Wednesday 11th February 2026

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Global markets are still grinding higher, but the real action is in bonds and currencies, with US Treasury yields tumbling after flat retail sales and softer price data, and the yen staging the day’s standout move, edging further away from the intervention zone. Commodities are drifting lower, Bitcoin continues its long slide from last year’s peak, and all eyes now turn to an unusually timed mid‑week non‑farm payrolls. At home, the NAB Business Survey shows conditions easing but confidence nudging up, capacity pressures softening, and consumer sentiment taking another hit alongside a sharp drop in building approvals. NAB’s Ken Crompton joins Phil to unpack what falling yields say about Fed expectations, why the yen is suddenly lively, and what the latest Australian data could mean for the RBA’s next move.

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