Societe Generale’s Kit Juckes highlights the resilience of the Australian Dollar despite higher Oil prices and Australia’s heavy reliance on imported petroleum. He notes that speculative AUD longs have not been unwound and that AUD/USD has barely slipped since late February.

Brown Brothers Harriman’s Elias Haddad notes that markets have sharply reduced the crude Oil war risk premium after comments from President Trump, triggering a pullback in the Dollar and a rally in global stocks and bonds.

European Central Bank (ECB) Governing Council member and head of Lithuania's central bank, Gediminas Simkus, commented on the bank’s monetary policy outlook in the face of the war in the Middle East.

Greece Industrial Production (YoY) rose from previous 3.9% to 5.3% in January

United States NFIB Business Optimism Index below expectations (99.7) in February: Actual (98.8)

Greece Consumer Price Index (YoY) up to 2.7% in February from previous 2.5%

Greece Consumer Price Index - Harmonized (YoY) increased to 3.1% in February from previous 2.9%

Spain 9-Month Letras Auction increased to 2.164% from previous 2.015%

TD Securities’ Senior Strategist Prashant Newnaha highlights that recent comments from RBA Deputy Governor Hauser sound hawkish and reinforce Governor Bullock’s message that the March Board meeting is live.

Spain 3-Month Letras Auction: 1.964% vs 1.939%

Societe Generale’s Kunal Kundu assesses how the Iran crisis could affect India, stressing that growth risks outweigh inflation pressures. The report highlights India’s reliance on energy, trade and remittances, and notes rising logistics costs, fertiliser price risks and twin-deficit concerns.

South Africa Gross Domestic Product (QoQ) dipped from previous 0.5% to 0.4% in 4Q

South Africa Gross Domestic Product (YoY) down to 0.8% in 4Q from previous 2.1%

South Africa Gross Domestic Product (YoY): 0.4% (4Q) vs previous 2.1%

South Africa Gross Domestic Product (YoY) declined to 0.8% in 4Q from previous 2.1%

Nordea’s Kjetil Olsen notes that Norwegian core inflation remains at 3.0%, above Norges Bank’s projections and far from its 2% target, with unemployment lower than expected.

Italy Producer Price Index (MoM) rose from previous -0.7% to 1.5% in January

Italy Producer Price Index (YoY) dipped from previous -1.4% to -1.6% in January

Commerzbank analysts describe a dramatic surge in Brent oil toward USD120 before prices eased after President Trump signalled the Iran war could be resolved soon.

ING’s Carsten Brzeski notes that German exports and imports fell sharply in January, undermining earlier optimism about Germany’s 2026 growth outlook.

Commerzbank’s Christoph Rieger notes that markets have sharply repriced ECB expectations after the recent oil-driven sell-off, now discounting a more aggressive, zero-tolerance stance on inflation and higher year-end rates.

Austria Industrial Production (YoY) climbed from previous -3.3% to 0.3% in January

France Exports, EUR: €53.4B (January) vs €53.1B

France Current Account increased to €2.1B in January from previous €-0.6B

France Imports, EUR fell from previous €57.9B to €55.3B in January

France Trade Balance EUR above forecasts (€-4.6B) in January: Actual (€-1.8B)

Deutsche Bank’s Jim Reid and his team describe an extreme reversal in Brent Oil, with prices falling from an intraday high near $120 to around $90.

ING's Senior Economist Min Joo Kang argues that stronger Japan GDP data and resilient private spending support continued Bank of Japan (BoJ) policy normalisation, with a rate hike more likely in June than April.

DBS Group Research’s Radhika Rao explains that the US and India have agreed a trade deal cutting reciprocal tariffs to 18%, with the final rate contingent on India continuing to reduce Oil imports from Russia.

Sweden Industrial Production Value (MoM) dipped from previous 5.1% to -5.7% in January