United States 5-Year Note Auction fell from previous 3.823% to 3.615%

Federal Reserve (Fed) President of the Bank of Kansas City Jeffrey Schmid said on Wednesday that the Fed system has layers of independence and that politics do not enter Fed policy debates.

West Texas Intermediate (WTI) trades under pressure on Wednesday as a larger-than-expected US crude inventory build and expectations of higher OPEC+ output fuel renewed oversupply worries. At the time of writing, the US benchmark is trading around $65.45, down nearly 1.25%.

USD/JPY trades around 156.30 on Wednesday at the time of writing, up 0.26% on the day, as the Japanese Yen (JPY) remains under pressure against the US Dollar (USD). The pair extends its recent upward move amid growing uncertainty over the interest rate path of the Bank of Japan (BoJ).

The Dow Jones Industrial Average (DJIA) rose around 200 points, or 0.4%, taking a fresh run at the 49,400 region on Wednesday as equity markets traded cautiously bullish ahead of Nvidia's highly anticipated fiscal fourth-quarter earnings report after the bell.

Nordea’s Torbjörn Isaksson notes that Swedish January CPIF and CPIF ex energy matched flash estimates, but services inflation surprised on the downside. Core services prices fell more than expected, raising concerns for the Riksbank.

EUR/USD regains traction on Wednesday as the US Dollar’s (USD) upside momentum fades, allowing the Euro (EUR) to trim its earlier intraday losses. At the time of writing, EUR/USD is trading around 1.1805, rebounding from the daily low near 1.1711.

NZD/USD trades around 0.5980 on Wednesday at the time of writing, up 0.27% on the day and extending its rebound for a second consecutive day.

United States EIA Crude Oil Stocks Change climbed from previous -9.014M to 15.989M in February 20

The Pound Sterling advances during the North American session as the Greenback remains unchanged amid uncertainty on US trade policies, as investors wait results of one of the seven megacap companies after the Wall Street close. The GBP/USD trades at 1.3523, up 0.29%.

BNP Paribas, citing the ECB Bank Lending Survey, notes that Eurozone banks plan a somewhat stronger tightening of credit standards for households than for corporations in 2026, mainly due to higher regulatory capital and liquidity requirements under CRR3 and the output floor.

Mexico Current Account, $ (QoQ) registered at $7702M, below expectations ($11520M) in 4Q

Mexico Accumulated Current Account/GDP increased to 1.6% in 4Q from previous 0.49%

HSBC Global Research argues that GBP/USD looks expensive versus rate differentials as markets increasingly price a more dovish Bank of England. Sterling remains pressured after a narrow February vote to hold policy.

The Euro (EUR) edges lower against the British Pound (GBP) on Wednesday as investors digest fresh Eurozone inflation figures and Germany’s fourth-quarter Gross Domestic Product (GDP) data.

Silver (XAG/USD) accelerates on Wednesday and trades around $90.70 at the time of writing, up 3.90% on the day. The white metal benefits from an environment marked by rising trade and geopolitical uncertainties, which revives demand for safe-haven assets.

DBS Group Research highlights that Boston Fed President Susan Collins signalled US interest rates are likely to stay on hold, describing policy as mildly restrictive with inflation still above 2%. Futures have pushed the expected first rate cut to September.

MUFG’s Head of Research Derek Halpenny highlights renewed Japanese Yen underperformance as Prime Minister Takaichi nominates reflationist-leaning academics Toichiro Asada and Ayano Sato to the BoJ policy board.

Ripple (XRP) edges up above $1.38 at the time of writing on Wednesday as crypto prices generally recover from tariff-triggered doldrums. The remittance token is up over 5% from the weekly low of $1.31, reflecting growing interest among institutional investors.

TD Securities’ Global Strategy Team highlights that Australia’s January CPI remained elevated, with both headline and trimmed mean inflation above consensus.

Standard Chartered economist Christopher Graham notes that the European Parliament has paused ratification of the EU-US trade deal as it seeks clarity on new US tariffs.

ING analysts Warren Patterson and Ewa Manthey report that LME copper has moved back above $13,000/t as Chinese buyers return from Lunar New Year, with Yangshan premiums hitting a two‑month high.

USD/CHF edges higher on Wednesday, drawing support from a firmer US Dollar, which is exerting pressure on the Swiss Franc (CHF). At the time of writing, the pair is trading around 0.7746, after bouncing off an intraday low of 0.7719.

BNY’s Head of Markets Macro Strategy Bob Savage highlights that Eurozone January inflation eased to 1.7% year-on-year, with EU inflation at 2.0%. Services remain the main positive contribution, while energy drags.

AUD/USD trades around 0.7090 on Wednesday at the time of writing, up 0.42% on the day, supported by an unexpected acceleration in inflationary pressures in Australia, which revives expectations of a restrictive monetary policy stance.

ABN AMRO Senior Economist Rogier Quaedvlieg argues that under Kevin Warsh, the Federal Reserve’s ‘conviction-based’ approach and a more dovish reaction function point to lower rates despite a bullish US outlook.

HSBC Global Research views USD/CAD as largely driven by the broader Dollar trend, with the pair trading slightly below levels implied by rate spreads, reflecting Canadian Dollar resilience. Elevated Oil prices linked to Middle East tensions are supportive.