- Inflation: July CPI softer than expected at 2.7% YoY; PPI due tomorrow.
- Tariffs: U.S. firms absorbing most costs for now; pass-through risk remains.
- Tech Leadership: Nasdaq extends record run on macro relief.
- FX Moves: Euro softens, yen capped by rising Japanese yields.
- Crypto Strength: ETH rallies past $4,500 with momentum intact.