Log in to today's North American session Market wrap for January 29 Markets remained timid following yesterday's FOMC event, showing indecisive movements across equities and crypto. Only metals initially rallied, but that momentum faced a severe test during today's session.After Gold reached $5,600 and Silver hit $121, a sudden wave of profit-taking triggered a 10% flash crash across the metals complex.Risk assets struggled in the morning session but rebounded ahead of the strong earnings from SanDisk and Visa. Microsoft suffered its largest daily drop since 2020, closing down 10%! Cryptocurrencies also fell, with Bitcoin breaking below the $85,000 level and dragging the sector lower.The US Dollar finished yet again as the weakest G7 currency. Investors appear unwilling to buy the Greenback until the next Fed Chair is announced. President Trump stated he will make that decision next week.Geopolitical tensions increased as US military assets complete their gathering near the Middle East, while Tehran announced coordinated maritime drills with Russia and China in the Strait of Hormuz. These headlines drove Oil to a 10% rebound over two sessions, reaching highs of $66.56 before correcting. Expect further volatility across all asset classes. Discover:Metals flashing red after record runs – Silver (XAG/USD), Gold (XAU/USD) and Copper (XCU/USD) OutlookWTI explodes to $66 as Iran tensions boil – US Oil OutlookBitcoin under price pressure: (BTC/USD) fails to hold the $88000 level. Is a recovery on the way? zoom_out_map Market Close Heatmap – Source: TradingView – January 29, 2026 The picture for Stocks is still very mixed, particularly as the width of certain stocks rallying to new record and those struggling is widening.Watch out for such end-cycle warning signs.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, January 29, 2026 – Source: TradingView You can see how volatile today's session was, particularly around the Opening bell at 9:30 A.M.Sudden outflows in Metals have changed the daily picture for many assets – It's as if a big fund had liquidated its positions. This affected the Cryptos the most but it will most probably hold an impact for weekend risk – Deleveraging at such extremes could make sense, but watch for cascading effects of such flows.A picture of today's performance for major currencies zoom_out_map Currency Performance, January 29, 2026 – Source: OANDA Labs Today's session in FX was a very confusing one, looking at many up and down movements across all currencies but the ones to keep your eyes on for the coming sessions are the CAD, US Dollar and Japanese Yen.The latter is coming back from a harsh rout throughout the past month. As month-end flows arrive, expect to see further FX volatility.Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar – January 29, 2026 – Source: Nasdaq.com Tomorrow's session will focus heavily on traditional and energy sectors – Focus on Chevron, Exxon and Verizon, all releasing their earnings during the pre-Open.A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Get ready for an active Friday session as the week closes with top-tier growth and inflation data that could spark significant weekend risk flows.Starting tonight, the eyes of the market turn to Japan for a critical price stability check. The Tokyo CPI (YoY) is expected to hold at 2%, while Unemployment is eyed at 2.6%. Any upside surprise in Tokyo inflation will fuel hawkish BoJ bets. This is followed by the Australian Producer Price Index (Q4), expected at 3.5%, which serves as the final inflation puzzle piece for the RBA.But all eyes are turning on tomorrow's Banger session:Eurozone GDP and Inflation (04:00 – 08:00 A.M. ET) will dominate the early morning. Eurozone GDP (YoY) is projected at 0.3%, while Headline CPI (Jan) is expected to tick up to 2.2%. If the bloc shows stagnation alongside sticky prices, the ECB’s "no-cut" stance will be under a true stress test.Later, the North American session offers interesting dynamics for the USD and CAD. Canadian GDP (Nov) is expected to rebound to 0.1% following a previous contraction.But the real test for the US will be the Producer Price Index (08:30 A.M. ET) and the Chicago PMI (09:45 A.M. ET):US Core PPI (YoY) is expected at 2.9%. Any heat here forces a re-evaluation of the Fed’s 2026 path.Chicago PMI is eyed at 44, as investors look to see if the industrial heartland is finally turning a corner.The day wraps with speeches from Fed’s Musalem and Bowman, before high-impact Chinese PMIs (20:30 ET) provide the final word on global growth before the weekend.Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Silver, Gold were reaching new highs every day but saw a sudden top in today's actionPost-FOMC rally gets tested, we observe if the trend can continueHigh timeframe analysis for XAG/USD, XAU/USD and XCU/USD (Copper) If 2025 was volatile for metals, 2026 is starting with even greater intensity.The global order is fracturing as historic allies clash and new conflicts appear imminent.For metal maximalists, this confirms a long-held thesis. Decades of high deficits create predictable capital flows and supply shortages, which are now driving prices to daily records.As geopolitical tensions rise, investors are rushing to commodities to hedge against supply shortages and inflation, a classic play. zoom_out_map Metals performance in 2026 – Source: TradingView But today's flows feel different.It is almost impossible to predict tops in such extreme, unidirectional trends. Some periods can be more favorable for squeezes. Some others are more favorable for rangebound conditions and selloffs.And such periods tend to change at the beginning of the New Year, at the start of Quarters, Months, or even after FOMC meetings.As the US President announced he will officially announce his decision on the Fed Chair next week, Markets are looking back at yesterday's Federal Reserve decision.Higher rates for longer will be the way to go for the Fed until anything cracks, as the US Labor Market bounced back and the US economy is shining – Can't justify many cuts with that.Today marked a brutal stalling in rallies throughout the Metals asset class.Gold was trading 6% higher than the day before the FOMC, only to give up those gains in a 10% flash crash.Similar flows occurred in Copper, Silver, Palladium, and Platinum, all dropping by 9% to 11%.By the way, Copper spiked to new record highs in yesterday's evening session, reaching $6.52 per lb, but still lacking a more fundamental foundation to persistently elevated prices.You can discover more on Copper fundamentals through this wonderful piece. In the meantime, let's dive right into intraday timeframe analysis for Gold (XAU/USD), Silver (XAG/USD) and Copper (XCU/USD) to spot where the session dynamic takes the price action. Is the trend challenged? Read More:WTI explodes to $66 as Iran tensions boil – US Oil OutlookGold falls by 10%! Markets are going ablaze amid US-Iran War fears and post-FOMC flowsBitcoin under price pressure: (BTC/USD) fails to hold the $88000 level. Is a recovery on the way?Gold (XAU/USD) 2H Chart and levels zoom_out_map Gold (XAU/USD) 2H Chart, January 29, 2026 – Source: TradingView This morning's action could pose a significant test to the 30% yearly run in the Bullion.The current fundamentals are heavily backing the recent rise, particularly as it is far less extreme than the one seen in Silver for example.Still, when profit-taking occurs so suddenly, traders can look around, question the current state of the Market and reassess if the trend can still hold.Since the flash, prices have rebounded – Hence look at these two levels:Any retest of the all-time high ($5,600) should be followed with further upside. Particularly after a 4H candle close. Next areas of interest could be between $5,800 and $5,900.Any break and close below $5,100 can put the entire 2026 gains in challenge.The 4H 50-period MA can act as a very interesting indicator for short-term momentumHigher Timeframe Levels to watch for Gold (XAU/USD):Resistance Levels:Current All-time Highs – $5,500 to $5,600Key Fibonacci Projection $5,800 to $5,900$5,400 mini-resistanceSupport Levels:$5,000 to $5,100 Major Psychological Pivot (Morning lows $5,100)$4,788 4H MA 200Pivotal Support $4,400 to $4,500 – Bullish above, Bearish belowMinor Support $3,880 to $4,050$3,200 to $3,500 Major Support$2,600 to $2,800 November 2024 Support$1,800 to $2,000 2022 to 2024 Range SupportSilver (XAG/USD) 2H Chart and levels zoom_out_map Silver (XAG/USD) Weekly Chart, January 29, 2026 – Source: TradingView Evolving in a steep upward channel, Silver is testing its upper bound in high volatility consolidation.Prices have maintained within a $107 to $120 range since Monday, hence trades will look for breakouts either to the upside or downside for future action.Similarly as in Gold, look for a candle close above or below with high volumes to get confirmation.A break lower could go test the Upward channel lower bounds, currently around $92.Higher Timeframe Levels to watch for Silver (XAG/USD):Resistance Levels:$118 to $120 Current ATH ResistanceCurrent Record $121.67Potential Resistance $125 to $127Support Levels:Key Momentum Pivot and Range lows $100 to $104Higher Timeframe Pivotal Support $89 to $922025 HighsMini-Support $80 to $84Major 2026 Support $70 to $72December FOMC Major Support $58.00 to $60Copper (XCU/USD) 2H Chart and levels zoom_out_map Copper (XCU/USD) 2H Chart, January 29, 2026 – Source: TradingView The recent moves are not particularly indicative of a trend-end but recent up and down action may precede doubts to the sustainability of the recent moves.Copper spiked by 10% during overnight trading, corrects by a similar amount and is now holding tight at its January 14 record range ($6.00 to $6.10 Major Pivot).Holding above the Pivot keeps the trend intact and could lead to further highs with the next step between $6.90 to $7.00.Closing below the pivot would hint at a test of the $5.70 to $5.90 pivotal support.Any close below the Pivotal support would compromise the uptrend.Current ATH Resistance $6.40 to $6.50Higher Timeframe Levels to watch for Copper (XCU/USD):Resistance Levels:Current ATH Resistance $6.40 to $6.50$6.52 Current RecordPotential Resistance $6.90 to $7.00Support Levels:$6.00 to $6.10 Early Jan 2026 RecordPivotal Support $5.70 to $5.90 – Bullish above, Bearish BelowMinor Support at March 2025 Highs $5.40Major Monthly Support between $4.90 to $5.00 (50-Week MA)Watch out for positioning and fast-paced moves! zoom_out_map This quote is starting to make sense! January is already coming to an end and it has historically been the best month for Gold, Silver and Platinum. Keep a close eye to see if the rally holds the colder February ahead.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Asia Market Wrap - Asia Tech Leads the Way Asian tech markets, led by South Korea (+23% in Jan), continue a strong riseThe US Dollar remains shaky, trading near four-year lows after the Federal Reserve left interest rates unchanged as expected.Gold surged to a new record high near $5,595/oz before a pullback to below $5500/oz.The FTSE 100 index is positioned for fresh highs after bouncing off its 100-day moving average from a technical perspective.Asian tech stocks continued their strong month-long rise on Thursday, fueled by investors who are optimistic about company profits and eagerly awaiting Apple’s upcoming financial results.While US and European officials tried to speak positively to support the dollar, the currency remained shaky.The US Federal Reserve left interest rates alone as widely expected, while Chair Jerome Powell talked of a "clearly improving" economic outlook and broad support on the committee for a pause.Powell would not be drawn on whether he would remain as a governor after he steps down as Chair in May, given Trump's efforts to pressure the Fed into more aggressive cuts.In the corporate world, Samsung Electronics helped keep the market mood high by tripling its profits, largely because the race to build Artificial Intelligence is driving up the price of computer chips.Regionally, South Korea’s stock market saw a small daily rise that pushed its total gains for January to a massive 23%, while Taiwan’s market is up nearly 13% for the month.Japan’s market rose only slightly, as it struggled with unstable currency values and rising interest rates.However, not every country did well; Indonesia’s stock market dropped for a second day after warnings that their trading rules weren't clear enough. This lack of transparency caused the investment bank Goldman Sachs to downgrade its view on Indonesian stocks.Most Read: 2026 US Dollar Forecast: How the Fed, Government Spending, and AI