📈 Asia-Pacific mood: risk-on
Markets in Asia are mostly upbeat after Wall Street pushed to fresh highs ahead of today’s Federal Reserve decision. Traders are leaning into tech and growth, while keeping one eye on policy headlines and the US dollar.
🇺🇸 Wall Street: record territory, but with nerves under the surface
US equities closed higher on Tuesday, with the S&P 500 finishing at a new all-time high near 6,978.6. The Nasdaq-100 also advanced, ending around 25,939.7, as investors positioned for the Fed and a heavy wave of Big Tech earnings. (Small caps were firmer too, but the Dow lagged amid sharp losses in several health insurers.)
💱 FX: the dollar tries to stabilise
After a sharp slide earlier in the week, the US dollar index (DXY) is attempting to rebound, while EUR/USD has pulled back from recent highs and USD/JPY remains headline-sensitive. Markets are still reacting to political pressure on the Fed narrative and the broader “strong vs weak dollar” messaging.
🇦🇺 Aussie in focus: inflation surprise resets rate expectations
Australia’s inflation ran hotter than expected:
- Headline CPI: 3.8% y/y (December)
- Trimmed mean: 3.3% y/y
- Services inflation: 4.1% y/y, with travel/accommodation and rents among the key drivers
That’s revived the debate about whether the RBA may need to tighten again, and AUD briefly pushed back above 0.70 as markets repriced the near-term path.
🥇 Metals: the move is still explosive
Gold extended its extraordinary rally, trading above $5,200 and printing fresh record highs. Silver also jumped sharply, holding around $115 per ounce. Safe-haven demand is being fuelled by geopolitics, dollar volatility, and “what comes next” uncertainty around US rates.
🧠 Tech/AI: Nvidia supply-chain optimism
China approved the first imports of Nvidia’s H200 AI chips, with reports suggesting the initial batch could be substantial and aimed at major tech firms. The headline is being taken as a constructive signal for the AI supply chain - even if the broader regulatory backdrop remains tricky.
🇯🇵 Japan: BoJ minutes keep tightening on the table
Minutes from the Bank of Japan’s December meeting reinforced that policymakers remain sensitive to how FX moves feed into inflation, while keeping the door open to further hikes after December’s move to 0.75% (a multi-decade high). Markets are still trying to map the timing and pace of the next steps.
🗓️ What to watch today
🔥 Fed decision + Powell press conference (markets expect no change, but guidance matters more than ever)
💻 Big Tech earnings - results and outlooks could set the tone for the next leg in equities
🌍 Ongoing: geopolitics, dollar volatility, and risk appetite at elevated levels
✅ Bottom line
Risk appetite is strong, but today’s Fed communication can quickly change the tempo. Volatility risk stays high across FX, metals, and US indices - especially around headlines.
🚀 Trade smart and manage risk - and have a profitable day with NordFX!
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