MNI EUROPEAN MARKETS ANALYSIS: USD Down, But USD/JPY Supported

• The USD suffered and equity futures dipped on headlines the DoJ is probing the US Fed. US Fed Chair Powell hit back, claiming it was an attack on Fed independence. There has been no cash Tsy trading today due to a Japan holiday.
• USD/JPY has been supported on dips, amid speculation an early election could be called.
• Australian Nov household spending was stronger than forecast, helping the A$ grind higher, along with support from surging precious metals prices (aided by the earlier Fed headlines). 

MARKETS 

US TSYS: Cash Trading Closed, Long End Futures Down

• With cash trading closed in Asia due to a Japan holiday, the only price action for US treasuries was in futures, with major maturities mostly down though exacerbated by illiquidity.  
• Long end futures fell early as several key sell blocks went through weighing heavy on prices. The US ultra bond WNH6 is currently down -21 at 117-19
• The 10-Yr is flat Monday at 112-06+ having touched 112-11 before settling back to flat.  
• TYH6 remains near to the mid point of the topside resistance from the 100-day EMA at 112-14+ and downside resistance from the 200-day EMA of 112-00
• News hit of the US central bank being served with grand jury subpoenas from the Justice Department relating to the renovations of the Fed's headquarters and saw USD weakness Monday with the threat of criminal charges looming and will challenge FED independence in the US trading day.  
• Markets will also face a US$77bn 26-week and a US$58bn 3-Year bond auction tonight whilst trying to decipher the latest attack on the FED.  

AUSSIE BONDS: Slightly Cheaper After Stronger Than Expected HH Spend

ACGBs (YM -1.0 & XM -0.5) are slightly weaker after today’s household spending data.

• MNI Techs: Prices bounced Thursday. This keeps prices well below prior resistance at 96.615, the Sep 12 high, and refocuses attention on 95.480 as the next major support (see chart).
• Earlier data showed stronger than expected Nov household spending figures. This series has replaced the retail sales print as the main monthly indicator for household spending trends in Australia.
• The spending data may add a little to the RBA hike case for 2026, although inflation data is likely to remain the key swing factor.
• Cash US tsys have traded in today’s Asia-Pac session due to Japan being out on holiday.
• Cash ACGBs are 1bp cheaper with the AU-US 10-year yield differential at +53bps.  
• The bills strip is little changed.
• RBA-dated OIS pricing shows tightening across all meetings, with the probability of a 25bp hike rising from 32% for February to 93% by June and 138% by December 2026.  
• Tomorrow, the local calendar will see Westpac Consumer Confidence.
• The AOFM plans to sell A$300mn 4.75% 2054 bond on Tuesday, A$1bn 4.25% 2036 bond on Wednesday and A$700mn 3.25% 2029 bond on Friday.

Bloomberg Finance LP

AUSTRALIA DATA: Nov Spending Above Forecasts, Reflecting Broad Based Strength

Earlier data showed stronger than expected Nov household spending figures. This series has replaced the retail sales print as the main monthly indicator for household spending trends in Australia. We were up 1.0%m/m (0.6% forecast), while the Oct outcome is now +1.4% (versus the initial 1.3% reported). In y/y terms, spending rose 6.3% (versus 5.5% forecast and 5.7% prior).The spending data may add a little to the RBA hike case for 2026, although inflation data is likely to remain the key swing factor. Other data for ANZ job ads showed a -0.5%m/m for Dec, after a revised -1.5% fall in Oct. 

• The chart below shows spending y/y, now back end Q3 levels from 2023, versus the national accounts household consumption measure in y/y terms as well. The continued recovery in household spending points to improved Q4 consumption momentum, and a solid launch point for 2026.
• The ABS noted fairly broad based gains for spending: "‘Services spending rose by 1.2 per cent, driven by major events, including concerts and sporting fixtures. These events are linked to higher spending on catering, transport, and recreation and cultural activities. ‘Growth in goods spending, which lifted 0.9 per cent, was driven by Black Friday sales. Clothing, footwear, furnishings, and electronics seeing the biggest gains as consumers took advantage of widespread discounts.’" 

Fig 1: Australia Household Spending & Consumption Y/Y 

Source: Bloomberg Finance L.P./MNI  

BONDS: NZGBS: Subdued Session With No Cash US Tsys

NZGBs closed a subdued session, with benchmark yields flat to 1bp richer. 

