Standard Chartered’s Madhur Jha and Ethan Lester highlight that around 80% of global trade moves via sea routes, with Asia, and particularly China, increasingly dominant in port rankings and liner shipping connectivity.

BNY’s EMEA Macro Strategist Geoff Yu notes that FX risk appetite and carry trades have stayed resilient despite weaker global equities, with investors adding to overheld high-yielders such as MXN, BRL and PLN, and some low-yielding Asia-Pacific currencies.

United States 20-Year Bond Auction down to 4.664% from previous 4.846%

Rabobank analysts highlight new US-linked investment projects under Japan’s large trade framework, including LNG and Oil infrastructure, as evidence Washington can steer partner capital into US real assets rather than just stocks or bonds.

Commerzbank’s Tatha Ghose notes Polish forwards have scaled back expected easing to under 25 bps over 3–6 months, even as dovish inflation data and MPC rhetoric point to a March cut.

ING economists Peter Virovacz and Frantisek Taborsky expect the National Bank of Hungary (NBH) to start an easing cycle at its 24 February meeting, cutting the base rate by 25bp to 6.25%.

Rabobank’s Senior US Strategist Philip Marey expects the FOMC to deliver three 25 bps cuts in 2026, but now sees the easing cycle starting in June rather than March. Stronger US labor market data have reduced the urgency for near-term easing, while softer CPI inflation supports cuts later in 2026.

United States Capacity Utilization came in at 76.2%, below expectations (76.5%) in January

United States Industrial Production (MoM) above forecasts (0.4%) in January: Actual (0.7%)

The Minutes of the United States (US) Federal Reserve’s (Fed) January 27-28 monetary policy meeting will be published on Wednesday at 19:00 GMT.

TD Securities analysts note that Canadian January CPI surprised slightly to the downside at 2.3% year-on-year, with core measures also easing. They argue the Bank of Canada is unlikely to overreact but say softer core momentum reduces the bar for policy response to future growth headwinds.

United States Redbook Index (YoY) rose from previous 6.5% to 7.2% in February 13

Durable Goods in the US dropped to $319.6 billion, or 1.4%, in December, the US Census Bureau reported on Wednesday. This print followed the 5.4% increase recorded in the previous month and surpassed market expectations for a 2.0% contraction.

Rabobank argues that the European Commission’s forthcoming push for a Savings and Investment Union and capital markets union, alongside Sweden’s possible reconsideration of EMU membership, are structurally supportive for the Euro.

United States Housing Starts Change up to 3.9% in November from previous -4.6%

United States Building Permits Change declined to -1.6% in November from previous -0.2%

United States Housing Starts (MoM) up to 1.322M in November from previous 1.246M

United States Building Permits (MoM) fell from previous 1.412M to 1.388M in November

United States Housing Starts Change rose from previous -4.6% to 6.2% in November

United States Building Permits (MoM) above forecasts (1.4M) in December: Actual (1.448M)

United States Housing Starts (MoM) above forecasts (1.33M) in December: Actual (1.404M)

United States Durable Goods Orders ex Defense dipped from previous 6.6% to -2.5% in December

United States Durable Goods Orders ex Defense fell from previous 6.6% to -2.85% in December

United States Durable Goods Orders ex Transportation above forecasts (0.3%) in December: Actual (0.9%)

United States Durable Goods Orders above forecasts (-2%) in December: Actual (-1.4%)

TD Securities analysts note the recent US curve flattening as investors took profit after a rally in rates, with Fed officials emphasising a cautious, wait-and-see stance on inflation and policy.

United States MBA Mortgage Applications climbed from previous -0.3% to 2.8% in February 13

Rabobank analysts argue that recent Federal Reserve remarks on Artificial Intelligence and interest rates underestimate AI’s disruptive, inflationary and deflationary effects.

TD Securities’ Global Strategy Team expects a solid January labour market report in Australia, projecting 25k jobs added and a participation rate of 66.8%, keeping unemployment at 4.2%.

South Africa Retail Sales (YoY): 2.6% (December) vs previous 3.5%