China Taking Stock Of US Trade Deficit Figures

Adam Taylor

9/3/2021

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The US official trade deficit number with China is $375.2bn in 2017. But According to China Customs General Administration, this number should be $275.8bn. Notice there is a vast gap between the versions from two sides.

So, which version is closer to the facts? Firstly, let’s start this debate by looking at the US perspective. Previously in the 1990s and early 2000s, most of the imports from China were low-value, labor-intensive products such as toys, clothes, footwear, etc.

And even now, China are still producing these kinds of products. However, over the past decade, an increasing proportion of US imports from China are more technologically advanced products (US calls it ATP). From the table below, we can see that, among the top 5 categories of import products, three of them are ATP by the US’s definition.

According to the U.S. Census Bureau, U.S. imports of ATP from China in 2017 totaled $171.1 billion. Information and communications products (i.e., Phones and Pads) were by far the most significant U.S.

ATP import from China, accounting for 91% of U.S. ATP imports from China and 60% of U.S. global imports of this category (see table below). This would generally go against common sense, right?

Let me explain. As we all know, Apple is the largest company in the world to produce mobile phones and IPads, and the second largest is Samsung, which is a Korean company. Although Huawei is the third largest mobile phones producer, the US government entirely banned Huawei from entering the US market due to “national security” reasons.

So how did phones and pads become the largest category that the US imported from the Chinese? An explanation from China's point of view helps reveal this mystery. Firstly, there are two terms that we learned in Economics 101, Finished Product and Intermediate goods.

An intermediate good is a product used to produce a finished product. For example, in the case of producing an iPhone, Chinese factories contribute only 6% of the components (which is Assembly). All the other significant parts such as Hardware, Touchscreen& Glass, Battery, etc. these typically come from other countries such as South Korea and Japan.

If we take all those parts which come from Korea & Japan out of the US/China Trade Balance, the trade deficit will decrease one-third straight away. Below is a breakdown of the costs for various components of an average iPhone. Moreover, when an iPhone finished assembly and shipped and sold to US customers, it was Apple, a US company, who earned most of the profits, not Chinese assembly factories.

However, just because the assembly is the last step of the manufacturing process, and the phones did “shipped from China to the US,” the US government defined this as “imports from China.” Based on this knowledge, it appears the US might be deliberately twisting the terminology to fool the general public, helping to fuel the current dispute against China. There are hundreds more similar examples like this. These include iPhone, Dell who assembles their laptops in Shanghai, Boeing who assembles their planes in Tianjin, and most recently, Elon Musk who announced that he wants to open an assembly factory in Shanghai.

In conclusion, the US government seems to be exaggerating the trade deficit figures to help justify starting a trade war with China. This idea may sound like a conspiracy, but when you consider the many influential world powers throughout history who have leveraged their strength and resources to suppress their competitors, it makes more sense. Particularly those deemed to be in second place.

Think about the cold war between the US and Soviet Union; it just passed not too long ago. Lanson Chen GO Markets Analyst This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions.

Trading Forex and Derivatives carries a high level of risk. Sources: USCITC DataWeb, US Census Bureau, Teardown.com

Adam Taylor

CFTe. Director, Go Markets London.

Artikel ini ditulis oleh analis dan kontributor GO Markets berdasarkan analisis independen atau pengalaman pribadi mereka. Pandangan, opini, atau gaya trading yang diungkapkan sepenuhnya merupakan milik penulis, dan tidak mewakili atau dibagikan oleh GO Markets. Setiap saran yang diberikan bersifat “umum” dan tidak mempertimbangkan tujuan, situasi keuangan, atau kebutuhan pribadi Anda. Sebelum mengambil tindakan berdasarkan saran tersebut, pertimbangkan apakah saran tersebut sesuai dengan tujuan, situasi keuangan, dan kebutuhan Anda. Jika saran tersebut berkaitan dengan perolehan produk keuangan tertentu, Anda harus memperoleh Pernyataan Pengungkapan (Disclosure Statement/DS) dan dokumen hukum lainnya yang tersedia di situs web kami sebelum membuat keputusan apa pun.

Venezuela headlines and the Asia open: oil spreads to watch

Asia starts the week with a fresh geopolitical shock that is already being framed in oil terms, not just security terms. The first-order move may be a repricing of risk premia and volatility across energy and macro, while markets wait to see whether this becomes a durable physical disruption or a fast-fading headline premium.