• Cash US tsys have traded in today’s Asia-Pac session due to Japan being out on holiday.
• The AU–NZ 10-year yield differential currently closed at +29bps, around 10bps below its recent peak of approximately +40bps, the widest since October 2020.
• The widening in the long-end spread has been mirrored by shifts in market expectations for the policy rate differential over the next year, as reflected in the AU–NZ 1-year forward 3-month swap (1Y3M) spread.
• Markets are presently pricing a further widening of the AU–NZ 3-month rate spread of around 10bps over the next 12 months.
• A simple regression analysis of the AU-NZ 10-year yield differential against the AU-NZ 1Y3M spread over the past two years shows that the 10-year differential is around fair value based on the regression model.
• Swap rates closed unchanged.
• RBNZ-dated OIS pricing is little changed across meetings. No tightening is priced for February, while October 2026 assigns 19bps.
• Tomorrow, the local calendar will see NZIER Business Opinion Survey data
• On Thursday, the NZ Treasury plans to sell NZ$250 Million 4.5% 2035 bond, NZ$200 Million 4.5% 2030 bond and NZ$25 Million 3.25% 2050 Linkers.

Figure 1: AU-NZ: 10-Year Yield Differential Vs. FV

Source: Bloomberg Finance LP / MNI 

FOREX: USD - BBDXY Slides Lower On FED Independence Concerns

The BBDXY has had a range today of 1208.84 - 1212.76 in the Asia-Pac session; it is currently trading around {BBDXY Index}. The USD was looking like it was reestablishing some upward momentum to start the year, but this morning's news of possible indictments on the FED have put a dent in that for now. This market's perception is that this is clear political pressure being brought to bear on the FED and so has worrying implications for its so-called independence. The USD has understandably had a knee-jerk lower in Asia, the question is if that move is enough considering what's at stake. On the day, I suspect rallies could remain heavy in the short-term as the market tries to work through what this means. First support is back between 1205-1207, the USD has lacked any clear direction for at least 6 months now and the wider 1185-1230 range looks set to continue for now. This lack of a trend is being reflected in the CFTC data which shows very little positioning in the USD to start the year.

• EUR/USD -  Asian range 1.1622-1.1671, Asia is currently trading {EURUSD Curncy}. The pair has bounced nicely in early Asia as the USD reacts to the FED news. On the day look for sellers to reemerge in EUR/USD back toward the 1.1665-1.1695 area.
• GBP/USD - Asian range 1.3391-1.3441, Asia is currently dealing around {GBPUSD Curncy}. The pair had the look of potentially topping out above 1.3500 but it will be important to see how it reacts over the day to the USD headwinds. On the day, I am looking for a rally back toward the 1.3460-1.3490 to find sellers initially.
• Cross asset : SPX -0.55%, Gold $4570, BBDXY 1211, Crude Oil $59.15
• Data/Events : Germany Current Account Balance, EZ Sentix Investor Confidence

Fig 1: GBP/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: USD/JPY - Tries Lower But Demand Returns Around 157.50

The USD/JPY range today has been 157.52 - 158.20 in the Asia-Pac session, it is currently trading around {USDJPY Curncy}. USD/JPY tried lower in our session but again found solid demand on the dips back toward 157.50. The BOJ is in a tough spot, and they are going to need to do something significant to turn around the market's perception of a weak Yen. A test of the BOJ/MOF resolve looks inevitable at the moment as the market moves its focus back toward the important 160.00 area. USD/JPY remains in an uptrend and while the support back toward the 154.00-155.00 area is intact it remains a buy on dips. On the day, I suspect dips back toward the 157.00 area could now continue to be supported initially as the market looks to build on this momentum. I suspect we get more official jaw-boning as we approach 160 and any move above there would dramatically increase the chances of them getting involved.

