Despite runaway US treasury yields which saw 10-year yields hit their highest level since 2007, the USD was flat in Monday’s session as it seems improved risk sentiment and a technically overbought Dollar Index (DXY)held it in check. DXY traded within a tight range with a low of 103.13 and a high of 103.50, where it was again rejected at the major resistance set at the July and August to date highs. USD traders focus today will be on FedSpeak from Bowman, Goolsbee, and Barkin whose comments will be closely watched ahead of Jackson Hole later in the week.
EUR was the outperforming major currency, with EURUSD pushing hard to reclaim the psychological 1.09 level but failing to hold convincingly above. Another headline to hit the wires was HSBC giving a bullish take on the EUR "in part built on the idea of upside for the EUR from overly dovish rate expectations for the ECB". They noted that while headline inflation figures are cooling, core inflation is proving stickier.
JPY resumed its march lower on Monday, reversing its 2-day rally from late last week. The jump higher in US yields saw carry traders back in action taking the USDJPY back above 146.00 from lows of 145.15. A note from JP Morgan stated that they believe the MoF will not intervene in the FX market at around 145 level as they did previously, with JPM analysts believing the threshold level for BoJ intervention being around 150 level.
AUD and NZD saw marginal gains vs the USD with the Kiwi the lagging vs the Aussie after New Zealand trade figures showed a deficit of 1.1bln in July, vs the prior surplus of 9mln. AUDUSD reclaimed the big figure at 0.6400, AUDNZD holding above the key 1.0800 level. A quiet calendar ahead today for both AUD and NZD, with general market sentiment likely to be the main drivers in price action for the rest of the week.
By
Lachlan Meakin
Head of Research, GO Markets Australia.
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FX markets enter an important window with a Federal Reserve policy decision and press conference, US ISM activity data, German inflation releases, China PMIs, and Australian labour figures all due.
Quick facts
The upcoming Fed policy decision and press conference are closely watched for guidance on the potential timing of rate cuts, with implications for US Treasury yields and USD direction.
Broad USD selling has intensified over the last 48 hours. The move has coincided with renewed tariff rhetoric and heightened sensitivity to FX intervention narratives.
ISM Manufacturing PMI is scheduled for Monday, 2 February, with ISM Services PMI on Wednesday, 4 February, providing timely insight into US growth momentum.
German CPI, euro area GDP and unemployment, China PMIs, and Australian labour data provide regional context, particularly for EUR and AUD crosses.
USD/JPY
What to watch
The Federal Reserve decision and subsequent press conference are key events influencing US Treasury yields.
Any shift in tone around inflation progress, economic risks, or rate cut timing expectations may affect yield differentials and near-term USD sensitivity.
Recent broad USD weakness, reinforced by tariff-related headlines and intervention sensitivity, has added downside pressure to the USD.
On the JPY side, Japan inflation signals, including Tokyo CPI, are relevant as indicators of domestic price trends and potential policy direction.
Key releases and events
Thu 30 Jan: Japan Tokyo CPI (January)
Thu 30 Jan: Federal Reserve policy decision and press conference
Mon 2 Feb: US ISM Manufacturing PMI
Wed 4 Feb: US ISM Services PMI
Technical snapshot
USDJPY has broken lower from its recent consolidation zone, with downside range evident over the last 48 hours. Price has moved down to the 200-exponential moving average (EMA) and is testing a level not seen since October 2025.
USDJPY 1-day chart
EUR/USD
What to watch
The Fed decision and press conference may influence EUR/USD primarily through USD moves linked to Treasury yield reactions.
On the EUR side, German CPI will show inflation trends, while euro area flash GDP and unemployment data inform the regional growth outlook.
Key releases and events
Thu 29 Jan: Germany CPI (preliminary)
Thu 29 Jan: Eurozone flash GDP, Q4 2025
Thu 30 Jan: Federal Reserve decision and press conference
Fri 30 Jan: Eurozone unemployment rate
Technical snapshot
EURUSD has extended above a prior resistance level, with expanded daily ranges and strong momentum. Price action in other USD crosses suggests the move may be reflecting USD weakness, rather than a material shift in euro area fundamentals.
EURUSD 1-day chart
EUR/AUD
What to watch
Alongside euro area growth numbers, Australian employment data may influence near-term EUR/AUD sensitivity ahead of the RBA policy decision next week.
China's official PMIs remain relevant, as shifts in Chinese activity expectations can influence AUD via commodity demand and regional risk sentiment.
Key releases and events
Thu 29 Jan: Australia Labour Force, Detailed (Dec 2025), 11:30am AEDT
Fri 31 Jan: China official Manufacturing and Non-Manufacturing PMIs
Tue 4 Feb: RBA policy decision
Technical snapshot
EUR/AUD has decisively broken below its prior support zone, with price now testing levels not seen since April 2025. Momentum remains negative, consistent with a renewed downside phase rather than consolidation.
EURAUD 1-day chart
Bottom line
The Fed decision and press conference, US PMI data, German inflation releases, China PMIs, and Australian labour figures are clustered in a short window.
