The torch is lit in Milan, and public attention has moved from the opening-ceremony theatrics to the competition on the slopes.

But for forex (FX) traders, eyes are still on the euro (EUR) charts. With Italy at the centre of the sporting world, the eurozone economy is facing one of its most-watched moments of the year.

1. The home court advantage (Italy’s economy)

Some estimates suggest the Olympics could deliver roughly a €5.3 billion boost to the Italian economy, driven by direct spending and a longer tourism tail once the flame goes out. In practical terms, that can mean a front-loaded “direct expenditure” phase. Hospitality, retail and transport demand can peak as an estimated 2.5 million spectators move between Milan and the Dolomites.

Checklist task: Watch Italy industrial production (Wednesday, 11 February 2026). While the Games may support services activity, it’s worth tracking whether broader production data is keeping pace or if the Olympic impact is narrowly concentrated in tourism‑linked sectors.

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2. The ECB signals

At its 5 February meeting, the European Central Bank (ECB) held policy settings steady at 2.15% and the deposit facility at 2.00%. President Christine Lagarde signalled that while inflation appears to be stabilising, the ECB remains in “wait and see” mode.

Checklist task: Monitor speeches from ECB members this week. Any shift in tone, including a more hawkish tilt that suggests rates may stay higher for longer, could act as a potential tailwind for EUR/USD, especially if it contrasts with a more cautious Federal Reserve tone.

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3. Navigate the London-New York overlap

The most prestigious Olympic finals often land in the European evening. For traders, this lines up with the London to New York session overlap (typically 14:00 to 17:00 GMT). That’s when liquidity is deepest in EUR crosses and when positioning can whipsaw around data and headlines.

Checklist task: Expect possible peak liquidity and the potential for “false breakouts” during these hours. If a major US data point (such as Tuesday’s retail sales, or Friday’s CPI) lands while European markets are still open, EUR pairs may see a volatility pickup.

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GO Markets week ahead

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4. Safe haven slopes

While the euro is the star of the show, the Olympics can still be shadowed by broader geopolitical noise. For example, gold is already trading around the US$5,000 mark after briefly breaking above it in early February, driven by central‑bank buying, expectations of a weaker dollar, and upgraded year‑end forecasts.

Checklist task: If sentiment turns risk-off, watch traditional haven assets such as the Swiss franc (CHF) and gold. Gold has seen large swings recently and is currently testing resistance near US$5,000. EUR/CHF may also see higher volatility if geopolitical headlines intensify during the Games.

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5. GDP final standings

The week wraps with the eurozone’s Q4 GDP (second estimate) on Friday, 13 February 2026.

Checklist task: The preliminary estimate showed 0.3% growth. If the figure is revised upward, it may reinforce the eurozone’s resilience and could support a late-week bid in EUR.

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Bottom line

While the “Olympic boost” may offer a sentiment cushion for Italy, the euro’s direction is still likely to be shaped by whether the ECB’s “wait and see” stance is challenged by Friday’s GDP update or Wednesday’s industrial production release.

With gold hovering near US$5,000 and the US facing a calendar affected by rescheduled data, volatility could stay elevated into key overlap hours, right as prime-time events are taking place.

Your complete day-by-day guide to Australian medal chances and market-moving moments during the Milano Cortina Winter Olympics.

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Quick Facts

• Opening Ceremony: 6:00 am, 7 February AEDT (8:00 pm, 6 February Milan).
• Prime viewing window: 4:00 am to 2:00 pm AEDT daily coincides with pre-market and ASX trading hours.
• Medal ceremonies: Typically run from 6:00 am to 7:00 am AEDT. Perfect for pre-market position adjustments.
• 53 Australian athletes competing: The second-largest Australian Winter Olympic team ever, with 10 genuine medal contenders.

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GO Markets Olympic Schedule

Olympic Schedule

All times shown in AEDT

= Australian competing

🏅 = AUS medal chance

🔥 = Potential volatility

Feb 7

06:00

Opening Ceremony

Live from Milano

🔥

21:30

Men's Downhill Final

Harry Laidlaw

🔥

23:00

Women's 10km+10km Skiathlon

Rosie Fordham, Phoebe Cridland

🔥

Feb 8

05:30

Men's Snowboard Big Air Final

Valentino Guseli

🏅🔥

05:57

Women's NH Individual Final

Global Superstars (Ski Jumping)

🔥

Feb 10

05:30

Women's Snowboard Big Air Final

Tess Coady, Ally Hickman

🏅

Feb 12

00:15

Women’s Moguls Final

Jakara Anthony, Emma Bosco, Charlotte Wilson

🏅🔥

22:15

Men’s Moguls Final

Matt Graham, Jackson Harvey, George Murphy

🏅

Feb 13

00:56

Men's Snowboard Cross Finals

Adam Lambert, Cam Bolton, Jarryd Hughes

🏅

19:30

Women's Snowboard Cross Finals

Josie Baff, Abbey Wilson, Mia Clift

🏅

Feb 14

21:46

Women’s Dual Moguls Final

Jakara Anthony, Charlotte Wilson

🏅

Feb 15

08:42

Short Track (1500m Final)

