🌅 Morning Update | 16 February 2026 (Mon) A new week is starting in a holiday-thinned market. 🇺🇸 U.S. cash equities and bonds are closed for Presidents’ Day, while mainland China is shut for Lunar New Year, so liquidity is thinner than usual and early moves may look muted or choppy. 📉 Asia: calm tone, low volatility Japan’s Nikkei is hovering around flat near 56,956, while India’s Nifty 50 is steady around 25,493. 🇯🇵 Japan: GDP misses expectations Japan’s Q4 GDP came in soft at +0.2% annualised and +0.1% q/q, keeping traders cautious on the policy outlook and weighing on the yen. 💱 FX: yen softer The yen is giving back part of last week’s strength, with USD/JPY around 153.15 in early trade. Risk-sensitive FX is broadly steady in thin conditions. 🇳🇿 New Zealand: expansion, but momentum cools The services sector stayed just in expansion with PSI at 50.9, but the pace is slowing. January electronic card spending fell -1.1% m/m, suggesting softer post-holiday demand. 🥇 Metals: profit-taking Gold is easing on the day, with spot around $4,986/oz, and silver also lower near $75.64/oz. 🔥 Natural gas: biggest mover Natural gas is the standout decliner again, with the front contract near $3.018. ₿ Crypto bitcoin is trading around $68,400–$68,700 after failing to hold above $70,000. 🗓️ Week ahead The focus shifts to FOMC minutes and TIC flows (18 Feb), then flash PMIs and PCE inflation (20 Feb) - all in a week where tariff-related headlines could also add volatility. 🚀 Thin liquidity can exaggerate moves - trade smart and have a strong week with NordFX!