🌅 NordFX Morning Update - 14 January 2026 (Wed)

📉 US futures are slightly lower ahead of the US session: US100 and US500 are down about 0.15%, as traders position for a heavy headline and data day.

🧭 What markets are watching today

⚖️ A US Supreme Court ruling schedule that may include decisions tied to tariffs

📊 US Retail Sales and PPI - key checks on growth and pipeline inflation

🏦 Big US bank earnings: Wells Fargo, Citigroup, Bank of America

🎙️ A packed slate of Fed speakers: Anna Paulson, Neel Kashkari, Raphael Bostic, John Williams

🇺🇸 Wall Street tone: patience, not panic

Yesterday’s softer inflation signal didn’t spark a lasting equity bid. Stocks drifted lower, with banks weighing on sentiment after a choppy start to earnings season. The broader message remains the same: inflation is cooling, but markets still see the Fed staying cautious rather than rushing to cut.

🌍 Global risk appetite stays in control

Even with the S&P 500 easing from record territory, the “risk-on” mood remains dominant globally, helped by the AI-led rally. Metals are the clear standout across the commodity space.

📈 Asia in the driver’s seat

A key global equity gauge pushed higher, with Japan outperforming as the yen hovers near its weakest levels since July 2024. Election speculation is back in focus, while Japan’s 5-year yield jumped to the highest level since that maturity began in 2000, keeping “intervention risk” a live topic in FX.

🤖 AI trade still running - China cooled

AI-linked markets continued to lead, while Chinese equities slipped after authorities raised margin-financing requirements to 100%, a move that typically leans against leverage-driven rallies.

🥇 Metals stole the show

✅ Gold printed fresh record highs

✅ Silver broke above $90/oz for the first time

✅ Copper rebounded to new highs

This is a loud signal that metals are leading the tape - part safe-haven, part industrial-demand story, and part “rates may eventually move lower” positioning.

🪙 Crypto joined the bid

bitcoin tracked the upbeat risk tone and pushed to a two-month high, reinforcing the broader “risk-on” backdrop into the European session.

🛢️ Oil cooled after a sharp run

Crude stabilised after a powerful multi-day rally, suggesting a pause to digest gains rather than a clean continuation move.

🧾 API inventories: supply-heavy signal

Latest API data pointed to a strong build in US stockpiles:

• Crude +5.27M bbl
• Cushing +0.945M bbl
• Gasoline +8.23M bbl
• Distillates +4.34M bbl
• That combination leans bearish near term unless demand indicators quickly tighten the picture.

🧩 Nvidia H200: exports to China, but with conditions

Chinese buyers will need to implement special security procedures, while Nvidia must ensure sufficient domestic supply in the US. Shipments to China are also capped so they cannot exceed 50% of the volume shipped to the US domestic market, adding a new layer of policy risk to the AI supply-chain narrative.

✅ Bottom line

Markets are still leaning “risk-on”, but today’s mix of tariff headlines, key US data, major bank earnings, and Fed speeches can easily spike volatility - especially with metals and FX already moving fast.

🚀 Trade smart, stay sharp - and have a profitable day with NordFX!