Forex Adjustments and Oil's Potential Turnaround Amid Yesterday's CPI Data

In today's economic calendar, notable data from Japan and Australia have captured traders' attention. Japan reported a GDP contraction of -0.5% per annum, signaling continued economic challenges. Australia's job data presented a mixed scenario with the unemployment rate rising to 4.1% even as employment change outperformed expectations at 38.5k. Later today, the U.S. unemployment claims will provide further insights into the domestic labor market.

Yesterday’s earnings calendar featured Cisco, which closed the market with a robust 5% increase anticipated in today's trading following their earnings announcement after the market close. Today, all eyes are on Walmart, expected to release its earnings before the market opens, which could influence market movements significantly.

On the market fronts, indices are reaching new all-time highs, reflecting a bullish sentiment following the CPI data release. The forex market shows a strengthening Japanese yen and Swiss franc against a backdrop of weaker Australian, Canadian, and New Zealand dollars, with the AUD particularly impacted by the domestic job data. In commodities, oil prices are hinting at a potential reversal, evidenced by the formation of bullish hammer candles in yesterday's trading, suggesting the possibility of a strong buy signal in the midterm.