Today, strong notes of general concern as yesterday could have marked the beginning of a broader weakening in risk sentiment, which has so far been avoided amidst the wild churn in individual stocks in the US even as the overall index has chopped around within the high end of the range. The worst thing for this market might be a sudden return of high correlation across stocks. Elsewhere, the JPY rally stalled out on a modest USD comeback as we await key US CPI data today, while treasuries showed interesting signs of serving as a safe haven yesterday and gold did not - stay tuned there!

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

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DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at carnage for additional individual names on AI disruption fears even amidst relative market calm in US equities. Elsewhere, a break down of the US jobs report, going way beyond all of the headlines on the January numbers to indicate how little the wiser we are all on the actual state of the US labor market from this specific report. As well, a look at the chunky further JPY rally and whether and how a possible revaluation of the yen might unfold from here. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

A link to John's The FX Trader piece from today.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we discuss another session marked by notable divergences within the US stock universe, oil markets heading into territory that is starting to look expensive unless geopolitical tensions spill over into actual confrontation, the idea that the best things for gold and silver bulls might be for the price action to just calm down for a while, and the macro backdrop heating up with key US data ahead - especially today's US payrolls revisions, which are far more important than the latest data print. Meanwhile, the JPY is rumbling - can it roar? Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.