Rabobank’s RaboResearch team argues that Europe’s natural gas demand will decline only gradually across heating, industry and power.

The number of United States (US) citizens submitting new applications for unemployment insurance decreased to 206K for the week ending February 14.

The Euro (EUR) holds firms against the British Pound (GBP) on Thursday as growing expectations of Bank of England (BoE) interest rate cuts weigh on the Pound. At the time of writing, EUR/GBP is trading around 0.8737, easing slightly after approaching the 0.8750 level.

Canada New Housing Price Index (YoY) declined to -2.3% in January from previous -2%

Canada Employment Insurance Beneficiaries Change (MoM) dipped from previous 1.6% to 0.4% in December

Canada International Merchandise Trade came in at $-1.3B, above forecasts ($-2.1B) in December

Canada Exports rose from previous $63.94B to $65.63B in December

Canada Imports: $66.93B (December) vs $66.14B

United States Continuing Jobless Claims above expectations (1.86M) in February 6: Actual (1.869M)

Canada New Housing Price Index (MoM) registered at -0.4%, below expectations (0.1%) in January

United States Goods Trade Balance down to $-99.3B in December from previous $-86.9B

United States Wholesale Inventories meets forecasts (0.2%) in December

United States Initial Jobless Claims 4-week average down to 219K in February 13 from previous 219.5K

United States Philadelphia Fed Manufacturing Survey came in at 16.3, above expectations (8.5) in February

United States Initial Jobless Claims below forecasts (225K) in February 13: Actual (206K)

United States Goods and Services Trade Balance below expectations ($-55.5B) in December: Actual ($-70.3B)

Danske Bank analysts Kirstine Kundby-Nielsen and Jens Peter Sørensen note the growing weakness in the British economy, with higher unemployment, slower wage growth and subdued overall activity prompting the Bank of England to lean more dovish.

ING’s Warren Patterson and Ewa Manthey note that Copper has rebounded toward $13,000/t, but elevated exchange inventories continue to weigh on sentiment.

Russia Central Bank Reserves $ up to $806.1B from previous $797.5B

TD Securities’ Global Strategy Team expects UK Retail Sales growth to slow sharply in January and anticipates some loss of momentum in both Manufacturing and Services PMIs.

The Swiss Franc (CHF) edges lower against the US Dollar (USD) on Thursday, pressured by renewed strength in the Greenback. At the time of writing, USD/CHF is trading around 0.7750, rebounding after touching an intraday low near 0.7694.

BNY’s Head of Markets Macro Strategy Bob Savage notes that historical positive correlation between Oil and the Dollar is weakening even as Brent trades above $70 and WTI tests $68. Despite a sharp Oil rally since December, iFlow data show mixed USD flows with net Dollar selling.

Deutsche Bank analysts note reports that Christine Lagarde may consider stepping down early as ECB President as part of a broader package of 2027 executive board appointments.

Rabobank’s Michael Every highlights that robust Australian wages and employment data are increasing pressure on the Reserve Bank of Australia.

The Pound Sterling (GBP) extends its losing streak against the US Dollar (USD) for the fourth trading day on Thursday.

Commerzbank’s Antje Praefcke notes that Swedish inflation data may gain importance as core inflation fell to 1.7% and could drop further below the 2% target. Deputy Governor Per Jansson has opened the door to a March rate cut, contrasting with Riksbank guidance for unchanged rates.

DBS Group Research’s Chang Wei Liang notes that the Japanese Yen is the most under-valued G10 currency on DBS Equilibrium Exchange Rate (DEER) metrics.

Gold (XAU/USD) trades flat on Thursday, struggling to extend the previous day’s gains as traders weigh hawkish Federal Reserve (Fed) meeting Minutes against persistent geopolitical tensions.

Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann said during European trading hours on Thursday that rising United Kingdom (UK) jobless rate is becoming a major concern.

ABN AMRO Chief Economist Nick Kounis discusses reports that ECB President Christine Lagarde may leave before her term ends in 2027, potentially giving France and Germany greater influence over her successor.