Tech earnings weigh on risk sentiment as tariff concerns persist

Global equity markets showed muted performance with the Nasdaq 100 trading flat at 19,250 as investors positioned cautiously ahead of major technology earnings releases. The subdued risk appetite has supported safe-haven currencies, with USD/JPY declining 0.3% to 155.20 and EUR/USD holding steady near 1.0875. Market participants remain focused on potential trade tariff implementations that could disrupt global supply chains and corporate earnings. The FTSE 100 underperformed, falling 0.5% to 8,420, while European indices showed similar weakness. Currency volatility remained elevated with implied volatility on major pairs rising 8% week-over-week. Technical analysis shows USD/JPY approaching key support at 155.00, while resistance sits at 156.00. The cautious sentiment ahead of tech earnings has limited dollar gains despite relatively hawkish Fed expectations, keeping major forex pairs range-bound.