08/01/2026
🚨 **Risk-on in the markets but don’t get complacent.**
Stocks are higher and the U.S. dollar remains firm, pushing gold lower. Oil prices are also rising as Middle East tensions keep traders cautious heading into the weekend.
The biggest story? **The Japanese yen.** 🇯🇵
The Bank of Japan held rates steady after a surprise currency intervention. The yen initially surged, but without the “one-two punch” of intervention plus a rate hike, the impact may remain limited - especially as the U.S.–Japan interest-rate gap continues to favor USD/JPY.
Also moving markets:
📉 Weaker Chinese data
📈 Stronger Eurozone and Australian inflation
📉 Weaker Swiss retail sales
📅 U.S. nonfarm payrolls ahead
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