Brendan Corey

21:46

Men’s Dual Moguls Final

Matt Graham, George Murphy

🏅

Feb 16

23:00

Alpine Skiing (Men's Slalom)

Harry Laidlaw

Feb 17

06:00

Pairs Figure Skating Final

A. Golubeva & H. Giotopoulos Moore

07:06

Women’s Monobob Final

Bree Walker

🏅

Feb 18

21:30

Women’s Aerials Final

Laura Peel, Danielle Scott, Abbey Willcox

🏅

23:30

Women’s Slalom Final

Madison Hoffman, Phoebe Heaydon

Feb 19

21:30

Men’s Aerials Final

Reilly Flanagan

Feb 21

05:30

Men’s Halfpipe Final

Scotty James, Valentino Guseli

🏅🔥

23:30

SkiMo Mixed Relay

Phil Bellingham & Lara Hamilton

Feb 22

05:30

Women’s Freeski Halfpipe Final

Indra Brown

🏅

07:05

Two-Woman Bobsleigh Final

Walker/Reddingius & Blizzard/Johnson

Feb 23

00:10

Men’s Ice Hockey Final

NHL Superstars

🔥

06:00

Closing Ceremony

Live from Milano

🔥

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Opening Ceremony + first medals - Saturday, February 7

Opening Ceremony at breakfast time, then the first gold medal awarded in primetime on Saturday. 

Harry Laidlaw represents Australia in the Men's Downhill, the Games' first Gold medal event, while cross-country skiers Rosie Fordham and Phoebe Cridland compete late Saturday night. 

This same-day pairing of ceremony and first medals creates maximum media saturation, with a full weekend news cycle processing before Monday's ASX open.

Key events

• Opening Ceremony: 6:00 am AEDT
• Men's Downhill Final (first gold medal of the games): 9:30 pm AEDT
• Women's 10km + 10km Skiathlon: 11:00 pm AEDT

For traders

• NEC (Nine Entertainment): Double viewership event. Opening Ceremony 6:00 am Saturday, lines up for the peak morning TV audience. First medals at 9:30 pm are a primetime Saturday night. 
• Italian equities (FTSE MIB): Historically underperform during domestic Olympics. Turin 2006 saw -2.1% during the Games.
• STLA (Stellantis): ESG headline risk if environmental groups target the ceremony.
• Apparel sponsor arbitrage: If a non-favourite wins Men's Downhill, their sponsor sees average +2.3% pop (PyeongChang 2018, Beijing 2022 data).

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First medals continue - Sunday, February 8

The medal rush continues on Sunday as 19-year-old Valentino Guseli takes flight in Men's Snowboard Big Air, offering Australia an early podium chance in one of the Games' most visually spectacular events. 

With the ceremony glow still fresh, Guseli's performance sets the tone for Australia's snowboard campaign and could influence Monday's ASX open positioning for action sports stocks.

Key events

• Men's Snowboard Big Air Final (Valentino Guseli): 5:30 am AEDT
• Women's Normal Hill Individual Final: 5:57 am AEDT

For traders

• MNST (Monster Beverage): Action sports sponsor, benefits from multi-athlete Olympic presence.
• FL (Foot Locker), ZUMZ (Zumiez): Youth retail action sports exposure. Guseli gold could create a temporary buzz.

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Monday, February 9

A rare quiet day in Australia's Olympic calendar. No Australian medal events are scheduled, making this a pure observation day for traders. 

Monitor how Guseli's weekend result is processed through Monday's ASX open, and position ahead of Tuesday's Coady showdown.

Tuesday, February 10

Tess Coady attempts to upgrade her 2022 bronze to gold in Women's Snowboard Big Air. The Tuesday morning timing offers traders a potential pre-market positioning window, though Coady's modest mainstream profile limits exposure compared to the moguls stars on the following day.

Key events

• Women's Snowboard Big Air Final: 5:30 am AEDT

For traders

• FL (Foot Locker), ZUMZ (Zumiez): Youth retail. Coady gold could create a temporary buzz.
• MNST (Monster Beverage): Less volatile, general action sports sponsor.

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Wednesday, February 11

The calm before Jakara Anthony. No Australian events on Wednesday means traders spend the day positioning for the biggest moment of the Games: Anthony's moguls final just past midnight.

