The macroeconomic calendar today is relatively busy. We’ve already received CPI data from Switzerland, which—as is often the case with Swiss numbers—delivered no surprises, landing right in line with expectations at 0.1%. Switzerland continues to maintain its reputation for data stability.
Looking ahead, we’re waiting on flash CPI estimates from the Eurozone, which could stir some volatility in European assets. Later in the day, JOLTS job openings data will be released from the U.S., giving insight into labor market dynamics that could influence rate path expectations.
As for market behavior, the European indices opened on the back foot, experiencing a quick drop in the early minutes of the session. However, we’ve since seen a swift recovery, making this morning a classic tug of war between bulls and bears. Whether buyers can sustain this bounce or if sellers regain control remains to be seen.
On the currency front, we’re witnessing strength in the Japanese Yen and U.S. Dollar, while other major currencies appear to be on the defensive. The risk-off mood in metals and continued strength in oil provide more color to the sentiment.
Speaking of commodities, oil is extending its bullish momentum from Monday, adding to its gains and signaling sustained optimism or supply-side concerns. Meanwhile, metals are clearly under pressure—silver is down 1.2%, and copper is plunging 2.5%, pointing to weakening industrial demand or profit-taking after recent highs.
Volatility is alive across asset classes today, and the tone for the remainder of the session will likely hinge on the upcoming inflation prints and U.S. labor data.