At a glance

What happened: US officials said the US carried out “Operation Absolute Resolve”, including strikes around Caracas, and that Venezuela’s President Nicolás Maduro and his wife were taken into US custody and flown to the United States (subject to ongoing verification against the cited reporting).
What markets may focus on now: Headline-driven risk premia and volatility, especially in products and heavy-crude-sensitive spreads, rather than a clean “missing barrels” shock.
What is not happening yet: Early pricing has so far looked more like a headline risk premium than a confirmed physical supply shock, though this can change quickly, with analysts pointing to ample global supply as a possible cap on sustained upside.
Next 24 to 72 hours: Market participants are likely to focus on the shape of the oil “quarantine”, the UN track, and whether this stays “one and done” or becomes open-ended.
Australia and Asia hook: AUD as a risk barometer, Asia refinery margins in diesel and heavy, and shipping and insurance where the price can show up in friction before it shows up in benchmarks.

What happened, facts fast

Before anyone had time to workshop the talking points, there were strikes, there was a raid, and there was a custody transfer. US officials say the operation culminated in Maduro and his wife being flown to the United States, where court proceedings are expected.

Then came the line that turned a foreign policy story into a markets story. President Trump publicly suggested the US would “run” Venezuela for now, explicitly tying the mission to oil.

Almost immediately after that came a message-discipline correction. Secretary of State Marco Rubio said the US would not govern Venezuela day to day, but would press for changes through an oil “quarantine” or blockade.

That tension, between maximalist presidential rhetoric and a more bureaucratically describable “quarantine”, is where the uncertainty lives. Uncertainty is what gets priced first.

Why this is price relevant now

What’s new versus known for positioning

What’s new, and price relevant, is that the scale and outcome are not incremental. A major military operation, a claimed removal of Venezuela’s leadership from the country, and a US-led custody transfer are not the sort of things markets can safely treat as noise.

Second, the oil framing is explicit. Even if you assume the language gets sanded down later, the stated lever is petroleum. Flows, enforcement, and pressure via exports.

Third, the embargo is not just a talking point anymore. Reporting says PDVSA has begun asking some joint ventures to cut output because exports have been halted and storage is tightening, with heavy-crude and diluent constraints featuring prominently.

What’s still unknown, and where volatility comes from

Key unknowns include how strict enforcement is on water, what exemptions look like in practice, how stable the on-the-ground situation is, and which countries recognise what comes next. Those are not philosophical questions. Those are the inputs for whether this is a temporary risk premium or a durable regime shift.

Political and legal reaction, why this drives tail risk

The fastest way to understand the tail here is to watch who calls this illegal, and who calls it effective, then ask what those camps can actually do.

Internationally, reaction has been fast, with emphasis on international law and the UN Charter from key partners, and UN processes in view. In the US, lawmakers and commentators have begun debating the legal basis, including questions of authority and war powers. That matters for markets because it helps define whether this is a finite operation with an aftershock, or the opening chapter of a rolling policy regime that keeps generating headlines.

Market mechanism, the core “so what”

Here’s the key thing about oil shocks. Sometimes the headline is the shock. Sometimes the plumbing is the shock.

Venezuela’s heavy-crude system: Orinoco production, key pipelines, and export/refining bottlenecks.

Volumes and cushion

Venezuela is not the world’s swing producer. Its production is meaningful at the margin, but not enough by itself to imply “the world runs out of oil tomorrow”. The risk is not just volume. It is duration, disruption, and friction.

The market’s mental brake is spare capacity and the broader supply backdrop. Reporting over the weekend pointed to ample global supply as a likely cap on sustained gains, even as prices respond to risk.

Quality and transmission

Venezuela’s barrels are disproportionately extra heavy, and extra heavy crude is not just “oil”. It is oil that often needs diluent or condensate to move and process. That is exactly the kind of constraint that shows up as grade-specific tightness and product effects.

Reporting has highlighted diluent constraints and storage pressure as exports stall. Translation: even if Brent stays relatively civil, watch cracks, diesel and distillates, and any signals that “heavy substitution” is getting expensive.

Heavy-light spread as a stress gauge: rising differentials can signal costly substitution and tighter heavy supply.

Products transmission, volatility first, pump later

If crude is the headline, products are the receipt, because products tell you what refiners can actually do with the crude they can actually get. The short-run pattern is usually: futures reprice risk fast, implied volatility pops; physical flows adapt more slowly; retail follows with a lag, and often with less drama than the first weekend of commentary promised.

