Could NFP revive rate-cut hopes, pull yields lower and reignite risk appetite? [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Global markets are losing momentum as the first full trading week of the year comes to an end. Big Tech is wobbling, with Nvidia slipping below its 50-day moving average and the Magnificent Seven struggling to find their footing. At the same time, defence stocks are back in favour after Donald Trump revived calls for a massive increase in US military spending, while energy names brush off weak oil prices.

In Asia, tech optimism resurfaces. Samsung flags a sharp jump in profits on booming AI-driven memory demand, while Chinese AI firm MiniMax steals the spotlight with a spectacular first day of trading. Investors still want tech exposure — just not necessarily the same old names.

All eyes now turn to US jobs data. Could it revive rate-cut hopes, pull yields lower and reignite risk appetite? Or will stronger numbers keep pressure on bonds, valuations and sentiment? This data point may decide whether markets find their next spark — or stay stuck in wait-and-see mode.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.