Weekly jobless claims fell to a five-week low, while the Philadelphia Fed manufacturing index reached its highest level in five months. December’s trade deficit widened and January pending home sales declined, offering a mixed domestic backdrop.

In Japan, the 10-year government bond yield eased toward 2.1%, a six-week low, as inflation cooled in January. Headline CPI slowed to 1.5% from 2.1%, the lowest since March 2022, while core inflation aligned with the Bank of Japan’s 2% target at its softest pace in two years.

Gold held near $5,000 per ounce, preserving recent gains as geopolitical risks counterbalanced evolving expectations around US monetary policy. 

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