The January U.S. jobs report (slightly delayed) did not bring good news to investors betting on a dovish shift in the Federal Reserve, as the market's expectations for weak data failed to materialize, contradicting a series of weak employment indicators seen the previous week. Had the non-farm payrolls data disappointed, investors would likely have priced in a greater than 50% probability of at least a third 25-basis-point rate cut by the end of the year.

More importantly, outgoing Fed Chairman Jerome Powell downplayed concerns about the labor market at last month's FOMC press conference, and would have found himself in a somewhat awkward position if the data had been weak. But Powell and his hawkish colleagues can now breathe a sigh of relief, as the January jobs report appears to have improved, allowing the Fed to refocus on inflation, which remains stubbornly above its 2% target.

The landslide victory of Prime Minister Sanae Takaichi in Japan's snap election last weekend may have paved the way for her to push for additional fiscal support measures, potentially triggering a new round of debt problems, but it could also usher in a new era of political stability for Japan, which could be positive for the currency. For the US dollar, any escalating expectations of interest rate cuts could pose a particular risk to the Japanese yen, which is finally starting to enjoy some buying pressure after months of foreign exchange market turmoil.

In Asia, the impressive stock market rally stalled during the long Lunar New Year holiday, and stocks may struggle further next week when Chinese markets are closed for the holiday and liquidity is expected to be thin.

However, things may not be particularly calm for the Australian and New Zealand dollars, as Australia will release key employment data on Thursday, while the Reserve Bank of New Zealand will announce its first interest rate decision of 2026 on Wednesday.

Interestingly, the Reserve Bank of New Zealand was recently leading the race to raise interest rates. However, the recovery in New Zealand's labor market has been slow, with the unemployment rate reaching a ten-year high of 5.4%, despite positive job growth in the fourth quarter.

Last Week's Market Performance Recap:

Last week, US stocks were lackluster. Despite a key inflation figure slightly below expectations, it failed to ignite a significant rebound. The S&P 500 rose 0.05% to close at 6,836.17; the Nasdaq Composite fell 0.22% to close at 22,546.67; and the Dow Jones Industrial Average rose 48.95 points, or 0.10%, to close at 49,500.93. Looking at weekly performance, all three major stock indexes fell: the S&P 500 fell 1.4% this week, marking its second consecutive weekly decline; the Dow fell 1.2%; and the Nasdaq fell 2.1%.

Spot gold narrowly held above the $5,000/ounce mark last week, having briefly fallen below $5,000 to a low of $4,414.10/ounce. As a traditional safe-haven asset, gold experienced a dramatic rollercoaster ride in this period of volatility. Gold prices staged a U-shaped reversal on Friday, recovering some of Thursday's losses, and by the close of trading on Friday, the price had surpassed the $5,000 milestone.

Silver prices rose on Friday, rebounding more than 2.50% from a daily low of around $74, but are expected to end the week on a negative note. A weaker-than-expected US inflation report boosted silver, following previous declines driven by widespread cross-asset liquidation as investors sold precious metals, along with stocks and cryptocurrencies, to raise cash. It is currently trading at $77.40 per ounce, nearing the end of the week.

The dollar index remained stable around slightly below 97 last week, consolidating for the fourth consecutive trading day, after moderate inflation data strengthened market expectations for a Federal Reserve rate cut this year. The annual headline inflation rate fell to 2.4% last month, down from 2.6% in the previous two months and the expected 2.5%. The dollar fell sharply last week, briefly rebounding after better-than-expected US jobs data, as the January nonfarm payrolls report showed an increase of 130,000 jobs. Meanwhile, the unemployment rate fell to 4.3% from 4.4%. The weaker-than-expected US January Consumer Price Index (CPI) report released on Friday put pressure on the dollar.

The euro/dollar pair regained upward momentum, returning to the 1.1880 area and refocusing attention on the key 1.1900 resistance level. The slight rise in the pair occurred against a backdrop of cautious weakness in the US dollar, as investors continued to assess the latest US CPI data and the potential path of interest rate hikes by the Federal Reserve. The dollar/yen pair strengthened above 153.00 but is still on track for a 2.4% weekly loss. Trading volume remained subdued on Friday ahead of the release of Japan's consumer price index. The yen was supported by hopes for a stable government and calls for further tightening of policy by the Bank of Japan.

