the Pound Sterling (GBP) trades higher after the release of the United Kingdom (UK) Consumer Price Index (CPI) data for January.

TD Securities’ Global Strategy Team expects a solid January labour market report in Australia, projecting 25k jobs added and a participation rate of 66.8%, keeping unemployment at 4.2%.

The New Zealand Dollar (NZD) is trimming previous losses against the US Dollar (USD) on Wednesday, returning to levels above 0.6000 at the moment of writing, after bouncing from 0.5989 lows earlier on the day.

South Africa Retail Sales (YoY): 2.6% (December) vs previous 3.5%

Silver price (XAG/USD) extends its early advance to near $76.30 during the European trading session on Wednesday. The white metal trades firmly ahead of the release of the Federal Open Market Committee (FOMC) minutes of the January policy meeting at 19:00 GMT.

Crude Oil prices are trimming some of Tuesday’s losses on Wednesday, reaching session highs near $62.50 per barrel, after bouncing from two-week lows at $61,76. Investors are starting to reassess the chances of a US-Iran deal after the second round of conversations ended without any tangible advance

Nomura’s Senior European Economist Andrzej Szczepaniak notes reports that Christine Lagarde may leave her role as ECB President early so that EU leaders can appoint a successor before the French presidential election, as part of a broader effort to “future proof” the ECB from far-right influence.

MUFG's Head of Research Derek Halpenny remains constructive on EM FX for 2026, citing supportive global growth, restrained US tariff risk, and ongoing fiscal and monetary stimulus in major economies.

European Central Bank (ECB) Governing Council (GC) member and French central bank Governor Francois Villeroy de Galhau said during European trading hours on Wednesday that the battle against inflation is over now.

Deutsche Bank’s Chief UK Economist Sanjay Raja notes that UK inflation fell to 3% year-on-year, its lowest level since March 2025, driven by weaker core goods and food prices, while services inflation remains sticky at 4.4%.

The Indian Rupee (INR) opens almost flat against the US Dollar (USD) on Wednesday. The USD/INR pair is expected to wobble near its current levels at around 90.80 as investors await the release of Federal Open Market Committee (FOMC) Minutes at 19:00 GMT.

United Kingdom DCLG House Price Index (YoY) above forecasts (1.8%) in December: Actual (2.4%)

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $75.90 per troy ounce, up 3.56% from the $73.29 it cost on Tuesday.

Commerzbank’s Volkmar Baur notes that EUR/USD is stuck between 1.18 and 1.19 as recent US and Eurozone data have been uneventful, with attention turning to Federal Reserve minutes.

ING’s commodities team highlights that Gold has rebounded above $4,900/oz after recent declines linked to a stronger Dollar and risk‑off sentiment. Thin Asian liquidity had amplified moves, but the bank sees the setback as corrective.

TD Securities’ Prashant Newnaha says the RBNZ kept the OCR at 2.25% and now signals a first 25 bps hike in late 2026 or early 2027, followed by limited tightening.

Scotiabank analysts Shaun Osborne and Eric Theoret note the Euro is slightly weaker versus the Dollar, drifting toward the lower end of its recent range. Yield spreads remain supportive and the broader EUR/USD trend is still seen as bullish.