For Australia and Asia desks, the bigger point is transmission. Energy moves can influence inflation expectations, which can feed into rates pricing and the dollar, and in turn affect Asia FX and broader risk, though the links are not mechanical and can vary by regime.

Some market participants also monitor refined-product benchmarks, including gasoline contracts such as reformulated gasoline blendstock, as part of that chain rather than as a stand-alone signal.

Historical context, the two patterns that matter

Two patterns matter more than any single episode.

Pattern A: scare premium. Big headline, limited lasting outage. A spike, then a fade as the market decides the plumbing still works.

Pattern B: structural. Real barrels are lost or restrictions lock in; the forward curve reprices; the premium migrates from front-month drama to whole-curve reality.

One commonly observed pattern is that when it is only premium, volatility tends to spike more than price. When it is structural, levels and time spreads move more durably.

The three possible market reactions

Contained, rhetorical: quarantine exists but porous; diplomacy churns; no second-wave actions. Premium bleeds out; volatility mean-reverts.

Embargo tightens, exports curtailed, quality shock: enforcement hardens; PDVSA cuts deepen; diluent constraints bite. Heavies bid; cracks and distillates react; freight and insurance add friction.

Escalation, prolonged control risk: “not governing” language loses credibility; repeated operations; allies fracture further. Longer-duration premium; broader risk-off impulse across FX and rates.

Australia and Asia angle

For Sydney, Singapore, and Hong Kong screens, this is less about Venezuelan retail politics and more about how a Western Hemisphere intervention bleeds into Asia pricing.

AUD is the quick and dirty risk proxy. Asia refiners care about the kind of oil and the friction cost. Heavy crude plus diluent dependency makes substitution non-trivial. If enforcement looks aggressive, the “price” can show up in freight, insurance, and spreads before it shows up in headline Brent.

Catalyst calendar, key developments markets may monitor

US policy detail: quarantine rules, enforcement posture, exemptions.
UN and allies: statements that signal whether this becomes a long legitimacy fight.
PDVSA operations: storage, shut-ins, diluent availability, floating storage signals.
OPEC+ signalling: whether the group stays committed to stability if spreads blow out.

GO Markets

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January 5, 2026

U.S. Government Shutdown 2025: What Traders Need to Know

The United States entered a government shutdown on October 1, 2025, after Congress failed to agree on full-year appropriations or a short-term funding bill. Although shutdowns have occurred before, the timing, speed, scale, and motives behind this one make it unique. This is the first shutdown since the last Trump term in 2018–19, which lasted 35 days, the longest in history.For traders, understanding both the mechanics and the ripple effects is essential to anticipating how markets may respond, particularly if the shutdown draws out to multiple weeks as currently anticipated.

What Is a Government Shutdown?

A government shutdown occurs when Congress fails to pass appropriation bills or a temporary extension to fund government operations for the new fiscal year beginning October 1.Without the legal authority to spend, federal agencies must suspend “non-essential” operations, while “essential” services such as national security, air traffic control, and public safety continue, often with employees working unpaid until funding is restored.Since the Government Employee Fair Treatment Act of 2019, federal employees are guaranteed back pay to cover lost wages once the shutdown ends, although there has been some narrative from the current administration that some may not be returning to work at all.

Why Did the Government Shutdown Happen?

The 2025 impasse stems from partisan disputes over spending levels, health-insurance subsidies, and proposed rescissions of foreign aid and other programs. The reported result is that around 900,000 federal workers are furloughed, and another 700,000 are currently working without pay.Unlike many past standoffs, there was no stopgap agreement to keep the government open while negotiations continued, making this shutdown more disruptive and unusually early.

Why an Early Shutdown?

Historically, most shutdowns don’t occur immediately on October 1. Lawmakers typically kick the can down the road with a “Continuing Resolution (CR)”. This is a stopgap measure that can extend existing funding for weeks or months to allow time for an agreement later in the quarter.The speed of the breakdown in 2025, with no CR in place, is unusual compared to past shutdowns. It suggests it was not simply budgetary drift, but a potentially deliberate refusal to extend funding.

