**GLOBAL MARKET SNAPSHOT – 03 FEB 2026** **Macro: Dollar Firm on Warsh Nomination** The **US Dollar Index (DXY)** is holding steady around **97.52**, consolidating recent gains after President Trump nominated **Kevin Warsh** as the next Federal Reserve Chairman. Markets perceive Warsh as a hawkish pick, driving expectations for a stronger balance sheet reduction. The greenback’s strength is further supported by January’s ISM manufacturing PMI, which unexpectedly expanded to its highest level since **2022**, signaling resilience in the US economy. **Commodities: Gold Plunges, Oil Steady** Precious metals have faced a sharp sell-off. **Gold** prices have corrected significantly, with local rates in India dropping to approx. **₹1,59,700** per 10g (24K) and global spot prices under pressure near **$4,650–$4,815/oz**. The decline is attributed to the "Warsh shock" and rising bond yields. meanwhile, **Brent Crude** is trading quietly around **$66–$67** per barrel, balancing geopolitical headwinds with softer demand signals. **Equities: India-EU Deal & Tech Jitters** Global sentiment remains mixed. US futures are soft as investors question the ROI of massive AI capital expenditures by big tech. In India, markets are volatile following the **Union Budget** and the historic **India-EU Free Trade Agreement**. While the trade deal—dubbed the "mother of all deals"—boosts long-term sentiment, immediate tariff threats from Washington and FPI selling are capping gains. Nifty50 is hovering near the **25,300** zone. **Crypto: Bitcoin Struggles at Support** The crypto market is seeing a risk-off rotation. **Bitcoin (BTC)** is fighting to hold the **$78,000–$80,000** support level after rejecting higher valuations earlier in the year. **Ethereum** and major altcoins have shed nearly **10%** in recent sessions, weighed down by the stronger dollar and diminishing retail appetite. **Key Watch** * **Friday:** US Non-Farm Payrolls (NFP) data. * **Geopolitics:** Implementation of the new India-US trade protocols regarding Russian oil.