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U.S. Dollar, Stocks in Focus on ISM, ECB Meeting

A pivotal week shaped by U.S. data and ECB signals

Global markets enter an important week starting Monday, February 2, 2026, with a clear focus on movements in the U.S. dollar and the performance of U.S. equities, supported by a series of influential economic data and key monetary events. The first major event comes with the release of the U.S. ISM Manufacturing PMI on Monday, one of the most important leading indicators of the health of the U.S. economy. Its significance lies in its direct impact on USD pairs, gold and silver, as well as U.S. stock indices, as it may help define overall risk sentiment at the start of the week.

Midweek, market attention shifts to the European Central Bank (ECB) meeting, scheduled for Wednesday and Thursday, followed by the press conference on Thursday, February 5. Investors are closely watching the ECB’s tone regarding inflation and economic growth, given its direct influence on the euro versus the dollar, precious metals, and overall European risk sentiment.

Overall, markets are trading in a cautious and highly sensitive environment, with heightened attention to any surprises in U.S. data or fresh signals from European policymakers, which could trigger sharp moves in currencies and equities during the second half of the week.

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