• "TRUMP DENIES INVOLVEMENT IN DOJ'S FED SUBPOENAS, TRUMP SAYS DOJ SUBPOENAS NOTHING TO DO WITH INTEREST RATES: NBC”
• "JAPAN TAKAICHI CABINET APPROVAL RATING UP 2.3PT TO 78.1%: JNN"  :  BBG
• CFTC Data of last week shows Asset Managers continue to pare back their JPY longs, +47852(Last +54818). The Leveraged community reduced their own shorts that had started to become quite large, -68117(Last -79265).
• Options : Close significant option expiries for NY cut, based on DTCC data: 156.70($609m), 157.00($872m), 158.00($1.45b). Upcoming Close Strikes : 159.00($949m Jan 15) - BBG.
• The USD/JPY Average True Range(ATR) for the last 10 Trading days: 72 Points

Fig 1 : JPY CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Wedge With Fair Value Persists & May Remain Amidst Election Speculation

A reasonable wedge remains between USD/JPY spot and our simple fair value estimate, see the chart below. So far today spot dips towards 157.50 have been supported, while earlier highs rest at 158.20. The simple fair estimate rests just under 152.00 and reflects the the US-JP 2yr swap rate differential and global equities. It has risen since the start of the year from the low 150.00 region, due to a slight widening in the swap rate differential (last around +216bps, end last year at +209bps), along with firmer global equities. The differential with spot sits a little above 4%, little changed since the start of the year, but under extremes near +5.9% from Nov 20 last year.

• The wedge between spot and fair value may persist, particularly amidst speculation Japan PM Takaichi may call an early election in February of this year. Given elevated opinion polls for Takaichi, a continuation of her policy stance or a more aggressive one, post any election may undermine yen (particularly given her historical calls around the BoJ outlook etc). 

Fig 1: USD/JPY Spot & Simple Fair Valuation Gap Persists 

Source: Bloomberg FInance L.P/MNI 

AUD/USD - Has A Look Back Above 0.6700

The AUD/USD has had a range today of 0.6678 - 0.6707 in the Asia- Pac session, it is currently trading around {AUDUSD Curncy}. The AUD poked its head above 0.6700 in Asia as the USD had a knee-jerk lower on the FED news. The AUD price action had been lagging the general bounce seen in the USD to start the year, the 0.6650 area continues to provide support and has seen the AUD outperform in the crosses. A break below this area is needed to see it play catch up in the short-term. Technically though while the AUD remains above 0.6550-0.6600 it should continue to find support on dips. On the day, I will be watching to see if this slide lower in the USD has more to go, a sustained push back above 0.5710-0.5730 could see the upward momentum reestablished.

• MNI AU -- Nov Spending Above Forecasts, Reflecting Broad Based Strength: Earlier data showed stronger than expected Nov household spending figures. This series has replaced the retail sales print as the main monthly indicator for household spending trends in Australia. We were up 1.0%m/m (0.6% forecast), while the Oct outcome is now +1.4% (versus the initial 1.3% reported). In y/y terms, spending rose 6.3% (versus 5.5% forecast and 5.7% prior).The spending data may add a little to the RBA hike case for 2026, although inflation data is likely to remain the key swing factor. Other data for ANZ job ads showed a -0.5%m/m for Dec, after a revised -1.5% fall in Oct.
• "AUSTRALIA RESOURCES MINISTER KING: CRITICAL MINERALS RESERVE WILL BE OPERATIONAL BY END OF THIS YEAR - [RTRS]"
• CFTC Data last week shows Asset managers slightly reduced their shorts, -31901(Last -33138). The Leveraged community has been building a decent long coming into the new year and continues to add to it, +33775(Last +32268).
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6660(AUD360m), 0.6725(AUD597m), 0.6580(AUD578m). Upcoming Close Strikes : 0.6700(AUD962m Jan13), 0.6700(AUD625m Jan14), 0.6750(AUD911m Jan14) - BBG
• The AUD/USD Average True Range for the last 10 Trading days: 35 Points

Fig 1: AUD CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P

NZD/USD-Rises Toward 0.5750, Look For Sellers To Fade Back Toward 0.5800

The NZD/USD had a range today of 0.5723-0.5750 in the Asia-Pac session, it is currently trading around {NZD Curncy}. The NZD has bounced in Asia on the FED headlines. The NZD has put in what looks like a top around 0.5850 and while this continues to cap I suspect the short-term could see bounces faded. On the day, I suspect a bounce back toward the 0.5755-0.5780 area should now find sellers initially as the market reacts to the failure to gain momentum above 0.5800 and is now looking for the down trend to be reengaged. The caveat being that the market does not over react to the potential FED indictments.