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Moguls Finals - Thursday, February 12

The biggest moment of the Games for Australia arrives just after midnight on Wednesday with Jakara Anthony defending her Olympic crown in the Women's Moguls Final. 

As the nation's brightest gold medal hope with 26 World Cup victories, Anthony's 12:15 am performance is the single highest-impact potential event for NEC and VFC stocks across the entire Olympic fortnight.

Matt Graham also chases his first Olympic gold at 10:15 pm Thursday night. Both events carry high NEC and VFC volatility potential.

Key events

• Women's Moguls Final (Jakara Anthony): 12:15 am AEDT
• Men's Moguls Final (Matt Graham): 10:15 pm AEDT

For traders

• NEC (Nine Entertainment): Monitor overnight results and viewership for Thursday open direction.
• VFC (VF Corp/North Face): Sponsors both athletes. A double medal could bring a larger impact.
• Defending champion volatility: An Anthony loss could create higher emotional swings.
• Social sentiment: Track Twitter/Google Trends Thursday morning to gauge the magnitude of Anthony’s performance.

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Friday, February 13

Snowboard cross takes centre stage with two Australian medal chances bookending Friday's trading day. 

Adam Lambert's overnight final sets the morning open, while Josie Baff's evening showdown takes the Aus prime time slot.

Key events

• Men's Snowboard Cross Finals: 12:56 am AEDT
• Women's Snowboard Cross Finals: 7:30 pm AEDT

For traders

• NEC sentiment gauge: If Lambert medals Fri morning and Graham medaled Thu night, it could create positive momentum.

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Jakara Anthony competes - Saturday, February 14

Jakara Anthony goes for the double in Saturday night's Women's Dual Moguls Final.

If she claims gold Thursday and again here, the "double gold Jakara" narrative writes itself, offering geometric rather than linear media value. 

Key events

• Women's Dual Moguls Final (Jakara Anthony): 9:46 pm AEDT

For traders

• NEC narrative power: "Double gold Jakara" could draw in more casual viewers.
• If Anthony silver/bronze Thu: Redemption story potential.
• Weekend timing: Saturday night result = Monday ASX gap.
• Format risk: Monitor qualifying rounds; if margins are greater than 1 second (blowouts), engagement could drop.

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Sunday, February 15 

A quiet Sunday offers redemption arcs and low-impact action. Brendan Corey's morning short track effort carries minimal stock relevance, while Matt Graham's late-night dual moguls final provides a second medal chance after Friday's traditional event.

Key events

• Short Track Speed Skating 1500m Final: 8:42 am AEDT
• Men's Dual Moguls Final: 9:46 pm AEDT

For traders

• VFC second opportunity: If Graham misses on Friday’s moguls, dual moguls redemption is possible.

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Monday, February 16

Harry Laidlaw returns to the slopes for late Monday night slalom action, but alpine skiing holds minimal sway over Australian audiences. 

This is a placeholder day in the trading calendar, with markets more focused on digesting the weekend moguls results and positioning for Tuesday's monobob final.

Key events

• Men's Slalom: 11:00 pm AEDT

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Bree Walker competes - Tuesday, February 17

Bree Walker could make Olympic history as she competes in the Women's Monobob Final, chasing Australia's first-ever bobsleigh medal. 

While the narrative is powerful, the commercial reality is that bobsleigh has no retail sponsor footprint, limiting direct stock plays.

Key events

• Pairs Figure Skating Final: 6:00 am AEDT
• Women's Monobob Final: 7:06 am AEDT

For traders

• NEC: Bobsleigh historically gets low ratings, but a Walker gold could provide value as an Australian-first.

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Wednesday, February 18

Veterans Laura Peel and Danielle Scott take centre stage on Wednesday night in an event with proud Australian history (2 golds since 2002). However, aerials' niche appeal and late-night timing may limit market impact.

Key events

• Women's Aerials Final: 9:30 pm AEDT
• Women's Slalom Final: 11:30 pm AEDT

For traders

• NEC: If either medals, potential for a small sentiment boost.
• VFC exposure: Limited potential as aerials athletes are less commercially developed.

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Thursday, February 19

Thursday night aerials effort is a low-impact finale event with minimal medal expectation for Australian Reilly Flanagan, and even less market relevance. 

Scotty James' Saturday halfpipe showdown is the real conversation as the games begin winding down, although a medal run from Flanagan could create an underdog narrative.

Key events

• Men's Aerials Final: 9:30 pm AEDT

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Friday, February 20 

The final calm before Scotty James' legacy-defining Saturday. Set up day for James' 5:30 am Saturday halfpipe final, the Games' last major potential volatility event for an Aussie athlete.

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Scotty James competes - Saturday, February 21

Scotty James' legacy moment arrives Saturday morning. He’s represented Australia at five Olympics, with two medals and zero golds. This is his final chance and brings with it the Games' most emotionally charged event, and the last major trading catalyst before Monday's Closing Ceremony.

