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Macro early-warning indicators

Macro Monitor

Timely indicators compiled from publicly accessible official and market-data sources that tend to move ahead of the business cycle — risk sentiment, commodities, the US labour market and the euro area's leading indicators. Early-warning signals for the economy and FX risk.

Updated: August 14, 2026 · Sources: FRED, Yahoo Finance, ECB, Eurostat / European Commission

AI-assisted · reviewed by Stefan Hamberger

Risk sentiment & commodities

Sentiment
Financial stress (NFCI)
-0.55
▲ 0.0index
As of Aug 7, 2026 · Chicago Fed · weekly
Bund-BTP spread
81.1
▲ 4.1bps
As of Jul 2026 · ECB monthly average
Bund-OAT spread
78.0
▲ 6.4bps
As of Jul 2026 · ECB monthly average
Commodities
Brent
$93.26
▲ 0.5USD/bbl
As of Aug 11, 2026 · EIA spot price · 3–4 days lag
WTI
$84.77
▲ 1.0USD/bbl
As of Aug 11, 2026 · EIA spot price · 3–4 days lag
Gold
$4,073.00
▼ 155.0USD/oz
As of Jul 2026 · world market price · monthly
Natural gas (Henry Hub)
$2.79
▲ 0.1USD/MMBtu
As of Aug 11, 2026 · EIA spot price · 3–4 days lag
Copper (Dr. Copper)
$6.14
▲ 0.0USD/lb
As of Jul 2026 · world market price · monthly

US labor market

US payrolls Δ
-23 k
▼ 23.0MoM
As of Jul 2026
US unemployment rate
4.1
▼ 0.1%
As of Jul 2026
Initial jobless claims
209 k
▲ 9.0weekly
As of Aug 8, 2026
Avg hourly earnings YoY
3.2%
USD 37.62
As of Jul 2026

Eurozone – leading indicators (European Commission)

ESI eurozone
96.9
▲ 1.5avg=100
As of Jul 2026
Industry confidence EZ
-6.1
▲ 1.4balance
As of Jul 2026
Consumer confidence EZ
-15.9
▲ 1.7balance
As of Jul 2026
Services confidence EZ
4.7
▲ 0.5balance
As of Jul 2026

What the macro monitor tracks

The macro monitor brings together indicators that tend to move ahead of the business cycle: risk sentiment (the VIX), euro-area sovereign-bond spreads, commodity prices (oil, gold, natural gas, copper), the US labour market, and the European Commission's euro-area confidence indicators. Together they give an early read on financial conditions and growth momentum — compiled from publicly accessible official and market-data sources.

Coverage and cadence

Risk and commodity gauges update on every trading day; US labour-market data monthly or weekly; euro-area sovereign spreads as ECB monthly averages; and the EU leading indicators monthly. Each indicator carries its own as-of date, so you always see how fresh a value is.

Why it matters for FX and treasury

Shifts in risk sentiment, commodity prices and rate spreads can provide early signals of changing financial conditions, inflation risks and economic momentum relevant to FX, funding and treasury decisions. Corporates with foreign-currency exposure use these signals as one input among several for hedging, funding and cash-flow planning.

General information only. Not investment research, investment advice or a recommendation. Indicators may be delayed, revised or incomplete and should not be interpreted as standalone forecasts of economic activity, interest rates or exchange rates.

Data sources and rights. The data shown on this page is compiled from publicly accessible sources and is reproduced, with source attribution, solely for information and citation purposes. GLORIARMS claims no ownership or database rights in the underlying data; all rights remain with the respective sources and rights holders. Trademarks and the names of institutions and products are used solely to identify sources; no affiliation, partnership or endorsement is thereby implied. Rights holders who wish to object to a use may contact webadmin@gloriarms.com; the content concerned will be reviewed and removed where appropriate.