🌏 Morning Update – 5 February 2026 (Thu) 📉 Market mood: Risk appetite remains fragile after another tech-led pullback in the US. The Nasdaq fell about 1.5%, the S&P 500 eased roughly 0.5%, while the Dow held up better and finished slightly higher as investors rotated into defensive stocks. After-hours trading saw some stabilisation following strong results from Alphabet, though US index futures remain slightly in the red. 🌏 Asia: Most major indices opened lower, following Wall Street’s weakness. Tech stocks stayed under pressure amid a broader reshuffle as investors searched for clearer winners, while China and Hong Kong showed relative resilience. 💱 FX: The US dollar firmed further ahead of key central bank decisions. The euro and pound softened slightly, USD/JPY remained elevated, and risk-sensitive currencies continued to lag in a cautious market environment. 🛢️ Commodities: 🥇 Gold edged lower again as a stronger dollar and reduced geopolitical risk weighed on prices despite ongoing safe-haven demand. 🥈 Silver remained extremely volatile and extended sharp losses. 🛢️ Oil slipped as markets focused on potential US–Iran diplomacy, even as broader Middle East risks remain in play. ₿ Crypto: bitcoin stayed under pressure near the $70k area, with the broader sell-off showing few signs of exhaustion as risk appetite across global markets remains subdued. 🗓️ Today’s key events (Economic Calendar): 🇬🇧 Bank of England – Rate decision, minutes, votes, and Quarterly Inflation Report (14:00) 🇪🇺 ECB – Rate decision and press conference (15:15–15:45) 🇺🇸 Weekly Jobless Claims (15:30) and JOLTS Job Openings (17:00) 🇨🇿 CNB rate decision (15:30) ✅ Expect elevated volatility around central bank headlines today - sharp moves and false breakouts are possible. 🚀 Trade smart and stay tuned with NordFX!