Week in review On Friday, the stock market saw a major surge, highlighted by the Dow Jones hitting a historic record of 50,000 points. While general optimism returned to Wall Street, the day was defined by a split in the tech world.Chipmakers like Nvidia, AMD, and Broadcom saw their stocks jump by over 7% as investors realized these companies would profit immensely from the massive amounts of money being spent on artificial intelligence infrastructure. zoom_out_map Source: LSEG In contrast, Amazon’s stock fell nearly 7%. Even though the company is a leader in the cloud and AI space, investors were spooked by its plan to increase spending by more than 50% this year to build out AI data centers. This follows a similar trend seen with Alphabet (Google), as the biggest tech giants race to dominate AI technology regardless of the high costs.The broader market performed well, with the S&P 500 rising 1.73% and the Nasdaq up 1.91%. This rally helped recover some losses from earlier in the week when market participants were worried that AI might actually hurt profit margins for software companies.AI Spending in 2026 zoom_out_map Source: Yahoo Finance Smaller companies also saw a boost, with the Russell 2000 index jumping 3.3%, suggesting that market participants are starting to move money into different parts of the economy.Earnings reports from other sectors showed a mix of big wins and heavy losses.Roblox shares climbed 11% due to strong future projections, while Molina Healthcare crashed 25% after predicting much lower profits than expected. Overall, corporate health remains strong; about 80% of companies that have reported their results so far have beaten analyst expectations, which is significantly higher than the usual average.Read More: Beyond the Rate Hold: Examining the ECB's path forward amidst Euro strengthThe week also brought two uneventful central bank meetings with both the ECB and BoE holding rates steady. The BoE did survive a close 5-4 vote though, while the ECB battles Euro strength which could prove to be a surprise headache moving forward.On the FX front, on Friday the US dollar dropped slightly from its highest value in two weeks. This happened because market participants felt more comfortable buying riskier assets again, moving away from the "safe" dollar after a rough week of worrying about high spending in the tech industry.Even with this daily drop, the dollar is still finishing the week stronger overall, partly because new data shows that American consumers are feeling a bit more confident about the economy.The Japanese yen had a particularly bad week, marking its worst performance since last October. Traders are nervous about a national election happening this Sunday in Japan, which could change how their economy is managed. Currently, the dollar is trading at about 156.98 yen.Meanwhile, other major currencies like the Euro and the British Pound also gained some value back on Friday after losing ground earlier in the week.In the world of cryptocurrency, Bitcoin had a wild ride; it jumped over 8% on Friday to reach about $68,613, recovering from a massive crash earlier in the week that saw it hit its lowest price since late 2024.Commodities saw a big Friday as well as gold prices bounced back and were on track to end the week with overall gains. This recovery was driven by market participants looking for deals after a previous price drop, as well as a slightly weaker US dollar, which makes gold cheaper to buy.There is also ongoing concern about diplomatic talks between the US and Iran taking place in Oman, which keeps markets interested in gold as a safety net.By the afternoon, the price of gold rose nearly 4% to reach about $4,955 per ounce. This big jump helped the metal recover from a very volatile morning and a sharp loss on Thursday. Overall, gold is ending the week about 2% higher.Meanwhile, silver also began to recover after its price had fallen to its lowest point in a month and a half.The Week Ahead The upcoming week is set to be a high-stakes period for global markets as a "deluge" of rescheduled US economic data meets critical growth updates from Europe and a high-stakes political showdown in Japan.US Data Deluge: NFP and CPI take center stageThe primary focus for market participants will be the rescheduled US labor and inflation data, which were delayed due to a recent federal government shutdown. The Non-Farm Payrolls (NFP) report, now slated for Wednesday, February 11, is expected to show a modest gain of 70,000 jobs (up from 50,000 in December), with the unemployment rate holding steady at 4.4%.However, downside risks remain. Recent ADP figures showed only 22,000 private-sector gains, and "professional and business services" are seeing a sharp decline in hiring rates, a potential early sign of AI-driven displacement. If the NFP underwhelms, it could cement expectations for a Fed rate cut as early as March or April.Following the jobs data, Friday’s Consumer Price Index (CPI) report will provide the final piece of the puzzle. While headline inflation held at 2.7% in December, the Fed remains wary of stickiness. A hot inflation print would likely force the US dollar to reverse any NFP-related losses, as it would challenge the narrative of aggressive rate cuts in 2026.Japan’s Snap Election: A turning point for the YenOver the weekend, Japan heads to a snap election called by Prime Minister Takaichi. The outcome will be the primary driver for the Yen (JPY) on Monday morning.Landslide for Takaichi: Markets expect this would lead to continued fiscal expansion and pressure on the Bank of Japan (BoJ) to keep rates low, potentially pushing the USD/JPY back toward the 160.00 level.Loss of Majority: A poor showing for the coalition could trigger safe-haven flows into the Yen, as it might signal a more hawkish BoJ path and political instability.Europe: GDP and central bank pivot pointsIn Europe, the focus shifts to growth momentum. The UK’s Q4 GDP (Thursday) and Eurozone GDP (Friday) will be scrutinized for signs of recovery.United Kingdom: Following a razor-thin 5-4 vote by the Bank of England to hold rates last week, a soft GDP print would significantly raise the odds of a March rate cut. Analysts note that while manufacturing has seen a boost from car production, the broader services sector remains sluggish.Eurozone: President Lagarde has recently expressed concern that a "strong Euro" could suppress inflation too much. A weak GDP reading could reinforce the ECB’s increasingly dovish stance.China: Deflation WatchOn Wednesday, China releases its CPI and PPI data. Market participants are looking for evidence that recent stimulus efforts are curbing deflationary pressures. While domestic demand remains weak highlighted by a 17% drop in property investment, a rise in business selling prices in January suggests that the worst of the deflationary cycle might be bottoming out. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Week - Nasdaq 100 From a technical perspective, the Nasdaq has staged a significant recovery on Friday.The index has gained around nearly 3% and reclaimed the 25000 handle with the index printing a bullish engulfing candle.This would hint at future gains heading into next week.Over the week the Nasdaq will still finish in the red but the momentum appears to have shifted back in favor of bulls to end the week.On the daily timeframe the period-14 RSI, is heading to ward the 50 neutral level which could prove to be the next big test for bulls.A break above the 50-handle on the RSI will be another sign that the momentum has shifted to bullish.That will be the test next week, as well as the 100-day MA which rests at 25224.Nasdaq 100 Daily Chart, February 6, 2026 zoom_out_map Source; TradingView Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Precious metals rebounded, but remain expensive relative to early 2026 levelsGold’s rally was not driven by falling rates or rising inflation expectationsGeopolitical risk and policy uncertainty boosted safe haven demandDownside appears limited, but upside momentum is likely to slowPartial rebound, but valuations remain elevated The precious metals market has seen a partial rebound after a sharp correction, but this has not fundamentally changed the picture of still elevated valuations. Gold remains more than 12 percent above its levels at the start of 2026, while silver is around 4 percent higher. In silver, the recent selloff pushed prices to new early February lows before only a modest rebound followed. The scale of the earlier rally keeps the question of how durable the correction really is firmly on the table. zoom_out_map Spot price chart for gold and silver, source: Bloomberg A rally detached from classic macro drivers What makes the current situation unusual is that the strong rise in gold prices was not supported by traditional macroeconomic factors. Real interest rates have not fallen materially, and long term inflation expectations in the United States remain stable, slightly below 2.5 percent. Markets are pricing in only two further rate cuts to around 3 percent by year end. At the same time, fundamental valuation models suggest that even after the recent pullback, gold is still priced roughly 2000 dollars per ounce above levels justified by macro fundamentals over the past three years, increasing vulnerability to further corrections.Safe haven demand driven by global uncertainty The main driver behind this overvaluation has been gold’s growing role as a safe haven. The war between Russia and Ukraine, tensions in the Middle East, and a more confrontational stance by China towards Taiwan have significantly raised global uncertainty. The freezing of Russian foreign exchange reserves has also heightened concerns among central banks about the safety of reserve assets. These factors were reinforced by the unpredictability of US economic policy under Donald Trump, including pressure on the Federal Reserve, aggressive trade policies, and rising fiscal risks, which undermined confidence in traditional safe assets.Limited downside, but slower gains ahead Recent price action shows that even a partial easing of uncertainty can halt rallies and trigger profit taking. Still, a sharp collapse in gold prices appears unlikely, as recent months have shown that declines are quickly used as buying opportunities, including by central banks. In the medium term, the most likely scenario is price stabilisation in gold and silver, followed by a moderate recovery, with higher volatility and clearly slower gains than at the start of the year. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for February 5 Today is a bloodbath for global markets.Bitcoin and cryptocurrencies are taking center stage in the selloff, with BTC plunging 10% to $63,000 and altcoins suffering even steeper losses of 20% or more.The technology sector looks increasingly fragile, with price action bearing a haunting resemblance to the 2021 decline that sidelined the Nasdaq for nearly 18 months. We are undoubtedly entering a turbulent period.Equities bled red today, overshadowing what should have been a celebratory moment for Alphabet. According to recent reports, while Google posted record profits in yesterday's earnings, the stock was hammered as investors and brought with it some rough selling waves for the rest of the Market.Metals are also crashing with Silver dropping 10% back to $73, casting doubt on their role as sensible risk assets following the parabolic runs and massive repricings of the last few years.In a flight to safety, US Treasuries and the US Dollar have emerged as the only sanctuaries, bouncing back while everything else burns.The narrative is shifting darker – Morning rounds of surprisingly soft US labor data, combined with advancements in Claude's latest plug-ins, are fueling fears that AI could begin to materially displace the workforce. This grim reality is dragging the tech and particularly software sectors down, with some leveraged ETFs dropping 30% in a single session.The velocity of this selloff suggests things won't calm down immediately. Keep a very close eye on the action in the coming days and manage risk aggressively—volatility is likely just getting started. Discover:Bitcoin tumbles to $63,000 amid global Tech selloff – BTC/USD OutlookAnother red wave – Dow Jones & Nasdaq higher timeframe OutlookMetals are turning bearish – Silver (XAG/USD), Gold (XAU/USD) and Copper (XCU/USD) Outlook zoom_out_map Market Close Heatmap – Source: TradingView – February 5, 2026 Today's session in Stocks wasn't even about rotation anymore. Only the distribution services sector closed higher while the rest dropped and Tech/Softwares puked.