📉 Wall Street pressure continues
Global markets remain under strain after another broad sell-off on U.S. stocks. The S&P 500 and Nasdaq declined notably on Thursday as investors shunned risk, especially in technology and software sectors, ahead of key U.S. inflation data.
🌏 Asia slips, risk sentiment weak
Asian equities traded mostly lower following Wall Street losses and renewed caution. Major indices including Japan’s Nikkei, Hong Kong’s Hang Seng and China’s key benchmarks saw downside pressure as markets awaited crucial U.S. CPI figures.
🇨🇳 China data & FX
The PBoC set the USD/CNY reference rate around 6.94. Weakness in China’s housing market persisted with continued monthly and yearly declines in new home prices, reinforcing domestic demand concerns.
🏦 Japan & BoJ background
Although last week’s commentary from BoJ policymakers suggested inflation remains sustainable, markets are still digesting divergent monetary outlooks across major central banks.
📊 Today’s key risk – U.S. CPI data
The January Consumer Price Index (CPI) release in the U.S. will be the dominant theme for global markets today. Expectations are for a moderate settlement in both headline and core inflation with limited immediate impact on rate expectations, though volatility could spike around the print.
💱 FX markets
The yen remains active, with USD/JPY fluctuating around key levels above 153, reflecting safe-haven flows and positioning ahead of U.S. data. Other major crosses are trading in cautious ranges as market participants price in macro uncertainty.
🛢 Oil & geopolitics
Oil prices are subdued amid ample inventories and cautious positioning around Middle Eastern tensions. Comments from Washington suggest Iranian talks could extend further, but markets are not pricing acute supply shocks at this stage.
🥇 Precious metals rebound
Precious metals are stabilising after recent losses. Gold is firming, and silver is finding support, driven by safe-haven demand and risk aversion.
🪙 Crypto tone
Cryptocurrencies are cautious this morning with bitcoin trading slightly lower, consolidating recent moves below major psychological levels, while ethereum trades quietly in a similar pattern.
📌 Stay tuned for the official CPI print - it will set the tone for Q1 market direction!
Have a successful trading day with NordFX. 📊💼
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