Will Drive VolatilityJapan Consumer Morale Hits 21-Month Highs Japan’s consumer confidence index increased to 37.9 in January 2026 from 37.2 in December, but remained slightly below market forecasts of 38.It marked the highest reading since April 2024, as all components strengthened: overall livelihood (36.8 vs 35.9 in December 2025), employment outlook (42.4 vs 41.5), willingness to buy durable goods (30.4 vs 30.2), and income growth (42.0 vs 41.3).A positive for Japan at a time that it is needed with elections on the horizon and concerns around debt, this will be welcome news.European Session - Defence and Energy Companies Lead the Way European stocks recovered on Thursday, helped by rising prices for oil, gold, and silver.This positive turn comes after a bad day on Wednesday caused by weak earnings from luxury brands. Nervous investors are buying gold and silver to keep their money safe, which has pushed metal prices up and boosted the stock prices of mining companies.Energy companies are also doing well because oil prices are rising on fears that the US might attack Iran.Meanwhile, market participants are busy analyzing a flood of company financial reports. They are watching US tech giants for news on Artificial Intelligence and checking European companies to see if they are staying healthy despite global trade conflicts.However, some major German companies struggled; software giant SAP saw its stock plunge after reporting only average sales, and Deutsche Bank shares fell despite announcing its highest profits in years.This dragged down the German DAX Index, which is also suffering because the government admitted the economy is growing slower than expected.On the FX front, the US dollar remained shaky on Thursday as investors continued to worry about American economic policies and global politics.Earlier in the week, the dollar crashed to a four-year low after President Trump appeared unconcerned about its weakness, though it stabilized slightly after Treasury Secretary Scott Bessent assured the market that the US still wants a strong currency.Currently, the dollar is trading very close to those recent lows.Meanwhile, the Euro has dropped back slightly below $1.20, as European banking officials are concerned that if their currency gets too strong, it could hurt their economy.In other currencies, the British Pound is hovering near a four-and-a-half-year high, and the Australian dollar hit a three-year peak because investors expect interest rates there to rise next week.Currency Power Balance zoom_out_map Source: OANDA Labs Gold prices surged again on Thursday in the Asian session, climbing close to $5,600 per ounce as nervous market participants rushed to buy the metal to protect their money from global political and economic trouble.Gold rose 2.7% to trade around $5,546, after hitting a new record high of nearly $5,595 earlier in the day; this marks the ninth day in a row that gold has broken price records.There has been a selloff since then with the precious metal reaching lows around the $5475/oz handle in early European trade.The precious metal is still up over $1000 for the month of January.Silver also reached a major milestone, briefly jumping past $120 per ounce before settling back down to around $118. Silver prices have risen more than 60% this year because it is in short supply and investors are looking for a cheaper alternative to gold. zoom_out_map Source: LSEG Read More:The Fed holds rates steady – North American session Market wrap for January 28Apple (AAPL) Earnings Preview: Investors Eye Record Revenue and AI Updates Amidst Market JittersGold (XAU/USD), Silver (XAG/USD) Technical Outlook: Navigating the Current Climate as Gold Taps $5300/oz, Silver Eyes Wedge BreakoutEconomic Calendar and Final Thoughts Data is largely thin today with Geopolitical developments likely to remain key. Greenland, tariffs, US-Iran among other discussions remain key drivers of volatility.There is also a host of US companies reporting earnings today which could also stoke volatility with Apple likely to be the main focus. The only US data of note is the initial jobless claims data which have been lower than expected of late..Barring a negative print here, the DXY can work its way higher. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical perspective, the FTSE 100 index has bounced off the 100-day MA on the four-hour timeframe once more.This puts the index looking like it is on its way to fresh highs..Immediate resistance rests at 10243 with a break above eyeing the 10277 handle before the 10300 handle comes into focus.A move lower here may find support at 10178 before the psychological 10000 handle and the 200-day MA at 9973 comes into focus.FTSE 100 Index Daily Chart, January 29, 2026 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for January 28 The Fed kept rates unchanged between 3.50% and 3.75% in an uneventful FOMC Day.Today's session was very calm across most asset classes (except for one, guess which one) – not too surprising, given the humdrum Press Conference and rate decision.Jerome Powell, whose term as Fed Chair extends only to two extra FOMC meetings (March 18 and April 29), had to defend against many questions about his recent investigation – the rest of his conference did not add much to his previews statements.Metals are exploding higher after the conference as post-FOMC participation held tight for the meeting to end before joining the latest trend; Gold reached a new record high just shy of $5,400 and is closing the session around its peak.. What contributed to the dynamic was Powell's inability to defend the recent move lower in US Dollar, prior to the meeting. Truly, as the Fed Chair insisted, it isn't the Federal Reserve's job, but Gold and Silver really loved that.We'll see if this extends beyond the announcement of the next Fed Chair. The announcement will be coming very shortly.US stocks had no idea of where to go, while the Dollar did strengthen from its past-day tumble, but gave up some of its early-session gains during the Conference, ceding its seat to the Australian, Kiwi, and Canadian Dollars.Regarding the CAD, the Bank of Canada also kept rates unchanged at 2.25%. It was only after Macklem's press conference that the Loonie rallied, as the Governor defended the Fed with intensity and pointed to a more optimistic Canadian economy. Discover:The Fed keeps rates steady – Market Reactions to the FOMCGold hits all-time high: Will FOMC's 'Hawkish Hold' trigger a profit-taking correction?Apple (AAPL) Earnings Preview: Investors Eye Record Revenue and AI Updates Amidst Market Jitters zoom_out_map Market Close Heatmap – Source: TradingView – January 28, 2026 Key Earnings are coming up – expect a lot of volatility in the next few sessions particularly as high volumes return to the Market post-FOMC.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, January 28, 2026 – Source: TradingView Surprisingly, most assets remain very hesitant and rangebound during the session, except for the usual suspects.Metals waited patiently for the Press Conference to begin to explode higher – Look at Silver and Gold!A picture of today's performance for major currencies zoom_out_map Currency Performance, January 28, 2026 – Source: OANDA Labs The Swissie gave up a chunk of its previous session win, a bit against the US dollar but especially more against the Antipodean currencies (NZD and AUD).The Greenback gave up some of its pre-announcement gains, but crossed back above the 96.00 level in classic mean-reversion.Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar – January 28, 2026 – Source: Nasdaq.com Stock traders are ready for a busy session, with the recent earnings releases for Meta, Microsoft and Tesla and tomorrow's high-anticipations Apple and Visa/Mastercard earnings.Check out our recent in-depth Apple Earnings preview right here:Apple (AAPL) Earnings Preview: Investors Eye Record Revenue and AI Updates Amidst Market JittersA look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Thursday keeps the macro pressure on, with some earnings spice.Europe starts the day with business climate, confidence and sentiment indicators, followed by US jobless claims, productivity and factory orders, while ECB speakers remain in focus. The late session shifts back to Asia, with Tokyo CPI, Japanese labour and retail data, plus Australian PPI, all relevant for the JPY and AUD. On the equity side, Caterpillar, SAP and Mastercard headline the pre-market, while Apple and Visa report after the close, setting the tone for the next session.Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The Fed is keeping rates unchanged at the 3.50% to 3.75% range – Slightly hawkish tone and the US Dollar is strengthening.Changes to the previous statement include a more robust outlook on employment and the economy – This could take out future cuts but for now participants are awaiting for Powell.The votes for the pause are at 10-2 – Fed's Waller and Miran dissented.The pause was 98% priced so not surprising to observe the quiet atmosphere in Markets.You can get access to the detailed report and Fed Statement right here.Nothing surprising is appearing in the Statement – Except for a continued rebound in the US Dollar, volatility is low for now.Powell is currently speaking – Get ready for some high paced shifts in the action.The Fed Chair is mentioning a persistently elevated inflation (Core PCE–Fed's Favorite measure, is stuck at 2.8% while the target is at 2%) as reason to maintain rates flat.Tariffs are still a concern and timing for future cuts is uncertain (no preset course, meeting-by-meeting basis). Nothing new here.Questions are beginning, here's the important part.For now, Powell is rejecting questions on the US Dollar and anything regarding his subpoena.He made mentions of the current rate not looking too restrictive when looking at the economy – neutral at best. zoom_out_map Notable quotes from the Statement – Source: Federal Reserve Pre-Conference Market Pricing zoom_out_map Market Pricing for the March meeting (14:20) – Source: FedWatch Tool zoom_out_map Pre-Conference Asset Board – Courtesy of Finviz Market ReactionsDollar is higher but stalls its ascent zoom_out_map US Dollar (DXY) 15M Chart – Source: TradingView – January 28, 2026 US Stocks wicked higher but are staying flat zoom_out_map Dow Jones (CFD) 15m Chart – Source: TradingView Gold is correcting from its record highs zoom_out_map Gold (CFD) 15m Chart – Source: TradingView Other metals are also staying flat/correcting slightlyBitcoin and Cryptos are remaining flat Keep a close eye on post-speech flows which can be quite sudden.Safe Trades and Good luck for Powell!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Nasdaq 100 momentum has turned decisively bullish: The index broke above its 7-week range at 25,830 and has started to outperform other major US indices on a week-to-date basis, signalling a catch-up phase for US mega-cap tech.VARS points to emerging tech leaders: Amazon, Cisco Systems, and Meta Platforms show improving volatility-adjusted relative strength versus their benchmarks, suggesting a transition from prior underperformance to potential positive alpha generation over the next 1–3 weeks.Technical structures favour further upside, with clear risk levels: All three stocks have reclaimed key moving averages and seen bullish RSI breakouts, but the bullish case hinges on holding well-defined medium-term support zones that would invalidate the recovery if breached. This is a follow-up analysis on our recent report, “Chart alert: Nasdaq 100 bullish breakout (finally) from a 7-week range”, published on Tuesday, 27 January 2026The price actions of the Nasdaq 100 CFD index (a proxy of the Nasdaq 100 E-mini futures) have staged the expected bullish breakout above the former minor 7-week range resistance of 25,830 and rallied by almost 1% on Tuesday, and it has continued to extend its gains on Wednesday, 28 January Asian session with a rally of 0.6% to record an intraday level of 26,170 at the time of writing.The year-to-date laggard among the major US stock indices has started to catch up. So far, the week-to-date performance as of 26 January 2026, the cash market Nasdaq 100 has recorded a gain of 1.3%, surpassing the S&P 500 (+0.9%), Dow Jones Industrial Average (-0.2%), and the small-cap Russell 2000 (-0.1%).Amazon, Cisco Systems, Meta Platforms may outperform Nasdaq 100 This report will highlight three US technology stocks (Amazon, Cisco Systems & Meta Platforms) that may outperform the Nasdaq 100 (in terms of positive alpha generation) filter by technical factors and volatility-adjusted relative strength (VARS).In a quick note on VARS is an indicator that normalises