The pound/dollar pair maintained its upward momentum, hovering near its daily high of 1.3650 and setting aside some of the losses from the recent three days. Improved sentiment in the pound was fueled by volatile dollar price action, and recent hawkish comments from Bank of England Governor Peel also contributed to the rise. The Australian dollar traded within a narrow range below 0.7100 against the US dollar in the pre-weekend session. The AUD/USD pair has been strengthening recently, trading near 0.7100 in North American trading on Wednesday, February 11th, close to a recent high. Since stabilizing at the previous low of 0.6896, the exchange rate has formed a clear upward structure, not only recovering the important psychological level of 0.7000 but also repeatedly confirming support above it, indicating gradually increasing bullish confidence.

US WTI crude oil was trading at around $62.70 in the European session on Friday morning. WTI prices attracted some sellers due to persistent concerns about oversupply. The International Energy Agency predicted in its monthly report on Thursday that global oil demand growth this year will be lower than previously expected, with overall supply exceeding demand.

Cryptocurrencies stabilized last week after a decline in US stocks overnight. This followed a warning from Standard Chartered Bank that Bitcoin could weaken further. Bitcoin rose about 1% to around $66,400, after falling as much as 4% to $65,079 in the New York session, its lowest level this week. Ethereum traded at around $1,950, recovering from its low of $1,896 reached in the US session.

The yield on the 10-year US Treasury note fell to 4.07% on Friday, its lowest level since early December, after a weaker-than-expected Consumer Price Index (CPI) report strengthened market expectations for a Federal Reserve rate cut this year. The 10-year Treasury yield rose 4 basis points to 4.22% on Friday, partially reversing a 10-basis-point drop from the previous session, as market risk appetite improved. The market now expects the Fed to cut rates by about 58 basis points this year, up from about 50 basis points earlier this week.

Market Outlook for This Week:

This week (February 16-20) coincides with the 2026 Chinese New Year holiday and a concentrated release of key data and central bank events from multiple countries, presenting a crucial trading window for global markets. From CFTC positioning, inflation and GDP data from various countries, to central bank decisions, meeting minutes, and PMI indicators, a multitude of key information releases will be unveiled. Coupled with holiday closures and international summits, each event could trigger significant market volatility. Investors need to plan ahead to mitigate potential risks and opportunities.

At the beginning of the week, the Lunar New Year's Eve coincides with a market holiday, and multiple data releases and summits will be held simultaneously. The 2026 Lunar New Year holiday runs from February 15th to February 23rd, a total of nine days. Note that US stocks will be closed on President's Day, while CME futures will trade for half a day. The Federal Reserve will release the FOMC interest rate meeting minutes early Thursday morning (February 19th).

Regarding risks this week:

Risk Warnings:

Besides core economic data, investors should be wary of three potential risks:

First, events such as the Japanese prime ministerial election and the Indian AI summit may trigger market sentiment volatility;

Second, speeches and decisions by central bank officials from the Federal Reserve, the Reserve Bank of New Zealand, and the Reserve Bank of Australia, if releasing policy signals, may quickly revise market expectations, causing short-term fluctuations in corresponding currencies;

Third, unexpected changes in global manufacturing PMI and US PCE data will impact sentiment in equity, foreign exchange, and commodity markets.

This Week's Conclusion:

This week, global financial markets will face a wave of concentrated data and policy information, with the most attention focused on the preliminary US Q4 GDP (February 20th) and the core PCE price index—these two data points are considered core benchmarks for measuring "growth resilience" and "inflation stickiness." Currently, the market expects the US economy to grow at an annualized rate of 3.0% in the last three months of last year, a slowdown from 4.4% in the previous quarter, but still strong.

Overall, the main theme this week remains the interplay between the "speed of inflation decline" and the "quality of growth resilience." Marginal changes in expected US dollar interest rates will continue to dominate the directional choices of major currency pairs, while key data from the UK and Japan provide more concrete clues about relative value.

"Seven Sigma" Crash: YOLO Gamblers Win Big; Silver Soars Parabolicly

In global financial markets, silver prices recently experienced extreme volatility, an event described by industry insiders as a rare "Seven Sigma event," unprecedented in its scale and speed. Short-term speculators seized this opportunity, achieving astonishing wealth growth through strategies similar to cryptocurrency trading, even surpassing the returns of many experienced commodity traders. This phenomenon, analyzed in depth, reveals a stark contrast between traditional "smart money" and emerging "YOLO (You Only Live Once) traders," and how market dynamics can drastically change in such extreme market conditions. This event not only highlights the unpredictability of the precious metals market but also provides valuable lessons for investors, reminding them to carefully manage risk when pursuing high returns.

