China's Xi says is on a ‘strong currency' mission to make the Yuan a global reserve.China's Xi says is on a ‘strong currency' mission to make the Yuan a global reserve

Crude Oil Weekly Outlook: Gains Test Two-Year Resistance.Market volatility swung sharply on Friday ahead of the close, driven by headlines surrounding Trump's support for a hawkishly perceived Fed chair, Iran's willingness to negotiate, and renewed U.S. threats regarding structural agreements with Iran. These developments fueled a spike in cross-asset volatility:

Australia manufacturing PMI hits five-month high as growth accelerates in January.Australia's manufacturing sector entered 2026 on firmer footing, with January PMI data pointing to a clear acceleration in activity and improving demand conditions. The latest survey results indicate that growth momentum has broadened across output, orders, employment, and purchasing, reinforcing signs that the sector is emerging from a prolonged period of subdued conditions.

Australia S&P Global Manufacturing PMI fell from previous 52.4 to 52.3 in January.Australia S&P Global Manufacturing PMI fell from previous 52.4 to 52.3 in January

South Korea Trade Balance registered at $8.74B above expectations ($4.6B) in January.South Korea Trade Balance registered at $8.74B above expectations ($4.6B) in January

China Pres Xi revive push for yuan as reserve currency amid global dollar dominance debate.China is doubling down on its long-term push to internationalise the yuan, but structural and policy constraints still limit its reserve-currency appeal.

China January PMI slips into contraction as weak demand clouds early-2026 growth outlook.China's January PMI data point to a soft start to 2026, with weak domestic demand offsetting pockets of resilience in high-tech manufacturing.

Monday open indicative forex prices, 02 February 2026 (ps. China January PMIs missed).As is usual for a Monday morning, market liquidity is very thin until it improves as more Asian centres come online ... prices are liable to swing around, so take care out there.

Japan markets on edge over looser fiscal policy, ex-currency diplomat Watanabe says.Japan will continue to face market jitters over fiscal policy, with the risk of further tax relief raising the prospect of a renewed selloff in government bonds and the yen similar to Britain's "Truss shock," a former top currency diplomat said.

Japanese Yen Weekly Forecast: USD/JPY Eyes BoJ Opinions, US Jobs Data.Hawkish BoJ signals, Japan's election, and key US data put USD/JPY in focus, with volatility rising as traders reassess Fed and BoJ policy paths.

US Dollar to Canadian Dollar Forecast: Rallies Seen as "Selling Opportunities".The US dollar to Canadian dollar exchange rate (USD/CAD) was trading around 1.3624 at the London close, rebounding late in the week but remaining well below January's earlier highs following a sharp slide in the greenback. Latest — Exchange Rates:Pound to Canadian Dollar (GBP/CAD): 1.86337Euro to Canadian Dollar (EUR/CAD): 1.6136Dollar.

A Credible Fed Choice Tames Tail Risks, Not the Cycle.Last week delivered yet another reminder that volatility has become a feature this year, rather than an exception. Sudden repricing episodes continue to emerge, often driven by political and institutional developments rather than changes in economic fundamentals.

Japan's Takaichi cites weak yen's benefits even as her government threatens intervention.Japanese Prime Minister Sanae Takaichi cited some benefits of a weaker yen on Saturday, in stark contrast ​to her finance ministry's threats to intervene to support ‌the battered currency.

USD/JPY Weekly Outlook: Fragile Rebound Faces Payrolls, Politics and Intervention Risk.USD/JPY has stabilised, but conviction remains thin. With a fragile rebound in play, US payrolls, Fed dynamics and interventi.

US dollar gains as Warsh named next Fed Chair.The U.S. dollar strengthened on Friday. This followed the selection of Kevin Warsh as the next Fed chair.

