Light Data, Heavy Metals: Markets Drift as Copper and Palladium Surge

In terms of macroeconomic releases, today is as light as it gets. There are no Tier 1 data points, with the only notable release being U.S. unemployment claims, which came in slightly lower than expected at 227,000. It’s a small surprise, but not enough to shake broader market direction.

Looking ahead, Friday will bring more action with UK GDP and Canadian jobs data — both of which could spark volatility in FX pairs and equities tied to those regions.

With the calendar dry, attention has shifted back to trade tensions. The headline overnight was Donald Trump slapping a 50% tariff on Brazilian goods, another unexpected move in the ongoing trade chess match. While this particular action may not shake the global economy, it reinforces the narrative that trade policy risk is back on the radar.

Despite the lack of hard data, markets remain relatively calm. European indices continue to post gains and are on track for a positive weekly close. Meanwhile, U.S. futures are drifting sideways, showing no clear conviction as traders wait for Friday’s catalysts.

In the FX space, strength is emerging in the Australian dollar and the U.S. dollar, with the latter picking up momentum especially during the second half of the European session. On the other side, we’re seeing weakness in traditional safe havens — the Swiss franc and Japanese yen are both losing ground.

Commodities are showing the most notable movement today.

Oil prices are under pressure, pulling back sharply and threatening to turn negative on the week. Meanwhile, metals are split:

• Palladium is the standout performer, up more than 5%.
   

• Platinum is following with a 3.5% gain.
   

• Copper continues to surge higher, up another 2.5%, as it remains sensitive to trade headlines — especially those involving industrial economies.
   

• Gold and silver are moving sideways. Gold, in particular, is attempting a modest recovery after this week’s decline but hasn’t regained bullish momentum yet.
   

So while the calendar is empty, the market is quietly recalibrating, especially around the evolving trade picture and commodity flows. Friday's data could bring more clarity, but for now, Thursday is calm — with a few sparks worth watching.