The Parabolic Surge in Silver Prices: A Rare Market Anomaly

Silver prices recently surged to over $120 per ounce in a short period, a phenomenon described as a "six-sigma to seven-sigma event" {the latter is used in statistics and finance to describe extremely rare anomalies that deviate from the mean by more than seven standard deviations (σ), with a theoretical probability of about one in 30 trillion. When it occurs, it often signifies that the market or system has deviated from conventional model predictions, and risk control systems have failed. The former, however, focuses on "extreme stability," with an application scenario and objective completely opposite to the latter}, and has almost never occurred in historical records. From the perspective of professional traders, this extreme volatility is completely beyond conventional expectations and unbelievable.

It is similar to the frenzy in the cryptocurrency market, where many new entrants firmly believed that silver prices would rise indefinitely, thus driving a large influx of funds into the precious metals sector. This triggered this unprecedented parabolic price movement.

A Stark Contrast Between Traditional Traders and Emerging Speculators

A stark contrast exists between seasoned commodity traders and newcomers who have transitioned from the cryptocurrency field. The former typically employs a cautious strategy, focusing on risk control and long-term returns, while the latter enters the market with a bold "YOLO" mentality (meaning "you only live once," emphasizing all-or-nothing). Experienced traders, while also profiting in this rally, maintained relatively small positions, gradually reducing them according to predetermined targets to avoid excessive risk exposure.

In contrast, emerging speculators often purchase deeply out-of-the-money options, such as buying call options with a strike price of $100 when silver was only $39. These options were purchased at extremely low prices but yielded astronomical returns during the price surge. Some invested as little as $20,000 in such options, ultimately turning it into a staggering $5 million profit—a return far exceeding the expectations of traditional traders. This contrast reflects not only the scale of profits but also the clash of two mindsets: one seeking stability, the other betting on the possibility of extreme price increases.

The Driving Factors and Market Interactions Behind the Surge

This surge was not an isolated event but the result of a complex interplay of factors.

The influx of new traders altered the market's supply and demand dynamics. Their buying activity propelled prices rapidly away from rational levels, while seasoned traders gradually sold during the price surge, further providing liquidity for speculators. This interaction created an unusual market cycle: traditional "smart money" reduced their positions when prices exceeded expectations, effectively transferring their holdings to speculators who firmly believed in a "moon race."

Meanwhile, the historical pattern in the precious metals market is typically a slow, grinding rise, as seen in gold's performance over the past few years. However, silver's parabolic surge broke this pattern, possibly due to global economic uncertainty, inflation expectations, and the spillover of cryptocurrency funds. Furthermore, as prices climbed above $70, many professional trading desks shifted to options trading rather than futures to manage increasing uncertainty, further amplifying the influence of speculators.

The Causes of the Plunge and Potential Behind-the-Scenes Forces

The other side of the coin was the sharp drop on January 30th. This correction was equally dramatic, speculated to involve large short positions held by major banks, who may have exacerbated the decline by shorting.

However, this claim may simply be one of the banks' strategies; they might be using this opportunity to buy more silver at a lower price, hoping to drive prices higher in the future.

Regardless of the truth, this crash exposed the market's fragility: while speculators profited handsomely during the rise, they often gave back significant profits during periods of high volatility. Experienced traders in such situations would utilize profit-taking and risk mitigation measures.

In contrast, YOLO traders, by continuously adding to their positions in deep out-of-the-money options (such as those with strike prices of $130 or $150), captured more opportunities during extreme market conditions, although they ultimately also faced the risk of a pullback.

Conclusion:

The silver price surge ultimately ended in a pullback, but its lessons are profound and lasting. It not only demonstrates the strengths and weaknesses of different strategies employed by market participants but also reminds investors that while extreme market conditions can create miraculous wealth, they are accompanied by immense uncertainty. Both seasoned professionals and novice speculators must balance risk and opportunity when pursuing returns.

Although YOLO traders outperformed many industry veterans in this event, in the long run, sustainable success still depends on rigorous risk management. This event may herald a new era of greater volatility for the precious metals market, and investors should take heed and proceed with caution.

US Treasuries and the Dollar: A Big Move? Up or Down?

