As is often the case, Thursday brings with it a packed economic calendar, and today is no exception. The day kicked off with job data from Australia, which significantly beat expectations—employment change was much higher than forecasted. However, in a twist of market behavior, the Australian dollar remains one of the weakest currencies despite the strong numbers. This shows that traders may be positioning based on broader sentiment rather than reacting purely to macro data.
Looking ahead, GDP figures from the UK and U.S. inflation data (this time in the form of PPI—Producer Price Index) will be in focus. Additionally, we’ll get U.S. retail sales data and a speech from Jerome Powell, all of which could increase market volatility in the latter part of the day.
On the earnings front, the season is winding down, but we still have notable names reporting. Today’s key players are Walmart and Alibaba, both set to report before the market opens. Their performance could influence both retail and tech sentiment across global markets.
As for currencies, the standout this morning is the Japanese yen, which is currently the strongest currency in the basket. Meanwhile, Canadian and U.S. dollars are showing weakness, and the Australian dollar, despite the strong jobs print, is underperforming.
Turning to commodities, the picture is mixed. Oil, after showing strength earlier in the week, is now giving back gains and struggling to hold recent levels. Similarly, gold, silver, and other precious metals are in retreat, continuing a midweek correction that’s put pressure on the sector. The ongoing correction in gold is especially notable and raises the question of whether this is a short-term dip or the start of a more prolonged downtrend.
Equity indices, meanwhile, are slightly lower today, but remain close to long-term highs. A standout story here is the Nasdaq, which is now positive year-to-date for 2025—a milestone that hasn’t been reached in months.
So while we’re seeing some short-term corrections across assets, the broader trend in equities remains bullish, while commodities and FX markets are showing more mixed, nuanced moves. Let’s see how today’s key data releases and earnings shape the remainder of the trading day.