• MNI BRIEF: Powell Says Fed Received Justice Dept. Subpoenas. Federal Reserve Chair Jerome Powell said Sunday the central bank has received grand jury subpoenas from the U.S. Justice Department that threatened a criminal indictment, but argued the move is a pretext aimed at clipping the institution's independence. {NSN T8Q8X46QRTHC <GO>}
• CFTC Data of last week shows Asset Managers slightly increasing their short positions in the NZD, -40649(Last -37981). The Leveraged community reduced their own shorts that they had just begun to build quite aggressively, -10605(Last -14480).
• Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5800(NZD400m Jan 13), 0.5830(NZD373m Jan 13) - BBG
• The NZD/USD Average True Range for the last 10 Trading days: 33 Points

Fig 1: NZD CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P

FOREX: Leveraged Contracts Mostly Move Against USD To Jan 6 - Per CFTC

Last week's CFTC FX positioning update for the week ending Jan 6 (last Tuesday) is outlined in the table below. USD/JPY will remain a focus point, particularly amid fresh speculation from late last week that PM Takaichi could call an early election (for February this year). The pair is above 158.00 in early Monday dealings, with upside focus likely to rest at 160.00 to test the authorities resolve. Speculative positioning, in terms of leveraged contracts remain skewed short, but this was pared back to Jan 6. In the past decade or so, short positioning extremes rest around -100k or slightly wider for this segment. We are currently -68.1k. On the asset manager side, longs remain but we are comfortably off late 2025 highs in this space (+87.5k). 

• Elsewhere EUR/USD positioning saw leveraged players cut back longs modestly, while asset managers added to longs. EUR/USD has struggled for fresh upside in the early parts of 2026, with USD indices tracking higher. Market expectations for a near term Fed cut are low.
• AUD/USD saw little net change in positioning, with leveraged contracts still comfortably long, but largely offset by an asset manager net short. Near term 2026 hike expectations from the RBA were tempered last week post the Nov CPI and remarks from the RBA's Hauser.
• It was a similar backdrop for NZD/USD last week in terms of relative positioning shifts. 

Table 1: CFTC Positioning Up For Major Currencies - Weekly Changes & Outright Levels 

Source: CFTC/Bloomberg Finance L.P./MNI 

ASIA STOCKS: Equities Strong, Key Onshore China Bourse Reaches Overbought

A strong day across Asia's major equity markets today, despite growing geopolitical risks globally.  Equities shrugged off the protests in Iran, the ongoing Venezuela situation and Ukraine bombing Russian drilling platforms to post solid gains.  Markets took the lead from the US close Friday and the ever present AI / tech led support remained with key names up Monday.  Further news from the EV battery sector in China as Beijing announced a plan to reduce export tax rebates on batteries saw CATS down -2.8% in Hong Kong whilst giving Korean battery company Ecopro got a boost as it jumped by almost 6%.

• The NIKKEI is closed today with the KOSPI taking the lead on AI / tech, rising +.45% today whilst the TAIEX in Taiwan was up +1.00% with TSMC gaining +1.2%.
• China's bourses have started the week with a rally with the Hang Seng recovering Friday's falls to rise +0.80%, with Shenzhen up strongly by +1.4%.  The CSI 300 rose +0.55.  Gains for Shenzhen sees it enter overbought territory for the first time since August.  
• SE Asia's major bourses were mixed with the SE Thai down -0.50%, the FSTE Malay KLCI up +0.45% and the Jakarta Composite up just +0.13%.  
• India's NIFTY 50 continues to decline, down for a sixth consecutive day.  Down -0.45% today, it takes the index down almost 3% year to date on valuations concerns, further tariff threats from the US and concerns about corporate earnings. 

ASIA STOCKS: Net Inflows Lagging SK/Taiwan Equity Gains, Mixed Trends Elsewhere

Despite South Korean and Taiwan equities mostly staying on the front foot, last Friday saw offshore selling, with South Korean outflows most notable (see the table below). It has been a volatile start to the year for South Korean net offshore flows, although we were net positive last week and for 2026 to date. For Taiwan though we remain at a net outflow for both of these metrics. Broader AI/chip related sentiment was boosted on Friday as TSMC posted solid Dec revenue (up 20% y/y). The company posts quarterly earnings this week. Both the Kospi and Taiex are tracking with positive biases of around 1% so far in Monday trade. 