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, February 5, 2026 – Source: TradingView Today was a rough session for virtually everything except for the US Treasuries and the US dollar.Silver is extending to almost down 20% as the session ends – This is looking quite ugly.A picture of today's performance for major currencies zoom_out_map Currency Performance, February 5, 2026 – Source: OANDA Labs You can see how when things turn sour, the US dollar is never too far.The Greenback closes at the top of the FX performance list in today's chaotic session. Risk-on currencies (GBP, AUD and NZD) actually got sold off the hardest as flows rotated back to traditional risk-off currencies.Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar for February 6, 2026 – Source: Nasdaq.com A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Today's evening focus on RBA Governor Bullock’s speech, which should add clarity to Tuesday’s rate hike. Markets will watch for guidance on whether policy stays restrictive and how much further the RBA may go. AUD remains sensitive. NAB business confidence later on will show how firms are coping with tighter conditions.Friday should turn into a heavy macro day. Canada jobs report (employment, unemployment, wages) are releasing on time at 8:30 A.M compared to the US NFP which are only releasing on next Wednesday. In the US, Michigan sentiment and inflation expectations will be on the dock at 10:00 A.M.But traders will surely be looking at what has been going on today and flows will need to be watched closely. Tomorrow will be a wild session, get ready.Safe Trades, keep a close eye on Middle East headlines and flows!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The drop from the October all-time-high spike was indeed a clear warning.Looking at the crypto market today, the outlook is grim. Bitcoin has lost nearly 50% of its value since that peak, total market capitalization has fallen back to Trump re-election levels, and major altcoins such as Solana have corrected by as much as 70% or more.What goes up — especially when it goes up too fast — must eventually come down.Current flows are eerily reminiscent of the November 2021 tech and crypto meltdown, making that period worth revisiting. zoom_out_map Tech Sector 3-month performance – Courtesy of Finviz. February 5, 2026 At the time, Bitcoin had surged from its $3,800 COVID lows to $69,000 in roughly a year and a half, topping in November 2021 before collapsing nearly 80% to around $15,800 — a move that felt like the end of the world.Total crypto market cap fell from just over $3 trillion to roughly $736 billion during that drawdown.That decline was accompanied by a series of brutal headlines, including the Terra/Luna collapse and the eventual FTX blow-up in 2022. zoom_out_map Total Crypto Market Cap, February 2026 – Source: TradingView Since then, Bitcoin staged an impressive sixfold rally from its November 2022 lows.Aside from the brief Liberation Day sweep toward $75,000, the market barely retraced — and it is now paying the hefty price.A 70% decline from the $126,400 record high would bring Bitcoin back toward the $30,000 area – That may sound extreme from today’s levels, but in crypto, nothing is impossible. Extreme volatility is part of the asset class’s DNA, on both the upside and the downside.Before diving into a deeper analysis of the father of cryptocurrencies, it’s worth remembering that these drawdowns are exactly what markets do best.They create stories, hope, and spectacular trends — but also nightmares, grief, and collapses. Bubbles are nothing new, and while markets evolve from them, they rarely learn. They simply reflect humanity’s purest forms of exuberance and despair.The key risk now is whether these declines spill over into other asset classes and trigger cascading effects. But it isn’t only about fear. Historically, assets that lose more than 50% of their value can become attractive accumulation candidates — often more so than buying at full price. Still, catching falling knives is dangerous, and many fortunes have been lost trying.Plan carefully, scale in progressively, and always spread your risk.Let's explore some key levels of interest from Weekly to Daily charts and trading levels for Bitcoin (BTC) to spot where the current drop could hold (and potentially reverse, even if the mood doesn't corroborate much with this idea). Read More:Another red wave – Dow Jones & Nasdaq higher timeframe OutlookMetals are turning bearish – Silver (XAG/USD), Gold (XAU/USD) and Copper (XCU/USD) OutlookMarkets Today: German factory orders surge, silver slumps, NFP release delayed as BoE & ECB Meeting lie aheadBloodshed in the Crypto Market zoom_out_map Daily overview of the Crypto Market, February 5, 2026 – Source: Finviz The daily drops are staggering.The selloffs have been accelerating in the past few minutes with Ethereum reaching $1,860 and XRP at $1.18 which could prompt short-term buyings of dip.Still, be careful with falling knives!Bitcoin multi-timeframe technical analysisWeekly Chart zoom_out_map Bitcoin Weekly Chart, February 5, 2026 – Source: TradingView With the fast-paced acceleration, Bitcoin is now dropping back to the $63,000 Major Support (which extends to $60,000), key level which served as the basis of the 2024 breakout.The weekly candle is an ugly one.If this extends further, it will be interesting to see how traders react to the 200-Week Moving average at $58,000. Let's take a closer look to see where we stand and spot for potential troughs.Daily Chart and Technical Levels zoom_out_map Bitcoin Daily Chart, February 5, 2026 – Source: TradingView With the daily run, it would be surprising to see the action continue much further in a straight line – However, the fragile market conditions wouldn't warrant an immediate bottom.Keep a close look to immediate reactions between $60,000 to $63,000 as the session closes back to pre-breakout levels.A striking Measured Move pattern could also be developing and seems like a decent target for such a drop.Taking the October to November 2025 drop gives the base, which extends to $52,000, an interesting level for dip-buying if we get there.Of course, investors will want to be extremely careful with themes around Markets as we keep correcting.What starts with liquidations could easily turn into a larger disaster and contribute to even more extreme moves around Markets. Levels of interest for BTC trading:Support Levels:$60,000 to $63,000 Main 2024 support (immediate test)$52,000 to $58,000 Next support and 200-Week MA$2023 Breakout base $25,000 to $34,000Resistance Levels:$75,000 Key long-term Pivot$80,000 to $83,000 mini-resistance$90,000 to $95,000 Pivotal ResistanceCurrent all-time high $126,250 Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The European Central Bank (ECB) held interest rates steady, but the strong Euro is their main concern.The strong currency is a "double-edged sword," lowering import costs but making exports less competitive, which could force a rate cut.ECB President Christine Lagarde downplayed the Euro's strength and attributed the recent drop in inflation to temporary factors.The ECB plans to expand its Eurep program to strengthen the Euro's global role as a potential backup currency to the US Dollar.Most Read: Another red wave – Dow Jones & Nasdaq higher timeframe OutlookSteady hands amidst stability prevailed today as the European Central Bank (ECB) opted to leave interest rates unchanged. The move which was largely expected by market participants appears to be the right one for now, but what comes next for the ECB?Essentially, the ECB is in a very stable and favorable position right now.Since the European economy is growing steadily and inflation is staying right around the target of 2%, there is no real reason for anyone to criticize or try to change what the bank is currently doing.Funny enough a strong Euro is the ECBs biggest headache… The Euro has been enjoying an amazing run of late as market participants opt for the stability present in Frankfurt during a period of uncertainty. The euro has jumped more than 13% against the dollar in the last 12 months and 7% against a basket of currencies made up of the eurozone’s trading partners.A strong Euro relative to the US Dollar acts as a double-edged sword for the Eurozone economy. On one hand, it significantly reduces the cost of imports, particularly energy and raw materials often priced in dollars which helps keep inflation low and increases the purchasing power of European consumers.On the other hand, it makes European exports more expensive and less competitive in global markets, potentially hurting manufacturing hubs like Germany. For the ECB, a persistent rise in the Euro can be a concern; if the currency becomes too strong, it may suppress inflation so much that it falls below their 2% target, potentially slowing down economic growth.The concern for analysts heading into today's meeting was that the strong Euro may give the ECB a serious headache moving forward. So the question was always going to be, what will Christine Lagarde have to say?Lagarde takes Euro appreciation in stride ECB President Christine Lagarde signaled that the central bank isn't in a hurry to lower interest rates further, even though inflation has dropped to 1.7%, its lowest point in years. She argued that this dip is mostly due to temporary factors, like falling energy prices, and warned that the bank won't change its entire strategy based on a single month of data.Lagarde expects inflation to eventually settle back at the 2% target by 2028, but her explanation left many experts feeling more confused than before. While she usually says the bank will "wait for more data," her latest comments about the economy and the value of the Euro felt less clear.As regards the exchange rate, Lagarde repeated the well-known ECB refrain that the exchange rate is not a policy target but an important element in the growth and inflation forecasts. However, she tried to downplay the strengthening of the euro, stressing that the current level was broadly in line with the historical average. Lagarde also stated that a stronger international role of the euro would not have to go hand in hand with a stronger currency.ECB eyeing bigger Euro role? The ECB is planning to make it easier for more countries to borrow euros during financial emergencies. According to reports, the ECB wants to expand a program called Eurep, which allows foreign central banks to trade high-quality assets for euros. By making this process cheaper and more standardized, the ECB hopes to encourage more countries to use the euro globally, especially as some investors grow nervous about the unpredictability of US economic policy.Currently, this "emergency cash" facility is only available to eight neighboring countries, such as Hungary and Albania. The new plan would create clear, universal rules for who can join, though the ECB will still have the power to reject certain countries for political or reputational reasons.This move is seen as a way to provide a safety net for smaller nations' economies while positioning the euro as a stronger alternative to the US dollar.Why This MattersSafety Net: It helps prevent financial panics in countries that do business in euros but aren't part of the Eurozone.Global Competition: By being more "welcoming," the euro becomes a more attractive backup currency compared to the dollar.Removing Bias: The update aims to make the process less political, following past criticisms over which countries (like Serbia) were denied access.Path forward for the ECB The ECB wants to keep things exactly as they are for as long as possible. While there was some talk late last year about potentially raising interest rates, those plans are now dead; if the bank makes any move soon, it will almost certainly be to cut rates, not raise them.The main concern is that if the Euro continues to get stronger against the US Dollar, approaching a value of $1.25 it could make imports so cheap that inflation falls well below the bank's 2% target for several years.Even if this doesn't lead to a full economic crisis, it might force the bank to cut rates