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JPY

04 Feb 2026

Push-pull forces

• Push-pull. A few equity market wobbles overnight. USD a bit firmer. NZD underperforms. AUD retraces its RBA rate hike induced uptick.• Macro events. ECB & BoE expected to hold rates steady tonight. US JOLTS also due. US jobs report has been delayed until next week. Global Trends There were a few market wobbles overnight as various forces pushed and pulled on sentiment. US equities slipped back with the tech-focused NASDAQ underperforming (-1.5% vs S&P500 -0.5%). Some disappointing earnings results and a rotation out of the software and chipmaking tech stocks that have driven the market rally were factors at...

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04 Feb 2026

Tech washout leaves currency markets directionless

Foreign exchange markets are looking somewhat rudderless this morning after a technology-led selloff hammered the biggest US stocks yesterday and dampened global risk appetite. The dollar is extending its gains in thin trading, Treasury yields are modestly lower, and equity futures are pointing to another downward lurch at the open. The latest US government shutdown has ended, but key data releases including Friday’s non-farm payrolls report have been delayed, which should limit volatility—provided that White House social media accounts don’t light up once again. An rollout of productivity tools by Anthropic triggered yesterday’s rout, punishing companies that provide data and...

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02 Feb 2026

RBA in focus

• Metal vol. Large swings in gold & silver prices. Positive US data supported the USD index. AUD held up thanks to some relative outperformance.• RBA today. On net, a RBA rate hike looks more likely than not. But there is the chance of a surprise. What the RBA says about the future also matters. Global Trends Various financial markets continue to whip around with volatility continuing at the start of the new week. During yesterday’s Asian session gold and silver prices tumbled further, US equity futures opened lower, and the USD recouped a little more lost ground as markets...

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02 Feb 2026

Precious metals plunge triggers global selloff

A slow-motion flight to safety is underway across the currency markets this morning, as a bloodbath in the precious metals complex extends into a second week. Equity futures are pointing to further losses at the North American open, the US dollar is climbing against all of its major rivals as traders exit risky positions across a range of asset classes, and commodity-sensitive currencies like the Australian dollar, Canadian dollar, and Swiss franc are coming under selling pressure. Gold and silver prices suffered their biggest selloff in years on Friday, prompting many observers to suggest that the “debasement trade” was in...

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01 Feb 2026

USD turnaround

• Reversal. Positive data & Trump’s Fed Chair announcement boosted the USD. Commodities fell. AUD also lost ground (now ~2% below Thursday’s peak).• Macro risks. RBA expected to hike rates (Tues). But yield spreads & AUD already moved. US jobs data might rebound. This could be USD supportive. Global Trends There was a bit of a “reversal of fortune” across markets at the end of last week with US equities falling slightly (S&P500 -0.4%), short-end bond yields rising (US 2yr +4bps), commodities such as copper (-5.2%) and gold (-9.6%) tumbling, and the USD recouping lost ground. In FX, EUR declined...

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