The US dollar remains under pressure, with broad-based losses against most other majors. The euro continues to lead the charge upwards, eyeing the 1.1400 mark as confidence in the single currency rises. Sterling is climbing, too, with the GBP/USD hitting a seven-and-a-half-month high, just below 1.3300, buoyed by softer inflation and relatively constructive economic data.

The Japanese yen is also strengthening. The USDJPY hit its lowest level since the end of September last year, coming within a few ticks of 142.00. Safe-haven appeal grows, and the dollar falters under the weight of trade and tech headlines.

Despite all the downside pressure on the greenback, broker Piper Sandler remains bullish on the dollar, suggesting that it is looking oversold at current levels.

Gold surged to a new all-time high, slicing above $3,300 per ounce. Today's move was driven by falling yields, dollar weakness, and rising global uncertainty. The metal continues to serve as the go-to safe-haven, shrugging off everything else on the board.

Silver also moved higher, although it remains in gold’s shadow. It is still a long way below its own record high from April 2011, when it came within a few cents of $50 per ounce.  

Front-month WTI was weaker in early trade, tracking broader risk aversion and softer sentiment around global demand. But it bounced off $60 per barrel, although it continues to run into resistance around $61.50. Natural gas also edged lower, with both commodities showing signs of fragility amid volatile macro conditions.

It was another lower start for crypto. Ether lagged once again, with the entire sector showing limited resilience. Despite the market turmoil, crypto is proving not to be the safe-haven of choice, a notable shift from prior cycles.

Volatility made a comeback, with the VIX jumping 7% to the mid-32s. The move reflects mounting nervousness as tech names wobble and macro uncertainties stack up. With volatility on the rise again, the VIX remains the clearest real-time indicator of the underlying market mood — and right now, it’s flashing caution.

A busy calendar lies ahead. Key data points to watch today include Eurozone CPI, US Retail Sales and the Bank of Canada’s rate decision. In addition, traders will be eyeing weekly US oil inventory data, as well as, crucially, Fed Chair Jerome Powell, who’s set to speak later in the day.

On the earnings front, Travelers Corp, US Bancorp, and Citizens Financial are all reporting — names that could shape financial sentiment and influence Dow direction.

Trade and tariffs remain firmly in focus. US Treasury Secretary Scott Bessent is set to meet with South Korea’s Finance Minister Choi next week to discuss tariffs as global trade dynamics continue to evolve. Meanwhile, China has replaced its top trade negotiator, citing stalled progress in US talks. In a notice this morning, China said it would be open to engaging in trade talks with the US if the Trump administration showed it some respect.

Over in Tokyo, Japan has indicated it still holds several strategic cards in the ongoing discussions with Washington.

Tech is hogging the spotlight once again — for all the wrong reasons. With Nvidia and ASML dragging sentiment down, calm has been replaced by renewed caution. The US dollar remains on the defensive, caught in the crosshairs of trade headlines and shifting rate expectations.

While UK inflation is lower, it remains elevated, so this hasn’t changed the story for sterling, which has continued upside momentum.

Gold continues to climb, and the VIX is back in focus as volatility picks up just as earnings, macro data, and trade risks converge.

In short, it’s one of those weeks — stay sharp.