as a "safety measure" to keep the economy from cooling too much.Ultimately, Europe is being reminded of the old reality that when the US Dollar shifts, it’s often the rest of the world that has to deal with the consequences.Technical Analysis - EUR/USD From a technical standpoint, EUR/USD looks like it maybe set for another leg to the downside.The pair has been flirting with a key level at 1.1794, it looks to be breaking lower.This comes while the period -14 RSI is attempting to move below the neutral 50 level which is a sign of shifting momentum.A move lower may bring EUR/USD toward a key confluence area around the 1.1700 handle where the 100-day MA lies in wait.This could serve as a key zone where bulls may return aggressively.Key levels to watch1.17001.15721.14501.18001.18671.2000EUR/USD Daily Chart, February 5, 2026 zoom_out_map Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Asia Market Wrap - Asian markets feel global tech rout On Thursday, stock markets across Asia dropped significantly. The move came about because market participants are becoming worried about the massive amounts of money big companies are spending on Artificial Intelligence (AI).Instead of sticking with tech stocks, many people are moving their money into different industries. At the same time, the price of silver fell again, creating extra financial pressure for investors who had borrowed money to bet on its price rising.Most Read: Rebalancing continues as Tech dives – Dow Jones & US Index Outlook The tech slump was triggered by news from major companies. Alphabet (the parent company of Google) reported good profits, but investors were shocked to learn the company plans to spend between $175 billion and $185 billion this year, much more than experts expected.Meanwhile, the chipmaker AMD saw its stock price crash by 17% after its financial results disappointed the market.These losses were felt throughout the region.South Korea’s main market index fell nearly 4%, and Taiwan’s market also dropped, though its banking and real estate sectors managed to do well.In Japan, the Nikkei index also fell, even though some specific areas like healthcare and utilities actually saw gains.Overall, the day reflected a growing nervousness about whether the huge investments in AI will actually pay off.German factory orders surge In December 2025, German factory orders jumped by 7.8%, which surprised experts who expected a decline. This was the fourth month in a row that orders increased and the best performance the country has seen in two years. Much of this growth came from big orders for metal products, machinery, and electrical equipment.However, not every part of the economy did well. There was less demand for vehicles like planes, trains, and military equipment, and the car industry also saw a drop in orders. When looking at the types of goods, products used for business investment and manufacturing rose, while everyday items for regular shoppers fell.Most of the new business came from within Germany or from countries outside of Europe. Orders from neighboring European countries actually dropped slightly. It is important to note that a few very large, one-time contracts made these numbers look especially strong; without those big deals, orders only grew by a small amount (0.9%).Still, the final three months of 2025 ended on a very positive note for German factories.European Session - European shares flat ahead of ECB meeting European stock markets stayed mostly flat on Thursday morning. Investors were busy looking at mixed financial reports from big companies like Shell and BNP Paribas. At the same time, many people were waiting carefully to see what the European Central Bank would decide about interest rates later in the day. Because inflation seems to be slowing down faster than expected, everyone is listening closely for hints about when interest rates might finally drop.The banking sector saw very different results. BNP Paribas, the largest bank in the region, saw its stock price jump over 4% because it made more profit than people expected. However, the Spanish bank BBVA saw its stock fall by 4%, even though it still made a good profit.Meanwhile, the oil company Shell saw its stock price dip because its earnings weren't as high as experts had hoped.On a brighter note, technology stocks in Europe bounced back, rising 2%. This helped balance out the losses in other areas. This tech recovery happened partly because the market was recovering from earlier losses and because Google’s parent company, Alphabet, reported positive news in the United States.Even with all these ups and downs, the main European stock index stayed very close to the record high it reached just the day before.On the FX front, the US dollar rose to its highest value in two weeks because investors were nervous about sudden price swings in the stock market and precious metals.The dollar index, which compares the US currency to six other major world currencies, went up for the second day in a row.Meanwhile, the euro fell slightly as people waited for the European Central Bank to announce its latest decision on interest rates. Most experts believe the bank will keep rates the same, so investors are listening closely to what officials say about the future.The dollar also gained value against the Japanese yen. Previously, the dollar had dropped to a three-month low after the US and Japan hinted they might step in to strengthen the yen.However, with a major election coming up this Sunday in Japan, investors are feeling anxious, causing the dollar to jump back up and recover most of those recent losses. Against the Chinese yuan, the dollar stayed mostly steady following a phone call between the U.S. and Chinese presidents where they discussed trade and security issues.In the world of digital money, cryptocurrencies continued to lose value, reaching their lowest prices since late 2024. Bitcoin saw a sharp drop, falling over 3% at one point to around $70,000 before settling a bit higher. Ether also struggled, though it managed to recover some of its losses after hitting a low point overnight.Overall, it was a day where investors moved away from "risky" assets like crypto and back toward the safety of the US dollar.Currency Power Balance zoom_out_map Source: OANDA Labs Prices for popular materials like silver, gold, oil, and copper all dropped sharply. This happened largely because global tensions began to calm down.Market participants felt more relaxed after a "very positive" phone call between US President Donald Trump and Chinese President Xi Jinping.Additionally, news that the US is planning to hold talks with Iran later this week further reduced fears of conflict, which usually causes these prices to spike.Silver was hit the hardest, with its price crashing by almost 15%. Gold, oil, and copper also saw their values fall by about 2%. Another reason for this drop is that the US dollar became stronger. Since most of these commodities are bought and sold using dollars, a stronger dollar makes them more expensive for people using other currencies, which often leads to lower prices.Read More:Markets Weekly Outlook - NFP forecast, Fed's new direction, RBA rate hike risk, BoE/ECB pause and big tech earningsChart alert: Gold extends plunge by 9%, approaching $4,405 inflection level for potential minor bounceBitcoin under price pressure: (BTC/USD) fails to hold the $88000 level. Is a recovery on the way?Economic Calendar and Final Thoughts The day ahead is a busy one with the ECB and BoE meetings coming up shortly..Later in the US session we will get some US data as well as the much anticipated Amazon earnings release after market close.US data will once again be delayed this week with the US bureau of labor statistics confirming that the NFP data release will be postponed to Wednesday February 11, 2026. The only positive being that the delay is not a big one and data will not be skipped as we saw in the backend of 2025. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - XAG/USD Following the sharp decline on Thursday morning, February 5, 2026, the technical outlook for silver (XAG/USD) has shifted back to a bearish (downward) bias in the short term.The morning's plunge essentially wiped out a two-day recovery attempt, signaling that sellers are still in control.Key Technical LevelsImmediate Support: The market is looking at the $74.00 to $71.00 range as a critical "floor." If silver drops below $71.30 (the recent monthly low), it could trigger another wave of forced selling toward $64.00.Key Resistance: To regain any "bullish" (upward) momentum, silver needs to climb back above $83.10 and eventually break the $87.00 - $90.50 zone. This area is now a heavy ceiling where many investors are looking to sell on any price bounces. zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for February 4 In case markets hadn’t had enough geopolitical yo-yos, the US announced that discussions with Iran, expected on Friday, were cancelled — sending oil prices spiking nearly 3% as President Trump warned that Iran’s Supreme Leader Ali Khamenei “should be very worried.”The surprise didn’t last long. Minutes later, talks were put back on the table, this time in Oman and without intermediaries. If this latest attempt fails, tensions are likely to escalate further.Beyond geopolitics, markets are increasingly focused on a massive rotation underway in equities, shifting from high-flying tech back toward defensive blue chips. Years of elevated valuations are now being tested as markets move into a new phase of the bull cycle, even as major indices remain close to all-time highs.Despite the risk-off headlines, gold briefly pushed above $5,000 but failed to hold the psychological level, as profit-taking and long-position unwinds kicked in, dragging the metals Market lower.Bitcoin is also closing below its key $75,000 level and ETH below $2,100 – Not good for Cryptos. President Trump also commented on his nomination of Kevin Warsh during an NBC interview, insisting Warsh “won’t fail” to deliver rate cuts. That confidence, however, may prove hard to justify amid recent PMI rebounds — highlighted by Monday’s strong Manufacturing surprise and today’s firmer Services data, with prices paid hitting two-year highs. Discover:WTI in focus with US-Iran talks cancelled – US Oil OutlookRebalancing continues as Tech dives – Dow Jones & US Index OutlookResilient traders in uncertain times – North American Mid-Week Market update zoom_out_map Market Close Heatmap – Source: TradingView – February 4, 2026 The rotation is quite clear when looking at this session's heatmap. Keep an eye on these developments for stocks, particularly if it spreads to the wider market – This could be a 2000 Dot.com drop building in front of us.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, February 4, 2026 – Source: TradingView Volatility fiends and Cryptocurrency bears are getting served.Expect even more volatility ahead.A picture of today's performance for major currencies zoom_out_map Currency Performance, February 4, 2026 – Source: OANDA Labs The US Dollar decoupled from the Yen in today's session as mean-reversion flows extend in the Reserve Currency and Markets still price for a more-hawkish leaning Warsh.On the other side of the performance spectrum are the Yen (not surprising) and the Kiwi dollar, which suffered a significant down day in today's session, after a (small) rise in the NZ Unemployment rate.Today's session really wasn't as volatile, so traders could potentially prepare for next Wednesday's NFP release before moving their pieces further.Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar for February 4, 2026 – Source: Nasdaq.com Amazon will be in the spotlight after the close! Keep track of how Google's earnings spread into Market sentiment.Results are expected to release soon.A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Midweek momentum remains data-heavy, with Australia’s trade figures and NAB business confidence closing out Wednesday before attention fully shifts to a packed Thursday session. In the US, markets will be particularly alert to Fed Governor Lisa Cook, who speaks for the first time since her investigation revealed in August in about a few hours— a potentially market-moving event for the US Dollar. Barring for any key headline, Europe and the UK dominate the core of Thursday’s session. The Bank of England is expected to hold rates, but the vote split, minutes and Bailey’s press conference will be crucial in gauging how close the MPC is to pivoting toward further potential cuts. Shortly after, the ECB delivers its rate decision (no change expected) and press conference, where communications are expected to remain stable.US releases include Challenger job cuts, initial claims and JOLTS, all feeding into the labour-market narrative ahead of next week's report.By the way, the Bureau of Labor Statistics just confirmed that the NFP release for January will be on next Wednesday.Loonie traders will want to pay close attention to Macklem's speech tomorrow at 12:40 E.T.Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Mid-Week review where we dive into the major developments for North American and global tradersMany catalysts are colliding for Markets, including a new Fed Chair, geopolitical turmoil and sharp volatilityUS assets and the Dollar are resilient despite pessimistic sentiment Log in to our mid-week North American Markets overview, where we examine the current themes in North America and provide an overview of indices and currency performances.The past seven days, if not the past month, have been thoroughly volatile.And this hasn't been the case without the effect of influential catalysts. President Trump announced that Kevin Warsh will replace Fed Chair Powell as his term ends in May 2026, and this, combined with some 7-sigma volatility in the Metals Market, particularly Silver, which tumbled from $120 to $71 in a single day.Combine this with volatile US-Iran developments (military assets are packed in the region, recent drone attacks, ...) and it is spectacular to see US Stock Benchmarks holding near their all-time highs.In our past week's edition, we explored the post-Greenland Crisis USD drop to 4-year lows, but this theme now looks far gone.The Dollar has been rebounding since the low 95.00 handle, back solidly above 97.00, in what resembles a key test of its resilience, leading to swift moves in major FX pairs, with EUR/USD falling back well below the 1.20 level.The reason for the Greenback's rebound has been a mix of risk-averse sentiment and Warsh's nomination, which quickly halted the selloff. A friend of the Trump Administration, it will be tough to say whether he remains the Hawk he was baptized as when he left the Board of Governors in 2011 – he might just be turning dovish to help his case amid harsh demands from the President, but the FOMC remains a voting committee.Discover: The Fed Chair has been picked: Who is Kevin Warsh?Despite all the madness, Stocks remain resilient and are notably subject to some strong rebalancing flows.Monday's US Manufacturing PMI beat, which collided with fear of elevated AI/Tech valuations from last October, led to a swift rotation towards more traditional sectors. This theme had been emerging for a while, but seems to be gathering some strength now. zoom_out_map Dow Jones to Nasdaq Ratio – Source: TradingView. February 4, 2026 Let's dive right into our Mid-Week North American Markets recap. Read More:Chart alert: Alphabet (GOOGL) medium-term uptrend at risk of bearish reversal below $353.60/367.16Alphabet (GOOGL) Q4 Earnings Preview: Can AI and cloud momentum sustain the $4 trillion valuation?Risk-off flows and a Tech/AI Panic – Market ReactionsNorth-American Indices Performance zoom_out_map North American Top Indices performance since last Monday – February 4, 2026 – Source: TradingView You can see how influential the past week of rebalancing has been, particularly as it influenced the Nasdaq the most (-4.22% in the past seven days!) and the Dow being the only performer (+1.20%).Keep an eye on these Stock developments as it could could materialize into a new trend.Dollar Index 4H Chart zoom_out_map Dollar Index 4H Chart, February 4, 2026 – Source: TradingView Since last week's gap lower in the Dollar, bulls have returned fiercely to take the DXY back above 97.00.Still, momentum looks undecided when looking at the RSI and the absence of concrete direction.Either look for a break to the upside (close above 97.50) or to the downside (close below 97.00)Levels of interest for the Dollar Index:Resistance LevelsAugust Range Bull/Bear High Timeframe Pivot 97.25 to 97.6098.00 Key Resistance (+/- 100 pips)Pre-Greenland Resistance 99.25 to 99.50Support Levels2025 Lows Major support 96.50 to 97.0095.50 to 95.70 Flash-crash Support95.55 Trump-Crash Lows94.70 to 95.00 Psychological level93.00 Next Main SupportUS Dollar Mid-Week Performance vs Majors zoom_out_map USD vs other Majors since last Monday, February 4, 2026 - Source: TradingView The US Dollar is surprisingly recovering some of its lost ground as the week continues. Positive data and a still dominant economy remain strong backdrops for the Greenback, which is now up against almost all FX currencies in the past week.Canadian Dollar Mid-Week Performance vs Majors zoom_out_map CAD vs other Majors, February 4, 2026 - Source: TradingView. The Canadian Dollar is also faring well against its FX peers, supported by rebounding Oil prices and recovering Canadian data. It still underperforms a much stronger Aussie Dollar and the USD but remains one of the top performers of the past week.Intraday Technical Levels for the USD/CAD zoom_out_map USD/CAD 4H Chart, February 4, 2026 – Source: TradingView USD/CAD is now evolving within a clear descending channel which controls its price action.Standing at the mid-line and testing its Major Pivot Zone, the pair faces a significant technical test.Watch whether the action pushes above 1.37 to retest the upper bound of the Channel (1.3850) Or if it breaks lower, to at least retest the recent trough (1.3480) – There is still space for correction below.Levels of interest for USD/CAD:Resistance LevelsMajor Pivot Zone 1.3650 to 1.371.3750 4H 200-period MA1.38 Key ResistanceMajor Resistance 1.3870 to 1.39 (January highs)Support Levels2025 Key support Zone 1.3560 to 1.36October 2024 Support 1.3450 to 1.351.3480 USD-Crash lowsUS and Canada Economic Calendar for the Rest of the Week zoom_out_map US and Canadian Data for the rest of the week, MarketPulse Economic Calendar The US Non-Farm Payrolls, supposed to be released on Friday, is once again delayed due to the recent partial Shutdown (which recently ended). We will update on the date when it gets communicated.Canadian Employment is still awaited on Friday at 8:30 A.M.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Alphabet (GOOGL) faces high investor expectations following a year of significant stock growth, with the core focus being proof that massive capital investments in AIWall Street expects a strong quarter, projecting revenue of approximately $111.4 billion (+15.4% YoY) and Earnings Per Share (EPS) of $2.64Critical items for investors include updates on AI monetization (Gemini integration, Search evolution), the conversion velocity and margin expansion of Google CloudMost Read: RBA breaks two-year pause with hawkish rate hike, AUD/USD poised for further gainsAlphabet Inc. (GOOGL) is scheduled to release its fourth-quarter 2025 earnings on Wednesday, February 4, 2026, after the market close. The tech giant enters this report following a historic year in which its stock surged nearly 70%, propelling its market capitalization past the $4 trillion milestone in January.As the "Magnificent 7" leader in 2025 performance, Alphabet faces high expectations. Investors will be looking for proof that its massive capital investments in AI are translating into sustained revenue growth and improved margins.What to expect? Wall Street consensus points toward another robust quarter of double-digit growth.Revenue: Analysts expect approximately $111.4 billion, representing a 15.4% year-over-year increase. This follows a Q3 where Alphabet surpassed the $100 billion quarterly revenue mark for the first time.Earnings per share (EPS): Estimates are pegged at $2.64, a significant jump from the $2.15 reported in the same period last year.Growth drivers: Google Search remains the bedrock, projected to bring in roughly $61.3 billion, while Google Cloud is expected to continue its rapid ascent with an estimated $16.25 billion (up ~36% YoY).The projected contraction in free cash flow, despite rising net income, is a direct consequence of the aggressive infrastructure "land grab" necessitated by the AI race. Market participants are particularly focused on the operating margin expansion, which is expected to reach 39.1%, driven by a combination of high-margin cloud services and the internal "Project EAT" initiative, which leverages AI to streamline internal workflows and reduce headcount growth relative to revenue.Key areas for investors to watch zoom_out_map Created by Zain Vawda AI monetization and "Gemini" integrationThe central narrative for 2026 is the transition from AI experimentation to monetization. Alphabet has aggressively integrated its Gemini models across its ecosystem.Investors will scan the report for:Search evolution: Updates on "AI Overviews" and their impact on user engagement and ad click-through rates.Enterprise adoption: Updates on Gemini for Workspace and the rate at which enterprise customers are converting from free trials to paid tiers.Partnerships: Any further commentary on the high-profile collaboration with Apple to integrate Gemini into "Apple Intelligence" features.Google Cloud’s Battle for Market ShareGoogle Cloud has historically been the "third player" behind AWS and Azure, but it has recently shown faster growth rates. With a reported backlog of $155 billion at the end of Q3, the focus will be on conversion velocity, how quickly that backlog is turning into realized revenue and whether cloud margins continue to expand despite the heavy cost of AI infrastructure.Capex and 2026 guidanceCapital expenditure (Capex) has become the most scrutinized metric for big tech. Alphabet previously guided for 2025 Capex between $91 billion and $93 billion. Investors are wary of "over-spending" without immediate returns. A guide for 2026 that shows a stabilization or "peaking" of investment could be seen as a positive for free cash flow, while a massive hike without clear revenue justification might spook the market.Regulatory and macro headwindsWhile the AI rally has dominated headlines, regulatory scrutiny remains a background noise. Additionally, analysts will look for the impact of a "post-election" cooling in digital ad spending, as the massive surge from the 2024 US elections will create a tough year-over-year comparison for the YouTube and Search segments.Stock price implications The market's reaction will likely be "binary" based on the guidance provided:The bull case: If Alphabet delivers a "beat and raise" exceeding EPS estimates while providing a optimistic outlook for 2026 Cloud growth the stock could test the $350-$360 level. Jefferies recently raised its price target to $400, suggesting significant upside if AI execution remains flawless.The bear case: Alphabet is currently trading at a premium compared to its historical averages. Any sign of slowing Cloud momentum or a "miss" in Search revenue due to AI-driven disruption could lead to a swift correction. Support levels are currently pegged around $304 (mid-January lows).Alphabet Daily Chart, February 3, 2026 zoom_out_map Source: TradingView (click to enlarge) Bottom line Alphabet has successfully silenced many "AI laggard" critics over the past 12 months. However, with the stock at all-time highs and a $4 trillion valuation to defend, there is little room for error. The February 4th report will be the ultimate litmus test: is Alphabet’s AI "full stack" approach a sustainable engine for growth, or has the valuation outpaced the reality of the bottom line?Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for February 3 Markets jolted after the US shot down an Iranian drone, even as talks between the two sides are still expected to take place on Friday.This development reawakened nerves, with traders already on edge following last Friday’s historic moves in metals and watching closely for potential ripple effects across asset classes.Cryptocurrencies and equities corrected sharply amid renewed risk deleveraging, hitting high-beta assets the hardest – Bitcoin breached the $75,000 level, erasing all of its gains since Trump’s appointment in November 2024 (but is closing the session back above the key level).The risk-off move reignited demand for metals, with Silver surging 9% on the session and Gold rebounding toward the key $5,000 mark.Meanwhile, the US partial government shutdown is ending early after a narrow 217–214 congressional vote approving $1.2 trillion in funding. The headline helped calm the selling in markets, triggering a rebound in US equity indices and suggesting elevated fear rather than outright panic.The US session ultimately closed with pronounced rebalancing flows: Tech and the Magnificent Seven struggled, while most traditional sectors staged a recovery.With geopolitics, Kevin Warsh’s appointment to replace Powell, and fragile leveraged positioning all in play, traders have plenty to digest in the days ahead. Elsewhere, the Royal Bank of Australia delivered a 25 bps hike to 3.85%, diverging largely from other central banks that are still cutting and leading to interesting FX developments.Iran-related developments remain the top risk catalyst, with US–Iran talks still scheduled for Friday, barring further escalation. Discover:Risk-off flows and a Tech/AI Panic – Market ReactionsSilver (XAG/USD) Outlook: Selloff takes a break, but it is over?US & India strike trade deal, precious metals bounce back & NFP postponed zoom_out_map Market Close Heatmap – Source: TradingView – February 3, 2026 A very unusual picture in the Stock Market today! Tech and Semiconductors are bleeding while Traditionals are rebounding fiercely.Check out our latest Index analysis to learn why.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, February 3, 2026 – Source: TradingView It would have been easier to say that today was a traditional risk-off session, but looking at the US Dollar falling, today was a bit more peculiar.Metals recovered during the overnight session and did not bounce much higher after the Iran-drone headlines, hinting that their rebound was more one from dip-buying rather than a proper rebound.The current deleveraging across asset classes will surely have ripple effects – Keep a close eye on cross-asset movement to see where and why.A picture of today's performance for major currencies zoom_out_map Currency Performance, February 3, 2026 – Source: OANDA Labs Today marked the continuing Buy AUD, NZD and Sell JPY and USD trade that has been very juicy in the beginning of the year.With volatility expected to remain a key factor for movement, these flows are difficult to correlate – Both the USD and JPY are risk-off currency and may spike in any risk-off event, but it sure wasn't the case today.Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar for February 4, 2026 – Source: Nasdaq.com Watch out for the Alphabet earnings after close tomorrow afternoon!A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. New Zealand’s Q4 labour data kicks the evening session off, where employment, unemployment and labour costs will help refine expectations for the RBNZ’s next move, especially after recent signs of cooling momentum. In Australia, second-tier releases such as the AiG Industry Index, S&P Global PMIs, trade balance and NAB business confidence add colour to domestic demand and external conditions, though they remain secondary to global drivers at this stage.In Europe, attention shifts to January PMI readings and, more importantly, flash inflation data. Core and headline HICP prints will be closely watched for confirmation that disinflation is continuing at a pace consistent with eventual ECB easing, while producer prices offer insight into pipeline pressures. Across the Atlantic, the US calendar is anchored by ADP employment and a heavy ISM Services batch, including prices paid, employment and new orders. Fed commentary later in the session should add further clarity to current themes.Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for February 2 Traders are still trying to grasp the significance of Friday’s historic move in the metals market after Kevin Warsh's nomination to be the next Fed Chair.The price action was so extreme that it exceeded 99.9996% of typical volatility observations — a very rare 6-sigma event.Silver retested the $71.30 lows (!) after gapping down at the weekly open, but rebounded sharply to close the session up around 2%, near $80.Gold, meanwhile, wicked down to $4,400 and remained relatively calm throughout the session.Metals are unlikely to snap back immediately, but they are showing notable resilience following such a massive shock.Stocks, on the other hand, have recovered all of Friday’s losses, supported by the fastest growth in US manufacturing since 2022 and dip-buying following weekend risk deleveraging, as the probability of Iran-US talks increased in an effort to ease mounting pressure.Diplomacy remains a possible path forward, but the odds of reaching a consensus to avoid a full-blown conflict appear low.US demands — including reducing enriched uranium and scaling back ballistic missile programs — have been described as unacceptable by Iranian advisers.Oil has also given back a large portion of its Friday gains and is now retesting its upward trendline around $62 — a familiar pattern when geopolitical risk premiums fail to hold.Meanwhile, a partial US government shutdown began over the weekend, leading to the postponement of Friday’s NFP release. Further details will follow once the BLS announces an updated schedule. Discover:Bitcoin breaks $80,000! Altcoins suffer – BTC, ETH and SOL OutlookOil prices down 6% as US-Iran de-escalation hopes cool market heat… Is it the end of the line for bulls?Stocks rebound to start February – US Index Outlook zoom_out_map Market Close Heatmap – Source: TradingView – February 2, 2026 Palantir just beat on its earnings by an enormous margin so expect movement there tomorrow!For the rest, the picture is broadly green from the beat on the Manufacturing PMIs, great news that were very welcome for investors.Keep a close eye on Volatility events this week, as this weekend didn't deliver any surprises but anxiety remains high.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, February 2, 2026 – Source: TradingView As you can see, this weekend offered quite some volatile gaps lower across asset classes.Still, most remained pretty resilient after today's action, particularly with Sentiment rebounding.Trader can still expect a lot of volatility this week.A picture of today's performance for major currencies zoom_out_map Currency Performance, February 2, 2026 – Source: OANDA Labs The US Dollar also rebounded sharply in today's session, extending above the 50% retracement of its Greenland move lower.For the rest of FX, the CHF has been getting hammered quite harshly in the past two session so keep an eye on whether this lasts or not. The Swiss currency is also affected by risk-appetite and can either jump up or down depending on the outcomes of the US-Iran talks.AUD traders will be looking closely at tonight's RBA event – Get ready!Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar for February 3, 2026 – Source: Nasdaq.com Tomorrow's session will focus heavily on traditional and energy sectors – Focus on Chevron, Exxon and Verizon, all releasing their earnings during the pre-Open.A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. All eyes are on the Royal Bank of Australia.Today’s evening session is dominated by the Reserve Bank of Australia rate decision, where a 25 bps hike is heavily expected – Traders will also focus on Bullock's tone to spot if more are to come or not.Any shift in tone around how restrictive policy really is or the balance of risks between inflation and growth could move rate expectations quickly, particularly at the front end of the Aussie curve.With US Data not releasing due to the partial shutdown, traders will focus more on the weekly ADP report as the NFP won't come on time.Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Bitcoin breaks lower and drags pessimistic sentiment in CryptocurrenciesWith the current volatile environment, investors reduce risk-positioningObserving technical analysis for Bitcoin, Ethereum and Solana Cryptocurrencies are struggling after rejecting early-year rebound attempts. Risk sentiment remains weak even as equities hover near all-time highs: Investors are reducing exposure to risk-sensitive assets, mirroring the underperformance in semiconductor and tech sectors as high-beta capital rotates back into hardware.Digital assets faced significant headwinds at the end of 2025, lagging behind most other asset classes – These negative flows still continue to weigh on the sector. MicroStrategy (MSTR), a key figure in the previous bull run, is now under scrutiny as its Bitcoin holdings near the breakeven point, with an average cost basis of approximately $76,000.As noted in our year-end analysis, the total Cryptocurrency Market Capitalization is breaking support after previously holding its long-term upward trendline, signaling potential for further downside – Keep an eye on the $2 Trillion mark! zoom_out_map Crypto total Market Cap Monthly Chart – Source: TradingView Cryptocurrencies are inherently volatile. Historically, the best investment opportunities arise when interest and mentions are low, while peak popularity often signals a time to take profits. Currently, the market remains active with traders attempting to buy dips, suggesting sentiment has not yet fully washed out.Given the bearish short-term outlook, patience is advisable. Letting prices and hype cool down while waiting for a more favorable macro setup may offer better entry points – Still, the large corrections already favor better entries compared to peak prices from mid-2025.This is when starting DCA strategies could start to make sense. zoom_out_map Current Session in Cryptos – February 2, 2026 (15:23). Source: FInviz Following a disastrous weekend session, altcoins are seeing a timid recovery but remain well below last week's levels. Most of the main names are green on the day and the biggest gains stand around 5%.Let's dive right into the Daily Charts and technical levels for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). Read More:Stocks rebound to start February – US Index OutlookSilver posts worst day on record, crude slips lower & latest from Trump and FedMarkets Today: Euro Zone output rebounds, gold and silver extend slide, FTSE 100 resilientBitcoin (BTC) 4H Chart and Technical Levels zoom_out_map Bitcoin (BTC) 4H Chart, February 2, 2026 – Source: TradingView Bitcoin freshly retested its Liberation Day lows ($74,500) and is rebounding timidly from that level.With the painful action from the weekend, it is rough to say that dip-buying is looking like a favorable setup – At least for now.A bullish push above $80,000 and daily close above the level relaunches positive prospects for Bitcoin and the rest of the Crypto Market.Consolidating below the key psychological level could lead to further downside, with the next Main support at $63,000 (Minor support at $70,000).Levels of interest for BTC trading:Support Levels$75,000 Key long-term support (Liberation Day lows)$68,000 to $70,000 end-2024 Minor Support$$60,000 to $63,000 Main 2024 supportResistance Levels$80,000 to $83,000 Major Pivot (November 21 Lows $80,740)$88,000 to $93,000 Pivotal Resistance$98,000 to $100,000 ResistanceResistance at previous ATH $106,000 to $108,000Current ATH Resistance $124,000 to $126,000Ethereum (ETH) 4H Chart and Technical Levels zoom_out_map Ethereum (ETH) 4H Chart, February 2, 2026 – Source: TradingView Ethereum gave back its early 2026 positive setup, having broken first its $3,000 handle before giving up all of its Mid-2025 explosion throughout last week.Its overnight wick retested ETH's pre-June War Support zone ($2,100 to $2,300) with the action remaining fragile at that level.Traders will want to see a high volume and positive candle, preferably after a double bottom for the action to turn more positive – For now, expect consolidation near support.Levels of interest for ETH trading:Support Levels:$2,100 to $2,300 June War support ($2,150 overnight lows)$2,000 psychological support$1,385 to $1,750 2025 Major Support2025 Lows $1,384Resistance Levels:$2,500 to $2,700 June 2025 Key Pivot$3,000 to $3,200 December resistance$3,400 January Highs$3,500 (+/- $50) Key Resistance$4,000 Dec 2024 Top Main Resistance zone$4,950 Current new All-time highsSolana (SOL) 4H Chart and Technical Levels zoom_out_map Solana (SOL) 4H Chart, February 2, 2026 – Source: TradingView Solana got subject