Since the beginning of the month, global financial markets have entered a typical wait-and-see mode ahead of key economic data releases. The US dollar has maintained a narrow range, attempting to find a new equilibrium. Correspondingly, the 10-year US Treasury yield has continued its downward trend, with the bond market exhibiting a mild "bull market flattening" pattern. Current market trading is relatively light. During this data vacuum period, the short-term technical level of the US dollar and the fluctuations in US Treasury yields together paint a cautious yet tense picture of the market.

Fundamental Focus: Policy Comments, Economic Resilience, and Data Outlook

The core fundamental factors currently influencing the market are multi-dimensional and intertwined, mainly revolving around central bank officials' comments, economic data expectations, and overseas market linkages.

First, monetary policymakers' assessment of the impact of exchange rates has provided a buffer for the dollar's movement. A Federal Reserve governor recently stated publicly that the dollar would need to experience a "very significant change" to have a primary impact on domestic consumer inflation. This statement has been interpreted by the market as meaning that current dollar volatility has not yet reached a level sufficient to change the Fed's monetary policy considerations, which has to some extent alleviated excessive market concerns that a dollar depreciation might force the Fed to change course. Meanwhile, former President Trump's comments on economic growth potential and his inclinations regarding Federal Reserve personnel have added a layer of long-term policy uncertainty to the market.

Secondly, economic data shows resilience but also harbors concerns. Although the US small business confidence index unexpectedly declined slightly in January, indicating increased uncertainty among business owners awaiting stronger signs of economic recovery, the index remains above its long-term average. More importantly, upcoming retail sales data is expected to confirm a robust 2025 holiday season, supporting the view that the US economy's endogenous momentum continues.

Finally, dynamics in overseas markets have generated significant spillover effects. The strong rebound in Japanese government bonds was a major external driver of overnight strength in US Treasuries. As the Japanese government explicitly ruled out the possibility of issuing new bonds for food tax relief, concerns about a surge in Japanese government bond supply significantly eased, pushing the 10-year Japanese bond yield down significantly in a single day. This trend, through the global bond market linkage mechanism, provided direct buying support for US Treasuries. Statements from European Central Bank officials regarding tolerating short-term inflation below target suggest a continued divergence in policy narratives among major central banks, indirectly supporting the dollar's relative interest rate advantage.

Short-Term Outlook: Narrow Range Trading Before Data Release

Looking ahead to next week, the market will gradually transition from a "wait-and-see" mode to a "data-driven" mode. Before the release of core economic data, the dollar and US Treasuries are expected to maintain a range-bound trading pattern, but volatility may gradually increase as the data release date approaches.

For the dollar index, its movement will be subject to two-way tensions. On the one hand, the stability of the Japanese government bond market and the dovish stance of the European Central Bank may limit the dollar's downside and even provide mild support. On the other hand, market doubts about the Fed's policy path are unlikely to dissipate before data confirmation, which will suppress the dollar's upward momentum. Therefore, the dollar is more likely to consolidate within a wide range of 95.56 to 98.12 until the data provides a clear direction. Any re-emergence of news regarding "tariff rhetoric" could quickly ignite risk aversion, pushing the dollar higher as a safe-haven asset.

The short-term negative correlation between the 10-year US Treasury yield and the US dollar may be more pronounced during data lulls. A stronger dollar due to safe-haven demand or interest rate advantages could put pressure on US Treasury prices, pushing up yields. However, market concerns about potentially weaker-than-expected economic data, along with spillover support from the strength of global bond markets (especially Japanese bonds), will provide significant support for yields. Yields are expected to find direction within the 4.13% to 4.25% range. The Japanese market being closed for a holiday on Thursday may reduce a significant source of external volatility, allowing the US Treasury market to focus more on domestic factors.

Conclusion:

In summary, the market is currently in the calm before the storm. Trader position adjustments, pre-data release expectation management, and sporadic information from overseas markets will be the main factors dominating the market in the next two to three trading days. Investors should remain vigilant, paying close attention to whether the US dollar index breaks through key technical levels and whether US Treasury yields can hold their support levels. These will be leading indicators for judging the medium-term market direction after the data release. Before the data becomes clearer, restraint and patience are the best strategies for dealing with the current market situation.

The US calls gold a bubble; while investment banks see $6,000?

