The U.S. dollar stayed weak against most of its major counterparts on Friday, as data showed retail sales dropped more than expected in the month of January.

With decreases by wholesale and retail inventories more than offsetting an increase by manufacturing inventories, the Commerce Department released a report on Friday showing U.S. business inventories unexpectedly edged lower in the month of December.

A report released by the Federal Reserve on Friday showed industrial production in the U.S. increased by more than expected in the month of January. The Fed said industrial production climbed by 0.5 percent in January after jumping by an upwardly revised 1.0 percent in December. Economists had expected industrial production to rise by 0.3 percent.

While the Labor Department released a report on Friday showing U.S. import prices increased by slightly less than expected in the month of January, the report also showed U.S. export prices surged by much more than anticipated. The Labor Department said import prices rose by 0.3 percent in January after inching up by an upwardly revised 0.2 percent in December.

Partly reflecting a slump by auto sales, the Commerce Department released a report on Friday showing retail sales in the U.S. fell by much more than expected in the month of January. The report said retail sales slid by 0.9 percent in January after climbing by an upwardly revised 0.7 percent in December. Economists had expected retail sales to edge down by 0.1 percent.

The Bank of Russia retained its interest rate at a record high for the second consecutive meeting on Friday and kept the door open for further rate hike as inflationary pressures remain high. The board of directors, governed by Elvira Nabiullina, maintained the key interest rate at a record 21.00 percent.

The U.S. dollar weakened against other major currencies in the European session on Friday, as investor sentiment was buoyed by hopes of a resolution to the Ukraine war and President Trump's decision to delay the implementation of his much-hyped additional tariffs on foreign goods. Fears of an impending worldwide trade war have subsided in light of this scenario.

The euro area economy expanded in the fourth quarter after an upward revision, but the growth was still meager as the biggest two economies contracted and overall employment logged only a marginal increase, official data showed on Friday. Gross domestic product grew by revised 0.1 percent sequentially, flash estimate from Eurostat revealed. This follows 0.4 percent growth in the third quarter.

Malaysia's economy expanded more than previously estimated in the fourth quarter on household spending and investment, official data showed on Friday. Gross domestic product expanded 5.0 percent year-on-year in the fourth quarter. This was revised up from the prior estimate of 4.8 percent and follows 5.4 percent growth registered in the third quarter.

Revised quarterly national accounts data from the euro area is the top economic news due on Friday. At 2.00 am ET, Destatis is scheduled to release Germany's wholesale prices for January. Economists forecast wholesale prices to rise 0.2 percent on month, following a 0.1 percent rise in December.

Following yesterday's hotter than expected consumer price inflation data, the Labor Department released a report on Thursday showing U.S. producer prices also increased by slightly more than anticipated in the month of January. The Labor Department said its producer price index for final demand rose by 0.4 percent in January after climbing by an upwardly revised 0.5 percent in December.

First-time claims for U.S. unemployment benefits fell by slightly more than expected in the week ended February 8th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dipped to 213,000, a decrease of 7,000 from the previous week's revised level of 220,000.

The U.K. economy logged a surprise expansion in the fourth quarter of 2024, but the mild growth is unlikely to ease the pressure on the Chancellor who aims to turbocharge growth. Gross domestic product grew 0.1 percent from the third quarter, when there was nil growth, the Office for National Statistics reported Thursday.

Eurozone industrial production registered a bigger-than-expected decline in December on sharp falls in capital a

Industrial output fell 1.1 percent in December from November. The fall was deeper than the forecast of 0.6 percent also reversed the 0.4 percent increase in November. Among major industrial groupings, only non-durable consumer goods and energy production improved from the last month.

The Philippine central bank unexpectedly left its interest rates unchanged after cutting it for three straight times amid heightened uncertainty over US trade policy. The Monetary Board of the Bangko Sentral ng Pilipinas decided to hold the target reverse repurchase rate at 5.75 percent. The interest rates on the overnight deposit and lending facilities were kept unchanged.

The British pound strengthened against other major currencies in the European session on Thursday, after the U.K. economy expanded unexpectedly in the fourth quarter, underpinned by services and construction output.

Quarterly national accounts and foreign trade from the UK and final inflation from Germany are the top economic news due on Thursday. At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial production and trade deficit. The economy is forecast to shrink 0.1 percent sequentially in the fourth quarter after remaining flat in the third quarter.

The U.S. Dollar turned in a mixed performance against its major counterparts on Wednesday with traders reacting to U.S. consumer price inflation data, and continuing to assess the potential impact of new tariffs imposed by the Trump administration on steel and aluminum imports.

Consumer prices in the U.S. increased by more than expected in the month of January, according to a report released by the Labor Department on Wednesday. The Labor Department said its consumer price index advanced by 0.5 percent in January after climbing by 0.4 percent in December. Economists had expected consumer prices to rise by 0.3 percent.

India's consumer price inflation slowed more than expected to a five-month low in January reinforcing expectations that the Reserve Bank of India will reduce interest rates further. The consumer price index registered an increase of 4.31 percent on a yearly basis in January, weaker than the 5.22 percent rise logged in December, official data revealed on Wednesday.

The Japanese yen weakened against other major currencies in the Asian session on Wednesday, as traders remain cautious amid raising fears of a brewing global trade war and its impact on inflation. They also reacted to U.S. Fed Chair Jerome Powell's cautious remarks on interest-rate cuts and awaited the release of U.S. CPI data for additional clues on future monetary policy.

The Switzerland market ended moderately higher on Tuesday, in line with markets across Europe, despite the U.S. clamping fresh tariffs on steel and aluminum imports.

Federal Reserve Chair Jerome Powell delivered his semiannual monetary policy testimony before the Senate Banking Committee on Tuesday, reiterating his belief that the central bank does "not need to be in a hurry" to adjust its policy stance.

A further loosening of the UK labor market will restrain the growth in wages and prevent second-round effects from setting in, even if the near-term inflation expectations increase, Bank of England policymaker Catherine Mann said Tuesday. In a speech, Mann said the current and likely continued weak demand conditions will lead to a further loosening of the labor market.

The New Zealand weakened against other major currencies in the Asian session on Tuesday, as traders remain cautious amid raising fears of a brewing global trade war and its potential impact on the global economy. China's retaliatory tariffs on U.S. goods are also set to take effect later in the day.