European Markets Wrap-Up: Silver climbs back up to one-week highs but dip buyers still have work to do

Friday, 20 Feb, 2026 Commodities Silver climbs back up to one-week highs but dip buyers still have work to do The bounce here sees silver trade up by over 3% today to now above $81. It's a solid recovery from the lows on Tuesday, which saw a dip just under the $72 level at the time. The price swings this week News UK February flash services PMI 53.9 vs 53.5 expected Prior 54.0 Manufacturing PMI 52.0 vs 51.5 expected Prior 51.8 Composite PMI 53.9 vs 53.2 expected Prior 53.7 Key Findings : Rebound in UK private sector business activity continues in February, but jo Learn more News Eurozone February flash services PMI 51.8 vs 51.9 expected Prior 51.6 Manufacturing PMI 50.8 vs 50.0 expected Prior 49.5 Composite PMI 51.9 vs 51.5 expected Prior 51.3 The most notable thing here is the rebound in the manufacturing sector, with the reading th News Germany February flash manufacturing PMI 50.7 vs 49.5 expected Prior 49.1 Services PMI 53.4 vs 52.4 expected Prior 52.4 Composite PMI 53.1 vs 52.3 expected Prior 52.1 Key Points: Business activity growth ticks up to four-month high in February Comment : Commentin News France February flash services PMI 49.6 vs 49.2 expected Prior 48.4 Manufacturing PMI 49.9 vs 51.0 expected Prior 51.2 Composite PMI 49.9 vs 49.7 expected Prior 49.1 The French services sector bounced back to a two-month high, helping to shore up overall bu News What are the main events for today? EUROPEAN SESSION In the European session, the main highlights will be the Flash PMIs for the major Eurozone economies and the UK. Given the market pricing, we will likely need surprisingly soft data f Forex Orders FX option expiries for 20 February 10am New York cut There is just one to take note of on the board for the day, as highlighted in bold below. That being for USD/JPY at the 155.00 level. Similar to yesterday, the expiries may factor into play in acting News Germany January PPI -0.6% vs +0.3% m/m expected Prior -0.2% The much softer reading here owes a lot to base effects, in particular the impact of energy prices. That is also the main reason for the drag on the year-on-year reading, which was 3.0% lo Learn more News UK January retail sales +1.8% vs +0.2% m/m expected Prior +0.4% Retail sales +4.5% vs +2.8% y/y expected Prior +2.5%; revised to +1.9% Retail sales ex autos, fuel +2.0% vs +0.2% m/m expected Prior +0.3% Retail sales ex autos, fuel +5.5% vs +3.6% y/y ex

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