Ireland Retail Sales (MoM) declined to -0.4% in December from previous 0.5%

Ireland Retail Sales (YoY): -0.1% (December) vs previous 2.5%

The United States (US) Federal Reserve (Fed) announces its interest rate decision on Wednesday. Markets widely expect the US central bank to keep the policy rate unchanged in the range of 3.5%-3.75%.

India Cumulative Industrial Output up to 3.9% in December from previous 3.3%

India Manufacturing Output up to 8.1% in December from previous 8%

India Industrial Output above expectations (5.5%) in December: Actual (7.8%)

The Bank of Canada is expected to maintain its overnight target at 2.25%, a decision anticipated by forecasters and OIS markets. Recent economic data has tempered rate cut expectations, leading to a slight easing bias in the near term and a mild hiking bias later in 2026.

Austria UniCredit Bank Manufacturing PMI fell from previous 49.3 to 47.2 in January

Italy Business Confidence above forecasts (89) in January: Actual (89.2)

Italy Consumer Confidence came in at 96.8 below forecasts (97) in January

The National Bank of Hungary maintained its tone during a recent meeting, with no immediate indication of rate cuts. However, the market reaction suggests a green light for potential cuts in February, especially if January inflation data supports this.

The Deutsche Bank report indicates the Euro has strengthened, closing above $1.20 for the first time since June 2021. This appreciation has led to speculation regarding the European Central Bank's potential need to consider interest rate cuts.

The UOB Group report by Quek Ser Leang and Lee Sue Ann highlights that the Australian Dollar is likely to continue its upward trajectory, with potential resistance at 0.7050. The report notes that while further strength is anticipated, overbought conditions may limit the extent of the rally.

Germany GfK Consumer Confidence Survey came in at -24.1, above expectations (-25.8) in February

US stock indices ended mixed on Tuesday as corporate earnings reports varied. The S&P 500 rose by 0.4%, driven by technology stocks, while the Dow Jones Industrial Average fell by 0.8%. The Treasury yield curve steepened as investors reacted to weak consumer confidence readings, HSBC notes.

The UOB Group report by Quek Ser Leang and Lee Sue Ann suggests that the Euro is poised for further gains against the US Dollar, with a potential retest of 1.2080. As long as the Euro holds above 1.1950, the outlook remains positive, although a pullback is expected after reaching higher levels.

European Central Bank (ECB) executive board member Piero Cipollone said early Wednesday, “the European economy has been proven resilient and we expect data that could top our forecasts.”

Australia Quarterly RBA Trimmed Mean CPI (YoY) above forecasts (3.2%) in 4Q: Actual (3.4%)

Australia Quarterly RBA Trimmed Mean CPI (QoQ) registered at 0.9% above expectations (0.8%) in 4Q

Australia Quarterly Consumer Price Index (QoQ) above forecasts (0.7%) in 4Q: Actual (1%)

Australia Quarterly Consumer Price Index (YoY) above forecasts (3.6%) in 4Q: Actual (3.8%)

The Bank of Japan (BoJ) board members shared their views on the monetary policy outlook on Wednesday, per the BoJ Minutes of the December meeting.    

US President Donald Trump said that the value of the ‌US Dollar (USD) is great when asked whether he thought it had declined too much, Reuters reported on Tuesday.

Standard Chartered's Christopher Graham discusses the resilience of the Euro-area labour market despite recent economic shocks. The report highlights that employment growth and vacancies indicate a more balanced labour market, which may lead to lower wage growth and inflation.

Brown Brothers Harriman's (BBH) analysis shows that the NAB December business survey supporting expectations for a rate hike by the RBA. If the upcoming trimmed mean CPI inflation exceeds the RBA's projection, it could lead to a February rate increase and bolster the AUD.

United States 5-Year Note Auction rose from previous 3.747% to 3.823%

UOB Senior Economist Alvin Liew reports that Singapore's industrial production (IP) fell by 13.3% month-on-month in December 2025, aligning with market expectations. The decline was primarily driven by a significant drop in pharmaceuticals output, which decreased by 85.8%.

Indonesia's economy is poised for a cyclical rebound driven by expansionary macroeconomic policies, according to Standard Chartered's report by Aldian Taloputra. Fiscal policy is expected to play a larger role as the scope for further monetary easing diminishes.

US consumer sentiment lost momentum in January, as the Conference Board’s Consumer Confidence Index fell to 84.5 from a revised 94.2 (from 89.1), hitting the lowest level since 2014.

The report from Brown Brothers Harriman (BBH) indicates that the KRW is underperforming. The announcement of increased tariffs by US President Trump is a significant factor impacting the KRW. Despite this, reduced capital outflows are providing some support to the currency.