Markets will be watching whether the USD weakness evident over the last 48 hours extends further.
FX markets face a data-heavy period in the coming days, led by US inflation releases and late-week flash purchasing managers’ indexes (PMIs).
Regional data and central bank expectations in Japan, Europe, and Australia may influence cross-currency moves, particularly if outcomes differ from expectations.
Quick facts:
US Personal Income and Outlays is a key inflation release this week, closely watched by policymakers.
Flash PMIs across the US, Eurozone, Germany, and the UK offer a timely read on growth momentum.
Australian data, including labour market indicators, remains important for AUD sensitivity and Reserve Bank of Australia (RBA) expectations.
FX markets can be sensitive when data outcomes differ from expectations.
USDJPY
What to watch
US attention centres on inflation and activity data, particularly the Personal Income and Outlays report and the PCE price index, alongside late-week flash manufacturing and services PMIs.
These releases are closely followed by markets for their potential influence on rate expectations and USD sensitivity.
On the JPY side, Bank of Japan (BoJ) developments remain relevant, although US data has often been a key driver of recent moves.
Key releases and events
Fri 23 Jan (US): US Personal Income and Outlays (including PCE inflation)
Fri 23 Jan (US): Manufacturing and services PMI
Technical snapshot
USDJPY continues to trade above its rising 200-day moving average, with recent daily candles showing greater overlap and smaller ranges over recent weeks.
Price has remained above the long-term average since late September, with higher swing lows still visible.
Momentum appears to have moderated since early January, consistent with slowing follow-through rather than reversal.
Daily ranges have narrowed compared with the October to November advance, again suggesting short-term consolidation.
Eurozone flash PMIs and Germany producer price index (PPI) data provide insights into regional growth momentum and whether inflation pressures are building.
While these releases may influence immediate EUR sentiment, EURUSD continues to trade in the broader context of US data outcomes and global risk conditions.
EURUSD is trading above its rising 200-day moving average (daily chart), although price action since July suggests the market has become more range-bound rather than directional, following the advances in the first half of 2025.
The broader upward structure has been in place since the beginning of 2025, although progress higher has stalled over recent months.
Momentum readings have drifted toward neutral since late November, consistent with balanced conditions.
Average daily range has continued to compress since July, consistent with a flattening of the trend.
Australian labour market data remains central for AUD sensitivity and RBA expectations. UK CPI is also due this week, which may contribute to cross volatility, particularly if it shifts expectations around the UK rates outlook.
Late-week PMI releases can also influence short-term direction, especially where they add to or challenge the current growth narrative.
Key releases and events
Wed 21 Jan: UK CPI
Thu 22 Jan: Australia Labour Force, Australia (December 2025)
Fri 23 Jan: UK flash PMIs (manufacturing and services)
Technical snapshot
GBPAUD continues to trade below its long-term moving average, with price action remaining in a downside direction since late November.
The long-term average flattened through September and has turned lower since October, with the price remaining below and showing recent signs of a greater gap between the price and the moving average.
Momentum has remained below neutral over recent months, with any retracements to the upside showing limited follow-through.
Daily ranges have narrowed compared with earlier swings, suggesting a consistent but controlled drop in price rather than impulsive movement.
With multiple data releases due across key regions, FX markets may remain sensitive to outcomes that differ from expectations.
Existing technical conditions suggest that reactions may vary by pair, with some markets consolidating while others could retain recent directional characteristics.
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Your complete day-by-day guide to Australian medal chances and market-moving moments during the Milano Cortina Winter Olympics.
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 athletescompeting: The second-largest Australian Winter Olympic team ever, with 10 genuine medal contenders.
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
🔥
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).
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
FL (Foot Locker), ZUMZ (Zumiez): Youth retail action sports exposure. Guseli gold could create a temporary buzz.
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.
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.
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.
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.
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.
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.
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
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.
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
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
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.
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.
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.
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 >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
[2] Sina Finance. (2026). Gold Prices Surge Over 64% in One Year: Reasons Explained. https://finance.sina.com.cn
[3] HSBC. (2026, January 8). Gold Could Hit $5,000 an Ounce in First Half of 2026. https://www.reuters.com/business/gold-could-hit-5000-an-ounce-first-half-2026-says-hsbc-2026-01-08/
[4] Cailian Press. (2026). Commodity Markets Enter New Era: Geopolitical Risks Become "Permanent Pricing Mechanism". https://www.cls.cn
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[7] Reuters. (2026). Gold Trading Alert: Price Crashes Nearly 1% at High Levels. https://finance.sina.com.cn
[8] Sina Finance. (2026). Global Largest Gold ETF Fund SPDR Holdings Data. https://quotes.sina.cn
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[12] Sina Finance. (2025, December 31). Zijin Mining 2025 Net Profit Expected to Increase 59%-62%: Gold, Silver, and Copper Volume and Price All Rise. https://finance.sina.com.cn/roll/2025-12-31/doc-inhesnwn9157323.shtml
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