With a new trading week comes new opportunities. So, we’ve gathered insights for the week ahead that highlight the current trends, scheduled events and potential movers to watch. Let’s get started.  

Calendar Events 

  • US ISM Manufacturing PMI – Feb. 02
  • Reserve Bank of Australia Interest Rate Decision – Feb. 03
  • US JOLTS Job Openings – Feb. 03
  • Eurozone Flash CPI – Feb. 04
  • US ADP Employment Change – Feb. 04
  • US ISM Services PMI – Feb. 04
  • Bank of England Interest Rate Decision – Feb. 05
  • European Central Bank Interest Rate Decision – Feb. 05
  • US Non-Farm Payrolls – Feb. 06
  • US Unemployment Rate – Feb. 06
  • US Average Hourly Earnings – Feb. 06
  • Canada Unemployment Rate – Feb. 06
  • US Michigan Consumer Sentiment – Feb. 06

Top Things to Watch

Big Tech Results Test Valuation Optimism

Earnings remain firmly in focus this week with results due from Palantir, AMD, Alphabet, and Amazon. Markets will look beyond headline numbers and zero in on revenue growth, profit margins, and, most importantly, forward guidance. Attention will be on trends in AI spending, cloud demand, and broader enterprise activity, as investors gauge whether the recent earnings momentum is sustainable and strong enough to justify current, and in some cases stretched, valuations.

Gold and Silver Reprice After Forced Liquidation

Gold and silver are in focus after suffering one of the most violent selloffs in modern market history. The sharp declines were driven primarily by leverage unwinding and forced liquidations, rather than a deterioration in long term fundamentals.

After months of strong rallies, precious metals had attracted heavy leveraged positioning. As margin requirements were tightened and collateral needs increased, forced selling followed. With positioning now reset, markets are transitioning from a liquidation phase to a reassessment phase, keeping volatility elevated and making risk management critical in the days ahead.

Gold 4H Chart / Source: TradingView

Key US Economic Data to Drive Market Expectations

US macro data takes center stage this week with a heavy and market-moving lineup, including ISM PMI surveys, JOLTS job openings, ADP employment change, and the closely watched Nonfarm Payrolls report alongside the unemployment rate.

Together, these releases will provide a broad snapshot of labor market resilience and growth momentum, helping investors assess whether economic conditions are cooling or holding firm, and shaping expectations around the timing and pace of potential Federal Reserve rate cuts.

Markets Eye BOE Signals on Rate Cuts

UK markets are firmly focused on Thursday’s interest-rate decision from the Bank of England, with policymakers widely expected to keep rates unchanged as they balance easing growth against still-elevated inflation pressures.

Investors will pay close attention to the vote split, updated guidance, and any signals on when the BOE may feel confident enough to begin cutting rates, making the tone of the decision as important as the rate outcome itself.

ECB Set to Hold as Markets Await Clarity

Next, markets will head next to the ECB’s decision with a cautious tone, as the European Central Bank is expected to leave interest rates unchanged while it waits for clearer confirmation that inflation pressures have fully eased.

The focus will be squarely on the message rather than the move, with investors parsing President Lagarde’s comments for clues on how comfortable policymakers are with the current disinflation trend and how close the ECB may be to opening the door to rate cuts later this year.

US Dollar in Focus After Warsh Nomination

The US dollar remains in focus following the nomination of Kevin Warsh as the next Federal Reserve chair. Markets interpreted the move as signaling stronger policy discipline and a more inflation focused approach, rather than an immediate shift toward aggressive easing.

This interpretation supported the dollar and pushed real yields higher, prompting a reassessment of rate cut expectations. Going forward, markets will closely monitor incoming inflation data, labor market trends, and any guidance that could confirm whether policy easing may be delayed or more gradual than previously anticipated.