momentum by accounting for a stock's volatility, helping traders identify genuine market strength and avoid misleading signals from high-beta, high-volatility shares.Read more about this guide on volatility-adjusted relative strength: VARS: How to prevent the high-beta trap and find the relevant stocksHere are the technical charts of the three US technology stocks that may generate positive alpha over the medium-term horizon (1 to 3 weeks).Amazon (AMZN) bullish reintegration back above 20-day & 50-day MA zoom_out_map Fig. 1: Amazon medium-term trend as of 27 Jan 2026 (Source: TradingView) Amazon will report its Q4 2025 earnings on Thursday, 5 February, after the close of the US session.In the past three trading sessions, the share price of Amazon has rebounded and traded back above its 20-day and 50-day moving averages.The volatility-adjusted relative strength of Amazon against the Nasdaq 100 exchange-traded fund has started to slope upwards significantly since 3 December 2025 and traded above its 50-day moving average as well as above its zero line since 26 December 2025 (see Fig. 1).This observation on VARS suggests that Amazon has started to outperform the Nasdaq 100, a transition from its multi-month underperformance that took place from 15 April 2025 to 17 October 2025.In addition, its daily RSI momentum indicator is also evolving in a bullish momentum condition as it managed to stage a rebound from its ascending support and crossed above the 50 level, while still below its overbought region (above the 70 level).Watch the 226.50 key medium-term pivotal support to maintain the bullish bias for the next medium-term resistances to come in at 258.60 (current all-time high) and 275.26 next in the first step.However, failure to hold at 226.50 and a daily close below it will jeopardize the bulls to trigger a multi-week corrective decline to expose the next medium-term supports at 211.40 and 194.70 next.Cisco Systems (CSCO) bullish momentum breakout zoom_out_map Fig. 2: Cisco Systems medium-term trend as of 27 Jan 2026 (Source: TradingView) Cisco Systems will report its Q4 2025 earnings on Wednesday, 18 February 2026, after the close of the US session.The share price of Cisco has traded back above its 20-day and 50-day moving averages.The daily RSI momentum indicator has just staged a bullish breakout from its prior descending resistance and rebounded back above the 50 level on 26 January 2026.In addition, the volatility-adjusted relative strength of Cisco against the Nasdaq 100 exchange-traded fund has started to slope upwards significantly since 29 October 2025 and traded above its 50-day moving average as well as above its zero line since 29 December 2035.This observation on VARS suggests that Cisco has started to outperform the Nasdaq 100, a transition from its multi-month underperformance that took place from 27 May 2025 to 22 September 2025.Watch the 72.80 key medium-term pivotal support to maintain the bullish bias for the next medium-term resistances to come in at 82.00 (current all-time high), 85.62, and 90.79/91.54 next in the first step (see Fig. 2).On the other hand, failure to hold at 72.80 and a daily close below invalidates the bullish scenario to open scope for a multi-week corrective decline to expose the next medium-term supports at 68.89 and 66.50 next.Meta Platforms (META)'s prior 27% plunge halted at long-term ascending channel support zoom_out_map Fig. 3: Meta Platforms medium-term trend as of 27 Jan 2026 (Source: TradingView) Meta Platforms will report its Q4 2025 earnings on Wednesday, 28 January 2026, after the close of the US session.The 27% decline seen in Meta Platforms from its current all-time high of 796.25 printed on 15 August 2025 to the 19 November 2025 low of 581.25 has managed to pause right at the long-term secular ascending channel support in place since the October 2022 low.Several positive technical elements have emerged. The price actions of Meta Platforms have formed a “higher low” on 20 January 2025, rallied by around 9.8%, and closed above its 20-day and 50-day moving averages (see Fig. 3).The daily RSI momentum indicator has staged a bullish breakout above its descending resistance and the 50 level, which suggests medium-term bullish momentum may have resurfaced.The volatility-adjusted relative strength (VARS) of Meta Platforms against the S&P 500 exchange-traded fund (SPY) has started to turn up (shaped a “higher low”) above zero and traded back up above its 50-day moving average. These observations suggest the relative weakness of Meta Platforms may be starting to gain back some strength.Watch the 585.77 key medium-term pivotal support, and a clearance above 705.20 intermediate resistance may see the medium-term resistances coming in at 758.40 and 793.70 (current all-time high area).On the flip side, a break and a daily close below 585.77 invalidates the bullish recovery scenario to expose the next medium-term supports at 516.50 and 479.80. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Q4 2025 financial expectations are tempered, forecasting steep declines in EPS and Revenue after a Q4 delivery miss.Investor focus has shifted from car sales to updates on the "AI Narrative" (Robotaxi, FSD, Optimus) and stabilizing the Automotive Gross Margin to justify the stock's premium valuation.The Energy Storage division is the current "bright spot," but high volatility is expected for the stock, with immediate support at $380 and resistance at $450.Most Read: FOMC Meeting Preview: Fed To Keep Rates on Hold, Implications for the DXY and GoldAs the Q4 earnings season heats up, all eyes turn to Tesla (TSLA), which is set to report its fourth-quarter and full-year 2025 results on Wednesday, January 28, 2026, after the closing bell. With the stock trading at a premium valuation despite declining automotive fundamentals, this report represents a critical juncture.Like many of its ‘mag 7’ cohorts, market participants are no longer just looking at car sales; they are demanding concrete proof that Tesla’s pivot to AI and robotics is on the verge of financial fruition.What to Expect? Wall Street’s expectations for the headline numbers are tempered, reflecting a challenging year for the EV giant.Earnings Per Share (EPS): Consensus estimates sit around $0.44 to $0.45, representing a steep decline of roughly 30-40% year-over-year.Revenue: Analysts forecast revenue to come in at approximately $24.8 billion, a contraction of roughly 3% compared to the same quarter last year.Deliveries (Already Reported): The backdrop for these financials is the Q4 delivery miss reported earlier this month. Tesla delivered 418,227 vehicles in the quarter, down ~16% YoY, bringing the full-year 2025 total to 1.63 million. This marks the second consecutive year of declining volume, driven by intense competition in China and subsidy withdrawals in key markets like the US and Europe.The Metric that Matters: Automotive Gross Margin. With price cuts having eroded profitability throughout 2024 and 2025, investors will be laser-focused on whether margins have bottomed. Analysts are projecting automotive gross margin (excluding regulatory credits) to fall to approximately 14.3% – 14.8%.If Tesla reports a number significantly below 14% (ex-credits), it could signal that the "price war" is inflicting more damage than expected. If they manage to hold above 15%, it would likely be viewed as a major victory for operational efficiency. zoom_out_map Source: Yahoo, LSEG Key Focus Areas: The "AI Narrative" Shield While the core auto business faces headwinds, Tesla’s stock price has remained resilient, buoyed by the "AI Narrative." The earnings call will likely be dominated by updates on these future growth pillars:Robotaxi and Cybercab Timeline Following the limited service launch in Austin and the Bay Area, investors are demanding clarity on the path to commercialization. With the Cybercab production scheduled for Q2 2026, any delays could severely punish the stock. The market wants to know: When will unsupervised FSD be ready for mass public deployment?FSD Monetization & Subscription Shift Elon Musk’s recent announcement that Full Self-Driving (FSD) will transition to a subscription-only model after February 14 is a major strategic pivot. Investors will look for details on how this affects recurring revenue. With adoption rates currently estimated at around 12%, the goal of 10 million active subscriptions is ambitious but essential for the bull case.Optimus: The Wildcard The Optimus humanoid robot remains a "blue sky" opportunity. While Musk has teased it as a solution to global poverty, production timelines have reportedly slipped from early to late 2026. Concrete updates on manufacturing readiness will be crucial to maintain faith in this long-term catalyst.The Bright Spot: Energy Storage Amidst automotive weakness, the Energy division is a powerhouse. Tesla deployed a record 14.2 GWh of storage in Q4. Expect this segment to do the heavy lifting for revenue growth, potentially offsetting some of the drag from vehicle sales.Finally, capital expenditure (Capex) guidance for 2026 will be a critical indicator of Tesla's long-term confidence. CFO Vaibhav Taneja has already hinted that Capex will "increase substantially" as the company prepares for its next phase of growth.While higher spending may weigh on near-term free cash flow which stood at $4 billion in the third quarter, it is a necessary investment if Tesla is to achieve its goal of structural disruption in the mobility and robotics markets.Implications for Tesla Stock and Nasdaq 100 For TSLA Stock: Volatility is all but guaranteed. The options market is pricing in a massive move of roughly 6% to 12% following the report.Bear Case: If margins compress further and AI timelines are pushed back, the stock could test support levels near $380.Bull Case: A surprise beat on margins, coupled with a firm date for a wide Robotaxi rollout, could propel shares toward resistance at $450 before the $475 and 2025 highs at $498 come into focus.Tesla TSLA Daily Chart, January 27, 2026 zoom_out_map Source: TradingView Tesla remains one of the most influential components of the major U.S. indices, particularly the tech-heavy Nasdaq 100. As of late January 2026, Tesla's weighting in the Nasdaq 100 (tracked by the QQQ ETF) is approximately 3.8% to 4.3%.Tesla’s forward guidance will act as a bellwether for the broader tech sector's risk appetite. A disappointment here could drag down the Nasdaq 100, fueling concerns that the AI premium embedded in tech stocks is detaching too far from underlying earnings reality.Nasdaq 100 Daily Chart, January 27, 2026 zoom_out_map Source: TradingView Conclusion Wednesday’s report is less about what Tesla sold in 2025 and more about what it promises to build in 2026. The company is effectively asking investors to look past shrinking car sales and believe in a robotic future.For long-term believers, the dip in fundamentals is a blip; for skeptics, it’s a warning sign. One thing is certain: there will be no middle ground when the numbers hit the tape.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for January 27 The session was already a volatile one before Donald Trump decided to spice things up even more right ahead of the North American close.Despite an ongoing rout in the US Dollar, the President said, "The value of the dollar [..] is doing great." The Dollar Index (DXY), which had already corrected by 3% since last Monday, just dropped another percent to 4-year lows, now below 96.00.As expressed in our in-depth US Dollar analysis, a lack of participants to absorb fast-paced swings in supply and demand can accelerate such moves even further – a perfect example of which is today's action. zoom_out_map Dollar Index (DXY) 2H Chart – Source: TradingView Pre-FOMC sessions can be boring, rangebound across asset classes, as traders await new Fed developments.Or they can be like today's bonanza, where a dollar melt fuels wild moves around Markets.Metals were once again right in the middle of the intensity, with the precious assets correcting sharply (Gold held well) before they danced to fresh highs around Trump's comments – The Bullion marked another daily record at $5,185.My hunch still tells me today's action could be extreme, leading to swift post-FOMC reversals as Powell attempts to calm things down.Participants are still awaiting the announcement of the next Fed Chair. In the meantime, expect usual volumes to return to the Market after tomorrow's Fed Decision at 14:00 (and rise particularly during the Press conference at 14:30 E.T.).Iran also remains a concern that traders are keeping in mind – WTI (US) Oil reached new 2026 highs in the current session ($62.70) as things could heat up at any time. Discover:Gold pushes to pre-FOMC record, holding the Metals Market – XAU/USD and Metals OutlookTechnical levels for major FX pairs ahead of the FOMC Rate decisionFOMC Meeting Preview: Fed To Keep Rates on Hold, Implications for the DXY and Gold zoom_out_map Market Close Heatmap – Source: TradingView – January 27, 2026 Today marked the pursual of rebalancing Stock flows with the high-expectations Mag 7 earnings approaching by the minute.The Dow Jones is marking somewhat of a top, dropping 1% and giving up the same percentage to the Nasdaq. The S&P 500 on the other hand reached some new all-time highs just today!The Industrial Average did outperform its peers throughout the entire end of 2025, so profit-taking right ahead of the FOMC isn't anything to be concerned of.Still, keep a close eye on tomorrow's Index action after the FOMC and the key earnings releases – Thursday's open and this weekly close will be watched very closely.