Alternative Theories Behind the Early Shutdown

While the main narrative coming from the U.S. administrators points to budget deadlock, several other theories are being discussed across the media:

Executive Leverage – The White House may be using the shutdown as a tool to increase bargaining power and force structural policy changes. Health care is central to the debate, funding for which was impacted significantly by the “one big, beautiful bill” recently passed through Congress.
Hardline Congressional Factions – Small but influential groups within Congress, particularly on the right, may be driving the shutdown to demand deeper cuts.
Political Messaging – The blame game is rife, despite the reality that Republican control of the presidency, House, and Senate, as well as both sides, is indulging in the usual political barbs aimed at the other side. As for the voter impact, Recent polls show that voters are placing more blame on Republicans than Democrats at this point, though significant numbers of Americans suggest both parties are responsible
Debt Ceiling Positioning – Creating a fiscal crisis early could shape the terms of future negotiations on borrowing limits.
Electoral Calculus – With midterms ahead, both sides may be positioning to frame the narrative for voters.
Systemic Dysfunction – A structural view is that shutdowns have become a recurring feature of hyper-partisan U.S. politics, rather than exceptions.

Short-Term Impact of Government Shutdown

AreaImpactFederal workforceHundreds of thousands have been furloughed with reduced services across various agencies.Travel & aviationFAA expects to furlough 11,000 staff. Inspections and certifications may stall. Safety concerns may become more acute if prolonged shutdown.Economic outputThe White House estimates a $15 billion GDP loss per week of shutdown (source: internal document obtained by “Politico”.Consumer spendingFederal workers and contractors face delayed income, pressuring local economies. Economic data releaseKey data releases may be delayed, impacting the decision process at the Fed meeting later this month.Credit outlookScope Ratings and others warn that the shutdown is “negative for credit” and could weigh on U.S. borrowing costs.Projects & researchInfrastructure, grants, and scientific initiatives are delayed or paused.

Medium- to Long-Term Impact of Government Shutdown

1. Market Sentiment

Shutdowns show some degree of U.S. political dysfunction. They can weigh on confidence and subsequently equity market and risk asset sentiment. To date, markets are shrugging off a prolonged impact, but a continued shutdown into later next week could start to impact.Equity markets have remained strong, and there has been no evidence of the frequent seasonal pullback we often see around this time of year.Markets have proved resilient to date, but one wonders whether this could be a catalyst for some significant selling to come.

2. Borrowing Costs

Ratings downgrades could lift Treasury yields and increase debt-servicing costs. The Federal Reserve is already balancing sticky inflation and potential downward pressure on growth. This could make rate decisions more difficult.

3. The Impact on the USD

Rises in treasury yields would generally support the USD. However, rising concerns about fiscal stability created by a prolonged shutdown may put further downward pressure on the USD. Consequently, it is likely to result in buying into gold as a safe haven. With gold already testing record highs repeatedly over the last weeks, this could support further moves to the upside.

4. Credibility Erosion

Repeated shutdowns weaken the U.S.’s reputation as the world’s most reliable borrower. With some evidence that tariffs are already impacting trade and investment into the US, a prolonged shutdown could exacerbate this further.

What Traders Should Watch

For those who trade financial markets, shutdowns matter more for what they could signal both in the short and medium term. Here are some of the key asset classes to watch:

Equities: Likely to see volatility as political risk rises, and the potential for “money off the table” after significant gains year-to-date for equities.
U.S. Dollar: With the US dollar already relatively weak, further vulnerability if a shutdown feeds global doubts about U.S. fiscal stability.
Gold and other commodities: May continue to gain as hedges against political and credit risk. Oil is already threatening support levels; any prolonged shutdown may add to the bearish narrative, along with other economic slowdown concerns
Outside the US: With the US such a big player in global GDP, we may see revisions in forward-looking estimates, slingshot impacts on other global markets and even supply chain disruptions with impact on customs services (potentially inflationary).

Final Word

The 2025 shutdown is unusual because of its scale and because it started on Day 1 of the fiscal year, without even a temporary extension. That speed points to a deeper strategic and political contribution beyond the usual budget wrangling that we see periodically.For traders, the lesson is clear: shutdowns are not just what happens in Washington, but may impact confidence, borrowing costs, and market sentiment across a range of asset classes. In today’s world, where political credibility is a form of capital, shutdowns have the potential to erode the very foundation of the U.S.’s role in global finance and trade relationships.

Mike Smith

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October 3, 2025

The US Entering the War – What Does It Mean for Oil?

