Morning Update | 11 February 2026 ☀️📊 Markets are positioning cautiously ahead of today’s key US labour data, while Asia delivered a relatively constructive start. 🌏 Asia & FX Asian equities moved moderately higher. The Kospi gained around 0.8%, while the Hang Seng added about 0.3%, reflecting stable risk sentiment. The Japanese yen continues to outperform in FX despite the bank holiday in Japan, strengthening against most major currencies. Antipodean currencies are also firm after hawkish signals from the RBA. The US dollar remains under pressure overall. 💱 🇦🇺 In Australia, markets are still digesting last week’s rate hike to 3.85%, with pricing implying a significant probability of another move higher in May following renewed hawkish rhetoric from the RBA. 🇨🇳 China Inflation Data (January) China’s CPI rose 0.2% y/y, below expectations of 0.4% and down from 0.8% previously. Producer prices remain in deflation, with PPI at -1.4% y/y, though slightly less negative than forecasts. The yuan remained broadly stable amid ongoing PBoC management. 🇺🇸 United States – Focus on NFP Recent comments from Fed officials Hammack and Logan leaned hawkish, pushing back against expectations of rapid policy easing. All eyes now turn to Non-Farm Payrolls at 15:30, alongside the unemployment rate and private payrolls. These figures could significantly shift expectations for the Fed’s next moves. 🛢 Commodities & Crypto Precious metals are showing moderate strength, with silver up about 2.1% and gold higher by roughly 0.66%. Oil traders are also watching US crude inventories later today. Bitcoin is under mild pressure, trading near the 67,000 area at the time of writing. 🪙 ⚡ Volatility risk increases into the US session. Labour data can reset expectations across FX, metals, indices and crypto. Stay sharp and manage your risk wisely.