• Elsewhere, Indian net outflows were evident to start 2026. This fits with the weaker aggregate headline equity performance, with the NIFTY off around 2.65% last week.
• In South East Asia, Indonesia and Philippines have seen a positive start to offshore flow momentum for 2026. Philippines equities have performed strongly since the start of the year and track back around August levels from 2025 in early dealings today.
• Thailand net outflows are consistent with a flat SET index trend. Markets may be awaiting the election outcome in February for fresh direction, although this is still close to a month away (Feb 8).   

Table 1: Asian Market Net Equity Flows 

Source: Bloomberg Finance L.P./MNI 

Oil Posts Further Gains as Brent Nears Key Resistance Level

• Oil was up again Monday as geopolitical tensions escalate, with Iran in focus for oil markets.  
• The protests in Iran which began over soaring inflation are now calling for an end to the clerical rule of Iran's Supreme Leader Ayatollah Ali Khamenei, the first challenge to his leadership since the uprising in 2022. Iran's attorney general said anyone protesting would be considered an "enemy of God" - an offence that carries the death penalty - while Khamenei has dismissed demonstrators as a "bunch of vandals" seeking to "please" Trump. The US has threatened to strike Iran over the killing of protesters, and President Donald Trump said on Saturday that the US "stands ready to help" as Iran "is looking at FREEDOM" (as per BBG). With Iran a producer of more than 3 million barrels per day, this has put upward pressure on prices.
• WTI is up +.80% today to US$59.24 bbl and is wedged between topside resistance via the 100-day EMA of $60.14 and downside resistance from the 50-day EMA of $58.62
• Brent is up +.60% today to USD63.45 bbl and is near the topside resistance from the 100-day EMA of $63.89.
• Iran's protests have overshadowed the Venezuela situation following President Trump's comments that 'further attacks were cancelled' suggesting that the country is cooperating with the US. This comes as key US oil executives met with the President Friday to map out an investment program to tap the country's vast reserves.
• Ukraine over the weekend attacked three Russian drilling platforms in the Caspian Sea owned by Russian oil major Lukoil in the latest move to weaken Russia's economic capacity to fund its war effort. (source BBG)

Gold Spikes on US Fed Reserve Headlines

• Gold has started the week off strongly as geopolitical risks remain in focus for investors.  
• Gold is up +1.3% in Monday trading in Asia at US$4,568 to reach a new all time high for the precious metal.  
• News hit of the US central bank being served with grand jury subpoenas from the Justice Department relating to the renovations of the Fed's headquarters and saw USD weakness Monday with the threat of criminal charges looming.  The news again challenges FED independence, driving investors to safe haven assets like gold.  
• Escalating geopolitical tensions in Iran and Venezuela and the ongoing conflict in Ukraine were the key focus for gold this week, now adding the FED issues to that list.  
• The US President repeatedly attacked the FED chairman last year, undermining the independence of the Central Bank and those attacks have escalated today.  

• The move higher Monday sees gold near to overbought on the relative strength index, where it spent much of September and October last year.  

  

SOUTH KOREA: Weekly Preview: BOK on Hold, Focus Remains on Won

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• The Bank of Korea meets January 15 in what is widely anticipated to be a non-event.  Growth is firming and the heat has yet to come out of the housing market whist the Won’s troubles remain.
• The AI / tech led run up by the KOSPI has seen Price to Earnings reach new 5-Year high of 18.42x, significantly above full year forecasts for 2026 of 10.11x; suggesting that downside momentum could build this year.
• Equity sentiment still remains positive as investors seemingly are happy to buy tech stocks at such elevated levels even as SK Hynix ( a key AI/tech stock) rose 300% in 2025 from April lows and is already up more than 10% in 2026

ASIA FX: USD/CNH Tests YTD Lows, USD/KRW Closing In On late 2025 Highs

In North East Asia FX, trends are mixed, with won weakness the standout in the first part of Monday dealings. USD/CNH got to lows of 6.9666 (just up from earlier YTD lows - 6.9664) as broad USD sentiment faltered on headlines that the US DOJ has launched a probe into Fed. The USD/CNY fixing also ticked lower, maintaining a downtrend. Spot USD/CNH stabilized though and was last around 6.9700/05. USD/CNY onshore spot has made clear 2026 lows though, the pair last around 6.9750. 