Investors in the precious metals market are facing a huge disconnect between government rhetoric and institutional action. There is a clear contradiction between US Treasury Secretary Bessenter's recent denunciation of the gold price surge as a "speculative burst" and bullish predictions emerging on Wall Street. The US Treasury is trying to suppress prices, while major investment banks have reached record highs in their positions. Morgan Stanley is at $6,000 per ounce, Goldman Sachs at $5,400 per ounce, and Bank of America at $6,000 per ounce, and this is for the next few months, not the end of the year. The core difference is that officials are focusing on short-term speculative risks, while investment banks are betting on long-term monetary and supply-demand structural changes.

On February 8, 2026, US Treasury Secretary Bessenter publicly stated that the recent surge in gold prices is a typical speculative bubble/blowoff, and attributed the volatility to "disorder" in Chinese trading. Other official warnings: The Bank for International Settlements (BIS) also warned that the simultaneous rise in gold and US stocks is a bubble signal unseen in 50 years, with retail investors chasing the rally exacerbating vulnerability.

Of course, you have to listen whenever Bessant, Powell, or anyone in the US government is talking. However, if institutions are on the other side of the trade, why would they be belittling it? They've all raised their target prices in the past few months. Some of the world's largest financial institutions have set aggressive near-term target prices, proving that "smart money" is betting against official narratives.

Common logic for investment banks' bullish stance:

Central bank gold buying spree: Global central banks have been making record purchases for years, upgrading gold from a "safe haven" to a strategic reserve asset.

Weakening dollar credibility: With US federal debt exceeding $38 trillion and a high fiscal deficit, many countries are reducing their holdings of US Treasury bonds and shifting to gold.

Tight supply and demand: Limited increases in mineral production and a surge in investment demand (ETFs + physical gold) have created a structural gap.

Interest Rate Cut Cycle: Expectations of a Fed rate cut in 2026 suppress real interest rates, which is beneficial for gold pricing.

Essential Divergence: Different Stances and Timeframes

Official (Bearish): From the perspective of dollar hegemony and financial stability, they worry that rising gold prices will weaken the dollar's status and that speculative bubbles will trigger systemic risks, focusing on short-term regulation and expectation guidance.

Investment Banks (Bullish): From the perspective of global asset allocation and supply and demand fundamentals, they believe that gold's monetary attributes and strategic value are being restructured, focusing on medium-term (within 1 year) trends and capital flows.

Key Market Risk Warnings:

Fed's unexpectedly hawkish stance and a sharp rebound in the dollar (the most critical variable suppressing gold prices)

Concentrated withdrawal of speculative funds triggering a stampede (Citi warns that even a 5% profit-taking sell-off could impact the market)

Slower central bank gold purchases or easing geopolitical risks (weakening the long-term support logic)

Valuation has reached "extreme levels" (Citi's baseline scenario predicts a drop to $3650–$4450)

Conclusion: Bubble or New Paradigm?

This disagreement is essentially a game between short-term speculative risks and long-term value reassessment. US officials are wary of a "speculative bubble," while investment banks are betting on "gold's new positioning under monetary system reform." For investors, the key is to distinguish between short-term fluctuations and long-term trends, and to balance risk and return: in the short term, they need to guard against the risk of a pullback; in the long term, they can pay attention to the resonance signals of three core indicators: central bank gold purchases, the dollar's trend, and real interest rates.

The crude oil market is experiencing a "contradictory market"—who is lying?

Recently, crude oil prices have not shown a clear one-sided trend, but rather resemble the result of a fierce struggle between bulls and bears at key levels. On one hand, news of potential progress in US-Iran negotiations has eased geopolitical tensions; on the other hand, multiple supply disruptions have emerged, including a sharp drop in Kazakhstan's exports, restrictions on Russian oil transportation, and changes in India's purchasing structure. These factors offset each other, making traders hesitant to bet on the direction, resulting in an overall cautious sentiment.

In this stalemate, oil price fluctuations are more driven by sudden news events than by fundamental trends. Whenever there's a glimmer of easing tensions in negotiations, the market quickly absorbs the "risk premium," causing oil prices to fall in the short term; however, once new signs of supply disruption appear, prices immediately rebound and recover lost ground. The current situation indicates that the market is waiting for a clearer signal through range-bound trading—is it the dawn of peace, or a full-blown supply crisis?

A triple bombshell on the supply side is quietly detonating, creating undercurrents in the global oil market.

