Early in the week, investors will focus on global PMI data and manufacturing activity, offering insight into economic momentum across regions. Midweek brings services activity and labor market signals, and by Friday the spotlight shifts to the U.S. labor market with the highly watched jobs report — a core driver of expectations for Federal Reserve policy. In addition to core data, key central bank decisions from Europe, the UK, and Australia could shift sentiment in FX markets.
📅 Monday, 2 February 2026
Global PMI & Production Activity
- Early Asian and European manufacturing surveys are released, offering clues on early-quarter momentum.
- S&P Global Manufacturing PMIs across multiple countries set the tone for risk appetite and cross-currency flows.
- ISM Manufacturing PMI and related price indices from the U.S. add another piece to global supply chain and inflation expectations.
U.S. Construction & Treasury Auctions
- U.S. Construction Spending data provides insight into infrastructure demand.
- Treasury auctions for short-term bills (13-week and 26-week) may influence yield curves and yield-sensitive FX pairs.
Market Holiday
- Some Latin American markets observe a public holiday, which may thin local liquidity.
📅 Tuesday, 3 February 2026
Labor Market Indicators Begin
- The JOLTS Job Openings report from the United States updates on labor demand heading into year-end.
European Data
- French consumer price indices and a European Central Bank lending survey expand the picture on inflation and credit conditions in the euro area.
Broader PMI Activity
- Services sector PMIs from Japan and China help shed light on post-holiday economic activity in Asia.
Treasury Auctions Continue
- Additional U.S. bill auctions settle, offering context for short-term funding conditions.
📅 Wednesday, 4 February 2026
Employment & Services Focus
- ADP Nonfarm Employment Change gives an early read on private-sector hiring trends ahead of Friday’s jobs report.
- Global Services PMIs — including the U.S. ISM Non-Manufacturing index and European counterparts — spotlight how services sectors are performing relative to manufacturing.
- CPI figures in the euro area surface, offering insight into inflation pressures outside of headline consumer price statistics.
Treasury & Bond Auctions
- Longer dated government note auctions settle, which can have subtle effects on bond yields and currency valuations.
📅 Thursday, 5 February 2026
Central Bank Decisions and Market Reaction
- ECB Interest Rate Decision and Press Conference — euro-area policy stance and economic outlook commentary.
- Bank of England Interest Rate Decision and Minutes — UK monetary policy guidance, outlook on inflation and growth expectations.
- Australian Monetary Policy Decision rounds out a trio of central bank policy events with potential currency impact.
Other Key Data
- U.S. Initial Jobless Claims offer a weekly snapshot of labor market health.
- Trade balance data from Brazil and investment metrics in Mexico add regional context.
Treasury Auctions
- Continued U.S. Treasury bill offerings (including 4-week, 8-week, and 26-week maturities).
📅Friday, 6 February 2026
U.S. Jobs Report Highlights the Week
- Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings for January arrive early in the day. This cluster is arguably the most important single data set of the week and can trigger significant moves in USD pairs as traders adjust expectations for interest rates and growth.
Labor Costs & Participation
- Detailed payroll components — such as private jobs and manufacturing payrolls — offer nuance beyond headline numbers.
Consumer Confidence
- Preliminary Michigan Consumer Sentiment measures help contextualize household outlook.
Other National Data
- Canadian employment figures and European industrial production numbers offer additional regional context beyond the U.S.
- CPI and inflation indicators from Latin America provide another perspective on pricing pressures.
📌 Week in Focus
📌 Labor Market Signals — JOLTS at mid-week and the U.S. jobs report on Friday are among the most influential data points for currency markets, given their tie to interest rate expectations.
📌 Purchasing Managers’ Indexes (PMIs) — releases across manufacturing and services in major economies give early cues on global growth and risk appetite.
📌 Central Bank Decisions — policy statements from the ECB, Bank of England, and Australia have the potential to shift sentiment and influence major currencies like the EUR, GBP, and AUD.
📌 Inflation Data — CPI releases and price indexes help gauge inflation pressures, which are central to monetary policy expectations.