The US has entered the Israel-Iran war. However, despite an initial 4 per cent surge on the open, oil has settled where it has been since the conflict began in early June — around US$72 to US$75 a barrel.Trump claims the attacks from the US on Iranian nuclear facilities over the weekend are a very short, very tactical, one-off. This is something his base can get behind — some really big conservative players do not want a long-contracted war that sucks the US into external disputes.Whether this will be the case or not is up for debate, but there is a precedent from Trump's first presidency that we can look to. Iran had attacked several American bases in 2019, as well as attacking Saudi Arabia's most important oil refinery with Iranian drones. There wasn't a huge amount of damage; it was more a symbolic movement and display of capabilities by Iran.Initially, Trump didn't react — it took pressure from Gulf allies like the UAE and Israel for him to respond, which saw him order the assassination of the head of the Iranian Defence Force, Qasem Soleimani. This led to an Iranian response of ‘lots of noise’ and ‘cage rattling’, but minimal real action events, just a few drone attacks. Trump is betting on the same reaction now.If Iran follows the same patterns from the previous engagement, the geopolitical side of this is already at its peak.As of now, Iran is not going after or destroying major Gulf energy capabilities. Nor have there been any disruptions to the shipping traffic through the Strait of Hormuz. In fact, apart from a posturing vote to block the Strait, Iran has not made any indication that it is going to disrupt oil in any way that would lead to price surges.Additionally, despite the U.S. military equipment buildup in the region being its highest since the Iraq war, critical Iranian energy infrastructure is running largely unscathed.This all suggests that the geopolitics and the physical and futures oil markets remain disconnected. Oil will spike on news rumours, but the actual impacts in the physical realm to this point remain low. Of course, this could change in future. But, for now, the risk of seeing oil move to US$100 a barrel is still a minority case rather than the majority.

Evan Lucas

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June 24, 2025

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Enam kesalahan perdagangan umum selama Olimpiade (dan cara menghindarinya)

Olimpiade dan Olimpiade Musim Dingin menarik perhatian global selama berminggu-minggu, menarik jutaan pemirsa dan mendominasi berita utama. Bagi para pedagang, perhatian ini sering terasa seperti katalis, namun pendorong pasar sebenarnya tetap sama: ekonomi makro, kebijakan, dan sentimen risiko global, bukan kalender olahraga.

Jadi mengapa beberapa pedagang mengatakan hasil terasa lebih lemah selama acara olahraga besar?

Seringkali terjadi kegagalan untuk beradaptasi dengan kondisi yang dapat bergeser pada margin, terutama likuiditas dan partisipasi.

1. Mengharapkan “volatilitas peristiwa”

Peristiwa global besar dapat menciptakan asumsi bahwa pasar seharusnya bergerak lebih banyak. Beberapa pedagang memposisikan posisi untuk breakout atau meningkatkan risiko untuk mengantisipasi perubahan yang lebih besar, bahkan ketika kondisi tidak mendukungnya.

Driver kunci

Di beberapa pasar dan sesi, penurunan partisipasi dapat melemahkan tindak lanjut tren

Sentimen dapat meningkatkan ekspektasi di luar apa yang diberikan aksi harga

Contoh: Seorang pedagang mengharapkan breakout selama periode upacara pembukaan Olimpiade, tetapi partisipasi regional yang rendah membatasi pergerakan harga, yang mengarah ke start yang salah.

2. Memaksa perdagangan dalam sesi tenang

Ketika aksi harga lebih lambat dan rentang terkompresi, beberapa pedagang merasakan tekanan untuk tetap aktif dan mengambil entri berkualitas rendah.

Driver kunci

Rentang intraday yang sempit dapat meningkatkan sinyal palsu

Keyakinan yang lebih rendah dapat mendukung konsolidasi daripada tren, meningkatkan risiko false-break

“Tetap terlibat” dapat mengurangi selektivitas

Takeaway: Gunakan sesi yang lebih tenang untuk menyempurnakan pengaturan atau meninjau data daripada memaksa perdagangan marjinal.

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3. Mengabaikan likuiditas lebih tipis

Partisipasi dapat sedikit mereda selama acara global besar, dan dampaknya sering lebih jelas pada jangka waktu yang lebih pendek. Grafik harian mungkin terlihat normal, sementara aksi harga intraday menjadi lebih mudah dengan lebih banyak sumbu.

