Societe Generale in its early Monday economic news summary pointed out:

-- US dollar modestly bid versus G10 and emerging markets, 10-year United States Treasury dips to 4.48% after the U.S. plans to impose 25% universal tariffs on imports of steel and aluminum on Monday, "reciprocal" tariffs by Wednesday on countries that tax U.S. imports. Market pricing for the next Federal Reserve rate cut delayed until September after the U.S. unemployment rate surprisingly fell to 4.0% in January, Fed forecast is 4.3% by Q4 2025.

-- Week ahead: U.S. consumer price index, producer price index, retail sales, U.S. Treasury refunding, Fed Chair Powell semi-annual testimony. Eurozone industrial production, European Central Bank economic bulletin. United Kingdom Q4 gross domestic product. Romania's central bank is forecast to keep rates on hold. CPI for Switzerland, Brazil, India, Hungary and Romania.

-- China's CPI accelerates to 0.5% year over year in January from 0.1% in December led by services prices on holiday spending. PPI deflation intact at 2.3% year over year in January. USD/CNY gaps up above 7.30, climbs to 7.3080.

-- Norway's CPI edges up to 2.3% year over year in January from 2.2% in December. The underlying rate climbs to 2.8% from 2.7%.

-- CFTC foreign exchange positioning: Yen positions flip to net long 8.1% of OI, euro shorts down to 9.5%, sterling shorts halved to 5.5%, Canadian dollar shorts expand to 46.2%, Australian dollar shorts trimmed to 36.7%. Mexico's peso longs raised to 8.4%. Net shorts for 10-year UST inch up to 14.4%.

-- Nikkei +0.04%, EUR 10-year IRS +1.7bps at 2.318%, Brent crude +0.7% at $75.2/barrel, Gold +1% at $2,889/oz.