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, January 27, 2026 – Source: TradingView Today's cross-asset action was a brutally violent one – Late position closes can have such dramatic effect on price swings, particularly as the US President keeps surprising traders.Metals and Cryptos stand on top of today's movement at a heavy cost for the Dollar – Expect tomorrow to remain very spicy and spiky!A picture of today's performance for major currencies zoom_out_map Currency Performance, January 27, 2026 – Source: OANDA Labs FX volatility is back, and looking at the charts, it doesn't look like it's going away.The Swiss Franc is on top of the board as it reaches 15 year highs against the greenback.All other FX Majors are up above 1% as the dollar cracks well lower. zoom_out_map Today's Major FX Performance by % change – Courtesy of Finviz Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar – January 27, 2026 – Source: Nasdaq.com Stock traders are ready for a banger session tomorrow: Microsoft, Meta, ASML, A&T are among the major reporters.The most important earnings will be released after the close, so suit up for a long session tomorrow.A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. This evening session could be an interesting one for FX traders, particularly Aussie aficionados:Late Tuesday is Asia-focused, with BoJ minutes and Australian CPI/trimmed mean, key for JPY and AUD positioning.Wednesday however is where traders are made.Canada kicks it off with the BoC rate decision, statement and press conference at 9:30 A.M. E.T., followed by the FOMC decision (14:00), statement and Powell presser at 14:30. Expect volatility to spike and concentrate around these windows.Between releases, markets may stay cautious and range-bound as traders avoid heavy positioning ahead of central bank risk, except if more chaos similar to today occurs.Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

After Gold reached $5,000, other metals are selling offSigns from previous weeks could point to a larger correction depending on the FOMC outlookTechnical analysis for XAG/USD (Gold), XAU/USD (Silver) and XPT/USD (Platinum) & FOMC trading levels A lot has changed since our last high-timeframe outlook, reminding us that black swan events can affect any projections and expectations in a matter of a headline and a session.The start of 2026 has been marked by chaotic headlines and geopolitical events, which is now a new norm. Some call it the New World Order (or New World Disorder).Last weekend offered quite a show across Markets and journals as the US President decided to threaten additional tariffs to European nations in his latest temper tantrum:Donald Trump reaffirmed his desire to acquire Greenland, sparking widespread concern ahead of the World Economic Conference, held in Davos last week.The immediate reactions were flash US Dollar selloffs and Metals extending much higher in a newfound risk-off move.Despite the headlines materializing into something much less concerning for the world as we know it, the confidence damage from the latest TACO (Trump Always Chickens Out) has prolonged the damage to the Greenback and supported the precious commodities.About a week after the headlines, Silver reached the $100 milestone while Gold accelerated to $5,000, not even mentioning the swift rises in Platinum, Palladium, and other metals. zoom_out_map Metals performance since 2026 – Source: TradingView Shortly after reaching the new milestones, however, some divergences between metals have emerged and are turning into quite sudden reversals.Silver topped suddenly at $117 after a 27% weekly explosion, Platinum spiked at $2,884 and now stands 12% lower while Gold holds solidly above $5,000.Ahead of FOMC events, moves can be exaggerated by lower volumes and orders, which can push supply and demand to have a more significant impact on prices – a result of the past two days of action in Commodities and the US Dollar.The most extensive tests for the run in metals are about to unfold, both regarding the Federal Reserve:The first is tomorrow's monthly FOMC meeting (the first of eight in 2026) – a cut is far from priced in (only 3%), so participants will be listening very closely to what Powell says during his press conference.The second, less predictable, is the nomination for the next Fed Chair – Powell's term as Chair ends in May 2026 (but will be able to remain at the Board of Governors).Rick Rieder is now the favorite, not far in front of Kevin Warsh – This only looks at the current Prediction-Market odds.Some geopolitical events could still largely change the picture. zoom_out_map Odds for the next Fed Chair nomination – Source: Kalshi Let's dive right into a technical analysis for Gold (XAU/USD), Silver (XAG/USD) and Platinum (XPT/USD) to spot where the current trend stands, just ahead of the FOMC meeting. Read More:Technical levels for major FX pairs ahead of the FOMC Rate decisionChart alert: Silver 13% flash crash has not damaged its bullish trendHow long can the Fed still defend its independence?Gold (XAU/USD) Daily Chart and Technical Levels zoom_out_map Gold (XAU/USD) Daily Chart, January 27, 2026 – Source: TradingView Gold easily brushed through any pessimistic outlook as the geopolitical tone worsened yet again.After remaining dormant in the first few trading days of 2026, the Bullion managed a swift push to daily new records, forming a technical Tight Bull Channel.Last week's push was consistent, backed by the changing fundamental environment. As other metals now struggle, XAU is showing why it's the ultimate safe-haven: As its peers are giving up their high gains, it remains strongly above $5,000 (and nearing $5,100 as we speak).A potential US Intervention in Iran is still looming.Tomorrow's FOMC meeting will have a high chance to affect the current flows.A neutral/hawkish Fed (base case) could reduce demand, which may prompt a correction to at least $4,600A dovish Fed (less likely) would pump gold to swift new highs (a quick test of potential resistance around $5,300).The same would follow in other metals.In terms of Fed nominees, some analysts argue that Rick Rieder would be bearish on metals (bullish on Bonds and the USD) while Kevin Warsh would keep the trend as it is.Higher Timeframe Levels to watch for Gold (XAU/USD):Resistance Levels:$5,000 to $5,100 Major Psychological Resistance$5,115 All-time highs and runningKey Fibonacci Projection $5,250 to $5,350Next psychological level at $5,500Support Levels:Preceding ATH Pivot $4,400 to $4,500 – Bullish above, Bearish belowChannel break-retest around $4,800 (+/- $30)20-Day Moving average $4,635Pivotal Support and Channel lows $3,880 to $4,050$3,200 to $3,500 Major SupportSilver (XAG/USD) Daily Chart and Technical Levels zoom_out_map Silver (XAG/USD) Daily Chart, January 27, 2026 – Source: TradingView The ongoing parabolic ascension remains historic as the devil's metal elevates to new record highs, up at whopping 27% since January 16!A $10 move is now the new normal in the ongoing reckless squeeze – A note to take into account in case volatility keeps rising from here.The metal reached $117, just shy of $120. After reaching the new record, a flash-sale took Silver to a retest of the $102 level.Shorter timeframes indicate a triangle consolidation as the pre-FOMC action looks undecided.Breaking below its support could point to a swifter retracement, with the $93 to $95 being a reasonable target – A larger retracement could of course occur (watch out for mean-reversion in such violent markets).Any push to new record could easily take the metal to the $125 psychological level.Higher Timeframe Levels to watch for Silver (XAG/USD):Resistance Levels:$114 to $117 Current ATH ResistanceCurrent record $117.75$125.00 Next Psychological ResistanceSupport Levels:$100 Psychological level$93.50 to $96.00 Jan 20 Highs – Current Momentum PivotMini-Support $83 to $85Minor Support $70 to $75 Above Bullish, Bearish belowChristmas lows $70Pivotal Support $48 to $50Platinum (XPT/USD) Daily Chart and Technical Levels zoom_out_map Platinum (XPT/USD) Daily Chart, January 27, 2026 – Source: TradingView Platinum looks poised for a test of its upward-channel lower bound around $2,350 to $2,390 after stalling its rise suddenly.Bears appeared in the metal quickly after Gold reached $5,000 while XPT/USD wicked at $2,882.With the current action more looking like of consolidation/slight correction, it will be very interesting to see if bulls manage to retake the upper hand after the FOMC.A daily close above $2,695 points to new record highsFailing to do so may trigger a sharper correction in the Precious Metal – Look at its 20-Day Moving Average ($2,353).Technical Levels to watch for Platinum (XPT/USD)Resistance Levels:Key level to breach for bulls: $2,695Retest Resistance $2,700 to $2,770Current Main Resistance $2,880 to $3,000Current all-time highs $2,882Support Levels:$2,450 to $2,525 December record Pivot20-Day Moving Average $2,353$2,200 to $2,300 2008 Pivotal Support 50-Day Moving average $2,0002011 All-Time Highs turned Support $1,900 to $1,920Similarly as in our previous Metals outlook, it is essential to remind that participating in such moves can be hazardous as stops can easily trigger in volatile environments.Keep your risk, orders and positions in check while trading these historic markets, particularly as the FOMC approaches and geopolitical turmoil still looms.Watch out for positioning and fast-paced moves! Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The Fed is facing increasing political pressure, and a pause in rate cuts has become a tool to defend its institutional independence.The labour market remains stable but fragile, supporting a cautious Fed stance despite inflation staying above target.Futures markets do not expect further rate cuts in the coming months, with meaningful easing priced in only from mid year.The risk of a loss of confidence in the US dollar is rising, potentially leading to a self reinforcing depreciation if the Fed’s credibility is undermined. zoom_out_map The US policy interest rate and core inflation measures in the United States (CPI and PCE year on year), source: Bloomberg Rising political pressure on the Fed The Federal Reserve is currently operating in an increasingly tense political environment. Pressure from the administration for further and substantial interest rate cuts has continued to build, turning monetary policy into a political battleground. This conflict recently intensified with legal action being taken against Fed Chair Jerome Powell, widely interpreted as an attempt to exert direct pressure on the central bank’s leadership. Powell’s unusually firm and public response suggests that the Fed is not prepared to yield easily. In this context, a pause in rate cuts can serve not only as a policy decision but also as a visible signal of institutional independence.Maintaining unity among policymakers will be essential in this phase. That task may prove difficult, given the expected dissenting vote from Governor Miran, who has consistently argued for aggressive rate cuts, and increasingly open signals from Governor Bowman in favour of lower interest rates.No rate cut at the upcoming meeting Against this backdrop, the upcoming meeting of the Federal Reserve is very likely to end with interest rates left unchanged. The Fed has for some time signalled its readiness to pause after three consecutive rate cuts implemented in January. This would leave the target range for the federal funds rate at 3.50 to 3.75 per cent. Since the beginning of 2024, rates have been reduced by a total of 175 basis points.According to Powell and many other policymakers, interest rates are now relatively close to a neutral level. This