News & Analysis

It has been a volatile week for FX traders so far this week, and one which has benefitted AUD/USD and yuan bulls. While both could extend their moves if US-Sino relations remain as warm as they first appear, traders would also be wise to remember volatility cuts both ways. Especially when Trump is waving his executive-order pen around.

USD/JPY carves lower highs and lows ahead of the Bank of Japan (BoJ) interest rate decision as it slips to a fresh monthly low (154.78).

Gold buyers may now be turning their eyes upward for a retest of the record highs near $2790 in the coming days, if not a breakout to $2800+.

The USD is starting Trump’s term with a pullback, so far, and that’s helped to boost equity markets following last week’s massive SPX rally.

Bitcoin has experienced an increase of more than 14% since the last low recorded on January 13. However, the buying momentum has not been strong enough in the short term to sustainably surpass the current resistance barrier at $106k.

Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities & stocks into the weekly open.

USD/CAD spikes to a fresh monthly high (1.4517) as US President Donald Trump plans to impose a 25% tariff on Canadian goods starting February 1.

With China’s improving economic conditions, demand concerns have reduced and in the short-term there is little risk of an oil glut forming, but the slightly longer term outlook is a bit murky with the potential for another supply war to emerge between US shale and OPEC+ producers.

US stock futures are rising amid relief in the market from a slightly more measured inauguration speech. President Trump did not lay out concrete plans for universal tariffs, bringing initial relief. Since then Trump has mentioned plans to implement trade tariffs on Canada and Mexico. Oil extends losses on Trump's plans to increase output.