to quite some heavy selling, representing the rest of the Altcoin market in its struggles.Now facing a very important test at its $100 Liberation Day support, traders will want to watch if bulls can retake control after the 57% retracement from its 2025 peak.Repassing above $115 would turn the momentum from bearish to neutral-bullish on short-timeframe.Levels to keep on your SOL Charts:Support Levels:$97 to $100 Liberation Day lows$95.95 Weekend Lows$76 to $82 Major 2022 PivotResistance Levels:Major Momentum Pivot $115 to $120$125 to $130 2026 Base Resistance$140 to $150 Major Resistance$253 Cycle highsSafe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Asia Market Wrap - Asian markets volatile after last week's selloff Japan's stock market had a rough Monday, with the Nikkei index dropping 1.2% for its biggest weekly loss. The day actually started well because a weak yen helped exporters and positive election news for Prime Minister Sanae Takaichi boosted confidence.However, that optimism vanished when technology and mining stocks tanked. The main trigger was bad news for the AI industry: reports surfaced that Nvidia might cancel a massive $100 billion investment in OpenAI, which caused tech stocks to plummet across Asia, including a 4% drop in South Korea’s Kospi index.Meanwhile, Indonesia's stock market is facing its own crisis, losing over $80 billion in value recently. Investors are pulling their money out of the country because they are losing faith in President Prabowo Subianto’s economic plans and are worried about a lack of transparency in how the markets are run. Things have become so concerning that a major global index provider warned Indonesia might be downgraded to "frontier status," which essentially means it would be seen as a much riskier and less developed place to invest.Most Read: 2026 US Dollar Forecast: How the Fed, Government Spending, and AI Will Drive VolatilityEuro Zone output rebounds Europe’s manufacturing sector is still struggling, marking its third straight month of decline. While a key survey showed that factories are actually starting to produce more goods again, the overall industry is shrinking because new orders continue to drop. Think of it like a factory that is running its machines but doesn't have enough new customers to keep the momentum going.On top of that, factories have been cutting jobs for nearly three years, though the layoffs are finally starting to slow down.The situation across Europe is very "hit or miss" depending on the country. Greece and France are seeing their factories grow, with France hitting its best streak in over three years. However, the biggest economies like Germany, Italy, and Spain are still stuck in a slump.Making matters worse, the cost of raw materials and energy is rising at the fastest rate in three years, but factories aren't able to raise their own prices to cover those costs, which puts a squeeze on their profits.Despite these current headaches, there is a glimmer of hope. Factory owners are feeling more confident about the future than they have since early 2022, betting that things will eventually turn around later this year.European Session - European stocks start the month in the red European stock markets started February on a low note, with major indexes like the STOXX 50 and STOXX 600 both losing value. This decline followed a global trend where investors pulled their money out of riskier investments.Two main factors caused this: first, a massive sell-off in commodities like oil and metals, and second, renewed worries that Artificial Intelligence (AI) companies might be overvalued.The mood shifted largely because of news from the US and the tech world. Investors are nervous about Kevin Warsh being nominated to lead the US Federal Reserve, fearing he will take a "tougher" approach to the economy.At the same time, a report revealed that Nvidia is reconsidering a massive $100 billion investment in OpenAI, which caused tech stocks to slide.While big energy and mining companies like Shell and Rio Tinto saw their stock prices drop, some consumer companies like Nestlé and Unilever actually managed to gain value as investors looked for safer places to put their money.On the FX front, the US dollar remained strong on Monday as investors processed the news that Kevin Warsh has been nominated to lead the Federal Reserve. This nomination has given the dollar a boost because traders expect Warsh to be more focused on controlling inflation.Meanwhile, the Japanese yen is back in the spotlight after Prime Minister Sanae Takaichi spoke in favor of a weaker currency to help Japanese exporters. This message contradicts her own finance officials, who have been trying to stop the yen from losing too much value, leading to some confusion and volatility in the market.In Europe and the UK, the euro and the pound remained mostly steady as investors wait for upcoming interest rate decisions from their central banks later this week.Elsewhere, the Australian dollar fell slightly before its own central bank meeting, while the Canadian and New Zealand dollars also saw small drops.Additionally, the dollar grew stronger against the Norwegian krone because oil prices crashed by 5%.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices took a sharp dive on Monday, falling about 5% after President Donald Trump suggested that tensions with Iran were cooling off.Prices had reached high levels in January because people were worried a conflict might disrupt global oil supplies, but those fears eased when Trump mentioned that Iran was "seriously talking" with the US government. Because the risk of a military strike has faded, both global Brent crude and US oil prices dropped by over $3.50 per barrel, erasing some of the big gains seen last month.Beyond the news out of the Middle East, other factors are also helping to push prices down. Oil production in places like the US and Kazakhstan is back on track after recent disruptions, meaning there is more oil available for everyone. Between the increase in supply and the decrease in political drama, the pressure that was keeping energy prices high has finally started to lift.On Monday, precious metals continued their slide in the Asian session. Prices for gold, silver, oil, and industrial metals all fell sharply, mostly because investors are reacting to the news that Kevin Warsh has been chosen as the next leader of the Federal Reserve.Market participants are worried that Warsh will be "tougher" on the economy, which led to a massive wave of selling that has lasted for two days straight.Gold prices dropped 5% to their lowest level in weeks, while silver fell more than 7%, a shocking reversal after both reached record highs just last week.The selling got even more intense because the main exchange for these metals (CME Group) decided to raise the "down payment" (called a margin) required to trade them. This move forced many traders to sell their holdings because they didn't have enough cash to cover the new, higher costs.This follows a historic "crash" that started on Friday, which saw gold suffer its biggest one-day drop since 1983 and silver plunge by 27%, the largest daily loss ever recorded for the metal.Gold and Silver bulls are showing some life here in early European trade with Gold recovering to trade around the $4700/oz mark.Read More:Markets Weekly Outlook - NFP forecast, Fed's new direction, RBA rate hike risk, BoE/ECB pause and big tech earningsChart alert: Gold extends plunge by 9%, approaching $4,405 inflection level for potential minor bounceBitcoin under price pressure: (BTC/USD) fails to hold the $88000 level. Is a recovery on the way?Economic Calendar and Final Thoughts Data is largely thin today with Euro Area PMI released already.There will be some earnings releases from the US before the market open with Disney reporting results.In the US session we will get some key PMI data releases and some Fed speakers.The US dollar is starting to gain strength again. Over the past week, the dollar’s value had been dropping because people were worried the government might intentionally weaken it (a trend known as the "de-basement trade").However, that trend has reversed now that President Trump has nominated Kevin Warsh as the next head of the Federal Reserve. Because investors were previously over-invested in gold and silver, they are now selling those metals and moving their money back into the dollar, which is helping the currency bounce back.I was and remain of the belief that the dollar’s recent drop didn't actually match the reality of the US economy, so this recovery makes sense.Moving forward, the dollar’s value will likely be driven by new economic reports and changes in interest rates rather than just rumors. For now, the expectation is that the dollar will continue to get stronger in the coming days as the market stabilizes. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 From a technical perspective, the FTSE 100 index has broken back above the 100-day MA.The FTSE showed resilience last week in the face of a broad market selloff with the index holding comfortably above the 10000 point handle.This in my view is crucial as it keeps the bullish momentum intact.Looking to further upside potential and a four-hour candle close above the swing highs resting at 10273 is needed.A move lower from here may find support at the 200-day MA at the 10039 handle before the 10000 handle comes into focus.FTSE 100 Index Daily Chart, February 2, 2026 zoom_out_map Source: TradingView.com (click to enlarge) Safe Trading Week to All.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Week in review Kevin Warsh nominated as the next US Federal Reserve Chair.Commodity markets saw a sharp reversal, with silver down 27%.Key focus for the week ahead: Alphabet and Amazon earnings.Central Banks (RBA, BoE, ECB) meet ahead of the January NFP report.A blockbuster week for global markets with wild price swings, geopolitical risk, Central Bank meetings and a new Fed Chair nominated.The starting point though has to be the stark reversal in commodity markets on Thursday and Friday which sent markets into a tailspin. At the time of writing, spot silver is down around 27% on the day, on track for their biggest daily drop on record, based on LSEG data available through 1982. zoom_out_map Source: LSEG Read More: The Fed Chair has been picked: Who is Kevin Warsh?Gold on the other hand was down as much as 12%.The selloff in commodities was driven largely by profit taking as well as a late renaissance for the US Dollar following the announcement by President Trump that Kevin Warsh has been tapped as the next chair of the US Federal Reserve.Donald Trump mentioned he won’t ask Kevin Warsh (a candidate to lead the central bank) directly if he plans to cut interest rates. However, Trump believes Warsh naturally favors making it cheaper for people and businesses to borrow money.Adding to markets' late week malaise was a strong US PPI print which came in above the 0.2% estimate of economists polled by Reuters, after an unrevised 0.2% gain in November. Businesses appeared to be passing on higher costs from import tariffs. zoom_out_map Source: LSEG The stock market saw some mixed results today. Apple’s stock price dropped by nearly 1% after the company shared its latest financial report, which put some downward pressure on the US market.Despite this drop, the S&P 500 index is still heading toward its first winning week in nearly a month. On a global scale, MSCI's gauge of stocks that tracks stocks worldwide fell slightly today, but it is still on track to finish the week in the green and have its best month since September.READ MORE: US Stocks fall from Warsh's nomination – Month-End flows and US Index OutlookIn Europe, stocks actually performed well with the pan-European STOXX 600 index closing up 0.64%. Strong earnings have helped propel the index to its biggest monthly gain since May. The index registered its seventh straight monthly gain, its longest streak since 2021.On the FX front, the US dollar got stronger today continuing to show signs of stabilizing after recent weakness. The dollar index which measures the greenback against a basket of currencies, rose 0.57% to 96.73, with the euro down 0.54% at $1.1904.The dollar was still on track for a second straight weekly decline and third straight monthly drop. zoom_out_map Source: LSEG The Week Ahead For the week starting