Driver kunci

Dalam kondisi kedalaman yang lebih rendah, harga dapat melonjak lebih mudah, dan ukuran sumbu dapat meningkat

Dalam beberapa instrumen dan sesi, likuiditas yang lebih tipis dapat bertepatan dengan spread yang lebih luas dan eksekusi yang lebih bervariasi (bervariasi menurut pasar, tempat, dan kondisi broker)

Sensitivitas jangka waktu terhadap kondisi yang lebih tipis

Tabel di atas hanya ilustratif (bervariasi menurut pasar): Grafik harian mungkin terlihat normal. Grafik lima menit bisa terasa lebih tidak menentu.

Contoh sumbu besar volume rendah

4. Menggunakan ukuran normal dalam kondisi abnormal

Bahkan jika volatilitas keseluruhan terlihat stabil, risiko eksekusi dapat meningkat ketika likuiditas menipis, terutama untuk pendekatan jangka pendek atau gaya scalping.

Driver kunci

Selip dapat meningkat, dan berhenti mungkin “melebihi”

Kondisi tipis dapat memicu berhenti lebih mudah dalam kebisingan

Spread yang lebih luas dapat mengubah hasil masuk/keluar dibandingkan kondisi normal

Penyesuaian: Mempertahankan ukuran tetap dapat mendistorsi efektif risiko. Beberapa trader meninjau biaya transaksi, termasuk spread, dan kondisi eksekusi saat menetapkan parameter risiko seperti stops/limit, terutama dalam sesi yang lebih tipis.

5. Terobosan perdagangan dengan tindak lanjut rendah

Taktik mengikuti tren dapat goyah ketika partisipasi menurun. Momentum dapat menghilang dengan cepat, dan jeda palsu menjadi lebih umum.

Driver kunci

Aliran yang berkurang dapat membatasi gerakan terarah yang berkelanjutan

Beberapa rezim likuiditas rendah mungkin mendukung reversi berarti daripada momentum

Contoh: Terobosan rentang klasik tampak valid intraday tetapi memudar dengan cepat karena volume tindak lanjut gagal terwujud.

Contoh breakout yang gagal

6. Mengabaikan waktu dan risiko gangguan

Tidak ada bukti yang dapat diandalkan bahwa kalender Olimpiade dapat diprediksi mendorong peristiwa geopolitik. Tetapi ketika ketegangan sudah meningkat, peristiwa global besar kadang-kadang dapat bertepatan dengan perhatian yang tersebar di tempat lain, agak mirip dengan hari libur, pemilihan umum atau KTT besar.

Pedagang harus mengidentifikasi kapan kondisinya lebih lambat atau lebih tipis dan menyesuaikannya, menyelaraskan taktik dengan risiko tindak lanjut yang berkurang dan mengkalibrasi ukuran posisi dengan realitas eksekusi. Yang terpenting, hindari memaksa perdagangan ketika tepi terbatas selama periode ini.

Meningkatkan peristiwa ekonomi

Mike Smith

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February 10, 2026

Daftar periksa Euro Week: Apa yang harus diperhatikan pedagang FX selama Olimpiade Milan?

Obor dinyalakan di Milan, dan perhatian publik telah berpindah dari teater upacara pembukaan ke kompetisi di lereng.

Tetapi untuk pedagang forex (FX), mata masih tertuju pada grafik euro (EUR). Dengan Italia di pusat dunia olahraga, ekonomi zona euro menghadapi salah satu momen yang paling banyak ditonton tahun ini.

1. Keuntungan lapangan kandang (ekonomi Italia)

Beberapa perkiraan menunjukkan Olimpiade dapat memberikan dorongan sekitar €5,3 miliar untuk ekonomi Italia, didorong oleh pengeluaran langsung dan ekor pariwisata yang lebih lama setelah nyala api padam. Secara praktis, itu bisa berarti fase “pengeluaran langsung” yang dimuat di depan. Permintaan perhotelan, ritel, dan transportasi dapat memuncak karena diperkirakan 2,5 juta penonton bergerak antara Milan dan Dolomites.

Tugas daftar periksa: Tonton produksi industri Italia (Rabu, 11 Februari 2026). Meskipun Olimpiade dapat mendukung aktivitas layanan, ada baiknya melacak apakah data produksi yang lebih luas mengikuti kecepatan atau apakah dampak Olimpiade terkonsentrasi sempit di sektor-sektor yang terkait dengan pariwisata.

