EURUSD remains susceptible to consolidation as the yen strengthens due to capital flows. The US markets were closed for Presidents’ Day, leading to a calm Forex market. Traders await the publication of the January , resulting in a narrow trading range. ING sees the euro’s global role as positive for EURUSD, with money flowing from the US to Europe. However, the US dollar has a counterplay as the Fed pauses in the easing cycle, widening the rate differential. Japan is also making gains with international investors, as BoJ Governor Kazuo Ueda and Prime Minister Sanae Takaichi discuss economic and financial conditions. Gold is hovering around $5,000 per ounce, supported by the depreciation of the US dollar and high inflation. Jefferies raises its year-end forecast to $5,000 but notes the risks of a short-term peak. Silver market is facing intensifying backwardation, with futures contracts falling in price, resembling agricultural products.

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