Overview
- Eurostat reported headline eurozone inflation at 2% in December, with core inflation at 2.3%, easing pressure ahead of the European Central Bank’s February 5 meeting.
- The ECB has signaled no rush to adjust policy, reinforcing expectations that the 2% deposit rate remains unchanged through 2026.
- The U.S. dollar stayed near recent highs as markets weighed mixed labor and services data and awaited Friday’s nonfarm payrolls report.
- Profit-taking and a firm dollar pulled precious metals back from late-December records, with spot gold down 0.7% to $4,466.19 and silver down 1.2%, while platinum and palladium also declined.
- President Donald Trump announced an agreement for exports of up to $2 billion of Venezuelan crude to the United States, suggesting a shift in oil flows that could affect commodity sentiment.