• Outperformance of the yuan remains a theme in the early parts of 2026. CNH/JPY has risen to fresh cycle highs, last near 22.6900. Firm January seasonality, while apparent comfort from the authorities around yuan outperformance, remain yuan positives. A clear break under 6.9700 for USD/CNH will bring in the 6.9500 region into focus.
• Spot USD/KRW continues to trend higher. We did see earlier lows of 1457, but dips in the pair remain well supported, like they have been since the start of the year. We were last 1467/68, up close to 0.60% since end Friday levels. The better local equity tone is providing little support and the price action continues to suggests an unfavorable FX supply/demand imbalance. The authorities resolve around the 1480 level may be tested if current trends continue.
• USD/TWD is also firmer, but much less so that USD/KRW. The pair was last around 31.62, so just short of recent highs of 31.66. Broader uptrend risks persist in the pair. The better global equity tone/higher chip stocks, is not drawing meaningful inflows into taiwan stocks yet from offshore investors. 

ASIA FX: Familiar Themes With THB Outperforming, IDR Lagging

In South East Asia FX, FX trends are also mixed, but familiar themes remain in play. THB remains an outperformer, while IDR has lost further ground, ignoring softer USD trends. 

• THB has been aided by broader USD softness and fresh highs in gold prices. We are back under 31.30 for this pair, finding selling resistance above 31.50. Late 2025 lows near 31.00 remain intact, and the beta/correlation with respect to gold prices has arguably softened a touch. THB remains the top performer in EM Asia YTD.
• USD/MYR is back to 4.0660, which puts the pair back under the 20-day EMA resistance point. Similar drivers look to be in play, although offshore investors aren't net buyers of local stocks so far in 2026. We have Q4 GDP later this week in Malaysia. Downside focus in USD/MYR is likely to be back under 4.0500.
• USD//PHP is relatedly steady around 59.25/30. The onshore equity market backdrop is higher, up a further +1.2% today and continuing a strong start to 2026. This isn't aiding PHP yet though.
• USD/SGD is little changed, last around 1.2870/75. The pair did not like it below 1.2800 but it is now moving back into some tough resistance back toward the 1.2900-1.2950 area. On the day, watch to see if price can have a look above 1.2900 and then look for sellers trying to reengage.
• USD/IDR is consolidating its break above 16800, last 16845 (up a further 0.25%). This continues to leave IDR as a laggard within EM Asia FX, with sights on +16900 levels, which marked highs in April last year. Underlying outflow pressures still appear evident, with fiscal deficit concerns still apparent. USD/IDR is nearing overbought on the RSI (14). 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
12/01/2026	0850/0950		EU	ECB de Guindos Fireside Chat at Instituto Español de Analistas
12/01/2026	-	***	CN	Money Supply
12/01/2026	-	***	CN	Social Financing
12/01/2026	-	***	CN	New Loans
12/01/2026	1630/1130	***	US	US Note 03 Year Treasury Auction Result
12/01/2026	1630/1130	*	US	US Treasury Auction Result for 26 Week Bill
12/01/2026	1700/1200	***	US	USDA Crop Estimates - WASDE
12/01/2026	1730/1230		US	Atlanta Fed's Raphael Bostic
12/01/2026	1745/1245		US	Richond Fed's Tom Barkin
12/01/2026	1800/1300	*	US	US Treasury Auction Result for 13 Week Bill
12/01/2026	1800/1300	**	US	US Note 10 Year Treasury Auction Result
12/01/2026	2300/1800		US	New York Fed's John Williams
13/01/2026	2350/0850		JP	Balance of Payments
13/01/2026	0001/0001	*	GB	BRC-KPMG Shop Sales Monitor
13/01/2026	0500/1400		JP	Economy Watcher's Survey
13/01/2026	0745/0845		FR	Budget Balance
13/01/2026	0900/1000	**	EU	EZ Current Account
13/01/2026	1000/1000	*	GB	Index Linked Gilt Outright Auction Result
13/01/2026	1100/0600	**	US	NFIB Small Business Optimism Index
13/01/2026	1330/0830	*	CA	Building Permits
13/01/2026	1330/0830	***	US	CPI
13/01/2026	1330/0830	***	US	CPI
13/01/2026	1330/0830	***	US	CPI
13/01/2026	1330/0830	**	US	US CPI Annual Revised
13/01/2026	1330/0830	***	US	CPI
13/01/2026	1355/0855	**	US	Redbook Retail Sales Index