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2. Sinyal ECB

Pada pertemuan 5 Februari, Bank Sentral Eropa (ECB) mempertahankan pengaturan kebijakan stabil di 2,15% dan fasilitas deposito di 2,00%. Presiden Christine Lagarde mengisyaratkan bahwa sementara inflasi tampaknya stabil, ECB tetap dalam mode “tunggu dan lihat”.

Tugas daftar periksa: Pantau pidato dari anggota ECB minggu ini. Setiap perubahan nada, termasuk kemiringan yang lebih hawkish yang menunjukkan suku bunga mungkin tetap lebih tinggi untuk waktu yang lebih lama, dapat bertindak sebagai angin belakang potensial untuk EUR/USD, terutama jika kontras dengan nada Federal Reserve yang lebih berhati-hati.

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3. Navigasi tumpang tindih London-New York

Final Olimpiade paling bergengsi sering mendarat di malam Eropa. Untuk pedagang, ini sejalan dengan sesi London ke New York tumpang tindih (biasanya 14:00 hingga 17:00 GMT). Saat itulah likuiditas terdalam dalam persimpangan EUR dan saat penentuan posisi dapat mempengaruhi data dan berita utama.

Tugas daftar periksa: Harapkan kemungkinan likuiditas puncak dan potensi “breakout palsu” selama jam-jam ini. Jika titik data utama AS (seperti penjualan ritel Selasa, atau CPI Jumat) mendarat sementara pasar Eropa masih terbuka, pasangan EUR mungkin melihat kenaikan volatilitas.

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GO Markets minggu depan

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4. Lereng tempat berlindung yang aman

Sementara euro adalah bintang pertunjukan, Olimpiade masih bisa dibayangi oleh kebisingan geopolitik yang lebih luas. Misalnya, emas sudah diperdagangkan di sekitar level US $5.000 setelah sempat menembus di atasnya pada awal Februari, didorong oleh pembelian bank sentral, ekspektasi dolar yang lebih lemah, dan perkiraan akhir tahun yang ditingkatkan.

Tugas daftar periksaJika sentimen mengubah risiko, perhatikan aset surga tradisional seperti franc Swiss (CHF) dan emas. Emas telah mengalami perubahan besar baru-baru ini dan saat ini sedang menguji resistensi di dekat US $5.000. EUR/CHF juga dapat melihat volatilitas yang lebih tinggi jika berita utama geopolitik meningkat selama Olimpiade.

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5. Peringkat akhir PDB

Minggu ini ditutup dengan PDB Q4 zona euro (perkiraan kedua) pada hari Jumat, 13 Februari 2026.

Tugas daftar periksa: Perkiraan awal menunjukkan pertumbuhan 0,3%. Jika angka tersebut direvisi ke atas, itu dapat memperkuat ketahanan zona euro dan dapat mendukung tawaran akhir minggu dalam EUR.

*Tingkat pertumbuhan PDB tahunan kawasan Euro |* *Ekonomi Perdagangan*

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Intinya

Sementara “dorongan Olimpiade” mungkin menawarkan bantalan sentimen bagi Italia, arah euro kemungkinan masih akan dibentuk oleh apakah sikap “tunggu dan lihat” ECB ditantang oleh pembaruan PDB hari Jumat atau rilis produksi industri hari Rabu.

Dengan emas melayang di dekat US $5.000 dan AS menghadapi kalender yang dipengaruhi oleh data yang dijadwalkan ulang, volatilitas dapat tetap meningkat ke jam-jam tumpang tindih utama, tepat saat peristiwa prime-time sedang berlangsung.

GO Markets

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February 10, 2026

Jadwal pedagang untuk Olimpiade Musim Dingin Milano Cortina

Panduan lengkap harian Anda tentang peluang medali Australia dan momen pergerakan pasar selama Olimpiade Musim Dingin Milano Cortina.

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Fakta Singkat

Upacara Pembukaan: 6:00 pagi, 7 Februari AEDT (8:00 malam, 6 Februari Milan).
Jendela tampilan utama: 4:00 pagi hingga 14:00 AEDT setiap hari bertepatan dengan jam perdagangan pra-pasar dan ASX.
Upacara medali: Biasanya berjalan dari pukul 6:00 pagi hingga 7:00 pagi AEDT. Sempurna untuk penyesuaian posisi pra-pasar.
53 Atlet Australia bersaing: Tim Olimpiade Musim Dingin Australia terbesar kedua yang pernah ada, dengan 10 pesaing medali asli.

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Jadwal Olimpiade GO Markets

GO Markets Olympic Schedule

Feb 7