Three Markets to Watch Next Week (09.02.2026)
Author: XTB Research Team
Original Source: XTB Market Analysis – “Three Markets to Watch Next Week”
URL: https://www.xtb.com/int/market-analysis/news-and-research/three-markets-to-watch-next-week-09-02-2026
As global markets shift in anticipation of upcoming macroeconomic data and policy decisions, traders are closely eyeing key developments that could drive significant price action in the week ahead. With potential catalysts ranging from central bank rate policies to commodity price fluctuations and changing risk sentiment, market participants need to stay alert to possible volatility in several core asset classes. The week of February 9, 2026, presents multiple trading opportunities and risks, particularly in the EURUSD, US500 (S&P 500), and oil markets. Each of these assets will be heavily influenced by distinct yet interconnected sets of data and narrative drivers.
This article explores the fundamental and technical outlook for these markets and outlines the key events that could shape their trajectory next week.
1. EURUSD – Focus on US Inflation Data
The EURUSD currency pair has been caught in a consolidation range for the last several weeks, with central bank divergence and macroeconomic data acting as the primary drivers. Traders will be watching the release of US inflation data closely next week as it could significantly influence interest rate expectations for the Federal Reserve.
Key Factors to Watch:
– The US Consumer Price Index (CPI) report is due on Tuesday, February 11
– Core CPI is expected to remain sticky, with consensus estimates pointing to a monthly gain of 0.3 percent
– Headline inflation may soften slightly due to lower month-on-month energy prices
– Market participants are pricing in a potential interest rate cut from the Federal Reserve later in Q2 or Q3 2026, but strong CPI data could delay those expectations
Implications for the EURUSD:
– A higher-than-expected CPI print could lift the US dollar, putting downward pressure on the EURUSD
– Conversely, a weaker CPI figure may lead to dollar softness and offer some relief for the euro
– Beyond inflation, Eurozone data (including ZEW economic sentiment and industrial production figures) could affect the euro’s near-term outlook
– Technical resistance remains near 1.0950 while support is seen around 1.0750
Technical Overview:
– The pair remains within a horizontal trend that has held since early January 2026
– A decisive break above the resistance zone could open the path to 1.10 and 1.1060
– A downside break below 1.0750 may expose the 1.0650 area, where buyers previously emerged
2. US500 Index – Earnings Season and Fed Commentary
The earnings season is now in its midpoint, and most of the major tech firms have already reported results. Despite some mixed signals from quarterly earnings, US indices remain elevated, supported by optimism around artificial intelligence, cooling inflation, and continued economic resilience. However, valuations remain a concern, and investors are growing cautious over whether the current bullish run can be sustained.
Key Drivers to Watch:
– Additional earnings reports from key sectors including retail, financial services, and industrials
– Federal Reserve officials are scheduled to speak multiple times during the week
– Market participants will look for any signs of shift in the Fed’s tone following the stronger January jobs report
– Retail sales data (scheduled for Thursday) will provide further insight into US consumer strength
– Ongoing geopolitical tensions and new data from China may also impact global sentiment
Earnings Recap:
– Companies such as Apple, Microsoft, and Alphabet have already posted results that largely met or exceeded expectations
– Mid-tier firms now carry the burden of maintaining momentum in broader indices
– The question is whether strong earnings justify present valuations or whether correction risks are building
Implications for US500:
– A dovish tone from Fed speakers or weaker
Read more on EUR/USD trading.