Rupee at Nadir But RBI Keeps it from Cliff Edge.The Indian rupee faced a turbulent Friday, marking a grave closing low and inching closer to 92 against the dollar. However, the Reserve Bank of India's prompt measures acted as a safety net, preventing it from breaching this crucial milestone before the weekend's budget.

China NBS Non-Manufacturing PMI came in at 49.4 below forecasts (50.3) in January.China NBS Non-Manufacturing PMI came in at 49.4 below forecasts (50.3) in January

China NBS Manufacturing PMI came in at 49.3, below expectations (50) in January.China NBS Manufacturing PMI came in at 49.3, below expectations (50) in January

Markets Weekly Outlook – NFP forecast, Fed's New Direction, RBA Rate Hike Risk, BoE/ECB Pause and Big Tech Earnings.The starting point though has to be the stark reversal in commodity markets on Thursday and Friday which sent markets into a tailspin. At the time of writing, spot silver is down around 27% on the day, on track for their biggest daily drop on record, based on LSEG data available through 1982.

Fed's Bowman still supports rate cuts despite backing pause at recent meeting.U.S. Federal Reserve Vice Chair for Supervision Michelle Bowman said on Friday she still feels interest rates should fall, but voted to hold monetary policy steady this week ​only to gather more data before the next reduction in borrowing costs.

Natural Gas Price Forecast: Bulls Extend Rally Above Key Support.Natural gas surged to new highs, confirming bullish momentum as buyers defended key support levels and positioned for further upside following a strong breakout session.

The Weekly Bottom Line: Kevin Warsh Nominated as Next Fed Chair.It was a busy week of updates on the Canadian economy, on top of an announcement of expanded support for modest income Canadians and a widely expected rate hold from the Bank of Canada. Yet, after all the news, Canadian bond yields are roughly in line with last Friday's close.

More Signs of Stability Expected in Canadian and U.S. Job Market.Next Friday, we expect Canada's January employment report to show a tick-down in the unemployment rate to 6.7%, after an increase to 6.8% in December that partially reversed an unusually large 0.5 percentage point decline over the prior two months. Employment is expected to have declined by 10,000 in January – after the outsized 189,000 increase between September and December 2025.

Will RBA Opt for a Rapid Policy Reversal?.Core inflation in Australia rose to 3.4% y/y, exceeding both forecasts and the Reserve Bank of Australia's 2–3% target range, increasing pressure on the central bank to act.

The Fed Chair Has Been Picked: Who is Kevin Warsh?.Trump loves a good surprise. Just after announcing he would provide the decision next week, turns out he did so in the early morning through a Truth Social Post.

US Dollar Price Action Setups into NFP: EUR/USD, GBP/USD, USD/JPY.As looked at last Friday there was a circulating worry around the Greenback as the initial stages of a carry unwind scenario had developed. It was widely spread that it was intervention but as I pointed out in that article, it was far too early to tell, and if we were looking at the move from a granular basis, it looked to be organic given the massive positioning imbalance that's built over the past five years.

Natural Gas News: Weather Forecast Through Mid-Feb Could Push Futures to $4.81.March natural gas rallies above $4.00 as cold forecast drives demand. Limited short interest may cap gains, but upside targets $4.49-$4.81 remain.

Fed's Musalem says no more rate cuts needed with policy now at neutral level.St. Louis Federal Reserve President Alberto Musalem said on Friday ​the U.S. central bank does not ‌need to cut interest rates further unless the job market starts to deteriorate or inflation falls.

Colombia's central bank shocks with 100-bp rate hike to 10.25%.Colombia's central bank raised its benchmark interest rate by 100 basis points to 10.25% on ​Friday, its first hike in nearly three years and a ‌larger move than most analysts had expected, as policymakers pointed to rising inflation pressures, a sharp jump in inflation expectations and mounting fiscal and external risks.

USD/JPY jumps as US Dollar strengthens on hawkish signals, Warsh nomination.USD/JPY jumps as US Dollar strengthens on hawkish signals, Warsh nomination