February 2, 2026, markets face a critical junction as the "Magnificent Seven" earnings season continues alongside pivotal central bank decisions and the January US jobs report.Big Tech Earnings: Alphabet and AmazonInvestors are laser-focused on whether AI investments are beginning to yield significant returns or if capital expenditure (capex) is rising too quickly.Alphabet (Wednesday, Feb 4):Expectations: Analysts expect Q4 earnings to grow 22.4% to $2.63 per share, with revenue rising 15.5% to $111.4bn.The Big Question: Capex is expected to have surged by over 90% to $27.3bn. Markets will look for guidance on 2026 spending; if it exceeds the projected $89.8bn without clear revenue growth, the stock could face pressure.Market Sentiment: Options markets imply a potential 5.5% post-earnings swing. Resistance is seen at $350.Amazon (Thursday, Feb 5):Expectations: Forecasts suggest revenue of $211.3bn (up 12.5%). The key metric will be AWS (Cloud) revenue, projected to grow 21.1% to $34.9bn.Market Sentiment: Shares are currently in a "symmetrical triangle" consolidation. A break above $250 would signal a bullish trend, while disappointing AWS growth could send the stock toward support at $220.US Labor Market: The January Jobs ReportThe headline event of the week arrives on Friday, Feb 6 (Saturday morning AEDT).Non-Farm Payrolls (NFP): After a soft December (+50k jobs), January is expected to see a slight improvement with 70,000 jobs added.Unemployment Rate: Expected to hold steady at 4.4%.Market Impact: A stronger-than-expected report could bolster the US Dollar, especially following the nomination of Kevin Warsh as the next Fed Chair, who is perceived as less "dovish" than his predecessors.Central Bank Decisions (The "Thursday Double-Header")Both the Bank of England (BoE) and the European Central Bank (ECB) meet on Thursday, Feb 5.BoE: Markets expect rates to stay on hold at 3.75%. However, with UK unemployment at a multi-year high (5.1%), traders will hunt for signals of a rate cut later in Q1 or Q2.ECB: Also expected to pause. The focus remains on whether the Euro (EUR/USD) can sustain its breakout above the $1.19 level.Asia-Pacific: RBA Interest Rate DecisionCloser to home, the Reserve Bank of Australia (RBA) meets on Tuesday, Feb 3.The Outlook: Following higher-than-expected trimmed mean inflation (3.4%) and a falling unemployment rate (4.1%), the market has aggressively priced in a 75% chance of a 25bp rate hike.The ASX 200: The local index is hovering just 2% below its all-time high (9115.2). A hawkish RBA could create headwinds for the index, though materials and energy sectors remain a source of strength. zoom_out_map zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Week - US Dollar Index (DXY) From a technical perspective, the US Dollar Index (DXY) has made a late week recovery printing a bullish engulfing daily candle close on Friday.The index has closed above a key resistance level at 96.90 which does bode well for further upside.The question now is whether the rally is sustainable?The US dollar is facing several other problems. Conflicts around the world (geopolitics), concerns about how much money the US government is spending (fiscal risks), and the possibility that different countries might work together to lower the dollar’s value (FX intervention) have all been weighing on the Dollar.If the US DOllar is able to overcome these in the short-term, immediate resistance rests at 97.70 before the 200-day MA comes into focus at 98.62.A move lower from current prices faces support at 96.37 before this weeks lows around 95.50 comes into focus.US Dollar Index (DXY) Chart, January 30, 2026 zoom_out_map Source:TradingView.Com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for January 30 The week is closing with extreme volatility. In a stunning reversal, President Trump nominated Kevin Warsh as the next Fed Chair today, contradicting his statement from just two days ago that the decision would wait until next week.This surprise hit fragile post-FOMC conditions and was amplified by brutal month-end flows. Metals were decimated in a cascading liquidation event – Silver collapsed from $115 to lows near $70, while Gold plunged below $5,000. zoom_out_map Metal Markets Daily Performance – Courtesy of Finviz If these moves are primarily month-end profit-taking, Monday could offer a rebound – The situation is quite blurry for now.However, if buyers don't step in immediately, this could quickly turn into a deeper liquidity shock so Monday will be ver. Adding to the anxiety, an intervention in Iran appears imminent. Watch the headlines closely over the weekend. Discover:The Fed Chair has been picked: Who is Kevin Warsh?US Stocks fall from Warsh's nomination – Month-End flows and US Index OutlookSilver down 30%! – Chaos in the Metals Market zoom_out_map Market Close Heatmap – Source: TradingView – January 30, 2026 Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, January 30, 2026 – Source: TradingView A picture of today's performance for major currencies zoom_out_map Currency Performance, January 30, 2026 – Source: OANDA Labs The US Dollar is back!Watch the 97.00 level for the Dollar Index, any bounce above could infer further cascades relating to Kevin Warsh's appointment.Major Earnings in Monday's session zoom_out_map Earnings Calendar – January 28, 2026 – Source: Nasdaq.com A look at Economic data releasing throughout the Weekend and Monday zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Stock Markets keep correcting after FOMC highs after Kevin Warsh's nomination for Fed ChairUS Indexes test lower levels as Month-end flows prepareExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 Global markets received a shocker this morning with the announcement of the next Federal Reserve leader.Kevin Warsh has been tapped to replace Jerome Powell when his term concludes in May.The news triggered a huge reactions around Markets.Metals, historically strong in January, were hammered by a combination of post-FOMC adjustments and month-end flows.Extreme leverage and positioning did what it does best when the trend reverses, it creates a cascade of panic across all asset classes.US stocks were caught in the stray.All major indexes are trading lower as a beta-reducing wave sweeps through the market, with the Nasdaq and Russell 2000 leading the decline.Interestingly, this weakness is isolated to the US, as global equity markets actually rose during today's session – This really confirms the impact of the Fed Announcement.As forced liquidations risk triggering further market instability, traders should prepare for rough conditions ahead.With month-end flows colliding with the weekly close and lingering anxiety over Iran, the market mood is decidedly timid as the weekend approaches – Keep your eyes wide open! zoom_out_map Current picture for the Stock Market (14:48 A.M. ET) – Source: TradingView – January 30, 2026 Today's picture is not a pretty one, with almost everything down except Consumer Defensives, led by Verizon after huge earnings and strong projections, and Tesla, the best performer among Megacaps.Dive into our daily session charts and pre-FOMC trading levels for the major US Indexes: Dow Jones, Nasdaq, and S&P 500. Read More:Silver down 30%! – Chaos in the Metals MarketThe Fed Chair has been picked: Who is Kevin Warsh?Will the RBA Opt for a Rapid Policy Reversal?Dow Jones 4H Chart and Trading Levels zoom_out_map Dow Jones (CFD) 4H Chart – January 30, 2026 – Source: TradingView The Dow Jones is now evolving within a descending Channel right after testing its all-time highs – Not such a worrying sign as prices remain close to the recent records but watch out as cracks emerge.Still, the late afternoon rebound is helping the outlook for the Index which points to a more rangebound action ahead (discarding any black swan events).Keep these two levels closely for next week:Above 49,100, the price action is clear and points toward a pursued run to at least a test of the all-time highsBelow 48,400 however, further downside is to be expected around 47,500Dow Jones technical levels for trading:Resistance LevelsChristmas ATH Daily Mom. Pivot – 49,000 to 49,100Resistance 49,200 to 49,300ATH Resistance From 49,500 to 49,700All-time Highs 49,71050,000 Potential Psychological ResistanceSupport LevelsIntraday Pivot 48,600 to 48,70048,487 Session lowsKey Support around 47,50045,000 psychological level (Main Support on higher timeframe)Nasdaq 4H Chart and Trading Levels zoom_out_map Nasdaq (CFD) 4H Chart – January 30, 2026 – Source: TradingView Nasdaq did not get such a positive treatment from dip-buyers.The Tech-Heavy index is testing its 25,200 mini-support. Except for a rebounding investor sentiment or more positive global news, the Index looks poised for a drop towards 24,500.Keep a close look at the Monday open – Buying on Monday would help the situation, watch out what happens if dip-buyers don't show up!Nasdaq technical levels of interest:Resistance LevelsSession Highs 25,840Intermediate Resistance 25,700 to 25,85026,246 FOMC highsAll-time high resistance zone 26,100 to 26,300Support LevelsMini-support 25,200 to 25,500 +/- 75 ptssession lows 25,470Wednesday lows 24,91324,500 Main supportEarly 2025 ATH at 22,000 to 22,229 SupportS&P 500 2H Chart and Trading Levels zoom_out_map S&P 500 (CFD) 4H Chart – January 30, 2026 – Source: TradingView The S&P 500 is looking more robust than its peers, particularly as it rebounded close to its session highs ahead of today's close (6,969).Similarly as Nasdaq and Dow Jones however, it will have to breach back above its Pivot zone to clear bearish factors (6,975) – rejecting the current levels could bring more consistent outflows.S&P 500 technical levels of interest:Resistance LevelsPrevious ATH Resistance now Pivot 6,945 to 6,975Current ATH 7,020All-time High Resistance 7,000 to 7,020 (testing)Potential Breakout targets (Fibinacci-Extensions)1.362 = 7,0801.618 = 7,119Support LevelsMinor-Support 6,880 to 6,900Mini-Support 6,830 to 6,850 (Greenland lows)6,800 Psychological Support6,789 Greenland lows6,400 Major psychological supportSafe Trades and keep an eye on sentiment on Monday!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Yesterday's flows really did open a breach for a gigantic profit-taking wave in Metals, exploding exponentially since 2026.Gold and Silver showed a few cracks through yesterday's first crash, but today is something else.The Bullion dropped below $5,000. Platinum, Copper, Silver and Palladium are down between 15% to 30%!!Silver Daily Chart zoom_out_map Silver (CFD) Daily Chart – January 30, 2026 – Source: TradingView Gold Daily Chart zoom_out_map Gold (CFD) Daily Chart – January 30, 2026 – Source: TradingView zoom_out_map Morning Session moves in Metal Futures – Courtesy of Finviz The Metals market lost quite a few trillion dollars of value just today – But despite the panic around Markets, it is essential to take a step back.Silver had risen 70% in parabolic and unstable moves higher and this can trigger sharp Market conditions. Look at today's move!Today's selling took out all of the Metals profits in 2026 – XAG/USD is still 185% higher than it was on January 1, 2025!Even if the run continues from here, odds for metals to return to their prior year levels are low.Trying to profit from parabolic trend can be dangerous, as was highlighted in our past week Warning – They still offer interesting trade setups but need to be treated with respect.Nothing is given in Markets and things can change any second.Stocks are also not liking these flows zoom_out_map Nasdaq (CFD) 1H Chart – January 30, 2026 – Source: TradingView A Stock Market update is coming up very soon.Watch out for month-end flows! The picture in equities isn't looking very bullish across different Benchmarks – Watch out for volatility in upcoming sessions ahead of Weekend risk.The US Dollar doesn't know where to go zoom_out_map US Dollar (DXY) 1H Chart – Source: TradingView – January 30, 2026 Keep a very close eye on the headlines to monitor Market developments.