assessment supports a wait and see approach, allowing the Fed to rely more heavily on incoming data before committing to further policy adjustments.Fed policy expectations priced in by the futures market The federal funds futures market is also aligned in its assessment of the likelihood of changes to monetary policy parameters at tomorrow’s Fed meeting. Market pricing clearly indicates that the probability of another rate cut in January is very low. The chances of such a move in March and April are also limited. It is only in June that the market begins to see meaningful odds of a further easing of monetary conditions. zoom_out_map Market pricing of the future path of US interest rates, source: Bloomberg Labour market in the spotlight The labour market has become a central focus of the Fed’s assessment. Despite solid economic growth last year, employment momentum has clearly weakened. Layoffs in federal agencies have added to this slowdown. At the same time, while private companies have largely avoided large scale redundancies, they have also shown little appetite for new hiring.This combination has kept the labour market broadly stable, but the balance remains fragile. In the event of an economic slowdown, conditions could deteriorate quickly. Seen from this perspective, the recent rate cuts, despite inflation remaining above the 2 per cent target, can be interpreted as insurance against a sharper downturn rather than a response to immediate weakness.Recent data offer temporary relief So far, recent labour market data have not confirmed fears of further deterioration. In both November and December, more than 50,000 new jobs were created each month, which was sufficient to prevent an increase in the unemployment rate. This gives the Fed time to assess whether this trend continues at the start of the new year.In parallel, more up to date inflation data will become available in the coming months. This includes the release of the PCE deflator, the Fed’s preferred inflation measure, whose publication had been delayed due to last year’s government shutdown. These data will be crucial in shaping expectations for the next phase of monetary policy.When markets stop believing: the rising risk of a self-reinforcing dollar sell off The current situation in the foreign exchange market clearly highlights a risk that was repeatedly flagged already last year. This risk appears to be particularly underestimated by proponents of the so called “TACO” (Trump Always Chickens Out) strategy, which is based on the belief that President Trump ultimately always backs away from his most confrontational decisions. The problem, however, is that given the unpredictable and often chaotic nature of policy making under the current US administration, there is a genuine danger that markets cross a threshold beyond which a loss of confidence becomes difficult to reverse.From an investor’s perspective, this implies the risk of entering a phase in which even later attempts to soften the political stance will no longer be sufficient to halt negative market dynamics. In other words, markets may stop responding to deescalatory gestures if they are perceived as too late or lacking credibility.Among the potential “critical points” long discussed are the risk of the US dollar losing its safe-haven status and a perceived erosion of the Federal Reserve’s independence in the eyes of market participants. If investors begin to seriously price in a scenario in which these pillars are permanently weakened, dollar depreciation could take on a self reinforcing character. In such an environment, even a retreat from the most controversial policy actions may fail to restore stability, resulting in a deeper and more persistent weakening of the US currency.Recent market developments suggest that this scenario is becoming increasingly plausible. President Trump has indeed attempted to deescalate tensions related to Greenland by stepping back from tariff threats against parts of the European Union, which provided the dollar with only a brief period of relief. At present, downward pressure on the USD has intensified again, underscoring that ad hoc measures are insufficient to rebuild damaged investor confidence. A break above 1.19 in EUR/USD now appears highly likely.EUR/USD has moved back into its medium-term upward channel. The declines seen in late December 2025 and early January proved to be only a temporary episode that briefly altered the direction of price action. For now, the uptrend in the main currency pair appears to remain intact. zoom_out_map EUR/USD exchange rate chart, daily data, source: TradingView Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Silver’s bullish trend remains intact despite volatility: A sharp 13% flash crash failed to break the ascending trendline from early January, with prices holding above the key US$99.39 support, preserving the short-term bullish bias.Top-performing asset YTD, driven by macro tailwinds: Silver is up ~52.5% YTD, outperforming gold by a wide margin, supported by a weaker US dollar and heightened geopolitical risk that amplifies its higher-beta characteristics.Momentum and relative strength still favour upside: RSI indicators remain above key support levels, while Silver continues to outperform Gold on a relative basis, keeping higher resistance targets in play unless US$99.39 decisively breaks. This is a follow-up analysis and an update of our prior report, “Chart Alert: Silver (XAG/USD) resumes accelerated uptrend, US$90.90 upside trigger to watch”, published on 14 January 2026.Silver is the top asset performer so far zoom_out_map Fig. 1: Year-to-date performances of major cross assets as of 26 Jan 2026 (Source: MacroMicro) Silver (XAG/USD) has soared as expected, cleared above the highlighted US$90.90 trigger level, and hit our intermediate resistance level of US$101.15 as highlighted in our previous analysis.Among the major cross-asset classes, Silver has emerged as the top-performing asset. Based on year-to-date performance as of Monday, 26 January 2026, spot Silver (London Bullion Market Association) has recorded a stellar gain of 52.3% (see Fig. 1).It even surpassed spot Gold (+16.6%) by around three times due to its higher beta factor, supported by a continuation of the weakening US dollar trend since 15 January 2026 and elevated geopolitical risk premium reinforced by an expansionary/aggressive US White House’s foreign policy.On Monday, 26 January US session, Silver (XAG/USD) soared to a fresh intraday all-time high of US$117.54 before it tumbled swiftly 13% in the next four hours to hit an intraday low of US$102.52 on Tuesday, 27 January Asian session.Silver (XAG/USD) has recovered partially with an intraday gain of 8.6% to trade at US$112.72 at the time of writing.Let’s now dissect the latest short-term (1to 3 days) trajectory of Silver (XAG/USD) from a technical analysis perspective.Short-term trend bias (1 to 3 days): Bullish; remains supported by ascending trendline zoom_out_map Fig. 2: Silver (XAG/USD) minor trend as of 27 Jan 2026 (Source: TradingView) zoom_out_map Fig. 3: Silver (XAG/USD) medium-term trend as of 14 Jan 2026 (Source: TradingView) Despite the latest 13% plunge, Silver (XAG/USD) has continued to trade above a key minor ascending trendline in place since the 8 January 2026 low of US$73.84, now acting as a support at around US$99.39.Hence, watch the 99.39 short-term pivotal support to maintain the minor bullish impulsive up move sequence for the next intermediate resistances to come in at US$119.54/121.61 and US$126.12/127.62 (Fibonacci extension clusters) (see Fig. 2).On the other hand, a break and an hourly close below US$99.39 invalidates the bullish tone to open scope for a deeper minor corrective decline sequence to expose the next intermediate support at US$95.88 before the medium-term pivotal support zone of US$92.24/87.72 (also the 20-day moving average).Key elements to support the bullish bias Both the 1-hour and 4-hour RSI momentum indicators of Silver (XAG/USD) have continued to remain above their respective key ascending supports, holding above the 50 level. Bullish momentum remains intact.The 4-hour relative strength ratio of Silver/Gold has continued to trend higher above its 20-day moving average, which suggests potential continuation of Silver’s outperformance against Gold in the medium-term time horizon (see Fig. 3). Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

EU/India Reach Trade Deal Most Read: 2026 US Dollar Forecast: How the Fed, Government Spending, and AI Will Drive VolatilityOn Tuesday, India and the European Union signed a long-awaited deal to lower import taxes on most goods. The goal is to increase trade between the two regions and rely less on the United States.Key points of the deal:Benefits for the EU: The deal removes or lowers taxes on almost 97% of European goods sold to India. This is expected to double EU exports to India by 2032 and save European companies about €4 billion ($4.75 billion).Benefits for India: Over the next seven years, the EU will cut import taxes on 99.5% of goods coming from India. Taxes will drop to zero for Indian seafood, leather, clothes, chemicals, rubber, metals, and jewelry.What is excluded: Farming products such as soy, beef, sugar, rice, and dairy are not included in this agreement. The trade negotiations between the EU and India, which had dragged on for twenty years, finally sped up after the United States imposed a 50% tax on certain Indian goods. This urgency was further driven by US allies reacting to President Trump’s tariff threats and his controversial attempt to buy Greenland. In response to this global tension, Canadian Prime Minister Mark Carney recently gave a popular speech urging medium-sized countries to band together for protection. He now plans to visit India to sign new agreements on uranium, energy, and minerals.Economically, the EU has established itself as India’s top partner. Last year, trade between the two reached $136.5 billion, surpassing India’s trade with both the United States ($132 billion) and China ($128 billion). According to an Indian government official, lawyers will spend the next five to six months reviewing the final details of the agreement. Once that legal check is complete, the deal will be formally signed and is expected to be fully in action within a year.European Session - Puma Soars 19% European stock markets rose on Tuesday, driven by good news from major companies that helped calm fears about global trade tensions. The main European index, the STOXX 600, increased by 0.34% early in the day. This rise highlights how investors are currently relying more on specific company updates rather than general economic news to guide their decisions during these uncertain times.Several companies saw significant gains. Puma’s stock soared 19%, its highest level since last March after the Chinese company Anta Sports bought a 29% stake in the business for €1.5 billion ($1.8 billion). This deal is expected to boost Puma's sales in the massive Chinese market. Additionally, shares in the Swiss pharmaceutical company Roche rose nearly 1% after it announced successful trial results for a new weekly weight-loss drug.On the political front, markets remain worried about the long-term stability of global trade. These concerns persist because US President Donald Trump has threatened to raise taxes on cars from South Korea and other imports, citing delays in a trade deal signed last year.On the FX front, the US dollar rose slightly on Tuesday but struggled to build significant momentum as traders remained cautious. Markets are on high alert for potential government intervention from the US and Japan to stabilize currency rates, and investors are waiting for the Federal Reserve's interest rate decision on Wednesday. This caution has helped the yen steady in the 153 to 154 range, a solid recovery from its recent low of 159.23. By the end of trading, the dollar was up about 0.4% against the yen at 154.75.Broader measures of the dollar showed a 0.2% increase, marking its first gain in four days, though it is still down about 1% since the start of the year. Other major currencies pulled back slightly from recent highs. The euro dropped 0.2% to $1.1855, and the British pound dipped marginally to $1.3668, though both remain close to their four-month peaks. Similarly, the Australian dollar slipped slightly but stayed near its highest level in 16 months.Currency Power Balance zoom_out_map Source: OANDA Labs Gold prices rose on Tuesday, hovering just below the $5,100 milestone that was reached for the first time yesterday. Market participants are flocking to the metal as a safety net due to growing uncertainty surrounding US President Donald Trump’s policies. As of late morning, the spot price of gold had climbed 1.6% to $5,092.09 per ounce, staying close to the all-time high of $5,110.50 set on Monday. US gold futures for February also posted a small gain.It was also a volatile day for other precious metals. Silver jumped 8.4% to trade at $112.57 per ounce. This follows a record high of $117.69 on Monday, meaning silver has already surged by over 50% just since the start of the year. Meanwhile, platinum fell 2.5% to $2,689.12 per ounce after hitting a record high yesterday, whereas palladium saw a gain of 3.3%, rising to $2,048.28.Oil prices rose slightly on Tuesday after a massive winter storm struck the US Gulf Coast, disrupting oil production and refineries. However, the price increase was limited because oil supply from Kazakhstan has started flowing again. Brent crude increased by 23 cents to $65.82 a barrel, while US West Texas Intermediate rose by 29 cents to $60.92. The severe weather has strained power grids and energy infrastructure across the US. Experts estimate that over the weekend, American oil producers lost about 2 million barrels per day, which is roughly 15% of the country's total output.Read More: FOMC Meeting Preview: Fed To Keep Rates on Hold, Implications for the DXY and GoldMeta Platforms (META) Q4 Earnings: The AGI Capital Pivot as Forward Guidance on CapEx Holds the KeyGet ready for an agitated FOMC Week – Markets Weekly OutlookEconomic Calendar and Final Thoughts Data is largely thin today with Geopolitical developments likely to remain key. Greenland, tariffs, US-Iran among other discussions may be key drivers today.There is also a host of US companies reporting earnings today which could also stoke volatility. The only US data of note is the weekly ADP jobs numbers. Barring a negative print here, the DXY can work its way higher and potentially fill Monday's gap to 97.42. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 From a technical perspective, the FTSE 100 index has bounced off the 100-day MA on the four-hour timeframe.This puts the index looking like it is on its way to fresh highs once more.Immediate resistance rests at 10243 with a break above eyeing the 10277 handle before the 10300 handle comes into focus.A move lower here may find support at 10178 before the psychological 10000 handle and the 200-day MA at 9973 comes into focus.FTSE 100 Index Daily Chart, January 27, 2026 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Most Read: FOMC Meeting Preview: Fed To Keep Rates on Hold, Implications for the DXY and GoldAs Meta Platforms, Inc. (NASDAQ: META) prepares to release its Fourth Quarter and Full Year 2025 financial results on Wednesday, January 28, 2026, the company stands at the precipice of the most aggressive capital deployment cycle in the history of the technology sector.What to Expect? The narrative surrounding the stock has shifted fundamentally from the "Year of Efficiency" that defined the post-2022 recovery to a new, capital-intensive paradigm focused on the pursuit of Artificial General Intelligence (AGI).The upcoming earnings print, while technically a report on the holiday quarter’s advertising performance, will effectively serve as a referendum on CEO Mark Zuckerberg’s "Founder Mode" strategy, a vision that prioritizes long-term technological dominance in AI infrastructure over near-term free cash flow preservation.Meta’s main money-maker, its advertising business is stronger than it has been in five years. Experts on Wall Street expect the company to bring in between $56.8 billion in the final three months of 2025, which is a 21% jump compared to the year before. zoom_out_map Source: Created by Zain Vawda, Google Gemini Why is this happening?Several key factors are driving this growth:Smarter Ads: New AI tools (like Advantage+) are making ad targeting much more effective.Reels is Paying Off: Meta has figured out how to make more money from its short-form video content.Currency Trends: The global exchange rate is currently working in the company’s favor.While total revenue is soaring, the actual profit per share (EPS) is only expected to grow by about 2% (landing around $8.15 to $8.21). This is because Meta is spending massive amounts of money on research, development, and new equipment, which is starting to eat into their profit margins.The End of "Efficiency" and the Rise of "Superintelligence" From Opex Discipline to CapEx AggressionThe "Year of Efficiency" in 2023/2024 was characterized by headcount reductions and the flattening of organizational structures. This phase successfully restored investor confidence and drove the stock price recovery. However, 2025 marked the beginning of a new phase: the "AI Arms Race."Unlike the Metaverse pivot of 2021, which was viewed skeptically as a drift away from core competencies, the current pivot to AI is directly synergistic with Meta’s core business. The "Meta Superintelligence Labs" are not just building abstract AGI; they are powering the recommendation algorithms that keep users glued to Instagram and the ad-ranking engines that maximize ROI for advertisers. Nevertheless, the costs are staggering. The firm raised its full-year 2025 CapEx guidance multiple times, landing at $70–$72 billion, a 70% jump from the previous year.The "Founder Mode" ParadigmA critical qualitative factor influencing institutional sentiment is the governance structure of Meta. Analysts at Rothschild Redburn have upgraded the stock to "Buy" with a $900 price target, explicitly citing CEO Mark Zuckerberg’s "founder mode" as a long-term positive. This term describes a leadership style where the founder, insulated by dual-class share structures, ignores short-term Wall Street pressure to pursue generation-defining technological shifts.While "founder mode" allows for bold bets, it also introduces principal-agent risk. Investors are effectively passengers on Zuckerberg’s vessel. With reports that he is pursuing AI investments "regardless of financial cost," the Q4 earnings call will be scrutinized for any signs of fiscal guardrails. The concern is that without external checks, the pursuit of Llama 4 and beyond could lead to a period of "profitless prosperity," where revenue grows but free cash flow evaporates into GPU clusters.The Valuation DisconnectDespite the stock’s 12.74% rise in 2025, Meta underperformed the Nasdaq 100 (which gained 21%). This underperformance has created a valuation anomaly. According to KeyBanc Capital Markets, Meta currently trades at its widest price-to-earnings (P/E) discount to Alphabet since 2022, with a gap of approximately 7x.Current P/E: ~29.29xPEG Ratio: 4.12Gross Profit Margins: ~82.01%.This discount suggests that the market is pricing in a severe "capital penalty", essentially assuming that the billions being poured into Nvidia H100s and Blackwell chips will have a lower Return on Invested Capital (ROIC) than the core software business.The Q4 earnings report is the company’s opportunity to refute this assumption by demonstrating how AI is already accretive to ad revenue.Key Areas to Focus On & Potential Scenarios The primary catalyst for stock price volatility post-earnings will not be the backward-looking Q4 metrics, but rather the forward-looking guidance for 2026 capital expenditures (CapEx). With management having previously signaled that 2026 spending will be "notably larger" than the $70–$72 billion allocated in 2025, market fears have coalesced around the potential for CapEx to breach the $100 billion threshold.This expenditure is driven by the construction of "Meta Compute" centers and the securing of massive energy capacity reported to be upwards of 6.6 gigawatts to power next-generation Llama models and the newly christened "Meta Superintelligence Labs".Q1 2026 Revenue OutlookAnalysts project Q1 2026 revenue to be approximately $51.3 billion.Seasonality: This represents a sequential decline from Q4 (typical for the post-holiday period) but implies a continued 21% YoY growth rate.Significance: Maintaining >20% growth into 2026 would confirm that the ad market recovery is durable and not just a 2025 anomaly.META Daily Chart, January 26, 2026 zoom_out_map Source: TradingView Scenario Analysis for Earnings DayScenario A: The Bull Case (Probability: 25%)Metrics: Revenue >$59B. EPS >$8.30.Guidance: 2026 CapEx is guided conservatively ($85-90B). Q1 Revenue growth guided to 22%+.Narrative: AI ROI is materializing faster than expected. Ad prices are surging. Reality Labs losses are flat.Stock Reaction: Rapid repricing toward the $800+ targets.Scenario B: The Base Case (Probability: 50%)Metrics: Revenue ~$58.4B. EPS ~$8.15.Guidance: 2026 CapEx guided to $95-100B. Q1 Revenue growth ~18-20%.Narrative: Growth is solid, but the bill is due. Investors begrudgingly accept the high spend because the "moat" argument (6.6GW energy deals) is compelling.Stock Reaction: Range-bound volatility. Stock holds $650 level but struggles to break out until margin compression eases.Scenario C: The Bear Case (Probability: 25%)Metrics: Revenue <$57B (Miss).Guidance: 2026 CapEx >$105B. Reality Labs losses widen to >$7B.Narrative: "Profitless Prosperity." The company is growing revenue but burning all cash on hardware with uncertain returns. The "Metaverse" trauma of 2022 resurfaces, this time labeled "AI."Stock Reaction: Sharp correction. Testing support levels at $550. Lastly and something that may be of interest, is what are the institution's price targets & ratings? zoom_out_map Source: LSEG Data Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for January 26 Today's session was typical for a FOMC week open: a high-paced start with opening gaps, followed by fading volume and action.Given the current market risks, this lower volume makes sense.Traders are facing a wall of uncertainty, including the potential Iran intervention, recent chaos from the Trump Administration, and the impending nomination of the next Federal Reserve Chair.However, these factors provided the final fuel for the metals melt-up:The US Dollar gapped down sharply, surrendering strength to Gold and Silver.The yellow Bullion reached $5,000, briefly touching $5,130 before correcting. The correction did hit other metals, as seen with Platinum closing down 3%.Outside of a decent performance in US stock benchmarks, the rest of the market was undecided and rangebound – even FX kept calm despite the huge run on the dollar.Unless a major catalyst hits before the FOMC Decision (Wednesday 14:00), do not expect much meaningful movement.In positive news away from the market madness, the body of the last Israeli hostage held in Gaza was found today as the second phase of the ceasefire begins. Discover:US Dollar Index (DXY) on pace to break 97.00 – Why is the Dollar falling ahead of the FOMC?Stocks rally to top of their ranges ahead of FOMC – Dow Jones and US Stocks OutlookFOMC Meeting Preview: Fed To Keep Rates on Hold, Implications for the DXY and Gold zoom_out_map Market Close Heatmap – Source: TradingView – January 26, 2026 Except for Tesla which got rejected hard from angst relative to its earnings (releasing Wednesday after close), the rest of the Market remained very calm.The session is green and all three major US Indexes close higher, with the Nasdaq leading the charge, up a calm 0.50% today.The Russell 2000 however took a hit recently after marking new highs – Not a great sign for small-cap investors.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, January 26, 2026 – Source: TradingView The daily asset picture resumes today's session very well:High paced opens as trader unwound their weekend risk-trades before the action mean-reverted.An important development to monitor however is the ongoing move in Gold and Silver, that are seeing imminent and very swift selloffs – Pre-FOMC profit-taking?More on this coming up on a Metals update tomorrow.A picture of today's performance for major currencies zoom_out_map Currency Performance, January 26, 2026 – Source: OANDA Labs Today's session was tricky in the sense that most of the movement happened in the very early session, comprising also the weekend gaps.Notable movers however have been the NZD and JPY, continuing to extend their runs higher. The first is strengthening suddenly from ongoing flows towards less Trump-exposed regions.The latter however, the yen, is being moved by fears of intervention from the Ministry of Finance after recent action took USD/JPY very close to 160.00.Sudden selloffs after such squeezes tend to trigger swift stops and high-volatility cascades.Major Earnings in Tomorrow's session zoom_out_map Earnings Calendar – January 26, 2026 – Source: Nasdaq.com Tomorrow's earning session will focus on key traditional blue chips such as GM, UPS, UnitedHealth or even Boeing (if we can still call it a blue chip).A look at Economic data releasing throughout today and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. Tuesday’s calendar is lighter but can still offer a few relevant views, led by US data in the morning with ADP weekly employment, housing prices and January consumer confidence setting the tone for USD sentiment.