Key events

• Men's Snowboard Halfpipe Final (Scotty James): 5:30 am AEDT
• SkiMo Mixed Relay: 11:30 pm AEDT

For traders

• NEC: Potential weekend delays on price discovery. If James gold Saturday.
• NKE (Nike): Potential halo effect from gold via action sports lift.
• Guseli wildcard: Valentino is also competing (his second event after Big Air, Feb 8). A dual medal could create narrative amplification.

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Sunday, February 22

Sixteen-year-old Indra Brown takes the Sunday morning spotlight in Women's Freeski Halfpipe, facing off against favourite Eileen Gu (CHN) in what could become a Gen-Z brand inflection point.

Key events

• Women's Freeski Halfpipe Final (Indra Brown): 5:30 am AEDT
• Two-Woman Bobsleigh Final: 7:05 am

For traders

• Mon-Tue watch: Monitor which brands announce Brown signings.
• MILN (Global X Millennials ETF): Action sports retailers, social platforms exposure for Gen Z.

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Closing Ceremony - Monday, February 23

The curtain falls on Milano Cortina 2026 with Monday morning's Closing Ceremony, and history says this is where euphoria dies. 

• Men's Ice Hockey Final (NHL Superstars): 12:10 am AEDT
• Closing Ceremony: 6:00 am AEDT

Markets to watch:

• French Alps 2030 rotation: Closing features handover to France.
• Australian medal count: If greater than 4 medals (Beijing total), the government may increase 2030 winter sports funding.
• Ice Hockey Final: NHL players compete for the first time since 2014. Major US/Canada viewership means a potential CMCSA boost.

Global markets move into the new week with a number of potentially high-impact catalysts. Japan’s general election lands first on Sunday, followed by US inflation and labour market data that continue to shape interest-rate expectations. 

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• Japan election: Policy continuity and political stability are generally viewed as supportive for regional markets.
• US inflation and labour market: The consumer price index (CPI) and the Employment Situation report (nonfarm payrolls, NFP) are the immediate macro focal points for the week. 
• Bitcoin risk gauge: Bitcoin is back near levels last seen in late 2024 and remains well below its October 2025 peak.
• Sector rotation watch: Technology has recently underperformed while value and defensive segments have stabilised, with earnings season continuing to influence flows. 

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Japan election

The general election in Japan is primarily viewed through the lens of policy certainty. Markets typically favour a clear outcome and continuity in fiscal and monetary settings. 

Unexpected results or coalition uncertainty may increase short-term volatility in the JPY and regional indices at the start of the week.

Key dates

• General election (Japan): Sunday, 8 February
• Results through Asian trade on Monday

Market impact

• JPY may be sensitive to results uncertainty or potential changes in policy direction
• Asia equities may see early-week volatility until results are clear

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US inflation and labour market

Inflation remains the most direct input into interest-rate expectations, while the monthly NFP report provides a broad read on employment conditions and wage pressures. 

Treasury yields and the USD often react quickly to these releases, with knock-on effects across equities, gold and growth assets. 

Current pricing indicates markets assign less than a 30% probability of a cut by the April meeting, with June meeting hike probabilities above 50%.

Key dates

• Employment Situation: Wednesday, 11 February 08:30 (ET) | Thursday, 12 February 00:30 (AEDT) 
• CPI (January 2026): Friday, 13 February 08:30 (ET) Saturday, 14 February 00:30 (AEDT) 

Market impact

• Yields often move first, followed by USD and then risk assets
• Expectations for rate-cut timing may adjust quickly
• Growth and technology shares remain more rate-sensitive

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Bitcoin

Bitcoin has declined to levels last seen prior to the US elections in November 2024 and is close to 50% below its October 2025 peak. 

While not a traditional macro indicator, crypto markets could be viewed as a real-time read on investor risk tolerance. Sustained weakness can coincide with more cautious positioning across higher-beta assets, including technology shares.

Market impact

• Softer crypto sentiment may coincide with reduced speculative flows
• Risk appetite may remain more selective
  
  

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Sector rotation

Over the past week, the Dow Jones Industrial Average has outperformed, trading just below neutral, while the Nasdaq-100 has declined more than 4%, reflecting sensitivity in large-cap technology to firmer yields. 

What the move may reflect

• Rate-driven pressure on growth stocks
• Profit-taking after strong tech performance
• Earnings season favouring broader sector participation
• A generally more cautious tone across higher-beta assets

Markets typically look for sustained multi-week outperformance in financials, industrials or defensives before characterising the shift as structural rotation.

Market impact

• Tech remains more sensitive to yield moves
• Value and defensive sectors may see relative support
• Earnings guidance continues to influence leadership