USD fell for a fifth consecutive day following a higher-than-expected jobless claims number, putting the greenback on track for its longest losing streak in three months. CHF led gains, while AUD and CAD underperformed. GBP moves remained muted following the GDP numbers in the morning, with markets preferring to wait until next week'sCPI numbers to define moves.
*Daily move - against G10 rates as of 17:00 GMT, 12.02.26
** Indicative rates - interbank rates as of 17:00 GMT, 12.02.26
Today's focus is on the eurozone and US economic data. In Europe, Q4 GDP is expected to hold steady at 0.3% QoQ / 1.3% YoY, with the December trade balance around €10.7bn. These releases are unlikely to move EUR materially unless there is a significant surprise, as markets remain focused on US-driven flows.
In the US, the focus shifts to January CPI, with headline inflation expected at 0.3% MoM / 2.5% YoY and core CPI at 0.3% MoM / 2.5% YoY. Wednesday’s better-than-expected job numbers pushed back expectations of the next Fed rate cut to July, and it will need a stronger number to see another month's delay expected in order to bolster the ailing USD.
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