\In Europe, traders will keep an ear on ECB speakers — Nagel and President Lagarde — for any last-minute guidance ahead of next week’s policy decisions.Asia-Pacific closes the day with Australia’s December CPI and trimmed mean figures, a key input for RBA expectations, while the BoJ releases its latest policy meeting minutes, which could stir some further JPY volatility.With the FOMC decision coming the day after tomorrow, traders may be less inclined to take aggressive positions.Expect price action to cool off between data releases, with markets likely shifting into wait-and-see mode ahead of the main event. The only market that shows potential for movement is Metals!Safe Trades, keep a close eye on the Middle East!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The Dollar has taken quite a significant hit after its strong start to 2026.This is precisely what happens when technicals align with changing fundamentals. As noted in our pre-Greenland chaos Analysis, the Dollar Index was already showing signs of imminent technical weakness.So when Donald Trump decided not only to launch an investigation into Jerome Powell but also to threaten his historic allies, what was seen as a slow, progressive dedollarization quickly became a catastrophe for the US Dollar.Some European funds are selling their Dollar-denominated debt assets in concern over new, aggressive policies from the current administration and, by actively seeking alternatives, reducing dollar demand – this is leading, in part, to the current decline.Combined with a seasonal tendency for the US Dollar to drop ahead of interest rate decisions during cutting cycles, the weekly drop is getting extreme – fewer participants can absorb sudden outflows ahead of FOMC Meetings for risk-management reasons, amplifying such moves.This dedollarization explains the ongoing run in Gold (which just hit $5,000 today) and other metals – The Debasement Trade for those unfamiliar with the trending financial term. zoom_out_map US Dollar Performance against other FX Majors since last Thursday – Source: TradingView Looking back at the September cut, for example, the Dollar Index had reached 2025 yearly lows, a fast-paced selloff just two days ahead of the Rate Decision.The current situation shows similar conditions, despite no rate cuts anticipated – What interests traders is whether the selloff will continue after the FOMC.For additional foundational context, I strongly encourage you to explore our FOMC Preview.With the Fed Funds rate expected to be kept unchanged, investors and institutions will be listening closely to Powell's speech.A bit less than two rate cuts are currently priced for 2026. With labor conditions seemingly worsening only slightly and inflation remaining closer to 3% than 2% (despite some improvements), the Fed Chair doesn't have many reasons to turn dovish, but the current pricing is still reasonable.Essentially, the more resilient US economy supports the Dollar and could lead to sudden inflows back into the Greenback after the meeting.The difference maker will be found in unpredictable events:The nomination of the next Fed Chair could have a significant influence on the Dollar demand (particularly if Rick Rieder gets selected)If Trump moves to intervene in Iran, the Dollar should appreciate suddenly in pro-dollar risk-averse Market conditions – Kind of similar to what happened after Venezuela.If Trump actually pushes his intense rhetoric further with allies, however, the Dollar outflows will be severe – you would see the results in the Dollar Index flashing below 2025 lows.The FOMC event itself could support the USD but would depend on Powell's tone regarding his 2026 outlook.While we're here, let's see what the charts say in our multi-timeframe analysis of the US Dollar Index (DXY) to see if there is still much left in the ongoing down move. Discover:Stocks rally to top of their ranges ahead of FOMC – Dow Jones and US Stocks OutlookMarkets Today: Gold Breaches $5100/oz, Yen Intervention Risks Grow, Dollar Slides. USD/JPY Test 100-Day MAGet ready for an agitated FOMC Week – Markets Weekly OutlookDollar Index (DXY) Multi-Timeframe AnalysisDaily Chart zoom_out_map Dollar Index (DXY) Daily Chart. January 26, 2026 – Source: TradingView The Technical picture changed suddenly over the past week.Bulls were taking the Index back towards the 99.50 level but with some short-timeframe resistances, bear divergences combined with Trump actually pushing the Greenland theme, the fused technicals and fundamentals had an immediate effect on the DXY, down 2.50% until today.Last week led to a huge gap lower today, with the pre-FOMC position closing effect pushing the Index to test the 96.50 to 97.00 Support.Whether it holds or breaks in the next 1.5 sessions doesn't matter much; the most important will be to see if the Dollar remains above or below after the FOMC.Closing above 97.00 should lead to a slow but consistent rebound back towards 99.00Below however opens the door to test the 2025 lowsThese scenarios are not considering any black swan events.4H Chart and Technical Levels zoom_out_map Dollar Index (DXY) 4H Chart. January 26, 2026 – Source: TradingView Looking closer, the question remains whether the gap is an exhaustion/low volume gap (implying that an extreme is reached) or whether this is an actual runaway gap (meaning further downside).To help tilt the scales, it is essential to track the path of least resistance.With the 4H RSI in extreme oversold territory and a key support coming into effect, a rebound makes sense. The question is when. Keep in mind that the buying could still not be so sudden as traders remain on the sidelines ahead of the key risk-events coming – Think of how such views could be expressed in different FX pairs.Levels to place on your DXY charts:Resistance LevelsAugust Range Bull/Bear Pivot 97.25 to 97.6098.00 Main Support turned Minor ResistanceHigher timeframe Pivotal Resistance 98.80 to 99.0099.40 to 99.50 January Resistance (last Friday levels)100.376 November highsSupport Levels2025 Lows Major support 96.50 to 97.00Session lows 96.80September FOMC Lows 96.20Early 2022 Consolidation just below 96.0095.00 Main psychologic support1H Chart zoom_out_map Dollar Index (DXY) 1H Chart. January 26, 2026 – Source: TradingView Looking closer, one things looks clear – The downside is stalling after a brutal descent.But a slowdown in a downtrend doesn't imply an imminent rebound, buyers will first have to show up.With the selloff stalling at the descending channel lows, imminent downside keeps a lower probability setup. Hence from here, a consolidation range until the FOMC between 96.80 and 97.30 is highly probable.After the FOMC however, the rest will be to see if bulls show up for an upside breakout (to a least test the upper bound of the channel ~98.20).In case they don't, the selloff may continue.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Market Insights Podcast (26/01/2026): In today's episode, we join OANDA Senior Market Analyst Kelvin Wong and podcast host Jonny Hart in discussing the latest in FX news, including a rumoured Bank of Japan intervention to prop up yen pricing and a fall in USD value. Otherwise, we also discuss precious metal markets and how a further risk premium is being priced in owing to geopolitical tensions. Join OANDA Senior Market Analyst Kelvin Wong and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Asia Market Wrap - Commodities Fly as Yen Intervention Risks Grow Gold prices hit a new all-time high on Monday, climbing above $5,100 per ounce. Market participants continue to flock to safe havens as global uncertainty grows. This year alone, gold prices have jumped more than 18%.Other precious metals like silver and platinum also saw significant price increases as part of this trend. Spot silver advanced 4.8% to $107.903, after hitting a record of $109.44. Spot platinum climbed 3.4% to $2,861.91 per ounce, after hitting a record high of $2,891.6 earlier in the session. zoom_out_map Source: LSEG Geopolitical risks continue to grow and include a loss of confidence in the US government. Recent unpredictable decisions by President Trump regarding trade have made market participants nervous.These include threats to put massive taxes (tariffs) on goods from Canada and France, as well as ongoing tensions with Iran. Because people are worried these political moves could harm the global economy, they are moving their money out of riskier investments and into gold.In the currency world, the Japanese yen grew stronger against the US dollar. This happened because there are rumors that the US and Japan might step in together to help stabilize the currency market.This potential intervention is big news because it hasn't happened in 15 years. Meanwhile, Japan is facing its own internal stress as its new Prime Minister, Sanae Takaichi, plans to increase spending and cut taxes, which has made market participants worried about Japan's national debt.Because of all this uncertainty, global stock markets are struggling. Stock prices fell in Japan, and futures for markets in the US and Europe are also down.European Session - European Shares Steady European stock markets stayed mostly flat on Monday morning. Market participants were hesitant to make big moves because of recent global political tension and the upcoming meeting of the US Federal Reserve later this week.While the main European index (the STOXX 600) rose very slightly, different industries saw mixed results; insurance companies saw some gains, while travel and leisure companies saw their stock prices drop.Much of this caution comes from the market's reaction to President Trump’s recent threats regarding trade and taxes (tariffs). Even though those specific threats were taken back, markets are still worried that using tariffs as a bargaining tool could become a common trend that hurts global trade in the long run.Additionally, while most people expect the US Federal Reserve to keep interest rates the same this week, there is a lot of talk about whether the central bank is able to make decisions independently from political pressure.In specific company news, car manufacturers saw a small dip in their stock prices, even though reports suggested India might significantly lower the taxes it charges on cars imported from Europe.Meanwhile, the French food company Danone saw its shares drop after it announced a recall of certain baby formula products in specific markets.On the FX front, The US dollar index weakened on Monday, hitting its lowest level in four months.At the same time, the Japanese yen surged to its strongest point since November, jumping more than 1% against the dollar. The euro also performed well, reaching a four-month high.These big moves happened because of reports that the New York Federal Reserve was checking uSD/JPY currency rates, an action usually seen as a sign that the US and Japan might step in together to control the market.Japanese officials have been careful with their words. While the Finance Minister, Satsuki Katayama, refused to comment on whether they were checking rates, another top official, Atsushi Mimura, confirmed that Japan is working closely with the US and will take the necessary steps to manage the currency.Because the dollar was losing value, other currencies like the British pound, the Australian dollar, and the New Zealand dollar also climbed to their highest levels in months.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices reached their highest levels in over a week this past Friday.This jump happened because US President Donald Trump increased pressure on Iran by placing new sanctions on the ships that carry its oil. He also announced that a group of US warships, which he called an "armada," is moving toward the Middle East.These political tensions have made market participants worried that the global supply of oil could be interrupted.At the same time, oil production in the US has been slowed down by severe weather. A major event called Winter Storm Fern hit the country, forcing many oil and natural gas facilities to shut down. This storm has put a lot of stress on the power grid and reduced the amount of oil being produced.As a result of both the situation in Iran and the storm at home, the prices for Brent crude and US West Texas Intermediate (WTI) oil both rose by nearly 3% by the end of the week last week with further gains in early trade today.Read More:Get ready for an agitated FOMC Week – Markets Weekly OutlookDollar at its weakest in monthsTech rebalance and volatility catalysts – Dow Jones and US Stock Index OutlookEconomic Calendar and Final Thoughts Data is largely thin today with Geopolitical developments likely to remain key. Greenland, tariffs, US-Iran among other discussions may be key drivers today.On the European front we do have German IFO expectations and a host of ECB policymakers on the docket.Heading into the US session, it is a quiet one with focus likely to be on US-Japan intervention developments while the US dollar risk premium remains elevated. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - USD/JPY From a technical standpoint, USD/JPY has finally had a deep pullback after edging higher since the October 2025 low around the 146.60 handle.The pullback has materialized thanks to a weaker US Dollar and growing fears of joint intervention between the US and Japan. This would be the first intervention of its kind in 15 years.Markets have grown weary of the BoJ issuing intervention comments in recent years but the rumors of US involvement have added further credence to the reports this time around.USD/JPY is down some 600-odd pips since Friday but is currently testing the 100-day MA. The question is can this level or is a retest of 150.00 incoming?Time will tell.Key levels of support on the downside include the 100-day MA at 153.57 before the 151.53 and 150.00 levels come into focus.A recovery from here may face opposition around the 154.60 handle before the 156.27 and 157.90 handles come into focus. zoom_out_map Source: TradingView.com (click to enlarge) Wishing you all a positive trading week ahead.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Discover our Weekly Market Outlook, exploring themes and events that forged financial flows throughout the week.This week was forged by renewed geopolitical tensions (EU-US, Greenland, Davos) and although it's easing, the tension is not going down.Get ready for next week's action by exploring upcoming events across global Markets.Week in review – Geopolitical turmoil pursues Another week, another spectacular Trump-related volatility event.After threats to the Fed Chair Powell and the Capture of the Venezuelan President, President Trump wanted some more spice.And the spice he gave: Over the weekend, the President threatened many European Nations and leaders with additional tariffs until the US can buy Greenland – a striking demand right as the World Economic Conference was commencing in Davos.The event featured many references and speeches toward a New World Order, one characterized by greater powers (China, US, Russia) expanding their grip. In contrast, others unite – the end of the Rules-Based order of the past 25 years.The best speech is easily Canadian PM Mark Carney's, which suits the current geopolitical landscape perfectly—a must-watch.Luckily for the world as we know it (or at least NATO as we know it), Trump backed off his rhetoric and cancelled tariffs that would have been implemented on February 1 – the tone has largely abated since, even if some worries remain.The higher tensions did not come without a bit of Market Volatility – Stock Markets across the world suffered losses from 1% to 3% as investor sentiment degraded.After all, the Venezuela Capture opened possibilities that would scare anybody: Threats are not all threats; they can turn into harsh realities.Luckily, Trump offered yet another TACO to Wall Street, and they ate at their satiety. Stock Markets are closing the week way closer to their all-time highs. The late session is offering some profit-taking, but Equity benchmarks have recovered most of the correction.Weekly Performance across Asset Classes zoom_out_map Weekly Asset Performance – January 16, 2026 – Source: TradingView Metals have shone brightly throughout the week, all gapping higher at the weekly open and extending to continuous record highs as the week progressed.Even Trump's latest TACO didn't scare Gold and Silver bulls, who have brought the precious metals to, or very close to, their following milestones ($100 for XAG/USD and very close to $5,000 for Gold).Except for Stocks, which have remained resilient throughout the chaos, the US Dollar took a gigantic hit as Trump's latest show was not well received by participants. The Dollar Index is down 2% on the week and not showing any signs of slowing its descent.Natural Gas was also a high performer, squeezing amid the Coldest week in North America, supply bottleneck fears over EU-US Beef, and other factors (which I invite you to check in our recent in-depth analysis).The energy commodity went up by about 70% in the span of a week, in a move that traders haven't seen in a while. zoom_out_map Natural Gas (ETF) 1H Chart – January 23, 2026 – Source: TradingView Next week shouldn't be much less volatile – Some weekend angst regarding Iran and a general tense atmosphere is raising the temperature. Particularly as the FOMC approaches and Trump prepares to announce the next Federal Reserve Chair. Discover More:Dollar at its weakest in monthsTech rebalance and volatility catalysts – Dow Jones and US Stock Index OutlookPlatinum on pace to $3,000 – Will XPT/USD have a safe path to the milestone?Gold rally hits $4,900: Why the January FOMC, geopolitics, and technical warnings mark a critical juncture?The Week Ahead – January FOMC/BoC Meetings, the next Fed Chair and more tensionAsia Pacific Markets – Australian and Japanese Inflation Next week should be (relatively) calmer for APAC traders, nevertheless, one can never be too innocent as assets and currencies fly up and down.The Aussie Dollar will be in front of the scene, leading G7 FX Currencies in a fast-paced run throughout the week.AUD got boosted by a hot-economy, strong jobs and persistent inflation. About the latter, the Australian CPI will be closely monitored on Tuesday evening (19:30 ET).Check out our latest AUD/USD analysis to learn more.On the other side of the performance spectrum, the Yen was hurting throughout the entire week before the Ministry of Finance of Japan ran a rate check (Calling banks to know Market rates – a diplomatic move to show that they are watching ongoing developments and usually precede actual interventions.)USD/JPY quickly took a turn lower, going from 159.20 to the current 155.00 in a stellar drop – this would somewhat help the JPY after a disastrous performance. zoom_out_map USD/JPY 1H Chart, January 23, 2026 – Source: TradingView Traders will learn more on inflation trajectory (and rate hike expectations) next week with the Tokyo CPI, releasing on Thursday evening (18:30).Apart from these key events, keep an eye on NZD trade data on Wednesday and the Chinese NBS PMIs on Friday evening.Europe and UK Markets – Inflation Expectations, GDP and speeches Next week will be a calmer one for Europe after a high-intensity WEF.Inflation and Business expectations will be published throughout the week for Switzerland and the Eurozone.To accompany the releases, Friday should be quite active with GDP releases for many EU nations including France, Germany, and preliminary GDP data for the Eurozone.In between GDP releases, keep an eye on Unemployment Rate data and CPI for Germany.North American Markets – FOMC Meeting and Bank of Canada Traders attention will be focusing right back to North America, particularly looking at recent Trump rhetoric and upcoming events.Releases will provide some views on economic data, with B-tier releases spanning from Durable Goods to Housing Price Indexes and more.Of course, keep a close eye on the PPI data releasing on Friday morning, only high-tier data of the week (8:30 A.M.)The Bank of Canada will begin the celebrations on Wednesday morning (9:45 A.M.) with their rate decision, which should be a non-event but looking at recent volatility, it will be very interesting to see how Governor Macklem tackles the situation.Loonie traders should also pay attention to Canadian GDP on Friday morning.Not much later on Wednesday (14:30), the classic FOMC will be taking Markets by its hands – Waiting for the event could either be a long, slow walk or a high-paced seesaw adventure depending on what happens over the week.Of course, keep a very close eye on any announcements regarding the Next Fed Chair as the decision could be released anytime and it will be market-moving!And as always these days, keep news in check – things could be heating up in Iran with the latest ammassing of military assets in the Middle East. zoom_out_map Latest News regarding Iran – Source: X, Iran International Next Week's High Tier Economic Events zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (High-tier data only) Safe Trades and enjoy your weekend!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Market Insights Podcast (23/01/2026): In today's episode, TraderNick and host Jonny Hart discuss a further rise in precious metal pricing and an apparent wane in the trust and confidence in fiat currencies, especially in the case of the US dollar. Otherwise, we look at recent sterling performance, with GBP/USD rising to multi-month highs. Join Nick Syiek (TraderNick) and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Suspected FX intervention jolts USD/JPY: After briefly spiking above 159 following BoJ comments, USD/JPY plunged nearly 200 pips within minutes to ~157.30 with no data catalyst, strongly suggesting intervention or rate-checking by Japanese authorities.Momentum signals warn of a trend shift: A bearish RSI divergence on the daily chart flags rising risk of a medium-term reversal after the uptrend since April 2025, with near-term downside pressure building.Key levels define the next move: A break below 157.50 opens downside toward 157.00 and 156.12, while a sustained move above 159.75 would invalidate the bearish view and revive squeeze risks toward 160.25–161.10. This is a follow-up analysis and an update of our prior report, “Chart Alert: Japanese yen short squeeze risk,158.15 key USD/JPY trigger”, published on 16 January 2026.Since our last report, the USD/JPY dropped marginally to our highlighted first intermediate support at 157.50 (printed at an intraday low of 157.42 on 19 January 2026 before it traded sideways between 158.50 and 157.50 for the entire week.During today’s Bank of Japan (BoJ) Governor Ueda’s post-monetary policy meeting press conference, the USD/JPY has staged an intra-session break above the 158.50 printed an intraday high of 159.23 at the 3.00 pm (Singapore time) hour mark as speculators tried to sell the Japanese yen on the backdrop that Ueda mentioned that BoJ may coordinate with the government on the JGB market to encourage stability in the JGB yields, which implied that BoJ may restart its bond purchases programme that can put downside pressure on the JPY.A swift intra-session plunge of 1.2% in USD/JPY smells of intervention Interestingly and swiftly, the USD/JPY plummeted by 191 pips (-1.2%) within the next five minutes from 159.22 to hit an intra-session low of 157.32 at the time of writing without any relevant economic data releases or news flow.This current swift and erratic movement on the USD/JPY has a lingering smell of intervention or rate checking by Japanese banks under the instruction of the BoJ and or the Ministry of Finance because the recent rounds of verbal intervention by Finance Minister Katayama and the BoJ last intervened in the FX market to sell the USD and buy back the yen was on 12 July 2024 when the USD/JPY hit an intraday high of 159.45.Let's now look at the charts.USD/JPY has formed a daily bearish divergence on its RSI zoom_out_map Fig. 1: USD/JPY medium-term & major trends as of 23 Jan 2026 (Source: TradingView) zoom_out_map Fig. 2: USD/JPY minor trend as of 23 Jan 2026 (Source: TradingView) The daily RSI momentum indicator of the USD/JPY has flashed out an impending bearish divergence condition at its overbought region, which suggests that the medium-term uptrend in place since 22 April 2025 low is at risk of staging a medium-term (multi-week) bearish reversal (see Fig. 1).In the short-term (1 to 3 days), watch the 159.45/159.75 key short-term pivotal resistance, and a break below 157.50 (also the 20-day moving average) may trigger a potential push down to expose the next intermediate supports at 157.00 and 156.12 in the first step (see Fig. 2).However, a clearance and an hourly close above 159.75 invalidates the bearish scenario for a potential squeeze up towards 160.24/160.35 and even 161.00/161.10 (upper limit of intervention risk zone). Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.