While geopolitical negotiations bring a glimmer of optimism, it's worth noting that the real risks haven't been eliminated; instead, they are quietly accumulating in other areas. The most concerning issue is Kazakhstan's export situation. The slow recovery of production at the country's main oil field, Tengiz, directly impacts crude oil shipments via the CPC pipeline and its Black Sea terminal. If this continues for several weeks, it could alter the short-term global crude oil supply and demand balance, especially putting pressure on near-month futures contracts, pushing the discount to narrow or even turn into a premium.

Meanwhile, the flow of Russian crude oil also faces new challenges. With some countries adjusting their import strategies, India, one of the largest buyers of Russian oil in recent years, may reduce its purchases in the near future. However, if future demand needs to be met from other regions, competition in the spot market will intensify, particularly for medium and heavy crude oil, which will drive up premiums.

Furthermore, the OPEC alliance as a whole is maintaining stable production levels and has not signaled a significant increase in output, meaning that the supply side lacks the capacity for rapid replenishment. With the peak consumption season approaching and restocking demand expected to rebound, any localized disruptions could be amplified. These factors combined are quietly reshaping the market's pricing logic for near-term supply.

Technically, the market is poised for a breakout, with a directional move just a matter of time.

From a technical chart perspective, Brent crude oil is still in a consolidation phase on the daily chart, but the overall trend is bullish. The current price is trading just below the psychological level of $70. A successful breakout could open up further upside potential; conversely, if it encounters resistance and falls back, the first support level to watch is $66.50, followed by the crucial defense line at $64.00.

It's worth noting that such range-bound trading is often short-lived. Once key variables materialize—whether it's the lifting of US-Iran sanctions or the recovery of Kazakh exports—prices are likely to quickly veer in one direction. This is especially true if the export difference between 1.1 million barrels and 1.7 million barrels persists, or if news of India actually reducing its Russian oil purchases is confirmed; these could be the triggers for market volatility.

Conclusion:

In summary, crude oil is likely to continue trading within a range in the short term, but the underlying dynamics are becoming increasingly complex. On one hand, if substantial progress is made in US-Iran negotiations, market concerns about escalating conflict will further diminish, and some risk premiums will be systematically priced back. In this scenario, financial pressures may also increase, especially if expectations of a Fed rate hike rise again, a stronger dollar will exert additional downward pressure on commodities.

On the other hand, if multiple supply-side disruptions continue to unfold—including sluggish Kazakh exports, restrictions on Russian oil transportation, and a shift in Indian purchasing—the market will have to reassess the near-term supply and demand imbalance. Even if geopolitical tensions ease, structural shortages in the physical market could still support oil prices to retest the $70.00 level, and may even attempt to break through.

Overview of Important Overseas Economic Events and Matters This Week:

Monday (February 16): Japan's Q4 seasonally adjusted real GDP growth rate (preliminary) (%); UK February CBI Retail Sales Balance; US President's Day, markets closed.

Tuesday (February 17): Australia's ANZ Consumer Confidence Index for the week ending February 15; UK December Unemployment Rate - by ILO Standard (%); Eurozone February ZEW Economic Sentiment Index; US February New York Fed Manufacturing Index; US February New York Fed Manufacturing Index

Wednesday (February 18): Japan's January Goods Trade Balance - Unadjusted (billion yen); UK January CPI YoY (%); UK January Retail Price Index YoY (%); UK January Unadjusted Input PPI YoY (%); US November Building Permits MoM (preliminary) (%); US December Durable Goods Orders MoM (preliminary) (%); US January Industrial Production MoM (%); February Monetary Policy Statement and Official Cash Rate Released

Thursday (February 19): Australia January Seasonally Adjusted Unemployment Rate (%); Australia January Employment Change (thousands); UK February CBI Industrial Order Balance; US Continuing Jobless Claims for the Week Ending February 14 (thousands); US February Philadelphia Fed Manufacturing Index; Eurozone February Consumer Confidence Index (preliminary); US December Wholesale Inventories (final) (%); Federal Reserve Releases Monetary Policy Meeting Minutes

Friday (February 20): UK January Seasonally Adjusted Retail Sales (month-on-month) (%); Eurozone February SPGI Manufacturing PMI (preliminary); US December PCE Price Index (year-on-year) (%); US Q4 Real GDP Annualized (preliminary) (%); US February SPGI Manufacturing PMI (preliminary); US February University of Michigan Consumer Sentiment Index (final); Reserve Bank of New Zealand Governor Brehman Speaks

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