Market Information Friday 06 February 2026

On Thursday, commodities, led by silver, experienced a significant sell-off as geopolitical tensions eased, notably with the U.S. and Iran agreeing to talks, and after a positive call between the U.S. and China. Silver plunged by as much as 15%. This movement was part of a broader market sell-off where speculative positions were reduced following recent record highs. A stronger U.S. dollar further pressured commodities, making them more expensive for foreign investors. and oil prices dropped more than $1 per barrel, despite the decline, oil prices stayed near multi-month highs amid concerns over potential disruptions from the Middle East. Copper retreated from record highs due to demand concerns and increasing warehouse stocks.

The U.S. dollar, traditionally a safe haven in uncertain times, has been under pressure since President Donald Trump’s second term. The dollar has lost 15% against the euro and recently exceeded $1.20 per euro. Ongoing shocks from U.S. trade and geopolitical policies continue to impact the dollar. Countries like China are reducing their reliance on the dollar by promoting the renminbi for international transactions. Rising yields on U.S. Treasury bonds indicate a higher risk premium despite Federal Reserve rate cuts. Although some investors are shifting to Europe, the dollar remains a dominant reserve currency. Central banks continue to hold significant dollar reserves, while gold has surpassed the euro as a reserve asset.

The European Central Bank (ECB) has again decided to keep the interest rate in the eurozone unchanged at 2%, aligning with economists’ predictions. The eurozone economy is “resilient” and grew by 1.5% last year, despite tariffs imposed by U.S. President Trump. December inflation was at 1.7%, with the ECB bank targeting 2%. ECB policymakers unanimously decided not to change the rate, with President Christine Lagarde stating that inflation and growth risks are largely balanced. Similarly, the Bank of England held its rate at 3.75% after four previous cuts.

The 6M Euribor increased with 1 basis point to 2.17% compared to previous business day. The 10Y Swap decreased with 2 basis points to 2.86% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.