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Core inflation in Australia rose to 3.4% y/y, exceeding both forecasts and the Reserve Bank of Australia’s 2–3% target range, increasing pressure on the central bank to act.Markets are pricing in a high probability (~76%) of a February rate hike, potentially marking a sharp policy reversal less than six months after the last rate cut.Strong labour market conditions and accelerating services inflation suggest underlying demand pressures remain elevated, testing the RBA’s credibility and policy resolve. The latest inflation data from Australia has once again raised concerns among monetary policymakers and investors. Core inflation (the trimmed mean) — regarded by the Reserve Bank of Australia (RBA) as the key measure of underlying price pressure — rose in the fourth quarter to 3.4% year on year. This reading not only exceeded market expectations (3.3%), but also moved above the upper bound of the RBA’s inflation target range (2–3%).On a quarterly basis, core inflation came in at 0.9%, in line with forecasts. However, the annual acceleration suggests that the disinflation process may be less durable than previously assumed.Headline inflation accelerates – energy and services in focusPrice pressures are also evident in headline inflation. In December, CPI rose to 3.8% y/y, up from 3.4% a month earlier. The largest contributors to the increase were:Housing: +5.5%Food and non-alcoholic beverages: +3.4%Recreation and culture: +4.4% zoom_out_map Australia Inflation Rate, source: TradingEconomics The composition of inflation deserves particular attention. Services inflation accelerated to 4.1% y/y, from 3.6%, typically signalling strong domestic demand and persistent wage pressures. Goods inflation, meanwhile, stood at 3.4% y/y, with electricity prices surging by 21.5%, further complicating efforts to rein in inflation.Labour market strength strengthens the case for tighter policyElevated inflation is accompanied by a relatively tight labour market. Unemployment has fallen to around 4%, suggesting that demand-side pressures in the economy remain strong. This macroeconomic mix — high inflation and low unemployment — significantly narrows the central bank’s room for manoeuvre and increases the risk that price pressures become entrenched.It is worth recalling that the RBA cut interest rates as recently as August, but already signalled in December that the next move could be a rate hike if inflation data proved concerning.Financial markets price in a February rate hikeMarket reaction has been swift. OIS contracts now price in around a 76% probability of a rate hike at the 2–3 February meeting. Such a move would represent a sharp pivot in monetary policy — less than six months after the last rate cut. At the same time, three-year government bond yields fell to 4.28%, possibly indicating that some investors view the recent rise in inflation as temporary or expect only a one-off tightening move by the RBA.Among major financial institutions, consensus is building around the upcoming meeting. Westpac Banking Corp. and ANZ Bank both expect a 25-basis-point rate hike, taking the cash rate to 3.85%. Westpac, however, stresses that such a move does not necessarily mark the start of a sustained tightening cycle. A “wait-and-see” approach remains plausible, particularly if inflationary pressures prove short-lived and begin to ease in the months ahead. A stronger Australian dollar signals investor confidenceWithin the G10 currency universe, the Australian dollar has performed notably well. Since the start of the year, it has appreciated by over 4%, making it the second-best-performing currency in the group. The currency’s strength reflects both expectations of higher interest rates and investor confidence in Australia’s relative resilience amid global economic uncertainty. zoom_out_map Daily Timeframe of AUDUSD, source: TradingView The RBA decision as a test of credibilityThe upcoming RBA meeting in early February will carry significance beyond a single interest-rate decision. Following a recent easing cycle, the central bank now faces a credibility test: whether to pivot decisively in response to rising inflation or treat the latest data as a temporary disturbance. What is clear is that the recent inflation readings have substantially increased pressure on the RBA, and the February decision could set the tone for Australian monetary policy in the quarters ahead. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Gold likely formed a medium-term blow-off top: After surging to a record high of US$5,602, Gold reversed sharply with a 12% drop, signalling that the recent bullish acceleration phase has been damaged and may have peaked.Pullback driven by positioning and hawkish expectations: The sell-off appears driven more by stop-outs of leveraged long positions below US$5,238, amplified by speculation over a hawkish Fed Chair nominee, rather than any hard fundamental shock.Short-term bias turns corrective unless US$5,240 is reclaimed: Gold is now in a short-term corrective decline within a broader uptrend, with downside risks toward US$4,888–4,550 unless prices regain and hold above US$5,240, which would reopen upside squeeze risk This is a follow-up analysis and an update of our prior report, “Chart alert: Gold (XAU/USD) eyeing $5,000 and beyond as bullish acceleration intact”, published on 23 January 2026.Since the start of this week, Gold (XAU/USD) continued to extend its bullish acceleration and hit the intermediate resistance zone at US$5,049/5,149, as highlighted.The precious yellow metal printed a fresh all-time high of US$5,602 on Thursday, 29 January, and then staged a swift 11.8% decline to an intraday low of US$4,941 on Friday, 30 January, at the time of writing.The volatile movement seen in Gold (XAU/USD) in the past 24 hours has not been triggered by any concrete fundamental catalysts.Media reports suggesting that former US Federal Reserve Governor Kevin Walsh may be nominated as the next Fed Chair, an announcement expected later today by President Trump, have been cited as the catalyst behind the ongoing pullback in precious metals.Walsh is widely viewed as hawkish, raising concerns over tighter monetary policy and higher-for-longer interest rates, which have weighed on gold and broader precious metals prices.Based on technical analysis and order flows, it seems like short-term speculative leveraged long positions got stopped when Gold (XAU/USD) crossed below a short-term pivotal support at US$5,238.Overall, the short-term bullish acceleration phase for Gold has been damaged.Let’s now look at the latest short-term technical elements to decipher the yellow metal’s potential trajectory for the next 1 to 3 days.Short-term trend (1 to 3 days): Corrective decline within a medium-term uptrend zoom_out_map Fig. 1: Gold (XAU/USD) minor trend as of 30 Jan 2026 (Source: TradingView) zoom_out_map Fig. 2: Gold (XAU/USD) medium-term trend as of 30 Jan 2026 (Source: TradingView) Watch the US$5,240 short-term pivotal resistance on Gold (XAU/USD) to maintain the ongoing minor corrective decline sequence to expose the next intermediate supports at US$4,888, US$4,757, and US$4,630/4,550 (see Fig. 1).On the flip side, clearance and an hourly close above US$5,240 invalidates the bearish scenario for a squeeze up towards US$5,473 and a retest of the current all-time high area of US$5,600Key elements to support the short-term bearish bias The price actions of Gold (XAU/USD) have formed an impending daily bearish “Evening Star” candlestick pattern, which suggests this week’s bullish acceleration has transformed into a potential medium-term “blow-off” top (see Fig. 2).There is still further room for the current price actions to stage a further retracement towards the 20-day and 50-day moving averages. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Asia Market Wrap - Warsh to lead the Fed? Markets optimistic Global markets react to Fed newsEuropean economies showed surprising resilience and growth at the end of last year.Commodity price plunge, Gold down over 7%, Silver down 10%US PCE data and Trump announcement of Fed Chair laterMost Read: 2026 US Dollar Forecast: How the Fed, Government Spending, and AI Will Drive VolatilityGlobal stock markets fell and the US dollar rose on Friday after President Trump signaled he has chosen Kevin Warsh to be the new head of the Federal Reserve.Although Warsh generally prefers lower interest rates, investors view him as a "safe" choice who is unlikely to take extreme risks with the economy compared to other candidates.This news hit Asian markets hard, causing them to drop 1.4% on their worst day this month, driven largely by significant losses in Chinese companies.Despite this bad day, Asian stocks are still on track to finish the month with their best overall performance in three years, while Japan's Nikkei saw only a very small decline of 0.1%.European economies resilient The largest economies in Europe grew steadily at the end of last year, showing surprising strength despite facing many global challenges.Even though exports were low and unpredictable US trade policies caused uncertainty, increased spending by regular people and businesses kept the economy moving forward.This growth defied expectations that the region would suffer from trade wars, competition from China, and nearby military conflicts.Germany and Italy both grew by 0.3%, beating predictions, while Spain performed the best with strong 0.8% growth. France also expanded by 0.2%, which was exactly what experts had expected.European Session - Stocks eye positive end to January European stock markets rose slightly on Friday, putting them on track to finish January with a 2.6% gain.If this holds, it will be the seventh month in a row that stocks have gone up, the longest winning streak since 2021. Investors are feeling optimistic because of strong company profits, even though they remain worried about global trade wars and political tensions.Big brands helped lead the market higher; Adidas shares jumped 4% after announcing record sales and a plan to buy back stock, while Swatch rose over 7% thanks to solid growth. However, experts warn that this "New Year excitement" might fade if companies don't keep performing well.On the FX front, the US dollar strengthened on Friday, with the index that tracks its performance against six major currencies rising 0.37% to 96.48.The dollar gained 0.5% against the safe-haven Swiss franc, while other major currencies lost value against the greenback.The Euro dropped 0.3% to $1.1932, and the British Pound fell 0.4% to $1.3765.Additionally, the dollar climbed 0.5% against the Japanese yen, reaching a level of 153.88 yen.Currency Power Balance zoom_out_map Source: OANDA Labs Gold prices crashed more than 6.4% on Friday due to rumors that the next head of the Federal Reserve might prefer higher interest rates.Despite this sudden drop, Gold is still on track to record its best single month of gains since 1982.This historic rise has been driven by investors rushing to buy the metal as a safe place to protect their money during these uncertain economic and political times.Silver and Platinum also experienced massive selloffs with Silver down around 10%.Read More:Wild swings after the FOMC – North American session Market wrap for January 29Bitcoin under price pressure: (BTC/USD) fails to hold the $88000 level. Is a recovery on the way?Gold (XAU/USD), Silver (XAG/USD) Technical Outlook: Navigating the Current Climate as Gold Taps $5300/oz, Silver Eyes Wedge BreakoutEconomic Calendar and Final Thoughts Data is largely thin today with Euro Area GDP released already. Geopolitical developments likely remain key with tariffs and the evolving US-Iran situation worth monitoring.In the US session we will get some high impact data in the form of PCE data which is the Feds preferred inflation gauge.Market participants are also distracted by news from the US, as they wait for President Trump to announce his choice for the next head of the Federal Reserve later today, with Kevin Warsh seen as the favorite. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 From a technical perspective, the FTSE 100 index has bounced off the 100-day MA on the four-hour timeframe once more. This seems to a be a recurring theme this week.This puts the index looking like it is on its way to fresh highs..Immediate resistance rests at 10243 with a break above eyeing the 10277 handle before the 10300 handle comes into focus.A move lower here may find support at 10178 before the psychological 10000 handle and the 200-day MA at 9973 comes into focus.FTSE 100 Index Daily Chart, January 30, 2026 zoom_out_map Source: TradingView.com (click to enlarge) Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.