Weekly market news: 2 February 2026
Markets enter February with investors digesting last week’s central-bank decisions and shifting focus back to inflation, employment and global growth.
After the Federal Reserve and European Central Bank meetings at the end of January, attention now turns to whether incoming data supports expectations for rate cuts later in 2026.
With positioning still relatively cautious, markets remain sensitive to macro surprises.
Market snapshot this morning
- Brent crude $65.3/bbl
- WTI $61.6/bbl
- Gold $4,110/oz
- US dollar index ~98.1 (DXY)
- GBP/USD ~1.34
- EUR/USD ~1.17
Why it matters
Oil: Prices are steady as traders balance firm winter demand with expectations of ample global supply. Stable energy prices help keep inflation risks contained.
Gold: Gold has been experiencing heightened volatility this morning. It fell by 9% as markets opened – before recovering some of those losses.
FX and rates: The dollar is little changed after the Fed meeting, while sterling and the euro remain supported by expectations of easier monetary policy later in the year.
Coming up this week
Monday 2 February
- Global markets react to last week’s Fed and ECB signals.
- US ISM manufacturing PMI (January) – first major activity read for February.
Tuesday 3 February
- Eurozone inflation (flash, January) – key for ECB expectations.
- US factory orders (December) – insight into business demand.
Wednesday 4 February
- US ADP private payrolls (January) – early look at labour-market conditions.
- China services PMI (January) – gauge of domestic demand.
Thursday 5 February
- Bank of England policy meeting – investors watch for any shift towards rate cuts.
- US weekly jobless claims – high-frequency labour indicator.
Friday 6 February
- US non-farm payrolls (January) – the headline release of the week.
- US unemployment rate and wage growth – key for inflation and policy outlook.
What you might’ve missed last week
Central banks struck a cautious tone, signalling patience rather than urgency on easing.
Stock markets were mixed as investors reassessed rate-cut expectations.
Bond yields edged slightly lower on hopes of easing inflation pressures.
Why it matters
This is another data-heavy week, with labour-market and inflation indicators likely to drive market sentiment.
Strong employment could delay expectations for rate cuts, while signs of cooling growth would reinforce the case for easing later in 2026.
With several major central-bank signals already delivered, markets will increasingly rely on data rather than guidance – making surprises particularly impactful.
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