Deutsche Bank’s Marc Schattenberg analyzes Germany’s 2026 wage round, covering around 10 million employees across public services, retail, wholesale, chemicals and metalworking.

The Euro (EUR) has retraced most of the daily gains against the US Dollar (USD), and trades near 1.1900 at the time of writing on Wednesday after rejection from February's highs in the area of 1.1925.

Silver (XAG/USD) climbs on Wednesday, reversing the previous day’s losses as a softer US Dollar (USD) offers support ahead of the delayed US Nonfarm Payrolls (NFP) report due at 13:30 GMT. At the time of writing, XAG/USD is trading near $85.45, up almost 5.47% on the day.

The Pound (GBP) has retraced losses against the US Dollar (USD) on Wednesday, but failed to find acceptance at weekly highs above 1.3700 and has pulled back to the 1.3680 area at the time of writing.

The United States (US) Bureau of Labor Statistics (BLS) will release the delayed Nonfarm Payrolls (NFP) data for January on Wednesday at 13:30 GMT. 

Commerzbank’s Antje Praefcke notes that stronger January inflation in Norway, with headline at 3.6% and core at 3.4% year-on-year, confirms that interest rate cuts by Norges Bank are off the table for now.

NZD/USD trades around 0.6060 on Wednesday at the time of writing, up 0.25% on the day, and posts a nearly two-week high amid persistent US Dollar (USD) weakness. The bullish move comes as investors position cautiously ahead of the release of the US Nonfarm Payrolls (NFP) report.

TD Securities expects UK GDP to rise 0.1% m/m in December, driven mainly by manufacturing, with services flat. This would leave Q4 2025 GDP at 0.2% q/q, matching consensus and MPR projections, and only modest services growth.

BNY’s Geoff Yu highlights that US equity markets have stabilized despite recent volatility, with the Tech sector still leading allocations.

United States MBA Mortgage Applications up to -0.3% in February 6 from previous -8.9%

Mexico Industrial Output (YoY) registered at 2.4% above expectations (1.3%) in December

MUFG’s Lee Hardman notes that the Japanese Yen has extended its rebound after Japan’s lower house election, with USD/JPY dropping from 157.76 to 152.80 and moving closer to late-January lows.

Gold (XAU/USD) edges higher on Wednesday as a softer US Dollar (USD) lends support to prices. At the time of writing, XAU/USD trades around $5,103, up about 1.45% on the day, with attention turning to the delayed US jobs report.

ING strategist Francesco Pesole notes that recent Dollar weakness has been driven more by sentiment than data, but highlights that today’s US payrolls are pivotal.

Gold (XAU/USD) has retraced Tuesday’s lows and is resuming the upside trend from late January lows, with bulls testing resistance around $5,100 at the time of writing.

TD Securities’ Global Strategy Team expects January US Nonfarm Payrolls to show subdued job gains of 45k, below the 70k consensus, with the Unemployment Rate steady at 4.4%. They see hawkish risks if the rate dips to 4.3%.

The US Dollar (USD) has bounced up from fresh11-day lows at 152.80 against the Japanese Yen (JPY) on Wednesday, and is trading at the 153.25 area at the time of writing.

Germany 30-y Bond Auction fell from previous 3.49% to 3.47%

EUR/JPY continues its correction for a third consecutive day and trades around 182.70 on Wednesday at the time of writing, down 0.50% on the day.

Nomura’s Global Markets Research team expects Euro area HICP inflation to hover around the ECB’s 2.0% target through 2027, with risks turning clearly to the upside in 2027–2028.

Deutsche Bank’s Marion Muehlberger and Ursula Walther preview the February 12 EU competitiveness summit, stressing leaders’ urgency over weak EU competitiveness and Single Market reforms.

MUFG's Senior Currency Analyst Michael Wan explains that weaker US retail sales and signs of cooling labour demand are clouding the Federal Reserve’s policy path. Fed fund futures now fully price a June rate cut and potentially more easing through 2026.

The Aussie Dollar (AUD) has ticked down from fresh three-year highs at 0.7128 against the US Dollar, but remains steady above previous highs of 0.7095, as investors brace for the US Non-farm Payrolls release, due later on the day, and the Australian Consumer Inflation Expectations report, on Thursda

Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data. Silver trades at $83.62 per troy ounce, up 3.21% from the $81.02 it cost on Tuesday.

Commerzbank's Rates Strategist Erik Liem highlights upcoming remarks from ECB members Schnabel and Cipollone as markets weigh potential rate cuts.

ING’s Frantisek Taborsky notes that Central and Eastern European markets have shifted back to dovish rate expectations ahead of key inflation and GDP data.

Italy Industrial Output w.d.a (YoY): 3.2% (December) vs 1.4%

Italy Industrial Output s.a. (MoM) above forecasts (-0.5%) in December: Actual (-0.4%)

Societe Generale analysts note that the Dollar is on the back foot into US NFP, with recent weak retail sales driving a tactical bid in Treasuries.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, holds losses and is trading near 96.60 during the Asian hours on Wednesday.